Economic Performance in Latin America and the Caribbean : A Microeconomic Perspective
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Washington, DC
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Important findings of recent studies
based on a macroeconomic perspective include the need to
take actions aimed at further increasing the region's
integration into the global economy while at the same time
deepening Latin America's relatively shallow financial
markets. This study complements that body of knowledge by
taking an alternative microeconomic, firm-level approach to
explain productivity and economic performance. In
particular, instead of the usual cross country econometric
methodologies used to uncover the determinants of per capita
GDP growth, this study focuses on the analysis of the
investment climate determinants of productivity and wages at
the firm level. Six main findings emerge from this analysis:
first, the governance agenda, encompassing the strengthening
of the rule of the law and the improvement of institutions
and regulatory frameworks, emerges as a key policy priority
for improving firm performance in Latin America. Second,
expanding access to credit also appears as a relevant policy
priority. Third, innovation, technological development and
human capital remain at the core of the agenda of reforms
aimed at moving up in the value chain and securing the
elusive goal of higher sustained growth. Fourth, the
findings of this regional study complement the extensive
evidence on the critical impact of infrastructure on growth
and poverty. Fifth, the report shows that, after controlling
for other factors, firms that export tend to perform better:
they are more productive, pay higher wages and are more
likely to innovate. And finally, benefits of an improved
investment climate are not limited to firms, as their
workers benefit significantly as well.
Palabras clave
ACCESS TO CREDIT, ECONOMIC PERFORMANCE, EXPORTERS, FINANCIAL MARKETS, GLOBAL INTEGRATION, HUMAN CAPITAL, INFRASTRUCTURE, INVESTMENT CLIMATE, PRODUCTIVITY, RULE OF LAW, TECHNOLOGICAL DEVELOPMENT