Understanding Latin America and the Caribbean’s Income Gap
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World Bank, Washington, DC
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Even nearly ten years of solid growth
cannot guarantee long-term income convergence. The countries
of the Latin America and Caribbean region (LAC), like other
emerging economies, have benefited from a decade of
remarkable growth and some income per capita convergence
towards the United States and other industrialized
countries. Yet, despite this recent progress, LAC still
faces a significant per capita income gap with the developed
world. The studies in this volume contribute to the ongoing
debate on the reasons for this persistent income gap and the
potential drivers of convergence, and propose some broad
avenues for reform.
Palabras clave
FORECASTS, CENTRAL PLANNING, ECONOMIC GROWTH, PRODUCTION, LAGS, STOCK, STRUCTURAL CHANGE, DISPOSABLE INCOME, DEFLATION, INCOME, INTEREST, PERFECT COMPETITION, REAL GDP, PROPERTY RIGHTS, GDP PER CAPITA, MACROECONOMIC POLICY, LIQUIDITY, EXPORTS, ELASTICITY, MARGINAL PRODUCT, POLITICAL ECONOMY, ECONOMIC STRUCTURE, FISCAL POLICY, WELFARE, BOOK VALUE, OPTIMIZATION, INCENTIVES, DISTRIBUTION, MACROECONOMIC CONDITIONS, VARIABLES, DEVELOPMENT POLICIES, MARGINAL PRODUCTIVITY, INPUTS, RETURNS TO SCALE, WEALTH, TRENDS, ECONOMIC OUTLOOK, CENTRAL BANK, DEVELOPMENT, INFLUENCE, MARGINAL PRODUCTS, TOTAL FACTOR PRODUCTIVITY, TECHNICAL ASSISTANCE, PER CAPITA INCOME, COSTS, DEVELOPMENT ECONOMICS, EXPORT GROWTH, TELECOMMUNICATIONS, CONSTANT RETURNS TO SCALE, PRODUCTIVITY, ECONOMETRICS, EXTERNALITIES, FAILURES, MONOPOLY, CRITERIA, DEBT, MARKETS, INCOME LEVELS, INVENTORIES, UTILITY, NATURAL RESOURCES, AVERAGING, INVENTORY, ECONOMIC RESEARCH, MACROECONOMIC STABILIZATION, GROWTH THEORIES, PRODUCTIVITY GROWTH, CONSUMPTION, HUMAN CAPITAL, VALUE ADDED, ECONOMIC SURVEYS, ECONOMIC PERFORMANCE, CAPITAL, WAGES, DEFLATORS, ECONOMIC OUTCOMES, INTERNATIONAL TRADE, ECONOMETRIC ANALYSIS, PRODUCTIVITY INCREASES, VALUE, COMPETITIVENESS, CREDIT, MACROECONOMICS, COMPARATIVE ADVANTAGES, PATENTS, UTILITY FUNCTION, AGGREGATE DEMAND, EXPECTED VALUE, INEFFICIENCY, ECONOMIC FLUCTUATIONS, PRODUCTIVE ASSETS, ECONOMY, AGRICULTURE, MEASUREMENT, SHARES, BENCHMARK, ECONOMIC THEORY, TRADE LIBERALIZATION, PRODUCTION FUNCTION, ECONOMICS, OUTPUT PER CAPITA, CLOSED ECONOMY, PROPRIETORSHIP, TRADE, USE VALUE, GDP, GOODS, THEORY, BANK LOANS, COMPARATIVE ANALYSIS, GROWTH RATE, INVESTMENT, EXPECTED UTILITY, GROWTH POLICY, NEOCLASSICAL MODELS, COMPARATIVE ADVANTAGE, CREDIT RATIONING, PRODUCT MARKETS, ADVERSE EFFECT, CONSUMER PRICE INDEX, MONOPOLISTIC COMPETITION, VALUE ADDED, GROWTH POLICIES, GROWTH THEORY, PRICE INDEXES, RISK AVERSION, AVERAGE PRODUCTIVITY, OUTCOMES, MARGINAL UTILITY, MANAGERIAL EFFICIENCY, MIDDLE INCOME COUNTRIES, PRICES, DEVELOPMENT POLICY, COMPETITION, FUTURE RESEARCH