Has Latin America's Post-reform Growth Been Disappointing? 1960-1993
Central African Republic
Congo, Dem. Rep.
Egypt, Arab Rep.
Hong Kong SAR, China
Trinidad and Tobago
After years of poor economic performance, many Latin American countries undertook ambitious programs of macroeconomic stabilization and structural reform during recent years. The change in policy created high expectations for the region. Some observers question, however, whether actual growth outcomes in several Latin American countries have measured up to such expectations. This paper offers some evidence that the response of economic growth to reforms in Latin America has not been disappointing. Because of the significant changes in policies achieved in Latin America by the 1990s and in spite of the global slowdown, Latin America did well to return to its historic rate of growth of 2 percent per capita in 1990-93. Latin America growth has responded to changes in policy variables as would have been predicted by the experience of other times and places, as summarized by a panel regression spanning all countries and multi-year periods from 1960 to 1993. In order to obtain consistent estimates of the parameters linking policy variables and growth, this paper uses a dynamic panel methodology that both controls for unobserved time- and country-specific effects and accounts for the likely joint endogeneity of the explanatory variables.
This is the data used in the paper "Has Latin America's Post-Reform Growth Been Disappointing?" by William Easterly, Norman Loayza, and Peter Montiel (Journal of International Economics, 1997).
Kind of Data
Aggregate data [agg]
The dataset includes the following indicators:
- Average annual GDP growth rate
- Average (real exports + real imports)/real GDP
- Average annual inflation rate
- Average (M2/end of year CPI)/(GDP/average year CPI)
- Average real investment/real GDP
- Lagged real GDP
- Average years of secondary schooling in the population 15 years of age and older
- Average black-market premium on foreign exchange
- Average change in the terms of trade
- Average population growth rate
Use of the dataset must be acknowledged using a citation which would include:
- the Identification of the Primary Investigator
- the title of the survey (including acronym and year of implementation)
- the survey reference number
- the source and date of download
William R. Easterly and Norman V. Loayza, World Bank . Has Latin America's Post-reform Growth Been Disappointing? (LACPRG) 1960-1993. Ref.WLD_1993_LACPRG_v01_M. Dataset downloaded from http://microdata.worldbank.org on [date]
Disclaimer and copyrights
The user of the data acknowledges that the original collector of the data, the authorized distributor of the data, and the relevant funding agency bear no responsibility for use of the data or for interpretations or inferences based upon such uses.
DDI Document ID
Date of Metadata Production
DDI Document version
DDI Document - Version 02 - (04/21/21)
This version is identical to DDI_WLD_1993_LACPRG_v01_M but country field has been updated to capture all the countries covered by survey.