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From
2002 to 2006, Latin America registered
one of the highest average growth rates
in over two decades. The empirical evidence
suggests that the good economic performance
of the last 6 years (including 2007-08)
is increasingly and strongly correlated
either with a positive terms-of-trade
shock, mostly in South America, or with
the increase in the flow of remittances,
particularly in Central and North America.
In other words, Latin America now exports
commodities and people. The paper shows
the possible limitations of this development
strategy.
December 16, 2008. |
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