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Back to the future: Latin America's current development strategy

Author

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  • Esteban Pérez Caldentey
  • Matías Vernengo

Abstract

In the years 2002 to 2006, Latin America registered, on average, one of the highest growth rates in over two decades. The empirical evidence suggests that the good economic performance of the past six years 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.

Suggested Citation

  • Esteban Pérez Caldentey & Matías Vernengo, 2010. "Back to the future: Latin America's current development strategy," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(4), pages 623-644, July.
    • Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:623-644
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    Citations

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    Cited by:

    1. Spinola, Danilo, 2023. "Instability constraints and development traps: an empirical analysis of growth cycles and economic volatility in Latin America," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    2. Esteban Pérez Caldentey & Matías Vernengo, 2015. "Towards an understanding of crisis episodes in Latin America: a post-Keynesian approach," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(2), pages 158-180, April.
    3. Pedro Mendes Loureiro, 2016. "Reformism, Class Conciliation And The Pink Tide: Prospects For The Working Classes Under Left-Of-Centre Governments In Latin America," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 020, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. Passos, Nikolas & Morlin, Guilherme Spinato, 2022. "Growth models and comparative political economy in Latin America," SocArXiv dfyq4, Center for Open Science.
    5. Giovanni Andrea Cornia & Bruno Martorano, 2010. "Policies for Reducing Income Inequality: Latin America During the Last Decade," Working papers 1006, UNICEF,Division of Policy and Strategy.
    6. Ben Page & Claire Mercer, 2012. "Why do people do stuff? Reconceptualizing remittance behaviour in diaspora-development research and policy," Progress in Development Studies, , vol. 12(1), pages 1-18, January.
    7. Suranjana Nabar-Bhaduri & Matías Vernengo, 2012. "Service-led growth and the balance of payments constraint in India: An unsustainable strategy," Working Paper Series, Department of Economics, University of Utah 2012_06, University of Utah, Department of Economics.
    8. Giovanni Andrea Cornia, 2010. "Income Distribution under Latin America's New Left Regimes," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 11(1), pages 85-114.
    9. Claudio Roberto Amitrano, 2017. "Income Distribution, Productive Structure and Growth in South America," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 64(2), pages 139-168, March.

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