Can Latin America Fly? Revising its Engines of Growth

This document analyses the past dynamics and the potential of economic growth in Latin America, using alternative methodological perspectives. Applying them to the regional situation at the end of the 1990-2002 economic cycle, the respective methods are used to review the medium term determinants of growth in the region. This is achieved from the dual standpoints of (i) production function approaches and (ii) export-led models, contrasting the particular situation of the principal sub-regions in Latin America. In this process, a series of issues are raised, ranging from the impact of structural reforms on total factor productivity, to the Balance of Payments constraints and the sustainability of the export-led model