This paper analyzes the reasons for the middle income trap in Latin America, where countries have been at the middle income level for decades, and draws out lessons for Asia. The middle income trap captures a situation where a middle income country can no longer compete internationally in...

This study examines the saving behavior of 18 Latin American countries in the 1976-2000 period compared to a group of 25 other middle-income developing countries. Over this period, Latin American saving rates have been consistently below the comparison group, despite extensive economic reforms...

Regulators and shareholders generally oppose any restriction on clients' rights to sue their auditors, believing that such restrictions would impair reporting quality. However, the evidence suggests that the opposition to limitation of liability agreements (LLAs) between clients and auditors is...

Promising economic growth during the 2000s obfuscates the reality that Latin American countries are facing the acute threat of a middle income trap. In this paper I distinguish two approaches to the middle income trap: one focuses mainly on the lack of structural change, the driving forces...