This paper looks at the historical lessons that might serve to entrech Latin America''s newly resurgent growth phase. It briefly reviews the post-World War II experiences in Latin America and Asia, focusing on the conditions that favored capital accumulation and productivity growth in the faster...

The recent recovery in Latin America has been impressive but also raises the question whether this represents a fundamental break with the region''s history of boom-bust cycles. The paper traces how this history of macroeconomic volatility and financial crisis over the past century has adversely...