This paper takes stock of Chile's defined contribution pension system and assesses reform options aimed at increasing replacement rates. An international comparison shows that, despite being quite influential when established, it is now delivering low replacement rates relative to OECD peers, as...

This paper examines the economic implications of a novel concept of trade diversification-latent diversification. In contrast to traditional measures, latent diversification accounts for potential movements of factors of production into activities where the country has previous exporting...

This book proposes a renewal of 'Open Regionalism' in Latin America and the Caribbean (LAC) aimed at achieving the region's goals of high growth with stability. The LAC region experienced a growth spurt with equity during the first decade of the 21st Century. It is well understood that an...

This semiannual report ??? a product of the Office of the Chief Economist for Latin America and the Caribbean Region of the World Bank ??? examines the short and medium-term challenges for Latin America and the Caribbean (LAC) as the external factors that were instrumental in the region???s...

The standard macroprudential models focus on externalities and treat all prudential instruments as alternative, but equivalent, forms of Pigouvian taxes. This paper explicitly models individual banks’ risk choices and shows that different prudential instruments affect banks’ risk-taking...

After a robust recovery following the global crisis, Latin American and the Caribbean (LAC) has entered into a phase of lower growth dynamics: economic activity in the region is expected to expand by about 3 percent in 2012, after having grown at 4 percent in 2011 and 6 percent in 2010. This...

Entrepreneurship -- manifested in the entry of new firms or products into new markets, or substantial improvements in technological capacity or process innovation by incumbent firms -- is widely considered to be an important ingredient for long term economic development. This report argues that...

The standard macro(prudential) models focus on externalities and treat all prudential instruments as alternative, but equivalent, forms of Pigouvian taxes. This paper explicitly models individual banks' risk choices and shows that different prudential instruments affect banks' risk-taking...

The April 2015 LAC Semiannual Report covers the short-term prospects and provides an analysis of the external factors affecting the region's economic performance. The first chapter expands on LAC's economic outlook paying special attention to the global context and its effect on LAC’s economic...