Due to widespread government intervention and import-substitution industrialization, there has been a general perception that Latin America has been much less productive than the leading economies in the last decades. In this paper, however, we show that until the mid-seventies Latin America had...

The goal of this paper is to quantify, using a growth regression methodology with panel data, the importance of possible determinants of the Brazilian economic "miracle" of 1968-1973. In particular, we verify to what extent the "miracle" was due to the favourable external environment, to the...