This paper examines mean reversion in real effective exchange rates in six leading Latin American economies during the XXth century using a new data set. A unit-root approach is complemented by an error-correction model including key fundamentals such as terms of trade, trade openness and...

This paper analyses stability in real multilateral exchange rates in six leading Latin-American economies during the XXth century using a new data set.  A univariate approach is complemented by an error-correction model including key fundamentals.  Unit-root testing shows a very slow process...

This paper argues that openness to goods trade in combination with an unequal distribution of political power has been a major determinant of the comparatively slow development of resource- or land-abundant regions like South America and the Caribbean in the nineteenth century. We develop a...

The Chilean economy is usually highly praised as having been successful since the imposition of neo-liberal reforms under the dictatorship of general Pinochet in 1973. However, the four decades that have elapsed include sub-periods with quite different policy approaches and notably diverse...

This paper exploits the variation in the timing of electoral law enforcement across nine Latin American countries to consistently examine the contribution of de jure and de facto political institutions to long-run development. The set of novel measures of electoral law enforcement is constructed...

This paper analyzes Latin American performance over the period 2003-2014 with the purpose of evaluating two ideas: whether this period constituted so-called ‘golden years' and whether the 2010s were likely to be a ‘Latin American decade' This term was used several times by scholars,...

This article examines economic development from 1996 to 2015 for 192 countries and specifically Latin America. Evidence shows that each 0.1-point increase in institutions impacts a 3.9% improvement in Latin American per capita output versus a 2.6% effect on world development. This new evidence...

Studying the modern economic histories of the ten largest countries in South America and Mexico teaches us the lack of fiscal discipline has been at the root of most of the region's macroeconomic instability. The lack of fiscal discipline, however, takes various forms not measured in the primary...

This paper provides an overview of the failure of Argentina to benefit long term from export led development in the early and middle decades of the last century. Despite being well positioned to take advantage of significant breakdowns in the international economic system Argentina largely...

Economic development in Latin America has trailed most other world regions over the past four decades despite its relatively high initial development and school attainment levels. This puzzle can be resolved by considering the actual learning as expressed in tests of cognitive skills, on which...