Does the Investment Climate Matter?

Does the Investment Climate Matter?

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Although the Latin American region's growth rates are at a three decade high, they have been historically disappointing in relative terms, which cannot be dissociated from the microeconomic environment in which firms operate. Policy makers may need to complement their focus on macroeconomic stability with an increased emphasis on microeconomic reforms. By providing empirical evidence linking actual firm performance to shortcomings in Latin America's investment climate, the book discusses policies that could have a significant impact on firm productivity by improving the environment in which firms invest and operate.

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Publié le 12 novembre 2008
Nombre de visites sur la page 39
EAN13 9780821374122
Langue English
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Does theRemittances
Investmentand Development
Climate Matter?LESSONS FROM
LATIN AMERICA
MICROECONOMIC
FOUNDATIONS OF GROWTH
Edited by
IN LATIN AMERICA Pablo Fajnzylber
J. Humberto López
Edited by
Pablo Fajnzylber
J. Luis Guasch
J. Humberto López Does the Investment
Climate Matter?Does the
Investment
Climate Matter?
MICROECONOMIC
FOUNDATIONS OF GROWTH
IN LATIN AMERICA
Edited by
Pablo Fajnzylber, J. Luis Guasch,
and J. Humberto López
A COPUBLICATION OF PALGRAVE MACMILLAN
AND THE WORLD BANK©2009 The International Bank for Reconstruction and Development / The World Bank
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A copublication of The World Bank and Palgrave Macmillan.
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ISBN: 978-0-8213-7411-5 (soft cover) and 978-0-8213-7687-4 (hard cover)
eISBN: 978-0-8213-7412-2
DOI: 10.1596/978-0-8213-7411-5
Library of Congress Cataloging-in-Publication Data
Does the investment climate matter? : microeconomic foundations of growth in Latin America /
edited by, Pablo Fajnzylber, Jose Luis Guasch, J. Humberto Lopez.—1st ed.
p. cm.—(Latin American Development Forum series)
ISBN 978-0-8213-7411-5 (print)—ISBN 978-0-8213-7412-2 (electronic)
1. Investments—Latin America. I. Fajnzylber, Pablo. II. Guasch, J. Luis. III. Lopez,
J. Humberto.
HG5160.5.A3D64 2008
338.5098—dc22
2008024114Latin American
Development Forum Series
This series was created in 2003 to promote debate, disseminate informa-
tion and analysis, and convey the excitement and complexity of the most
topical issues in economic and social development in Latin America and
the Caribbean. It is sponsored by the Inter-American Development Bank,
the United Nations Economic Commission for Latin America and the
Caribbean, and the World Bank. The manuscripts chosen for publication
represent the highest quality in each institution’s research and activity out-
put and have been selected for their relevance to the academic community,
policy makers, researchers, and interested readers.
Advisory Committee Members
Alicia Bárcena Ibarra, Executive Secretary, Economic Commission for
Latin America and the Caribbean, United Nations
Inés Bustillo, Director, Washington Office, Economic Commission for
Latin America and the Caribbean, United Nations
José Luis Guasch, Senior Adviser, Latin America and the Caribbean
Region, World Bank; and Professor of Economics, University of Cali-
fornia, San Diego
Santiago Levy, Vice President for Sectors and Knowledge, Inter-American
Development Bank
Eduardo Lora, Principal Adviser, Research Department, Inter-American
Development Bank
Luis Servén, Research Manager, Development Economics Vice Presidency,
World Bank
Augusto de la Torre, Chief Economist, Latin America and the Caribbean
Region, World Bank Other Titles in the Latin
American Development
Forum Series
China’s and India’s Challenge to Latin America: Opportunity or Threat?
(forthcoming) Daniel Lederman, Marcelo Olarreaga, and Guillermo
E. Perry, editors
Innovative Experiences in Access to Finance: Market-Friendly Roles for
the Visible Hand? (forthcoming) by Augusto de la Torre, Juan Carlos
Gozzi, and Sergio L. Schmukler
Job Creation in Latin America and the Caribbean: Trends and Policy
Challenges (forthcoming) by Carmen Pagés, Gaëlle Pierre, and Stefano
Scarpetta
Measuring Inequality of Opportunities in Latin America and the Caribbean
(forthcoming) by Ricardo Paes de Barros, Francisco H. G. Ferreira, José
R. Molinas Vega, and Jaime Saavedra Chanduvi
The Promise of Early Childhood Development in Latin America (forth-
coming) by Emiliana Vegas and Lucrecia Santibáñez
Fiscal Policy, Stabilization, and Growth: Prudence or Abstinence? (2008)
Guillermo E. Perry, Luis Servén, and Rodrigo Suescún, editors
The Impact of Private Sector Participation in Infrastructure: Lights,
Shadows, and the Road Ahead (2008) by Luis Andres, José Luis Guasch,
Thomas Haven, and Vivien Foster
Raising Student Learning in Latin America: Challenges for the 21st Century
(2008) by Emiliana Vegas and Jenny Petrowviii other titles in the series
Remittances and Development: Lessons from Latin America (2008) Pablo
Fajnzylber and J. Humberto López, editors
Emerging Capital Markets and Globalization: The Latin American
Experience (2007) by Augusto de la Torre and Sergio L. Schmukler
Investor Protection and Corporate Governance: Firm-Level Evidence
across Latin America (2007) by Alberto Chong and Florencio López-de-
Silanes, editors
Natural Resources: Neither Curse nor Destiny (2007) Daniel Lederman and
William F. Maloney, editors
The State of State Reform in Latin America (2007) Eduardo Lora, editor
Beyond Survival: Protecting Households from Health Shocks in Latin
America (2006) by Cristian C. Baeza and Truman G. Packard
Beyond Reforms: Structural Dynamics and Macroeconomic Vulnerability
(2005) José Antonio Ocampo, editor
Privatization in Latin America: Myths and Reality (2005) Alberto Chong
and Florencio López-de-Silanes, editors
Keeping the Promise of Social Security in Latin America (2004) by Indermit
S. Gill, Truman G. Packard, and Juan Yermo
Lessons from NAFTA: For Latin America and the Caribbean (2004) by
Daniel Lederman, William F. Maloney, and Luis Servén
Globalization and Development: A Latin American and Caribbean
Perspective (2003) José Antonio Ocampo and Juan Martin, editors
Is Geography Destiny? Lessons from Latin America (2003) by John Luke
Gallup, Alejandro Gaviria, and Eduardo Lora
The Limits of Stabilization: Infrastructure, Public Deficits, and Growth in
Latin America (2003) William Easterly and Luis Servén, editorsAbout the Contributors
Verónica Alaimo, formerly a consultant at the Chief Economist’s Office
of the Latin America and the Caribbean Region of the World Bank, is an
economist at the Inter-American Development Bank. Her areas of expertise
include labor markets and applied econometrics.
Carlos Casacuberta is a professor of economics at the Universidad de
la República in Montevideo, Uruguay. He has done applied research
on firm productivity and the relationship between trade and economic
performance.
Pablo Fajnzylber is a senior economist in the Chief Economist’s Office of
the Latin America and the Caribbean Region of the World Bank. He is the
author of numerous articles and books covering a variety of development
topics.
Nestor Gandelman is chair of the Economics Department at the ORT
University in Uruguay. His research focuses primarily on applied industrial
organization and labor economics.
J. Luis Guasch is a senior adviser on competition and regulation in the
Latin America and the Caribbean Region of the World Bank. He is also
head of the Regulation and Public-Private Partnerships Thematic Group
at the World Bank and a professor of economics at the University of Cali-
fornia, San Diego. He has written and published extensively in the areas
of competitiveness, regulation, infrastructure, the investment climate, and
innovation and knowledge transfer.
Daniel Lederman is a senior economist in the World Bank’s Development
Research Group. He is the author of numerous books and articles on Latin
American development.