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Following some historical background, this paper describes how corruption is manifested in Paraguay. The paper distinguishes between factors that explain the growth performance of Paraguay since 1960 (where corruption does not directly enter as a significant factor) and factors that explain the relative level of income of Paraguay in the past 40 or 50 years compared with other countries. It then illustrates how Paraguay's weak institutions may have led to long-term growth below its potential. Finally, the authors briefly consider how Paraguay could improve its institutions. To the extent that prudent policies and the willingness to consider the adoption of international best practices will exert pressure for change in Paraguay, a gradual improvement of institutional quality will ensue, which is necessary for sustained long-run growth.

Financial crises --- Foreign exchange rates --- Paraguay --- Economic conditions --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Rates --- Dēmokratia tēs Paragouaēs --- Lýðveldið Paraguei --- Pâ-lâ-kûi --- Paragaĭmudin Orn --- Paragoayi --- Paragouaē --- Paragua --- Paraguai --- Paraguaidh --- Paraguay Vabariik --- Paraguei --- Paragvæ --- Paragvaĭ --- Paragvaj --- Paragvaja Respubliko --- Paragvajo --- Pʻaragwai --- Parahvaĭ --- Paraqvay --- Parawayi --- Parawayi Republika --- Pharaguay --- Pobblaght ny Paraguay --- Republic of Paraguay --- República del Paraguay --- Republika Paragvaĭ --- Republika Paragvaj --- République du Paraguay --- Rėspublika Parahvaĭ --- Tetã Paraguái --- Παραγουάη --- Δημοκρατία της Παραγουάης --- Рэспубліка Парагвай --- Република Парагвай --- Парагаймудин Орн --- Парагвай --- パラグアイ --- 파라과이 --- Banks and Banking --- Foreign Exchange --- Labor --- Public Finance --- Demography --- Money and Monetary Policy --- Nonwage Labor Costs and Benefits --- Private Pensions --- Social Security and Public Pensions --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Wages, Compensation, and Labor Costs: General --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Pensions --- Currency --- Labour --- income economics --- Banking --- Population & demography --- Monetary economics --- Real exchange rates --- Pension spending --- Wages --- Expenditure --- Retirement --- Real effective exchange rates --- Banks and banking --- Credit --- Income economics