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This paper studies growth determinants in 12 Latin American countries during the period 1950-85. In a simple growth accounting framework, the share of labor in income is found to be lower in the sample group than in developed countries, while factor productivity growth accounts for a larger proportion of growth in the fastest growing countries in the sample. Using panel data, macroeconomic stability is found to play, in addition to investment (physical and human), a crucial role in growth. To a lesser extent, growth is negatively correlated with government consumption and political instability. The terms of trade appear to have no significant effect on growth.

Exports and Imports --- Inflation --- Macroeconomics --- Production and Operations Management --- Price Level --- Deflation --- Macroeconomics: Production --- International Investment --- Long-term Capital Movements --- Empirical Studies of Trade --- Macroeconomics: Consumption --- Saving --- Wealth --- Finance --- International economics --- Productivity --- Foreign direct investment --- Terms of trade --- Government consumption --- Prices --- Production --- Balance of payments --- International trade --- National accounts --- Industrial productivity --- Investments, Foreign --- Economic policy --- nternational cooperation --- Consumption --- Economics --- Costa Rica --- Nternational cooperation

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This paper re-examines empirical exchange rate puzzles by focusing on three OECD economies (Australia, Canada, and New Zealand) where primary commodities constitute a significant share of their exports. For Australia and New Zealand especially, we find that the U.S. dollar price of their commodity exports (generally exogenous to these small economies) —has a strong and stable influence on their floating real rates, with the quantitative magnitude of the effects consistent with predictions of standard theoretical models. However, after controlling for commodity price shocks, there is still a PPP puzzle in the residual. Nevertheless, the results here are relevant to many developing country commodity exporters, as they liberalize their capital markets and move towards floating exchange rates.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Commodity Markets --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Empirical Studies of Trade --- Currency --- Foreign exchange --- Monetary economics --- International economics --- Real exchange rates --- Commodity prices --- Exchange rates --- Currencies --- Terms of trade --- Prices --- Money --- International trade --- Economic policy --- nternational cooperation --- New Zealand --- Nternational cooperation

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Assessing a country's competitiveness routinely starts with an analysis of the real exchange rate. However, in low-income countries, empirical analysis of the real exchange rate is often subject to important limitations that seriously weaken the results. This paper summarizes the methodologies used to assess real exchange rate misalignments and discusses the range of obstacles common to low-income countries. Recognizing the importance of using a wide range of indicators for assessing competitiveness in low-income countries, the paper discusses alternative competitive measures and then proposes a template of indicators to allow for a systematic assessment of competitiveness in low-income countries. The template is then used to rank countries according to their competitiveness performance in 2006.

Exports and Imports --- Finance: General --- Foreign Exchange --- Institutions and Growth --- Comparative Studies of Countries --- General Financial Markets: General (includes Measurement and Data) --- Trade: General --- Empirical Studies of Trade --- Finance --- Currency --- Foreign exchange --- International economics --- Competition --- Real exchange rates --- Exports --- Exchange rates --- Terms of trade --- Financial markets --- International trade --- Economic policy --- nternational cooperation --- Angola --- Foreign exchange rates --- Econometric models. --- Developing countries --- Economic conditions --- Nternational cooperation

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This paper analytically explores and empirically tests a number of hypotheses to explain the rapid growth in transition economies. The paper finds that growth in the Commonwealth of Independent States (CIS) has been higher because of the recovery of lost output, progress in macroeconomic stabilization and market reforms, and favorable external conditions. Some of these factors are unlikely to continue for a very long time. The challenge is to improve the investment climate in the non-primary sectors, which will require broadening the scope of macroeconomic reform into a second generation of reforms encompassing structural and institutional areas.

Exports and Imports --- Macroeconomics --- Production and Operations Management --- Remittances --- Empirical Studies of Trade --- Macroeconomics: Consumption --- Saving --- Wealth --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- International economics --- Terms of trade --- Government consumption --- Total factor productivity --- Outward remittances --- International finance --- Economic policy --- nternational cooperation --- Consumption --- Economics --- Industrial productivity --- Emigrant remittances --- Russian Federation --- Economic development --- Econometric models. --- Nternational cooperation

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This paper reexamines the issue of the existence of threshold effects in the relationship between inflation and growth, using new econometric techniques that provide appropriate procedures for estimation and inference. The threshold level of inflation above which inflation significantly slows growth is estimated at 1–3 percent for industrial countries and 7–11 percent for developing countries. The negative and significant relationship between inflation and growth, for inflation rates above the threshold level, is quite robust with respect to the estimation method, perturbations in the location of the threshold level, the exclusion of high-inflation observations, data frequency, and alternative specifications.

Econometrics --- Exports and Imports --- Inflation --- Demography --- Price Level --- Deflation --- Economic Growth and Aggregate Productivity: General --- Truncated and Censored Models --- Switching Regression Models --- Threshold Regression Models --- Empirical Studies of Trade --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Macroeconomics --- Econometrics & economic statistics --- International economics --- Population & migration geography --- Threshold analysis --- Terms of trade --- Hyperinflation --- Population growth --- Prices --- Economic policy --- nternational cooperation --- Population --- Nternational cooperation