Front Matter Page
Western Hemisphere Department
Contents
1 Introduction
2 Drivers of the Recent Boom
2.1 Recovery from the Crisis
2.2 Terms of Trade Shock and External Demand Boom
2.3 Sectoral Structural Change
2.4 Productivity Growth
3 Relative Importance of Different Growth Drivers
4 Sustainability of Growth Drivers
4.1 Sustainability of Supply-Side Factors
4.2 The Role of Inflation And Real Exchange Rate
5 Structural Factors for Growth Sustainability
5.1 Investment and Capital Accumulation
5.2 Labor Market
5.3 Human Capital
5.4 Productivity
5.5 Institutional Quality
5.6 Infrastructure
5.7 Business Environment
5.8 Macroeconomic Environment
6 Conclusion
Figures
Figure 1: Response of inflation to positive export price shocks
Figure 2: Response of inflation to negative export price shocks
Figure 3: Response of exchange rate to positive export price shocks
Figure 4: Response of exchange rate to negative export price shocks
Appendixes
Annex I. Augmented Dickey-Fuller Test
Annex II. Commodity Export Price’s Impact on Inflation and Exchange Rate
Annex III. Country Groups
Annex IV. Structural Indicator Sources