The 1960s and 70s were decades of solid growth rates for Latin America and the Caribbean region as a whole. This changed in the 1980s, when the growth rate of output per capita fell to negative values and its volatility increased notably. However, Latin America's economic growth became positive again in the 1990s, with truly remarkable turnarounds in Argentina, Costa Rica, El Salvador, Nicaragua, and Peru. This recovery was driven in most cases by large increases in the growth of total factor productivity, reflecting the initial benefits from the process of economic reforms initiated in the...