There are two Latin Americas, and possibly three. The LAC-7 countries, plus Uruguay but except Venezuela, are growing robustly. This is the Latin America that is making headlines and that will continue to attract press attention and investors. However, there will be moderation, resulting from a less expansionist policy stance and less growth in the developed world. The second Latin America never managed to break free from macroeconomic constraints associated with high inflation and debt and will be more affected from low growth in the United States. Finally, there is Venezuela, where everything is out of the ordinary, including the political resilience of a government that has mismanaged the economy in ways that are becoming increasingly costly and evident -- introduction and summary

There are two Latin Americas, and possibly three. The LAC-7 countries, plus Uruguay but except Venezuela, are growing robustly. This is the Latin America that is making headlines and that will continue to attract press attention and investors. However, there will be moderation, resulting from a less expansionist policy stance and less growth in the developed world....