First, comparatively speaking and with some differences between countries, Latin America has historically had a lower investment-to-GDP ratio than other emerging regions. In 2008, the region's investment rate was 23.6% of GDP, measured in current dollars, which was the highest level since 1980. By contrast, investment in developing Asia rose from 27.8% of GDP in 1980 to nearly 35% in the mid-1990s and over 40% today (see Jimenez and Manuelito, 2013). Several factors underlie this performance, but those related to growth variability are foremost among them.