In the last decades Latin American countries, and very much related to the implementation of macroeconomic reforms, have seen a convergence in economic policy making, design, tool kits and objectives. This convergence has been rather generalized in the region with few exceptions. The paper explores the reasons why this convergence has not been reflected in a similar way on their economic performances. It pays special attention to the role played by institutional factors and by government policies in explaining the diversity in growth performance.