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Instituciones y volatilidad del crecimiento económico: una aproximación a América Latina y el Caribe

Author

Listed:
  • Yakira Fernández-Torres
  • Julián Ramajo-Hernández
  • Juan Carlos Díaz-Casero

Abstract

El objetivo de este trabajo es ofrecer una explicación institucional a la acentuada volatilidad del crecimiento económico de América Latina y el Caribe, dada su persistencia en el tiempo y las consecuencias dramáticas en términos de pobreza para la región. La aportación consiste en realizar el primer análisis para 28 países durante 2002-2010, mediante un modelo estático de corte transversal por Mínimos Cuadrados en Dos Etapas. Los resultados avalan el impacto sustancial de las instituciones en la reducción de la volatilidad, fundamentalmente las de naturaleza política, así como ofrecen indicios de la necesidad de utilización de criterios de homogeneización muestral. **** The aim of this paper is to provide an institutional explanation for the sharp volatility of economic growth in Latin America and the Caribbean, given its persistence over time and the dramatic consequences in terms of poverty for the region. Thecontribution is to conduct the first analysis of 28 countries during 2002-2010, using a static model of cross section by two-stage least squares. The results support the substantial impact of institutions on reducing volatility, primarily political in nature,and provide evidence of the need for use of sampling criteria homogenization.

Suggested Citation

  • Yakira Fernández-Torres & Julián Ramajo-Hernández & Juan Carlos Díaz-Casero, 2019. "Instituciones y volatilidad del crecimiento económico: una aproximación a América Latina y el Caribe," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 38(76), pages 81-108, January.
    • Handle: RePEc:col:000093:017472
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    File URL: https://revistas.unal.edu.co/index.php/ceconomia/article/view/59913/70019
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    Keywords

    Instituciones; Calidad Institucional; Volatilidad; Crecimiento Económico; América Latina y el Caribe; Institutions; institutional quality; volatility; economic growth; Latin America and the Caribbean;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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