Institutional Quality And Total Factor Productivity In Latin America And The Caribbean: Exploring The Unobservable Through Factor Analysis
AbstractThis document determines, for a sample of Latin American countries, to what extent short-term variations in total factor productivity (TFP) are infl uenced by changes in institutional quality. Our empirical strategy is two-folded. First, we use statis-tical tools borrowed from factor analysis to extract from observable outcome indicators, unobservable common factors associated to TFP and institutional quality. Second, panel estimations are performed, linking the latent elements of aggregate factor pro-ductivity to the underlying common factors of in-stitutional quality. Results are appealing: economic liberty is positively related to short-term total factor productivity
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Bibliographic InfoArticle provided by BANCO DE LA REPÚBLICA - ESPE in its journal ENSAYOS SOBRE POLÍTICA ECONÓMICA.
Volume (Year): (2007)
Issue (Month): ()
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institutions; total factor productivity; factor analysis; Latin America.;
Find related papers by JEL classification:
- C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
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