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Growth Determinants in Latin America and East Asia: has globalization changed the engines of growth?

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  • Ricardo Chica

    ()

  • Oscar Guevara

    ()

  • Diana López

    ()

  • Daniel Osorio

    ()

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    Abstract

    La respuesta que emerge de un análisis comparativo entre América Latina y Asia del Este a la pregunta de si la globalización ha cambiado los motores del crecimiento es, a pesar de las extraordinarias posibilidades de desarrollo abiertas por este proceso, un no cualificado: la inversión, seguida del crecimiento industrial y del ahorro, los motores tradicionales del crecimiento, continúan teniendo la influencia más robusta, de lejos más fuerte que las variables constitutivas de la globalización, las exportaciones y los flujos de capital (incluida la IED). La influencia de estas últimas parece ser menos débil en Latinoamérica, y, en términos del superior desempeño económico del Este Asiático, esta región no muestra para ellas (exportaciones y flujos de capital) la clase de superioridad que muestra para dichos motores (inversión, crecimiento industrial y ahorro). La Dinámica de Rendimientos Crecientes que involucra el ciclo virtuoso Inversióngcrecimiento de la productividadgcompetitividad exportadoragcrecimientogInversión continua rigiendo el proceso de crecimiento en presencia de la globalización.

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    Bibliographic Info

    Article provided by FEDESARROLLO in its journal COYUNTURA ECONÓMICA.

    Volume (Year): (2012)
    Issue (Month): ()
    Pages:

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    Handle: RePEc:col:000438:010065

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    Related research

    Keywords: Crecimiento económico; Inversión; Ahorros; Exportaciones; Política industrial; Asia Orienta; América Latina.Economic Growth; Investment; Savings; Exports; Industrial Policy; East Asia; Latin America;

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    1. Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 223-51, April.
    2. Hausmann, Ricardo & Hwang, Jason & Rodrik, Dani, 2005. "What You Export Matters," Working Paper Series rwp05-063, Harvard University, John F. Kennedy School of Government.
    3. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March.
    4. Sala-i-Martin, Xavier, 1997. "I Just Ran Two Million Regressions," American Economic Review, American Economic Association, vol. 87(2), pages 178-83, May.
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    10. Gabriel Palma, 2000. "The Three Routes to Financial Crises: The Need for Capital Controls," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2000-17, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    11. Barry P. Bosworth & Susan M. Collins, 2003. "The Empirics of Growth: An Update," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 113-206.
    12. John S. L. McCombie & Mark Roberts, 2008. "Effective-demand-constrained growth in a two-sector Kaldorian model," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 31(1), pages 57-78, September.
    13. Setterfield, Mark, 1997. "'History versus Equilibrium' and the Theory of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 21(3), pages 365-78, May.
    14. Lall, Sanjaya, 2001. "Competitiveness Indices and Developing Countries: An Economic Evaluation of the Global Competitiveness Report," World Development, Elsevier, vol. 29(9), pages 1501-1525, September.
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