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Economic growth in Latin America: structural breaks or fundamentals

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  • Rómulo A.Chumacero
  • J.Rodrigo Fuentes

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Abstract

Despite having accumulated physical and human capital at significant rates, Latin America´s growth has been generally disappointing. Successful growth episodes have been accompanied by surges in TFP, sound and stable macroeconomic policies, and fewer distortions and government interventions. Structural breaks are often cited as sources of the disappointing and heterogeneous growth performance of countries in Latin America. We find that, once controlled for external shocks and a measure of distortions, the behavior of per capita GDP in a sample of Latin American countries is remarkably stable.

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Bibliographic Info

Article provided by University of Chile, Department of Economics in its journal Estudios de Economia.

Volume (Year): 33 (2006)
Issue (Month): 2 Year 2006 (December)
Pages: 141-154

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Handle: RePEc:udc:esteco:v:33:y:2006:i:2:p:141-154

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Web page: http://www.econ.uchile.cl/
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Related research

Keywords: Growth; Latin America; structural breaks.;

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References

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  1. Harold L. Cole & Lee E. Ohanian & Alvaro Riascos & James A. Schmitz, Jr., 2004. "Latin America in the Rearview Mirror," NBER Working Papers 11008, National Bureau of Economic Research, Inc.
  2. Perron, P. & Bai, J., 1995. "Estimating and Testing Linear Models with Multiple Structural Changes," Cahiers de recherche 9552, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  3. Garey Ramey & Valerie A. Ramey, 1994. "Cross-Country Evidence on the Link Between Volatility and Growth," NBER Working Papers 4959, National Bureau of Economic Research, Inc.
  4. César Calderón & Rodrigo Fuentes, 2006. "Complementarities between Institutions and Openness in Economic Development: Evidence for a Panel of Countries," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 43(127), pages 49-80.
  5. Mark Aguiar & Gita Gopinath, 2007. "Emerging Market Business Cycles: The Cycle Is the Trend," Journal of Political Economy, University of Chicago Press, vol. 115, pages 69-102.
  6. Jushan Bai & Pierre Perron, 2003. "Computation and analysis of multiple structural change models," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(1), pages 1-22.
  7. 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.
  8. repec:idb:brikps:14498 is not listed on IDEAS
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Cited by:
  1. Andrea Acevedo Flórez & Adriana Morales Botett & Catalina Ramos Garcés, 2010. "Impacto Económico Y Social Del Proyecto Patios Productivos Implementado Por Las Comunidades Vulnerables De Los Departamentos De Bolívar, Córdoba Y Suc," REVISTA PANORAMA ECONÓMICO 007084, UNIVERSIDAD DE CARTAGENA.
  2. Nelson Alvis Guzmán & Luis Alvis Estrada & Aura Medina Fuentes & María Murillo Ibáñez, 2010. "Condiciones Del Acceso A Los Servicios De Salud En La Población De Cartagena De Indias. 2006," REVISTA PANORAMA ECONÓMICO 007079, UNIVERSIDAD DE CARTAGENA.
  3. Efraín Cuadro Guzmán & Antonio Orozco Gallo, 2010. "Descripción metodológica y aproximación al cálculo de demanda de agua en la ciudad de Cartagena de indias para el año 2009," REVISTA PANORAMA ECONÓMICO 007081, UNIVERSIDAD DE CARTAGENA.
  4. Andres Escobar Espinosa, 2010. "The Awakening Of An Andean Tiger: Can Colombia´s Recent Growth Create Enough Employment?," REVISTA PANORAMA ECONÓMICO 007085, UNIVERSIDAD DE CARTAGENA.
  5. Fredy Goyeneche González, 2010. "Cartagena De Indias: Globalizada Desde Su Origen, Fragmentada En Su Presente," REVISTA PANORAMA ECONÓMICO 007080, UNIVERSIDAD DE CARTAGENA.
  6. Humberto Consuegra De La Ossa, 2010. "Turismo Y Desarrollo Economico: ¿Hace El Patrimonio La Diferencia En El Caribe?," REVISTA PANORAMA ECONÓMICO 007087, UNIVERSIDAD DE CARTAGENA.
  7. Tomás Fontalvo Herrera, 2010. "Diseño De Un Sistema De Gestión De La Calidad Modelo Para Los Programas Académicos De Educación Superior," REVISTA PANORAMA ECONÓMICO 007089, UNIVERSIDAD DE CARTAGENA.
  8. Martha Yánez Contreras & Alberto Ordóñez Flórez & Luis Suarez Ávila, 2010. "Cultura De Uso Y Explotación Económica De Las Playas En Cartagena De Indias," REVISTA PANORAMA ECONÓMICO 007082, UNIVERSIDAD DE CARTAGENA.
  9. Juan Carlos Vergara Schmalbach & Víctor Manuel Quesada Ibargüen & Melissa Manga Altamar & Vanessa Restrepo Torres, 2010. "La Planeación Agregada Analizada Desde El Enfoque De La Dinámica De Sistemas," REVISTA PANORAMA ECONÓMICO 007088, UNIVERSIDAD DE CARTAGENA.

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