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Panama's growth diagnostics

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  • Mauricio Cárdenas

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  • Natalia Salazar F.

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    Abstract

    "In this context, the objective of the paper is to propose a set of recommendations on whatneeds to be done in order to assure success of the current growth strategy. We have nodoubts on the value of strengthening Panama´s geographical comparative advantage withthe Canal´s expansion. The key question is to identify the additional steps which could promote growth in the non-canal economy. In addition to making growth more sustainable,growth acceleration in the traditional sectors can result in a reduction of inequality, whichis extremely high in Panama.To answer these questions the paper proceeds in the following way. Section 2 discussessome key features of Panama´s economic structure that are important for the analysis.Section 3 analyzes Panama´s growth using conventional techniques. In particular, we lookat the role of the `fundamental´ determinants of growth, such as institutions, geography,and human capital. Also, the time series analysis shows that growth has experiencedreversals while a standard sources-of-growth decomposition suggests that Panama has asevere productivity problem. Sections 4 to 8 deal with the GDM. Section 4 presents somegeneral evidence from the Investment Climate Survey (ICS) on the main concerns ofPanama´s entrepreneurs. Section 5 discusses all the problems that could imply low socialreturns to investment. Section 6 analyzes the issues related to problems of appropriability.Section 7 introduces the problems of self-discovery, and Section 8 looks at financingissues. Section 9 concludes"

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    File URL: http://www.fedesarrollo.org.co/wp-content/uploads/2011/08/WP-No.-39-Panamas-growth-diagnostics-Nov.-2007.pdf
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    Bibliographic Info

    Paper provided by FEDESARROLLO in its series WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO with number 009190.

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    Length: 64
    Date of creation: 20 Nov 2007
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    Handle: RePEc:col:000123:009190

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    Related research

    Keywords: Crecimiento Económico; Panamá;

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    1. Xavier Sala-i-Martin & Arvind Subramanian, 2013. "Addressing the Natural Resource Curse: An Illustration from Nigeria," Journal of African Economies, Centre for the Study of African Economies (CSAE), vol. 22(4), pages 570-615, August.
    2. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," NBER Working Papers 8460, National Bureau of Economic Research, Inc.
    3. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," NBER Working Papers 10568, National Bureau of Economic Research, Inc.
    4. Jeffrey D. Sachs, 2001. "Tropical Underdevelopment," NBER Working Papers 8119, National Bureau of Economic Research, Inc.
    5. Laura Alfaro & Sebnem Kalemli-Ozcan & Vadym Volosovych, 2005. "Capital Flows in a Globalized World: The Role of Policies and Institutions," NBER Working Papers 11696, National Bureau of Economic Research, Inc.
    6. Gary Clyde Hufbauer & Jeffrey J. Schott & Kimberly Ann Elliott, 1990. "Economic Sanctions Reconsidered: 2nd Edition," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 82.
    7. 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.
    8. Hendricks, Lutz A., 2002. "How Important is Human Capital for Development? Evidence from Immigrant Earnings," Staff General Research Papers 11409, Iowa State University, Department of Economics.
    9. Bernt Bratsberg, 2002. "School Quality and Returns to Education of U.S. Immigrants," Economic Inquiry, Western Economic Association International, vol. 40(2), pages 177-198, April.
    10. Jeffrey D. Sachs, 2003. "Institutions Don't Rule: Direct Effects of Geography on Per Capita Income," NBER Working Papers 9490, National Bureau of Economic Research, Inc.
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