Latin America in the Twentieth Century: Stagnation, then Collapse
AbstractMost Latin American countries experienced their last peak in output per capita relative to the United Statesâ€™ between 1971 and 1982. Prior to this peak per capita output was rapidly catching up to the developed world. Twenty years after the peak the average countryâ€™s relative per capita output was 68% of its peak level. A growth accounting exercise shows that between 1960 and 1985 the contribution of physical capital to growth, at 74%, was more than twice the worldâ€™s average. There is an investment/productivity puzzle since capital accumulation was among the highest in the world and productivity growth one of the lowest. Import Substitution Industrialization and targeted investment subsidies may be the key to understanding Latin Americaâ€™s lack of development
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Bibliographic InfoPaper provided by Econometric Society in its series Econometric Society 2004 Latin American Meetings with number 326.
Date of creation: 11 Aug 2004
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Stagnation; Growth; Latin America;
Other versions of this item:
- Pablo Andres Neumeyer & Hugo Hopenhayn, 2004. "Latin America in the Twentieth Century: stagnation, then Collapse," Department of Economics Working Papers 028, Universidad Torcuato Di Tella.
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-10-30 (All new papers)
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