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On The Evolution of TFP in Latin America (revised)

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  • Ferreira, Pedro Cavalcanti
  • Pessôa, Samuel de Abreu
  • Veloso, Fernando A.

Abstract

Due to several policy distortions, including import-substitution industrialization, widespread government intervention and both domestic and international competitive barriers, there has been a general presumption that Latin America has been much less productive than the leading economies in the last decades. In this paper we show, however, that until the late seventies Latin American countries had high productivity levels relative to the United States. It is only after the late seventies that we observe a fast decrease of relative TFP in Latin America. We also show that the inclusion of human capital in the production function makes a crucial di¤erence in the TFP calculations for Latin America.

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Paper provided by FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) in its series Economics Working Papers (Ensaios Economicos da EPGE) with number 723.

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Date of creation: 12 Aug 2011
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Handle: RePEc:fgv:epgewp:723

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