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Globalization, Growth and Crises: The View from Latin America

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  • Sebastian Edwards

Abstract

In this paper I analyze the role of openness and globalization in Latin America's economic development. The paper is divided into two distinct part: I first (Sections II through IV) provide an analysis of 60 years of the region's economic history, that go form the launching of the Alliance for Progress by the Kennedy Administration in 1961, to the formulation and implementation of the market-oriented reforms of the Washington Consensus in the 1990s and 2000s. I conclude that Latin America's history has been characterized by low growth, high inflation and recurrent external crises. In Section V I deal formally with the costs of crises, and I estimate a number of variance component models of the dynamics of growth. I find that external crises have been more costly in Latin America than in the rest of the world. I also find that the cost of external crises has been inversely related to the degree of openness.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14034.

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Date of creation: May 2008
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Publication status: published as Globalisation, Growth and Crises: The View from Latin America Sebastian Edwards† Article first published online: 28 JUN 2008 DOI: 10.1111/j.1467-8462.2008.00498.x ©2008 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research Issue Australian Economic Review Australian Economic Review Volume 41, Issue 2, pages 123–140, June 2008
Handle: RePEc:nbr:nberwo:14034

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  1. Sebastian Edwards, 2007. "Crises and growth : a Latin American perspective," Working Papers in Economic History wp07-07, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  2. Ashoka Mody & Antu Panini Murshid, 2002. "Growing Up with Capital Flows," IMF Working Papers 02/75, International Monetary Fund.
  3. James J. Heckman, 1977. "Dummy Endogenous Variables in a Simultaneous Equation System," NBER Working Papers 0177, National Bureau of Economic Research, Inc.
  4. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  5. Omar M. G. Keshk, 2003. "CDSIMEQ: A program to implement two-stage probit least squares," Stata Journal, StataCorp LP, vol. 3(2), pages 157-167, June.
  6. Javier Santiso, 2007. "Latin America's Political Economy of the Possible: Beyond Good Revolutionaries and Free-Marketeers," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262693593, December.
  7. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-48, December.
  8. Amemiya, Takeshi, 1978. "The Estimation of a Simultaneous Equation Generalized Probit Model," Econometrica, Econometric Society, vol. 46(5), pages 1193-1205, September.
  9. Edwards, Sebastian & Levy Yeyati, Eduardo, 2005. "Flexible exchange rates as shock absorbers," European Economic Review, Elsevier, vol. 49(8), pages 2079-2105, November.
  10. W. M. Corden, 1966. "The Structure of a Tariff System and the Effective Protective Rate," Journal of Political Economy, University of Chicago Press, vol. 74, pages 221.
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Cited by:
  1. Zsolt Darvas, 2010. "Beyond the Crisis: Prospects for Emerging Europe," Working Papers 1005, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest, revised 09 Mar 2011.
  2. Ocampo José Antonio, 2009. "Hirschman, la industrialización y la teoría del desarrollo," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE.
  3. San-Martín-Albizuri, Nerea & Rodríguez-Castellanos, Arturo, 2012. "Globalisation And The Unpredictability Of Crisis Episodes: An Empirical Analysis Of Country Risk Indexes / La Imprevisibilidad De Los Episodios De Crisis: Un Análisis Sobre Los Índices De Riesgo Pa�," Investigaciones Europeas de Dirección y Economía de la Empresa (IEDEE), Academia Europea de Dirección y Economía de la Empresa (AEDEM), vol. 18(2), pages 148-155.
  4. Gordon H. Hanson & Craig McIntosh, 2012. "Birth Rates and Border Crossings: Latin American Migration to the US, Canada, Spain and the UK," Economic Journal, Royal Economic Society, vol. 122(561), pages 707-726, 06.

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