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A Century of Economic Growth in Latin America

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Author Info
Pablo Astorga (Abbey House, Carfax, Oxford and Universidad Carlos III, C/ Madrid, 126, 28903 Getafe, Madrid Espana)
Abstract

This paper makes a contribution to the study of economic growth in developing countries by analysing the six largest Latin American economies over 105 years within a two-equation framework. Confirming previous findings, physical and human capital prove to be key determinants of GDP per capita growth. However, a more controver- sial result is an overall negative conditional correlation between trade openness and GDP per head growth – though openness has a positive link via investment. The evi- dence also shows that macroeconomic instability has been a drag on long-term growth in the region.

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File URL: http://www.nuffield.ox.ac.uk/economics/History/Paper75/75astorga.pdf
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Paper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _075.

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Length: 31 pages
Date of creation: 02 Jan 2009
Date of revision:
Handle: RePEc:nuf:esohwp:_075

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Web page: http://www.nuff.ox.ac.uk/economics/

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Related research
Keywords: Economic Growth; Investment; Openness; Latin America;

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Find related papers by JEL classification:
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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  1. Aizenman, Joshua & Marion, Nancy, 1999. "Volatility and Investment: Interpreting Evidence from Developing Countries," Economica, London School of Economics and Political Science, vol. 66(262), pages 157-79, May. [Downloadable!] (restricted)
  2. Pablo Astorga & Ame R. Bergés & Valpy Fitzgerald, 2003. "Productivity Growth in Latin America during the Twentieth Century," Oxford University Economic and Social History Series _052, Economics Group, Nuffield College, University of Oxford. [Downloadable!]
  3. Pablo Astorga, 2007. "Real Exchange Rates in Latin America: what does the 20th Century reveal?," Working Papers in Economic History wp07-03, Universidad Carlos III, Departamento de Historia Económica e Instituciones. [Downloadable!]
  4. Yanikkaya, Halit, 2003. "Trade openness and economic growth: a cross-country empirical investigation," Journal of Development Economics, Elsevier, vol. 72(1), pages 57-89, October. [Downloadable!] (restricted)
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  6. De Gregorio, Jose, 1992. "Economic growth in Latin America," Journal of Development Economics, Elsevier, vol. 39(1), pages 59-84, July. [Downloadable!] (restricted)
    Other versions:
  7. Richard E. Baldwin & Elena Seghezza, 1996. "Trade-Induced Investment-led Growth," NBER Working Papers 5582, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Francisco Rodriguez & Dani Rodrik, 2001. "Trade Policy and Economic Growth: A Skeptic's Guide to the Cross-National Evidence," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 261-338 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  9. Bruno, Michael & Easterly, William, 1998. "Inflation crises and long-run growth," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 3-26, February. [Downloadable!] (restricted)
    Other versions:
  10. Harrison, Ann, 1996. "Openness and growth: A time-series, cross-country analysis for developing countries," Journal of Development Economics, Elsevier, vol. 48(2), pages 419-447, March. [Downloadable!] (restricted)
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  11. David Stasavage, 2000. "Private Investment and Political Uncertainty," STICERD - Development Economics Papers 25, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  12. Jeffrey A. Frankel & David Romer, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June. [Downloadable!] (restricted)
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  14. Luis Servén, 2003. "Real-Exchange-Rate Uncertainty and Private Investment in LDCS," The Review of Economics and Statistics, MIT Press, vol. 85(1), pages 212-218, 01. [Downloadable!] (restricted)
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  15. John H. Coatsworth & Jeffrey G. Williamson, 2002. "The Roots of Latin American Protectionism: Looking Before the Great Depression," NBER Working Papers 8999, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. Mohammed, Saif I. Shah & Williamson, Jeffrey G., 2004. "Freight rates and productivity gains in British tramp shipping 1869-1950," Explorations in Economic History, Elsevier, vol. 41(2), pages 172-203, April. [Downloadable!] (restricted)
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  17. Javier Andres & Ignacio Hernando, 1997. "Does Inflation Harm Economic Growth? Evidence for the OECD," NBER Working Papers 6062, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  18. O'Rourke, K, 1997. "Tariffs and Growth in the Late 19th Century," Papers 97/18, College Dublin, Department of Political Economy-.
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