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The endogeneity of the natural rate of growth in Latin America

Author

Listed:
  • Sara María Ochoa León

    (Universidad Nacional Autónoma de México, México)

  • Nancy Ivonne Muller Durán

    (Universidad Nacional Autónoma de México, México)

  • Domingo Rodriguez Benavides

    (Universidad Autónoma Metropolitana, México)

Abstract

Este estudio estima la tasa natural de crecimiento à la León-Ledesma y Thirlwall para un panel de once países de América Latina en el periodo 2000-2023 mediante el estimador de regresiones aparentemente no relacionadas (SUR por sus siglas en inglés). Asimismo, en el modelo incorporamos una variable ficticia en los periodos de auge para determinar si la endogeneidad se debe a las variaciones de la tasa de crecimiento actual. Nuestros resultados muestran que el comportamiento de la tasa natural tiene una relación directa con los cambios de la tasa actual, es decir, aumenta en períodos de auge y disminuye durante las recesiones, ratificado la presencia de endogeneidad. En este sentido, conviene seguir explorando la naturaleza de la sensibilidad de la tasa de crecimiento natural a la coyuntura económica. Al aportar evidencia reciente para países de América Latina con distintos grados de desarrollo económico, nuestros resultados permiten concluir que la hipótesis de pleno empleo por el lado de la oferta no es suficiente para explicar la dinámica económica, por lo que es necesaria la inclusión de variables de demanda.

Suggested Citation

  • Sara María Ochoa León & Nancy Ivonne Muller Durán & Domingo Rodriguez Benavides, 2024. "The endogeneity of the natural rate of growth in Latin America," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 19(3), pages 1-12, Julio - S.
    • Handle: RePEc:imx:journl:v:19:y:2024:i:3:a:2
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    File URL: https://www.remef.org.mx/index.php/remef/article/view/1013
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    References listed on IDEAS

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    6. Lena Vogel, 2009. "The endogeneity of the natural rate of growth - an empirical study for Latin-American countries," International Review of Applied Economics, Taylor & Francis Journals, vol. 23(1), pages 41-53.
    7. Senay Acikgoz & Merter Mert, 2010. "Endogeneity of the Natural Rate of Growth: An Application to Turkey," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(4), pages 447-469.
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    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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