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Inflación, Precios Relativos y Crecimiento: Evidencia de América Latina

  • DABUS, C.

    ()

    (CONICET y Departamento de Economía. Universidad del Sur.)

  • VIEGO, V.

    ()

El trabajo explora el efecto de la inflación y la variabilidad de precios relativos sobre el crecimiento, para una muestra de siete países con historia inflacionaria, en el contexto de tres regímenes inflacionarios: inflación moderada, alta y extrema (muy alta e hiperinflación). Se encuentra que tanto la inflación como la variabilidad de precios relativos afectan negativamente al crecimiento, aunque el impacto de la primera es sustancialmente mayor. Es decir que la inflación en sí, más que sus efectos sobre el sistema de precios, es nociva para la economía.En particular, los resultados sustentan la hipótesis de que la inflación afecta negativamente al crecimiento en los estados de inflación extrema. La relación negativa entre inflación y crecimiento es notablemente clara en términos de la evolución promedio por régimen inflacionario y especialmente en los episodios de inflación extrema. A su vez, los resultados sugieren que existen otros factores asociados al “ruido” propio de los procesos de alta inflación que inciden negativamente sobre el crecimiento. This paper explores inflation and relative prices variability effects on economic growth. Empirical evidence is evaluated for a sample of seven countries with inflationary episodes in the context of three inflationary regimes: moderate, high and extreme (very high and hyper) inflation. We find that inflation and relative prices variability influence growth negatively, and the impact of the former is significantly higher. The negative relationship between inflation and growth is notably evident when analyzing averages by inflationary regime, specially during extreme inflation episodes. In turn, the results suggest that there are other factor associated with the typical “noise” of high inflation process, which affect negatively economic growth.

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Article provided by Estudios de Economía Aplicada in its journal Estudios de Economía Aplicada.

Volume (Year): 21 (2003)
Issue (Month): (Abril)
Pages: 91-107

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Handle: RePEc:lrk:eeaart:21_1_5
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