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A Century of Economic Growth in Latin America

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  • Pablo Astorga

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 controversial result is an overall negative conditional correlation between trade openness and GDP per head growth - though openness has a positive link via investment. The evidence also shows that macroeconomic instability has been a drag on long-term growth in the region.

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  • Pablo Astorga, 2009. "A Century of Economic Growth in Latin America," Oxford Economic and Social History Working Papers _075, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:esohwp:_075
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    3. Teles, Vladimir Kuhl & Cardoso, Eliana A., 2010. "A brief history of Brazil's growth," Textos para discussão 241, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
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    8. Nickolaos G. Tzeremes, 2019. "Technological change, technological catch-up and export orientation: evidence from Latin American Countries," Journal of Productivity Analysis, Springer, vol. 52(1), pages 85-100, December.
    9. Jeffrey G. Williamson, 2011. "Industrial Catching Up in the Poor Periphery 1870-1975," NBER Working Papers 16809, National Bureau of Economic Research, Inc.
    10. Jeffrey G. Williamson, 2010. "When, Where, and Why? Early Industrialization in the Poor Periphery 1870-1940," NBER Working Papers 16344, National Bureau of Economic Research, Inc.
    11. Edward Barbier & John Bugas, 2014. "Structural change, marginal land and economic development in Latin America and the Caribbean," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 23(1), pages 1-29, December.
    12. Ariel Dinar & Kurt Schwabe (ed.), 2015. "Handbook of Water Economics," Books, Edward Elgar Publishing, number 15535.
    13. Gani, Azmat & Clemes, Michael D., 2013. "Modeling the effect of the domestic business environment on services trade," Economic Modelling, Elsevier, vol. 35(C), pages 297-304.
    14. Williamson, Jeffrey G., 2011. "Industrial Catching Up in the Poor Periphery 1870-1975," CEPR Discussion Papers 8335, C.E.P.R. Discussion Papers.
    15. Brito, Márcio Holland de, 2010. "Inserção comercial do Brasil na américa do sul: um estudo sobre os efeitos da China na região," Textos para discussão 248, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
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    17. Beatriz Barrado & Gregorio Gimenez & Jaime Sanaú, 2021. "The Use of Decomposition Methods to Understand the Economic Growth Gap between Latin America and East Asia," Sustainability, MDPI, vol. 13(12), pages 1-18, June.

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    More about this item

    Keywords

    Economic Growth; Investment; Openness; Latin America;
    All these keywords.

    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, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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