Why Guyana's self discovery is the missing link in its development strategy
The paper attempts to indentify the constraints to growth in Guyana using the Hausmann et al (2005) methodology. Although Guyana suffers from low domestic savings and high interest rate spreads, the paper argues that high cost of finance is a non-binding constraint on entrepreneurial activity. The paper concludes that market failures such as information externalities is a binding constraint on growth in Guyana. It explains the country’s static economic structure and why the composition of its export basket has not changed in 46 years. The paper recommends non-competitive policies to stimulate structural transformation and to internalise the information externalities.
|Date of creation:||Jan 2013|
|Date of revision:|
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- Hausmann, Ricardo & Rodrik, Dani, 2003.
"Economic development as self-discovery,"
Journal of Development Economics,
Elsevier, vol. 72(2), pages 603-633, December.
- Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self Discovery," CEPR Discussion Papers 3356, C.E.P.R. Discussion Papers.
- Ricardo Hausmann & Dani Rodrik, 2002. "Economic Development as Self-Discovery," NBER Working Papers 8952, National Bureau of Economic Research, Inc.
- Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self-Discovery," Working Paper Series rwp02-023, Harvard University, John F. Kennedy School of Government.
- Ricardo Hausmann & Lant Pritchett & Dani Rodrik, 2004.
NBER Working Papers
10566, National Bureau of Economic Research, Inc.
- Hausmann, Ricardo & Pritchett, Lant & Rodrik, Dani, 2004. "Growth Accelerations," CEPR Discussion Papers 4538, C.E.P.R. Discussion Papers.
- Hausmann, Ricardo & Pritchett, Lant & Rodrik, Dani, 2004. "Growth Accelerations," Working Paper Series rwp04-030, Harvard University, John F. Kennedy School of Government.
- Abdul Qayyum & Idrees Khawaja & Asma Hyder, 2008.
"Growth Diagnostics in Pakistan,"
2008:47, Pakistan Institute of Development Economics.
- Ebrima Faal, 2003. "Currency Demand, the Underground Economy, and, Tax Evasionâ€”The Case of Guyana," IMF Working Papers 03/7, International Monetary Fund.
- Khemraj, Tarron, 2007. "The missing link: the finance-growth nexus and the Guyanese growth stagnation," MPRA Paper 16342, University Library of Munich, Germany.
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