Economic Growth in Latin America

July 1, 1991

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Format: Chicago

Jose De Gregorio. Economic Growth in Latin America, (USA: International Monetary Fund, 1991) accessed December 26, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper studies growth determinants in 12 Latin American countries during the period 1950-85. In a simple growth accounting framework, the share of labor in income is found to be lower in the sample group than in developed countries, while factor productivity growth accounts for a larger proportion of growth in the fastest growing countries in the sample. Using panel data, macroeconomic stability is found to play, in addition to investment (physical and human), a crucial role in growth. To a lesser extent, growth is negatively correlated with government consumption and political instability. The terms of trade appear to have no significant effect on growth.

Subject: Balance of payments, Foreign direct investment, Government consumption, Inflation, International trade, National accounts, Prices, Production, Productivity, Terms of trade

Keywords: Caribbean, Constant returns to scale, Foreign direct investment, Government consumption, Government spending, Inflation, Investment equation, Per capita income, Positive correlation, Productivity, Productivity growth, Rate of growth, Rate of inflation, Terms of trade, WP

Publication Details

Pages:

58
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1991/071
Stock No:

WPIEA0711991
ISBN:

9781451959758
ISSN:

1018-5941

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