Development strategies, specialization pattern and growth in Latin America

Autor:	Jimmy Melo, Pedro Clavijo
Rok vydání:	2021
Předmět:	Macroeconomics Economics and Econometrics Latin Americans Cointegration Specialization (functional) Structural break Economics Economic liberalization Development Investment (macroeconomics) Productivity Constraint (mathematics)
Zdroj:	Problemas del Desarrollo. Revista Latinoamericana de Economía. 52
ISSN:	2007-8951 0301-7036
DOI:	10.22201/iiec.20078951e.2021.especial.69576
Popis:	This document determines the severity of the specialization pattern constraint on economic growth in Latin America for the period 1950-2016. For this purpose, Thirlwall’s Law is estimated with the help of cointegration with structural break and time-varying parameter techniques. The results compel the conclusion that the specialization pattern has constrained economic growth in Latin America for the whole period, but the constraint has tightened severely during economic liberalization. Since results suggest that Latin America is stuck in a trap of falling-behind growth due to the specialization pattern, Thirlwall’s Paradox is explored in a model that incorporates changes in productivity and reallocation of labor to analyze the conditions that allow investment to increase growth
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::54da56ab188be2cf61cf54a4928b0a24 https://doi.org/10.22201/iiec.20078951e.2021.especial.69576 Zobrazit plný text záznamu