The relative importance of the service sector in the mexican economy: A time series Analysis

Ramón Castillo (), Carlos Flores () and María Rodríguez

Revista Lecturas de Economía, 2013, issue 80, 133-151

Abstract: ABSTRACT: We conduct a study of the secondary and tertiary sectors with the goal of highlighting the relative importance of services in the Mexican economy. We consider a time series analysis approach designed to identify the stochastic nature of the series, as well as to define their long-run and-short run relationships with Gross Domestic Product (GDP). The results of cointegration tests suggest that, for the most part, activities in the secondary and tertiary sectors share a common trend with GDP. Interestingly, the long-run elasticities of GDP with respect to services are on average larger than those with respect to secondary activities. Common cycle tests results identify the existence of common cycles between GDP and the disaggregated sectors, as well as with manufacturing, commerce, real estate and transportation. In this case, the short-run elasticities of secondary activities are on average larger than those corresponding to services. RESUMEN : Se realiza un estudio de los sectores secundario y terciario para México. Se considera un análisis de series de tiempo que identifica la naturaleza estocástica de las series así como sus relaciones de largo y corto plazo con el Producto Interno Bruto (PIB). Los resultados de las pruebas de cointegración encuentran, en general, que las actividades en ambos sectores comparten una tendencia común con el PIB. Es de notar que las elasticidades de largo plazo del PIB con respecto a los servicios son mayores en relación a las del sector secundario. Las pruebas de ciclo común identifican la existencia de un ciclo común entre el PIB y los dos sectores considerados, así como con la manufactura, el comercio, los bienes raíces y el transporte. En este caso, las elasticidades de corto plazo del PIB con respecto a las actividades del sector secundario son, en promedio, mayores a las correspondientes a los servicios.

Keywords: Sector servicios; México; cointegración; ciclos comunes (search for similar items in EconPapers)
JEL-codes: C22 E01 E20 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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