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Latin America: Total factor productivity and its components

Jair Araujo (), Débora Gaspar Feitosa and Almir Bittencourt

Revista CEPAL, 2014

Abstract: This article applies the stochastic-frontier model to examine total factor productivity (tfp) and its components in Latin America between 1960 and 2010. The likelihood-ratio test shows that, for a selection of Latin American countries over the 50 years analysed, the macroeconomic variables of technical inefficiency included in the model generally have a significant effect; and they allow for a better understanding of technical inefficiency throughout the region. The key variables explaining technical inefficiency in the selected countries are public expenditure and the inflation rate; and there is also an inverse relation between technical inefficiency and the extent to which local prices diverge from purchasing power parity.

Keywords: PRODUCTIVIDAD; MEDICION; ANALISIS MATEMATICO; MODELOS ECONOMETRICOS; PRODUCTIVITY; MEASUREMENT; MATHEMATICAL ANALYSIS; ECONOMETRIC MODELS (search for similar items in EconPapers)
JEL-codes: O47 O57 O54 (search for similar items in EconPapers)
Date: 2014-12
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Persistent link: https://EconPapers.repec.org/RePEc:ecr:col070:37805

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