Economic Growth in Latin America

Jose De Gregorio

No 1991/071, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; government spending; per capita income; rate of inflation; constant returns to scale; positive correlation; productivity growth; rate of growth; investment equation; Inflation; Productivity; Foreign direct investment; Terms of trade; Government consumption; Caribbean (search for similar items in EconPapers)
Pages: 58
Date: 1991-07-01
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Citations: View citations in EconPapers (30)

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Journal Article: Economic growth in Latin America (1992)
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