Economic growth in Latin America and the Caribbean: growth transitions rather than steady states

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cepal.bibLevelDocumento Completo
cepal.callNumberINT UN/EC 65(58/2007)
cepal.callNumberLC/L.2784-P
cepal.divisionEngEconomic Development Division
cepal.divisionSpaDivisiĆ³n de Desarrollo EconĆ³mico
cepal.docTypeSeries
cepal.idSade32036
cepal.jobNumberS0700696 E
cepal.physicalDescriptiongrƔficos
cepal.regionalOfficeSantiago
cepal.saleNumber07.II.G.117
cepal.topicEngINVESTMENT
cepal.topicEngSAVING
cepal.topicSpaINVERSIƓN
cepal.topicSpaAHORRO
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONƓMICO
dc.contributor.authorGutiƩrrez, Mario A.
dc.contributor.entityNU. CEPAL. DivisiĆ³n de Desarrollo EconĆ³mico
dc.coverage.spatialEngLATIN AMERICA AND THE CARIBBEAN
dc.coverage.spatialSpaAMERICA LATINA Y EL CARIBE
dc.date.accessioned2014-01-02T16:11:57Z
dc.date.available2014-01-02T16:11:57Z
dc.date.issued2007-08
dc.descriptionIncludes bibliography
dc.description.abstractRecent evidence on economic growth indicates that growth fluctuations at frequencies of a decade or so are at the centre of the Latin American countries'growth story. In this context, investment has played an important role as a source of growth, while national saving has been the main source of investment financing. Foreign saving has played a secondary role and has generally been substituted for national saving, rather than augmenting the total amount of savings available in Latin America. The high volatility and vulnerability to external swings exhibited by foreign capital have made foreign saving an unstable source of investment financing. This study on Latin America helps to provide a statistical framework for analysing the growth story of Latin America. Transitions affecting per capita GDP growth, investment and national and foreign savings rates are identified, as are common and country-specific transitions, based on comparisons of a sample group of eight Latin American countries with the Latin American and Caribbean region as a whole for the period 1960-2005. This research also helps to demonstrate that some growth episodes are not well captured by standard growth theories and econometric work developed and based on different economic contexts and time periods. The study confirms some general conclusions reached in the literature but provides evidence that raises doubts about others. Although growth needs to be sustained by higher investment rates, an initial impulse from investment is not required in order for growth to accelerate. It is not always the case that growth accelerations are accompanied by rising national savings rates; the latter may also decline. Foreign saving does not, in most cases, add to total saving (equal to investment), and the crowding out of national saving by foreign saving seems to be positively biased (being stronger when foreign saving is rising).
dc.formatTexto
dc.format.extent80 pƔginas.
dc.format.mimetypeapplication/pdf
dc.identifier.isbn9789211216516
dc.identifier.unSymbolLC/L.2784-P
dc.identifier.urihttps://hdl.handle.net/11362/5425
dc.language.isoeng
dc.physicalDescription80 p. : grƔfs.
dc.publisherCEPAL
dc.publisher.placeSantiago
dc.relation.isPartOfSeriesSerie MacroeconomĆ­a del Desarrollo
dc.relation.isPartOfSeriesNo58
dc.rights.coarDisponible
dc.subject.unbisEngECONOMIC GROWTH
dc.subject.unbisEngECONOMIC INDICATORS
dc.subject.unbisEngECONOMIC POLICY
dc.subject.unbisEngECONOMIC TRENDS
dc.subject.unbisEngINVESTMENTS
dc.subject.unbisEngSAVINGS
dc.subject.unbisSpaAHORROS
dc.subject.unbisSpaCRECIMIENTO ECONOMICO
dc.subject.unbisSpaINDICADORES ECONOMICOS
dc.subject.unbisSpaINVERSIONES
dc.subject.unbisSpaPOLITICA ECONOMICA
dc.subject.unbisSpaTENDENCIAS ECONOMICAS
dc.titleEconomic growth in Latin America and the Caribbean: growth transitions rather than steady states
dc.type.coarlibro
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