The Decline of Latin American Economies: Growth, by Sebastian Edwards, Gerardo Esquivel, Graciela Márquez

By Sebastian Edwards, Gerardo Esquivel, Graciela Márquez

Latin America’s financial performance is mediocre at most sensible, regardless of considerable usual assets and flourishing friends to the north. The difficult query of the way a few of the wealthiest countries on the earth within the 19th century are actually the main crisis-prone has lengthy wondered economists and historians. The Decline of Latin American Economies examines the truth in the back of the suffering economies of Argentina, Chile, and Mexico.

A exotic panel of specialists argues the following that sluggish progress, rampant protectionism, and emerging inflation plagued Latin the US for years, the place corrupt associations and political unrest undermined the monetary outlook of already besieged economies. Tracing Latin America’s progress and decline via centuries, this quantity illustrates how a once-prosperous continent now lags at the back of. Of curiosity to students and policymakers alike, it deals new perception into the connection among political structures and fiscal development.

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Extra info for The Decline of Latin American Economies: Growth, Institutions, and Crises (National Bureau of Economic Research Conference Report)

Sample text

The nineteenth and twentieth centuries witnessed population and GDP growth that proceeded with different intensity across different countries. To what extent did the variance in their rates of growth have an impact on income inequality? I have simulated the yearly rates at which, other things being equal, inequality would have fallen if all countries in the sample had enjoyed identical population (or per capita income) growth. The actual way of carrying out the simulation was to compute weighted inequality measures in which, ceteris paribus, population (or per capita income) remained unchanged over each epoch.

N. Bhagwati and R. S. Eckaus, 53–68. Cambridge, MA: MIT Press. , and C. Morrisson. 2002. Inequality among world citizens. American Economic Review 92 (4): 727–44. Braithwaite, S. N. 1968. Real income levels in Latin America. Review of Income and Wealth 14:113–82. , M. Braun, I. Briones, and J. Díaz. 1998. Economía chilena, 1810–1995. Estadísticas histórica. Documento de Trabajo 187, Pontificia Universidad Católica de Chile. Broadberry, S. N. 1994. Comparative productivity in British and American manufacturing during the nineteenth century.

97 1870–1913 1900–1950 1913–1938 1913–1950 1950–1980 1950–2000 1870–1929 1870–1938 1938–1980 1980–2000 1870–1913 1900–1950 1913–1938 1913–1950 1950–1980 1950–2000 Sources: See text. 11 When Did Latin America Fall Behind? 39 prevented a larger increase. During most of the twentieth century (1913– 80) differences in economic growth contributed to reducing inequality, as a local process of convergence among Latin American countries was taking place (as the southern cone and, especially, Argentina, was experiencing a relative decline).

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