Correo Electrónico
DNINFOA - SIA
Bibliotecas
Convocatorias
Identidad U.N.
Publicado
Economic growth regimes: Evidence from Latin America
Regímenes de crecimiento económico: evidencia de Latinoamérica
DOI:
https://doi.org/10.15446/cuad.econ.v42n89.94817Palabras clave:
Growth regimes, economic instability, income inequality, Latin America (en)regímenes de crecimiento, inestabilidad económica, desigualdad de ingresos, América Latina (es)
Descargas
This paper studies the effect of economic instability, income inequality and openness in the transition to different growth regimes for 18 Latin American countries during the 1980-2014 period. The study is carried out determining three different levels: low, middle and high economic growth. The countries are categorised according to the method of k-median clustering. We use panel data estimation applying random effects model and ordered logit. The results indicate that instability and inequality negatively affect the economic performance of the region, while openness is not a significant factor in explaining economic growth.
En este artículo se estudia el efecto de la inestabilidad económica, la desigualdad y la apertura en la transición a diferentes regímenes de crecimiento para 18 países de América Latina en el período 1980-2014. Este artículo define tres niveles: crecimiento económico bajo, medio y alto. Los países se categorizan mediante análisis de clústeres. Usamos datos de panel aplicando efectos aleatorios y logit ordenado como técnicas de estimación. Los resultados indican que la inestabilidad afecta negativamente el rendimiento económico de la región, mientras que la apertura no resulta significativa.
Referencias
Abida, Z., & Sghaier, I. (2012). Economic growth and income inequality: Empirical evidence from North African countries. Zagreb International Review of Economics and Business, 15(2), 29-44.
Alesina, A., & Perotti, R. (1996). Income distribution, political instability, and investment. European Economic Review, 40(6), 1203-1228. DOI: https://doi.org/10.1016/0014-2921(95)00030-5
Astorga, P. (2010). A century of economic growth in Latin America. Journal of Development Economics, 92(2), 232-243. DOI: https://doi.org/10.1016/j.jdeveco.2009.01.008
Awokuse, T. (2008). Trade openness and economic growth: Is growth export-led or import-led? Applied Economics, 40(2), 161-173. DOI: https://doi.org/10.1080/00036840600749490
Baltagi, B. H. 2009. A companion to econometric analysis of panel data. Wiley.
Barnejee, A., & Duflo, E. (2003). Inequality and growth: What can the data say? Journal of Economic Growth, 8, 267-299. DOI: https://doi.org/10.1023/A:1026205114860
Barro, R. (2000). Inequality and growth in a panel of countries. Journal of Economic Growth, 5, 5-32. DOI: https://doi.org/10.1023/A:1009850119329
Bermúdez, C., Dabús, C., & González, G. (2015). Reexamining the link between instability and growth in Latin America: a dynamic panel data estimation using k-median clusters. Latin America Journal of Economics, 52(1), 1-23. DOI: https://doi.org/10.7764/LAJE.52.1.1
Birdsall, N., Ross, D., & Sabot, R. (1995). Inequality and growth reconsidered: Lessons from East Asia. The World Bank Economic Review, 9(3), 477-508. DOI: https://doi.org/10.1093/wber/9.3.477
Cameron, A. C., & Trivedi, P. K. (2005). Microeconometrics: Methods and applications. Cambridge University Press. DOI: https://doi.org/10.1017/CBO9780511811241
Chen, B. (2003). An inverted-U relationship between inequality and longrun growth. Economic Letters, 78(2), 205-212. DOI: https://doi.org/10.1016/S0165-1765(02)00221-5
Cingano, F. (2014). Trends in Income Inequality and its Impact on Economic Growth, OECD Social (Employment and Migration Working Paper No. 163).
Clarke, G. (1995). More evidence on income distribution and growth. Journal of Development Economics, 47(2), 403-427. DOI: https://doi.org/10.1016/0304-3878(94)00069-O
Dabús, C., Delbianco, F., & Monterubbianesi, P. (2016). Inestabilidad, crecimiento y desempeño económico: evidencia de 17 países de América Latina, 1980-2014. Semestre Económico, 19(41), 117-136. DOI: https://doi.org/10.22395/seec.v19n41a5
Dabús, C., & Delbianco, F. (2019). Exports, terms of trade and economic growth: Evidence from countries with different level of openness. Journal of Reviews on Global Economics, 8, 327-336. DOI: https://doi.org/10.6000/1929-7092.2019.08.28
De Dominicis, L., Florax, R., & De Groot, H. (2008). A meta-analysis on the relationship between income inequality and economic growth. Scottish Journal of Political Economy, 55(5), 654-682. DOI: https://doi.org/10.1111/j.1467-9485.2008.00470.x
De Gregorio, J. (1992). Economic growth in Latin America. Journal of Development Economics, 39, 59-84.
De Gregorio, J., & Jong-Wha, L. (1999). Economic growth in Latin America: Sources and prospects. Paper prepared for the Global Development Network, 1-39. DOI: https://doi.org/10.1016/0304-3878(92)90057-G
De Gregorio, J. (2006). Algunas reflexiones sobre el crecimiento económico en Chile (Economic Policy Papers, 20). Banco Central de Chile.
Deininger, K., & Squire, L. (1998). New ways of looking at old issues: Inequality and growth. Journal of Development Economics, 57, 259-287. DOI: https://doi.org/10.1016/S0304-3878(98)00099-6
Delbianco, F., Dabús, C., & Caraballo Pou, M. (2014). Income inequality and economic growth: New evidence from Latin America. Cuadernos de Economía, 33(63), 381-397. DOI: https://doi.org/10.15446/cuad.econ.v33n63.45338
Dao, A. (2014). Trade openness and economic growth. Illinois Wesleyan University Economics Department Working Papers.
Edwards, S. (1992). Trade orientation, distortions and growth in developing countries. Journal of Development Economics, 39(1), 31-57. DOI: https://doi.org/10.1016/0304-3878(92)90056-F
Edwards, S. (1998). Openness, productivity and growth: What do we really know? The Economic Journal, 108(447), 383-398. DOI: https://doi.org/10.1111/1468-0297.00293
Ekanayake, E. M., Vogel, R., & Bala, V. (2003): Openness and economic growth: Empirical evidence on the relationship between output, inward FDI, and trade. Journal of Business Strategies, 20 (1), 59-72. DOI: https://doi.org/10.54155/jbs.20.1.59-72
Fallah, B., & Partridge, M. (2007). The elusive inequality-economic growth relationship: Are there differences between cities and the countryside? Annals of Regional Science, Springer, 41(2), 375-400. DOI: https://doi.org/10.1007/s00168-006-0106-2
Fanelli, J., & Jiménez, J. (2010). Volatilidad macroeconómica y espacio fiscal en América Latina. In Alonso, J., & Bárcena, A. (eds.), Retos y oportunidades ante la crisis (pp. 157-181). Agencia Española de Cooperación Internacional para el Desarrollo (AECID).
Frank, M. (2005). Income inequality and economic growth in the U.S.: A panel cointegration approach mark (Economic Working Paper 05-03). SHSU.
Forbes, K. (2000). A reassessment of the relationship between inequality and growth. American Economic Review, 9(4), 869-887. DOI: https://doi.org/10.1257/aer.90.4.869
Gundlach, E. (1997) Openness and economic growth in developing countries. Review of World Economics, 133(3), 479-496. DOI: https://doi.org/10.1007/BF02707499
Halter, D., Oechslin, M., & Zweimüller, J. (2014). Inequality and growth: The neglected time dimension. Journal of Economic Growth, 19(1), 81-104. DOI: https://doi.org/10.1007/s10887-013-9099-8
Harrison, A. (1996). Openness and growth: A time-series, cross-country analysis for developing countries. Journal of Development Economics, 48(2), 419-447. DOI: https://doi.org/10.1016/0304-3878(95)00042-9
Herzer, D., & Vollmer, S. (2012). Inequality and growth: Evidence from panel cointegration. Journal of Economic Inequality, 10(4), 489-503. DOI: https://doi.org/10.1007/s10888-011-9171-6
Hnatkovska, V., & Loayza, N. (2005). Volatility and growth. In Aizenman, J., & Pinto, B. (eds.), Managing volatility and crises: A practitioner’s guide (chapter 2, pp. 65-100). Cambridge University Press. DOI: https://doi.org/10.1017/CBO9780511510755.005
Hye, Q., & Lau, W. (2015). Trade openness and economic growth: Empirical evidence from India. Journal of Business Economics and Management, 16(1), 188-205. DOI: https://doi.org/10.3846/16111699.2012.720587
Jin, J. (2000). Openness and growth: An interpretation of empirical evidence from East Asian countries. The Journal of International Trade and Economic Development, 9(1), 5-17. DOI: https://doi.org/10.1080/096381900362517
Karras, G. (2003). Trade openness and economic growth can we estimate the precise effect? Applied Econometris and International Development, 3(1), 7-25.
Kefi, M., & Zouhaier, H. (2012). Inequality and economic growth. Asian Economic and Financial Review, 2(8), 1013-1025.
Knowles, S. (2005). Inequality and economic growth: The empirical relationship reconsidered in the light of comparable data. Journal of Development Studies, 1, 135-159. DOI: https://doi.org/10.1080/0022038042000276590
Kotlánová, E. (2015). Income Inequality and Economic Growth, 13th International Scientific. Conference Economic Policy in the European Union Member Countries September 2-4, 2015, Czech Republic.
Levine, R., & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. American Economic Review, 82(4), 942-963.
Li, H., & Zou, H. (1998). Income inequality is not harmful for growth: Theory and evidence. Review of Development Economics, 2, 318-334. DOI: https://doi.org/10.1111/1467-9361.00045
Lin, S., Huang, H., & Weng, H. (2006). A semiparametric partially linear investigation of the Kuznets’ hypothesis. Journal of Comparative Economics, 34(3), 634-647. DOI: https://doi.org/10.1016/j.jce.2006.06.002
Lin, S. C., Huang, H. C., Kim, D. H., & Yeh, C. C. (2009). Nonlinearity between inequality and growth. Studies in Nonlinear Dynamics & Econometrics, 13(2), 1-18. DOI: https://doi.org/10.2202/1558-3708.1635
Liu, X., Song, H., & Romilly, P. (1997). An empirical investigation of the causal relationship between openness and economic growth in China. Applied Economics, 29(12), 1679-1686. DOI: https://doi.org/10.1080/00036849700000043
Malinen, T. (2012). Estimating the long-run relationship between income inequality and economic development. Empirical Economics, 42, 209-233. DOI: https://doi.org/10.1007/s00181-010-0432-1
Malinen, T. (2013). Inequality and growth: Another look with a new measure and method. Journal of International Development, 25(1), 122-138. DOI: https://doi.org/10.1002/jid.2812
Martin, P., & Rogers, C. (2000). Long-term growth and shot-term economic instability. European Economic Review, 44(2), 359-381. DOI: https://doi.org/10.1016/S0014-2921(98)00073-7
Mercan, M., Gocer, I., Bulut, S., & Dam, M. (2013). The effect of openness on economic growth for BRIC-T countries: Panel data analysis. Eurasian Journal of Business and Economics, 6(11), 1-14. DOI: https://doi.org/10.14706/JECOSS11318
Menyah, K., Nazlioglu, S., & Wolde-Rufael, Y. (2014). Financial development, trade openness and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37, 386-394. DOI: https://doi.org/10.1016/j.econmod.2013.11.044
Mo, P. (2000). Income inequality and economic growth. Kyklos, 53(3), 293-315. DOI: https://doi.org/10.1111/1467-6435.00122
Ncube, M., Anyanwu, J. C., & Hausken, K. (2014). Inequality, economic growth and poverty in the Middle East and North Africa (MENA). African Development Review, 26(3), 435-453. DOI: https://doi.org/10.1111/1467-8268.12103
Oskooee, M., & Niroomand, F. (1999). Openness and economic growth: An empirical investigation. Applied Economic Letters, 6(9), 557-561. DOI: https://doi.org/10.1080/135048599352592
Ostry, J., & Berg, A. (2011). Inequality and unsustainable growth; two sides of the same coin (11/08). International Monetary Fund. DOI: https://doi.org/10.5089/9781463926564.006
Panizza, U. (2002). Income inequality and economic growth: Evidence from American Data. Journal of Economic Growth, 7(1), 25-41. DOI: https://doi.org/10.1023/A:1013414509803
Partridge, M. (1997). Is inequality harmful for growth? Comment. American Economic Review, 87(5), 1019-1032.
Partridge, M. (2005). Does income distribution affect U.S. State economic growth? Journal of Regional Science, 45(2), 363-394. DOI: https://doi.org/10.1111/j.0022-4146.2005.00375.x
Persson, T., & Tabellini, G. (1994). Is inequality harmful for growth? American Economic Review, 84(3), 600-621.
Sakyi, D., Villaverde, J., & Maza, A. (2015). Trade openness, income levels, and economic growth: The case of developing countries, 1970-2009. The Journal of International Trade & Economic Development, 24(6), 860-882. DOI: https://doi.org/10.1080/09638199.2014.971422
Stewart, R., & Moslares, C. (2012). Income inequality and economic growth: The case of Indian states 1980-2009. Cuadernos de Economía, 31(57), 41-64.
Stiglitz, J. (1969). Distribution of income and wealth among individuals. Econometrica, 37(3), 382-397. DOI: https://doi.org/10.2307/1912788
Taylor, A. (1998). On the costs of inward-looking development: Price distortions, growth, and divergence in Latin America. The Journal of Economic History, 58(1), 1-28. DOI: https://doi.org/10.1017/S0022050700019860
Tiwari, A., Shahbaz, M., & Faridul I. (2013). Does financial development increase rural-urban income inequality? Cointegration analysis in the case of Indian economy. International Journal of Social Economics, 40(2), 151-168. DOI: https://doi.org/10.1108/03068291311283616
Ulaşan, B. (2015). Trade openness and economic growth: Panel evidence. Applied Economic Letters, 22(2), 163-167. DOI: https://doi.org/10.1080/13504851.2014.931914
Vogiatzoglou, K., & Nguyen, P. (2016). Economic openness and economic growth: A co-integration analysis for Asean-5 countries. The European Journal of Applied DOI: https://doi.org/10.5937/ejae13-11311
Economics, 13(2), 10-20.
Yanikkaya, H. (2003). Trade openness and economic growth: A crosscountry empirical investigation. Journal of Development Economics, 72(1), 57-89. DOI: https://doi.org/10.1016/S0304-3878(03)00068-3
Cómo citar
APA
ACM
ACS
ABNT
Chicago
Harvard
IEEE
MLA
Turabian
Vancouver
Descargar cita
Licencia
LicenciaCuadernos de Economía a través de la División de Bibliotecas de la Universidad Nacional de Colombia promueve y garantiza el acceso abierto de todos sus contenidos. Los artículos publicados por la revista se encuentran disponibles globalmente con acceso abierto y licenciados bajo los términos de Creative Commons Atribución-No_Comercial-Sin_Derivadas 4.0 Internacional (CC BY-NC-ND 4.0), lo que implica lo siguiente:
