Crecimiento endógeno y choques exógenos en América Latina durante el siglo XX

Publication date:
Pablo Astorga, Ame R. Bergés and Valpy FitzGerald

Documentos CIDOB América Latina, n.º 6

Taking as their point of departure an analysis of the repercussions of endogenous and exogenous factors on economic growth and labour productivity in the dominant markets of Latin America (Argentina, Brazil, Chile, Colombia, Mexico and Venezuela), the authors highlight the lack of convergence in productivity with regard to the industrialised countries as the most relevant aspect of the behaviour of the Latin American economy during the 20th century. In their conclusions, they discuss various topics; on the one hand, how investment made its greatest contribution during the first decades of the second half of the 20th century, when the region demonstrated a relatively low degree of integration into international trade and a greater level of state intervention; improvements in the allocation of resources, advances in health and education, and a major investment effort positively affected the convergence of these economies over the course of the century, but not enough to close distances with respect to the U.S. economy. Finally, they indicate that instability in terms of exchange and sudden changes in international trade meant great obstacles both for sustainable economic growth and for coming closer to the economies of the developed countries.

Pablo Astorga, is a Senior Economist at Oxford Economic Forecasting (OEF); Ame R.Bergés is a Lecturer at the London School of Economics (LSE) and Valpy FitzGerald is a Reader in economics and finance at the University of Oxford.

ISSN: 1697-7688 (print edition)

ISSN: 1697-8137 (online edition)

60 pp.