Get Development Macroeconomics in Latin America and Mexico: PDF

By Jaime Ros (auth.)

ISBN-10: 113746366X

ISBN-13: 9781137463661

ISBN-10: 1349499471

ISBN-13: 9781349499472

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Extra resources for Development Macroeconomics in Latin America and Mexico: Essays on Monetary, Exchange Rate, and Fiscal Policies

Example text

In addition to the mechanisms prevailing in manufacturing, the absorption of labor force in the high productivity sectors of the economy is another way in which the expansion of production indirectly influences the average rate of productivity growth in the economy as a whole. This occurs as a result of productivity gains generated by the reallocation of labor and the fact that in the low productivity sectors, characterized by the absence of increasing returns to scale and the presence of surplus labor, the higher is the rate of growth of employment the lower tends to be productivity growth.

A common assertion is that the slowdown in labor productivity growth in Latin America is largely “explained” by the slowdown in TFP growth rather than the slowdown in the accumulation of capital per worker, a view that appears prominently in the IDB study on growth and productivity in Latin America (Pagés, 2010). It has been said, for example, that in the case of Mexico most of the fall in the GDP growth rate after the debt crisis is associated with the reduction in TFP growth (see Faal, 2005, among others).

2 2010 or last available data. a Source: WDI, World Bank. materials export boom will depend, however, on its effects on real exchange rates and the profitability of the nonresourceintensive tradable goods sectors, that is on whether a Dutch disease is developing in the region. As shown in chapter 4, the raw materials export boom has been accompanied by a substantial appreciation of real exchange rates in Latin America sometime after the beginning of the past decade, only briefly interrupted by the temporary depreciations that took place in 2008 and early 2009 as a consequence of the international financial crisis, the “flight to quality,” and the increase in risk spreads in emerging markets.

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Development Macroeconomics in Latin America and Mexico: Essays on Monetary, Exchange Rate, and Fiscal Policies by Jaime Ros (auth.)


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