By Jaime Ros (auth.)
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Extra resources for Development Macroeconomics in Latin America and Mexico: Essays on Monetary, Exchange Rate, and Fiscal Policies
Example text
A higher rate of accumulation of human capital is associated to a decrease in the growth of the TFP and vice versa. A way to corroborate the sign and significance of the accum) is to run growth accounting mulation of human capital (H regressions of the type of Benhabib and Spiegel (1994, with m is significant. 6 presents the results of running real GDP growth (l ) against the rates of growth of physical capital (l), employment l a bK l cL l dH m (l ) and human capital ( m): Y Unlike physical capital accumulation and employment growth, both with positive and highly significant coefficients, the growth of human capital coefficient remains negative and significant.
That is, all of the slow-growing economies with only two exceptions were not early adopters of export-promotion policies. In the case of the countries with large domestic markets (Brazil, Mexico, and to a lesser extent Colombia) the success of export promotion policies was facilitated by the smaller antiexport bias generated by the protection of intermediate and capital goods (to the extent that required tariffs were smaller). All this suggests a role in growth outcomes for the type of industrialization policy adopted.
The relationship between the real exchange rate and the rate of economic growth has been receiving a great deal of attention in recent times after the extraordinarily high growth rates achieved by countries that have deliberately undervalued their real exchange rates (this is the case of China) and the slow growth rates experienced by a large number of countries with overvalued exchange rates (see chapter 3). In the absence of an industrial policy, and given the current institutional weakness to implement such a policy, can macroeconomic policy be a good substitute?