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Latin American Economic Development: 1950-1980
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Latin American Economic Development: 1950-1980

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  • Eliana A. Cardoso
  • Albert Fishlow

Abstract

The paper stresses the evolutionary and adaptive experience of Latin American growth between 1950 and 1980, and provides a synthetic view by considering the sources of growth within a simple production framework. Regressions use quinquennial panel data for 18 Latin American countries.They provide an estimate of the net return to investment, of the elasticity of output to labor and of the contribution of other variables with influence on efficiency. The regressions show that Latin American growth varied systematically with trade performance. The paper provides information on the effects of inflation upon per capita income growth in the region. There is a negative correlation: an inflation rate of even 20 percent reduces the per capita growth rate by 0.4 percentage point, or almost 1.5 percent of the regional mean of 3 percent growth between 1950 and 1980. This result does not hold, however, once high inflation observations are excluded. Finally we call attention to the persistent problems of income distribution and poverty.

Suggested Citation

  • Eliana A. Cardoso & Albert Fishlow, 1989. "Latin American Economic Development: 1950-1980," NBER Working Papers 3161, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:3161
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    References listed on IDEAS

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    1. Eliana A. Cardoso, 1989. "Hyperinflation in Latin America," Challenge, Taylor & Francis Journals, vol. 32(1), pages 11-19, January.
    2. Philip Musgrove, 1985. "Food Needs And Absolute Poverty In Urban South America," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 31(1), pages 63-83, March.
    3. Grilli, Enzo R & Yang, Maw Cheng, 1988. "Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows," The World Bank Economic Review, World Bank, vol. 2(1), pages 1-47, January.
    4. Canarella, Giorgio & Pollard, Stephen K., 1989. "Unanticipated monetary growth, output, and the price level in Latin America: An empirical investigation," Journal of Development Economics, Elsevier, vol. 30(2), pages 345-358, April.
    5. Eliana A. Cardoso, 1989. "Hyperinflation in Latin America," Brazilian Journal of Political Economy, Center of Political Economy, vol. 9(3), pages 326-345.
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    1. Easterly, William & Loayza, Norman & Montiel, Peter, 1997. "Has Latin America's post-reform growth been disappointing?," Journal of International Economics, Elsevier, vol. 43(3-4), pages 287-311, November.
    2. Ahortor, Christian R.K. & Adenutsi, Deodat E., 2009. "Inflation, capital accumulation and economic growth in import-dependent developing countries," MPRA Paper 29353, University Library of Munich, Germany, revised 2010.
    3. Cimoli, Mario & Pereima, João Basilio & Porcile, Gabriel, 2019. "A technology gap interpretation of growth paths in Asia and Latin America," Research Policy, Elsevier, vol. 48(1), pages 125-136.
    4. Levine, Ross & Renelt, David, 1991. "Cross-country studies of growth and policy : methodological, conceptual, and statistical problems," Policy Research Working Paper Series 608, The World Bank.
    5. Michael Bruno & William Easterly, 1996. "Inflation and growth: in search of a stable relationship," Review, Federal Reserve Bank of St. Louis, vol. 78(May), pages 139-146.
    6. Ame Bergés & Valpy Fitzgerald, 2005. "Endogenous Growth and Exogenous Shocks in Latin America During the Twentieth Century," Economics Series Working Papers 2005-W57, University of Oxford, Department of Economics.
    7. Renelt, David, 1991. "Economic growth : a review of the theoretical and empirical literature," Policy Research Working Paper Series 678, The World Bank.
    8. Javier Andrés & Ignacio Hernando & J. David López-Salido, 1999. "Assessing the benefits of price stability: The international experience," Estudios Económicos, Banco de España, number 69.

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