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A Century of Economic
Growth
in
Pablo Astorga
Senior E=
conomist
at
Abbey House, Carfax,
and
Associate
Researcher at Instituto Figuerola
Universidad Carlos III, C/
<pastorga1@gmail.com>
Abstract
This
paper makes a contribution to the study of economic growth in developing co=
untries
by analysing the six largest Latin American economies over 105 years within=
a
two-equation framework. Confirming previous findings, physical and human
capital prove to be key determinants of GDP per capita growth. However, a m=
ore
controversial result is an overall negative conditional correlation between
trade openness and GDP per head growth – though openness has a positi=
ve
link via investment. The evidence also shows that macroeconomic instability=
has
been a drag on long-term growth in the region.
JEL
classifications: F43; N26; O11
JEL
keywords: Economic Growth; Investment; Openness;
* The paper benefited from comments =
by Valpy
FitzGerald, Leandro Prados, Antonio Tena, Leonardo Vera and an anonymous
referee. The author also thanks participants to a economic history seminar =
held
at the University Carlos III in