Arbeitspapier
Trade liberalisation, the balance of payments and growth in Latin America
The broad purpose of trade liberalisation is to raise the rate of growth of countries on a sustainable basis, consistent with the achievement of other macroeconomic objectives. In this paper we consider whether trade liberalisation in seventeen countries of Latin America has improved the trade-off between GDP growth and the trade balance, allowing the countries to grow faster without sacrificing foreign exchange. We find that in the aftermath of liberalisation, the majority of countries did grow faster, but at the expense of a deteriorating trade balance. Testing formally for the impact of trade liberalisation in a full model of trade balance determination, we find that only in Chile and Venezuela has the trade-off unequivocally improved. In other countries there has been a significant deterioration or no change. Nine out of the seventeen countries have grown faster post-liberalisation than pre-liberalisation but, except for Chile and Venezuela, at the expense of a wider trade or current account deficit.
- Sprache
-
Englisch
- Erschienen in
-
Series: Department of Economics Discussion Paper ; No. 05,05
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Trade Policy; International Trade Organizations
Current Account Adjustment; Short-term Capital Movements
Economic Growth of Open Economies
- Thema
-
Latin America
Trade Liberalisation
Growth
Balance of Payments
Außenhandelsliberalisierung
Wirtschaftswachstum
Handelsbilanz
Zahlungsbilanz
Lateinamerika
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Pacheco-López, Penélope
Thirlwall, A. P.
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Kent, Department of Economics
- (wo)
-
Canterbury
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Pacheco-López, Penélope
- Thirlwall, A. P.
- University of Kent, Department of Economics
Entstanden
- 2005
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