By Pablo Fajnzylber, Jose Luis Guasch, J. Humberto Lopez
Even if the Latin American region's progress premiums are at a 3 decade excessive, they've been traditionally disappointing in relative phrases, which can't be dissociated from the microeconomic setting within which corporations function. coverage makers may have to counterpoint their concentrate on macroeconomic balance with an elevated emphasis on microeconomic reforms. through delivering empirical facts linking genuine company functionality to shortcomings in Latin America's funding weather, the e-book discusses guidelines that can have an important influence on enterprise productiveness by way of enhancing the surroundings within which companies make investments and function.
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Extra resources for Does the Investment Climate Matter?: Microeconomic Foundations of Growth in Latin America
18, panel a). This development has to be welcomed. Yet the extent to which the population is prepared to participate productively in the economy will depend not only on the number of years that people stay in school but also on the quality of the education they receive. And here things are less positive. Even if most Latin American countries do not participate regularly in international tests, the few that do (Argentina, Brazil, Mexico, Peru, and Uruguay) seem to perform poorly even after controlling for per capita income levels.
As discussed previously, one of the shortcomings of TFP estimates is that they are computed under the assumption of independence between factor productivity and capital accumulation, something that is probably not very realistic, because, in practice, technological progress is likely to be embedded in capital accumulation. The likelihood is even greater in the case in developing countries, where technological progress usually takes the form of technology adoption rather than creation of new technologies and where most capital goods are imported from countries that are more advanced technologically.
A related concern is whether access to financial services at the household and firm level—an issue that is often denominated financial breadth—is also comparatively low in the Latin American region, as the relatively low levels of financial depth would lead one to expect. Indeed, a booming literature now argues that imperfect capital markets coupled with fixed investment costs imply that important segments of the population may get excluded from investment or education opportunities. For example, Banerjee and Newman (1994) stress the effect that an individual’s initial wealth has on the level of physical investment when there are credit constraints.