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Economic Volatilities and Growth in Latin America: Comparative Evidence with Sub-Saharan Africa on Export Versus Capital Instability

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  • Fosu, Augustin Kwasi

    (World Institute for Development Economic Research (UNU/WIDER) United Nations University)

Abstract

Although the existing evidence appears to support the view that export instability (XI) is deleterious to economic growth in developing countries generally, it is still mixed. For instance, recent research on sub-Saharan Africa (SSA) finds that the impact of XI on GDP growth is insignificant, but that capital (investment) instability, RI, exercises a strong negative effect. The current paper assesses the evidence for Latin America (LA), based on an augmented production function. The result for LA corroborates the above evidence for SSA, suggesting that RI is the more relevant volatility variable in adversely influencing growth. Unlike the case of SSA, however, XI is non¬ extraneous in the LA growth equation, despite its statistically insignificant coefficient.

Suggested Citation

  • Fosu, Augustin Kwasi, 2002. "Economic Volatilities and Growth in Latin America: Comparative Evidence with Sub-Saharan Africa on Export Versus Capital Instability," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 55(1), pages 1-16.
    • Handle: RePEc:ris:ecoint:0193
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    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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