CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

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Brazil’s Northeast Financing Constitutional Fund: Differentiated effects on municipal economic growth

This article investigates the effects of the investments made by the Northeast Financing Constitutional Fund (fne) on the economic growth of that region’s municipalities in the decade of 2000. To that end, it uses an empirical framework based on growth models that make it possible to form convergence clubs according to the municipalities’ initial development level. The results corroborate the empirical strategy and reveal the existence of four groups of municipalities, in which investment flows through the fne have different effects on growth. In general, the fne produces positive and significant effects in most municipalities of the Northeast, except for those whose gross domestic product (gdp) per capita was either very low or very high at the start of the decade, in which case its effects are not significant.

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