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- Volume 2015, Issue 115, 2015
CEPAL Review - Volume 2015, Issue 115, 2015
Volume 2015, Issue 115, 2015
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Stylized features of the investment-growth connection in Latin America, 1980-2012
Authors: Sandra Manuelito and Luis Felipe JiménezEstimates of investment and its components in Latin America over the past 30 years are used to review stylized facts relating to investment and explore factors that explain its connection with economic growth. In particular, the low level of investment, the reduction in public spending in the 1980s and its partial recovery along with private investment between 2003 and 2010 are explored. It is found that the increase in national income —on the back of rising terms of trade— made it possible to increase national saving and its contribution to financing investment between 2004 and 2008. The analysis of causality between the investment ratio and growth in gross domestic product (gdp) suggest that —for a considerable number of Latin American countries— changes in the growth rate have preceded changes in the investment ration in the period under study.
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International technological dynamics in production sectors: An empirical analysis
Autor: Fernando Isabella RevetriaA new methodology is proposed for evaluating the economic development opportunities associated with the different industries making up a country’s economic structure. To this end, neo-Schumpeterian concepts are used to reinterpret the tools afforded by the “product space” literature in an attempt to assess the technological pervasiveness and sophistication of different production sectors. The ultimate objective is to develop a description of today’s techno-productive paradigm and the differential role that the various sectors play in it. An analysis of export data from 113 countries and territories for 2005-2009 indicates that the key sectors in the world economy are: industrial machinery, scientific and medical instruments, and pharmaceuticals. The strong performance of sectors based on mature technologies suggests that key sectors originating in different stages in history can survive and overlap one another, much like geological strata, owing to the persistence of older technological systems.
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Does public financial support stimulate innovation and productivity? An impact evaluation
Authors: Diego Aboal and Paula GardaThis paper contributes to the empirical literature that evaluates the effects of public financial support to innovation on innovation expenditures, innovation itself and productivity in developing countries. Propensity score matching techniques and data from Innovation Surveys are used to analyse the impacts of public financial support to innovation on Uruguayan firms. The results indicate that there is no crowding-out effect of private innovation investment by public funds and that public financial support in Uruguay seems to increase private innovation expenditures. Financial support also appears to induce increased research and development expenditures and innovative sales, with these effects being greatest for service firms. Public funds do not, however, significantly stimulate private expenditures by firms that would have carried out innovation activities even in the absence of financial support.
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Digital inclusion in education in Tarija, Plurinational State of Bolivia
This study analyses digital inclusion in secondary education in the Tarija School District in the Plurinational State of Bolivia for the 2012-2013 school year, using the indicators in the Plan of Action for the Information Society in Latin America and the Caribbean (Plan of Action elac). This is an exploratory and descriptive analysis based on a sample of 311 students, 108 teachers and 15 school principals. According to the findings, teenagers use the Internet to look for information and entertainment; the expansion of mobile technology among them offers numerous educational opportunities; and insufficient training for teachers on how to integrate information and communications technologies (icts) into the learning process is a top challenge. The existence of icts in schools has been confirmed, but not their use. Local and national efforts are helping to reduce the digital divide and promote equality of opportunity for young people.
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Macroeconomic trade-offs and external vulnerabilities of human development in Nicaragua
Autor: Marco V. Sánchez CantilloNicaragua is making progress towards the Millennium Development Goals, but is set to miss a number of targets in 2015. This paper’s general equilibrium analysis shows that it is unfeasible for the government to step up spending in order to meet these targets by the 2015 deadline. Any boost to public spending and financing would have to be front-loaded, which would entail pernicious macroeconomic trade-offs. A more realistic scenario would be to postpone meeting the goals until 2020. In that case, the allocation of public spending would spur economic growth without causing macroeconomic hardships, although the country would nevertheless remain highly vulnerable to external shocks.
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Classroom discipline, classroom environment and student performance influence Chile
Authors: Carolina Gazmuri, Jorge Manzi and Ricardo D. ParedesThis paper assesses the extent to which teachers’ actions in the classroom influence the school environment. The assessment is based on a statistical analysis of videotaped classroom observations of 51,329 teachers. The classroom environment was found to have a significant influence on students’ performance. More specifically, the teacher’s ability to handle the class as a group is consistently more significant than other measures of class environment. It was also founds that the overall school environment is a better predictor of students’ test results than the environment in the classrooms of the students whose test results are being reported. This suggests that the most effective course of action would be to improve the overall school environment, although individual teachers have less control over this factor.
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Pricing and spread components at the Lima Stock Exchange
Authors: Luis Chávez-Bedoya, Carlos Loaiza Álamo and Giannio Téllez De VettoriThis paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases.
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Exports from the Brazilian automotive sector to the southern common market: Trade diversion or cost reduction?
Authors: André Filipe Zago de Azevedo and Angélica MassuquettiThe automotive sector is one of the sectors in which trade between mercosur countries has grown most strongly. This article examines the possibility that trade diversion occurred in that sector during the period 1991-2010, assuming that product costs fell as a result of market expansion. The analysis is based on the concepts of “cost reduction” and “trade suppression” coined by Corden (1972), which capture the effects of economies of scale. Indices of regional orientation and revealed comparative advantages are used in combination to assess whether the trade bloc is evolving in line with comparative advantages. The results suggest efficiency gains for automotive-sector products, exports of which from Brazil to mercosur grew more vigorously because the expanded and relatively protected market made it possible to exploit the economies of scale that are characteristic of the automotive industry.
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Determinants of unfair inequality in Brazil, 1995 and 2009
This article analyses the trend of unfair inequality in Brazil (1995-2009) using a nonparametric approach to estimate the income function. The entropy metrics introduced by Li, Maasoumi and Racine (2009) are used to quantify income differences separately for each effort variable. A Gini coefficient of unfair inequality is calculated, based on the fitted values of the non-parametric estimation; and the robustness of the estimations, including circumstantial variables, is analysed. The trend of the entropies demonstrated a reduction in the income differential caused by education. The variables “hours worked” and “labour-market status” contribute significantly to explaining wage differences imputed to individual effort; but the migratory variable had little explanatory power. Lastly, the robustness analysis demonstrated the plausibility of the results obtained at each stage of the empirical work.
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A comparative analysis of productivity in Brazilian and Mexican manufacturing industries
Authors: Armênio de Souza Rangel and Fernando Garcia de FreitasThis article analyses productivity trends in Brazilian and Mexican manufacturing industries between 1995 and 2009, a period in which international competition intensified sharply. A total of 14 manufacturing industries are considered, using two methods based on: (i) the Leontief (1951) model to measure the consumption of intermediate goods used in production; and (ii) the analysis of total factor productivity (tfp). The studies performed show that manufacturing trends have diverged in the two countries. In Mexico, an increased need for imported goods and services was offset by a reduction in domestic goods and service requirements, and an increase in the tfp of production. In the case of Brazil, the fact that manufactured goods markets are more isolated from foreign trade seems to have contributed to a weak productivity performance.
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