Crecimiento e instituciones en los países de América Latina: Una revisión experimental para el siglo XXI
| Autor | Rafael Acevedo Rueda - María Lorca Susino |
| Cargo | Texas Tech University - University of Miami |
| Páginas | 119-149 |
119
Revista Facultad de Jurisprudencia RFJ No.9 Junio 2021
Acevedo, R; Susino, M. Growth and Institutions in Latin American Countries
Growth and Institutions in Latin American
Countries: An Experimental Review for the
XXI Century1
Crecimiento e instituciones en los países de América
Latina: Una revisión experimental para el siglo XXI
Rafael Acevedo Rueda
Texas Tech University
City: Quito
Country: Ecuador
María Lorca Susino
University of Miami
City: Quito
Country: Ecuador
Original article (research)
RFJ, No. 9, 2021, pp. 119-149, ISSN: 2588-0837
ABSTRACT: Institutions have been widely studied as triggers
of economic growth. Latin American countries in the XXI
century have shown an increment in State interventionism;
nevertheless, the region exhibited an average annual growth rate
around 3.31 percent in the first seventeen years. This research
is trying to establish the causality between economic freedom,
oil-production, and collectivism with economic growth. In
this research in progress report we show early results of our
experimental design, which demonstrates the importance
1 This is a research in progress report. Authors declare that there is the
possibility to do some methodological changes throughout the research
process. Results presented here are robust but could differ to the final paper
depending on the strategy of identification and final chosen methodology.
Authors thank all members of BeLatin for the opportunity to show this
report in their workshop series. Authors bear sole responsibility for the
content of this paper.
DOI 10.26807/rfj.vi9.364
120
Revista Facultad de Jurisprudencia RFJ No.9 Junio 2021
Acevedo, R; Susino, M. Growth and Institutions in Latin American Countries
of these institutions. Using basic statistics on growth, we
conclude that countries that reduced their economic freedom
experienced an economic growth of about 1.81 percentage
points lower than those countries that did not reduce it, at 1% of
significance level. On average, our findings suggest that in Latin
America during the analyzed timeframe (2001-2017), non-
oil producer countries enjoyed an average annual economic
growth rate of about 1.14 percentage points higher that the
economic growth experienced by oil-producers. Interestingly,
more-collectivist countries grew 0.48 percentage points more
than less-collectivist. Finally, we estimated a difference-in-
differences model using OLS, and generated instruments
(Lewbel, 2012; Lewbel, 2018) accounting for country fixed
effects, and applied a variety of estimators to determine the
effect of economic freedom in these countries. Our results,
statistically significant, suggest that Latin American countries
that lose economic freedom grow at a lower rate than the rest
of the countries.
KEYWORDS: Latin American, Economic Analysis , Growth,
Freedom.
RESUMEN: Las instituciones han sido ampliamente estudiadas
como impulsoras del crecimiento económico. Los países
Latinoamericanos en el siglo XXI han tenido un incremento
en el intervencionismo del Estado; sin embargo, la región
presenta un promedio de la tasa anual de crecimiento alrededor
de 3.31 por ciento en los primeros diecisiete años. Esta
investigación está tratando de establecer la causalidad entre la
libertad económica, producción petrolera y colectivismo con
el crecimiento económico. En este informe de investigación
en progreso, mostramos los primeros resultados de nuestro
diseño experimental, el cual demuestra la importancia de estas
instituciones. Utilizando estadísticas básicas de crecimiento,
concluimos que los países que redujeron su libertad económica
experimentaron aproximadamente una tasa de crecimiento
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