Abstract

PACHECO LOPEZ, Penélope. Effects of trade liberalization on economic growth and balance of payments in Latin America. Inv. Econ [online]. 2009, vol.68, n.267, pp.13-49. ISSN 0185-1667.

Parametric and non-parametric techniques are used to assess whether trade liberalisation has improved or deteriorated the trade-off between the balance of payments and economic growth in a group of seventeen Latin American countries during the period 1977-2002, and to estimate the overall effects of the trade reforms on economic growth. The results indicate that trade liberalisation has not relaxed a balance of payments constraint on growth in Latin American countries, because liberalisation has not improved noticeably the growth of exports and has raised the propensity to import.

Keywords : economic growth; Latin America; trade liberalization; balance of payments.

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