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Western Hemisphere > Argentina

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Cover IMF Working Papers
Assessing the Impact of Structural Reforms Through a Supply-side Framework: The Case of Argentina
Ms. Lusine Lusinyan
The paper uses a supply-side framework based on a production function approach to assess the role of structural reforms in boosting long-term GDP growth in Argentina. The impact of product, labor, trade, and tax reforms on each supply-side channel—capital accumulation, labor utilization, and total factor productivity, proxied with an efficiency estimate—is assessed separately and then combined to derive the total impact on growth. The largest effect of structural reforms, involving regulatory changes that promote competition and facilitate flexible forms of employment, comes through the productivity/efficiency channel. Pro-competition regulation also improves labor utilization, while lower entry barriers and trade tariffs are important for capital accumulation. Structural reforms could have substantial effects on Argentina’s long-term GDP growth; for example, an ambitious reform effort to improve business regulatory environment would add 1–1½ percent to average annual growth of GDP.
Keywords:
WP; product market; Argentina; employment; product market reform; Economic growth; structural reforms; productivity; product market competition; labor market reforms; trade openness; employment rate; technical efficiency; labor market indicator; trade tariff; Total factor productivity; Commodity markets; Capital productivity; Australia and New Zealand
Cover IMF Working Papers
Financial Development and Economic Growth
Mr. Pablo Emilio Guidotti
and
Mr. Jose De Gregorio
This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
Keywords:
WP; financial system; high-productivity state of nature; private sector; savings rate; investment rate; PPP investment deflator; efficiency of investment; representative bank; Real interest rates; Financial sector development; Credit; Capital productivity; Monetary aggregates; Eastern Europe
Cover IMF Working Papers
The Effects of Inflationon Economic Growth: Lessons From Latin America
Mr. Jose De Gregorio
This paper investigates the relationship between inflation and long-run growth. It presents an endogenous growth model that illustrates the channels through which inflation affects growth. The model highlights the effects of inflation on the productivity of capital and the rate of capital accumulation. The reduction in growth is caused by a diversion of resources away from activities that lead to faster rates of growth toward activities associated with reducing the costs of inflation. The negative association between inflation and growth is assessed empirically for a sample group of Latin American countries.
Keywords:
WP; inflation rate; investment rate; rate of inflation; factor productivity; growth effect; capital mobility; forecasting inflation; Inflation; Consumption; Capital productivity; Labor supply; Government consumption; Eastern Europe