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• W3121634051 abstract "This article examines the effect of government consumption on economic growth in 23 Latin American countries over the years 1974-2003. Employing the Armey Curve, we show that the typical Latin American government is spending beyond the optimal point. Using panel data mad a Fixed effects (FE) model, we find that increases in government consumption lead to unambiguous decreases in economic growth. An Overview An important policy goal of governments is to improve the economic well-being of their citizens. However, as can be seen in Figure 1, Latin America's share in world output (GDP) dropped significantly during the 1980s. This has been called the lost decade for Latin America, with per capita real income actually shrinking from 1980 to 1989. While the Latin America region has suffered from lack of economic growth, other regions of the world have experienced economic growth, especially during the last 20 years. Figure 2 depicts the growth of East Asia's share of world economic output and contrasts it to that of Latin America's. From 1970 to 2005, Latin America's share of world output grew from 6.09 percent to 6.35 percent (an increase of 4.3 percent) while East Asia's share, for the same period, went from 16.26 percent to 22.46 percent (an increase of 38.13 percent). The comparative exercise suggests that even after the implementation of more free-market economic policies during the late 1980s and 1990s, Latin America economic growth has been suboptimal. It could be argued that this is one of the reasons several countries of the region have recently veered toward less capitalist economic systems. (1) [FIGURE 1 OMITTED] One of the fastest-growing economies in the world, China, is eating away an important source of Latin American economic growth with an upward shift in the exports of manufactured goods, especially in textile and other tradable goods. China has 'already surpassed Latin America and the Caribbean in global exports. Figure 3 documents the growing importance of exports in China's GDP relative to Latin America's export/GDP share. In 1970, Latin America and China both had an export/GDP share of about 1.9 percent, but by 9.004, China's share had risen to 28.48 percent while Latin America's share was 18.02 percent. (2) Such a trend is expected to continue unless effective economic reforms are put in place. [FIGURE 2 OMITTED] Along with sluggish economic growth, the Latin America region suffers from a severe inequality of income distribution both within and between countries. Figure 4 displays significant variation in annual real GDP per capita in the region ranging from $480 for Haiti to over $18,000 for the Bahamas in 2006. Economists and other social scientists have tried to figure out the causes of disparities in living standards and the lack of economic growth. Some experts have suggested that corruption, excessive debt, political instability, low investment in human capital, and emigration account for low levels of economic prosperity in Latin America (3) Others have attributed the suboptimal economic growth to exchange-rate volatility (Hausmann, Panizza, and Rigobon 2006; Kaminsky and Reinhart 1998); bad monetary policy (Wallich 1985); insufficient foreign direct investment (FDI) (Goldberg and Kolstad 1995); inequality (Birdsall and Londoso 1997); lack of economic freedom (Islam 1996; Farr, Lord, and Wolfenbarger 1998; Fraga 2004; Miles, Feulner, and O'Grady 2005); and lack of democracy (Barro 1996, Leblang 1997). [FIGURE 3 OMITTED] [FIGURE 4 OMITTED] Figure 5 presents the average real GDP per capita (RGDP) of the G-7 (group of seven industrialized nations of the world) and of the 23 Latin American countries included in this article for 2003. The more than 3 to 1 gap in income between the two sets of countries is evident. Figure 6 presents average government consumption (GC) as a share of real GDP for both blocks of countries for 2003. …" @default.
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• W3121634051 date "2009-03-22" @default.
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• W3121634051 title "Can Latin America Prosper by Reducing the Size of Government" @default.
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