Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/106597
Authors: 
Campos, Nauro F.
Karanasos, Menelaos G.
Tan, Bin
Year of Publication: 
2014
Series/Report no.: 
IZA Discussion Papers 8654
Abstract: 
Argentina is the only country in the world that was "developed" in 1900 and "developing" in 2000. The various competing explanations highlight, mainly, the roles of trade openness, political institutions, financial integration, financial development, and macroeconomic instability. Yet no study has, to the best of our knowledge, attempted a quantitative assessment of the relative importance of each of these competing explanations. This paper tries to fill this gap. It investigates their individual effects on economic growth and volatility using the power-ARCH framework with annual data since the 1890s. The results indicate that financial development and institutional change are the two main factors that help understand the extraordinary growth trajectory of Argentina over the last century.
Subjects: 
economic growth
financial development
volatility
institutions
political instability
power-GARCH
JEL: 
C14
O40
E23
D72
Document Type: 
Working Paper

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