The fixed capital formation and economic growth in Latin America and the Caribbean. An analysis with cointegration techniques for the period 1990-2023.
Keywords:
Economic growth; Fixed capital; Investment; Cointegration; Latin America and the Caribbean.Abstract
Macroeconomic growth models, especially orthodox neoclassical models, have always considered capital accumulation as the main source of growth for any country and, although it is true that modern endogenous growth theories consider other factors such as human capital, demographics and technology, just to mention a few, special importance is still given to fixed capital formation. In the case of Latin America and the Caribbean, it has been proven that investment in fixed capital is a necessary condition for economic growth in the region, but it is not enough to guarantee sustained growth in the long term. Structural changes are needed in the economies of the countries that make up the region, with the aim of promoting greater intra-regional cooperation and trade to facilitate technology transfer, as well as human capital formation and investment in R&D projects that increase marginal labor productivity and higher value-added exports.
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