Microeconomic Flexibility in Latin America
Microeconomic Flexibility in Latin America
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拉丁美洲的微观经济灵活性
DOI：
10.3386/w10398
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发表时间：
2004
期刊：
影响因子：
--
通讯作者：
A. Micco
中科院分区：
文献类型：
--
作者：
Ricardo J. Caballero;Eduardo M. R. A. Engel;A. Micco
我们在几个拉丁美洲经济体的微观经济可持续性的程度的特点，并发现，巴西，智利和哥伦比亚比墨西哥和委内瑞拉更灵活。这些经济体之间灵活性的差异主要是由大型企业的行为来解释的，在更灵活的经济体中，大型企业调整得更快，特别是当累积的冲击很大时。我们还研究了智利的灵活性路径，并表明它在亚洲金融危机后有所下降。这种下降可以解释智利自1997年以来TFP增长大幅下降的一个重要部分（从前十年的每年3.1%下降到之后的0.3%左右）。此外，如果这种情况持续下去，智利的结构性增长率可能会永久性地下降近0.5%。
We characterize the degree of microeconomic inflexibility in several Latin American economies and find that Brazil, Chile and Colombia are more flexible than Mexico and Venezuela. The difference in flexibility among these economies is mainly explained by the behavior of large establishments, which adjust more promptly in the more flexible economies, especially when accumulated shocks are substantial. We also study the path of flexibility in Chile and show that it declined in the aftermath of the Asian crisis. This decline can account for a substantial fraction of the large decline in TFP-growth in Chile since 1997 (from 3.1 percent per year for the preceding decade, to about 0.3 percent after that). Moreover, if it were to persist, it could permanently shave off almost half of a percent from Chile's structural rate of growth.