In spite of Latin America's dismal economic performance between the 1950s and 1980s, the region experienced strong capital deepening. Furthermore, productivity (measured as TFP) grew at low rates in comparison with the U.S. In this paper, we suggest that all these facts can be explained as a consequence of the restrictive trade regime adopted at that time. Our analytical framework is based on a dynamic Heckscher-Ohlin model, with scale economies in the capitalintensive sector. We assume an economy that is initially open and specialized in the production of labor-intensive goods. The trade regime is modeled as a move to a closed economy. The model produces results consistent with the Latin American experience. Speci…cally, for a su¢ ciently small country, there will be no long-run growth in income per capita, but capital per capita will increase. As a result, measured TFP will fall.

No abstract

No abstract

Códigos JEL: J23; J31.O objetivo deste artigoé o de estabelecer conexões entre o recente aumento no uso relativo de trabalhadores qualificados (em comparação aos não qualificados) e medidas de tecnologia na manufatura brasileira nasúltimas duas décadas. Para tanto, utilizamos a intensidade de P&D como proxy para progresso técnico. Encontramos evidências de complementaridade entre tecnologia e trabalho qualificado, que parece mais intensa entre 1994 e 1997. Além disso, quando utilizamos a intensidade de P&D nos Estados Unidos como instrumento para a intensidade de P&D no Brasil, seu impacto sobre a qualificação aumenta substancialmente, o que nos fornece indícios de que a transferência de tecnologiaé um dos fatores que explica o aumento do uso relativo de qualificação no Brasil.The main aim of this paper is to investigate the relationship between skill upgrading and measures of technology in Brazilian manufacturing for the last two decades. We use R&D intensity as a proxy for technological change. We find robust evidence of technology-skill complementarity, especially for the period between 1994 and 1997. Furthermore, when U.S. R&D intensity is used as an instrument for Brazilian R&D intensity, its impact on skill demand rises threefold. This provides us with evidence that technological transfer is impacting skill-upgrading in Brazil.

The impact of real exchange rate movements on GDP growth is a hotly debated issue both in policy and academic circles. In this paper we provide evidence suggesting that the association between exchange rate misalignment and growth for a broad panel of countries is very weak. Controlling for country …xed e¤ects, time e¤ects and initial GDP, a more depreciated currency is associated with higher growth if one does not exclude outliers. However, this positive association always vanishes after controling for the savings rate. Importantly, this applies for both a large panel of countries and for the emerging economies subsample.JEL Codes: F31, F43, O47