This paper examines the long-run fiscal sustainability of the colonial finances of Spanish Americ ... Read more
This paper examines the long-run fiscal sustainability of the colonial finances of Spanish America. Using econometric tests of intertemporal stability and a macroeconomic budget constraint framework, the analysis revisits how the long-run fiscal dynamics of the colonial treasuries adjusted for inflation changed over time. Findings suggest that in spite of historical breakpoints associated to major financial difficulties during wartime, in general the treasuries achieved sustainable fiscal balances. However, there was a shifting pattern of fiscal sustainability between the treasuries across the colonial period.
The long-term productivity dynamics of Latin America have been the focus of vast research looking ... Read more
The long-term productivity dynamics of Latin America have been the focus of vast research looking to understand the origins of the growth underperformance of the region. Based on new estimates from official industrial censuses from 1935 to 1975, this paper reassesses whether there was a process of structural change within the manufacturing industries of Mexico, Argentina, and Brazil. It presents a quantitative reassessment of the dynamics of productivity in these industries providing a new decomposition of labor productivity growth at a more disaggregated level. The overall results from a shift-share analysis are unable to find substantial evidence of structural change within manufacturing in these countries over the period.