Determinantes del crecimiento económico en América Latina

Abstract

Abstract: The research analyzes the determining factors of economic growth in Latin America in the period 1990-2019, focusing on human capital, public spending, foreign direct investment, trade openness and the interest rate. Through a data panel analysis with a generalized least squares model, it was possible to identify that human capital is the main driver of development, highlighting the importance of investing in education and vocational training. In the same way, public spending showed a positive impact although limited. Due to deficiencies in its management, trade liberalization presented negative effects, evidencing the vulnerability of economies dependent on primary exports, it is shown that FDI contributes to growth but with a moderate effect, and the interest rate showed a positive impact in a context in which there is macroeconomic stability. At the end of the research, the importance of establishing public policies to increase investment in education, implement financial transparency platforms, adopt policies that allow diversifying the economy, create tax incentive programs, among others, was highlighted.