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Publicado en: Libro

Economic Growth: Sources, Trends and Cycles

Raimundo Soto; Raimundo Soto; Norman Loayza (editors).

Banco Central de Chile, 2002.

The importance of economic growth cannot be overstated. Income growth is essential for achieving economic, social, and even political development. In recent years, an enormous amount of talent and effort has been invested in understanding the process of economic growth, making it one of the most dynamic fields in economic analysis. The collection of studies included in this volume contributes to the growth literature on two dimensions. First, it provides a systematic account of the characteristics surrounding economic growth as it occurs in industrial and, particularly, developing countries. Some of the essays revisit the question of what drives long-run economic growth, while others analyze the consequences that growth has on various aspects of development and welfare. These studies share a concern for identifying the most efficient policies to promote or facilitate growth. They thus critically analyze a broad spectrum of policies, including financial development, public infrastructure, regulatory framework, and direct government intervention in industrial policies. The second contribution of this volume is to address new and potentially crucial questions on the intricate relationship between economic growth and cyclical fluctuations. In this regard, the volume presents essays that deal with the issue of distinguishing changes in long-run trends from persistent cyclical fluctuations, others that provide analytical models or statistical techniques for examining the effect of business cycles on long-run growth, and still others that discuss the macroeconomic policies that lead to growth recovery from negative shocks. Taken as a whole, this volume examines the process of economic growth from a developing-country perspective that emphasizes policy implications for the sources of recovery and long-run performance.


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