ECONOMIC DEVELOPMENT AND EXTERNAL FLOWS: THE SOUTH AMERICAN EXPERIENCE.
Item
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Title
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ECONOMIC DEVELOPMENT AND EXTERNAL FLOWS: THE SOUTH AMERICAN EXPERIENCE.
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Identifier
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AAI8501117
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identifier
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8501117
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Creator
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BONITSIS, THEOLOGOS HOMER.
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Contributor
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Herbert Geyer
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Date
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1984
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Language
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English
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Publisher
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City University of New York.
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Subject
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Business Administration, General
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Abstract
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The principal theoretical and empirical contribution of this research is the application of a multivariate distributed lag technique to test a hypothesis that continues to concern policymakers in both developed and developing countries. Namely, the hypothesis of exogenously induced economic development. This research departs from other studies in considering that the premise of exogenously induced economic development may in some cases be a non sequitur. That is, a country with a comfortable endogenously determined rate of development can also attract external flows. Related empirical investigations are a review of the relevant literature, a descriptive overview of the recent economic development, and an analysis of external public indebtedness in South America. South America is defined to include the countries of Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela.;A model of causal priority based on the work of Granger and Granger and Newbold is formulated to test the aforementioned hypothesis. Four measures of external flows and two measures of economic development are used. The external flows are disbursements of external public debt, exports f.o.b., direct foreign investment, and unilateral transfers. The two development indictators are gross domestic product and gross fixed capital formation. All variables are measured in terms of real gross per capita units.;The general policy implications of the econometric results are that the null hypothesis of an absence of a causal nexus, either unidirectional or with feedback, between external flows and economic development can be rejected in several countries at conventional levels of statistical significance. Moreover, the statistical significance of the sign of causality is not always the favorable one predicted by neoclassical theory. On the other hand, there is also evidence in some countries for the acceptance of the alternative hypothesis of causality from economic development to external flows. Therefore, further research is required into domestic conditions that are requisites for an external flow to make a positive contribution to economic development.
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Type
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dissertation
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Source
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PQT Legacy CUNY.xlsx
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degree
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Ph.D.
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Program
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Economics
