Purpose The purpose of this study is to focus deeply on the short term to explain the relative lo... more Purpose The purpose of this study is to focus deeply on the short term to explain the relative long-term evolution of the Argentinian economy in the long and the short term. Design/methodology/approach The study of the long-term evolution of the Argentine economy and identifying the moment in which it began to lose ground compared to other developed economies, such as Australia and Canada, constitutes the central axis of the historiography of this country. However, an additional problem presented by the Argentine economy is its high volatility. For this reason, the long term should be influenced by the short term, an issue that requires a more detailed study of the cyclical behavior and a deep analysis of the relationship between the long and the short term. Findings The results obtained point to a cyclical development that influences the long-term evolution and, therefore, explains Argentina’s convergence process with Australia and Canada. Frequent deep busts and short booms charac...
Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2004
RESUMENEste artículo se enmarca en el debate sobre la periodización de la historia económica de A... more RESUMENEste artículo se enmarca en el debate sobre la periodización de la historia económica de Argentina y la determinación del momento en que terminó su fase de mayor expansión. Para algunos autores, este cambio fue consecuencia de la Primera Guerra Mundial, mientras que, para otra corriente, no será hasta la Gran Depresión cuando la economía argentina comience a perder posiciones. Retomando esta discusión desde un punto de vista más analítico y a la luz de nuevos datos, utilizamos la serie de PIB per capita argentino actualmente disponible, así como técnicas de análisis univariante y contrastes de raíz unitaria, para determinar la primera ruptura significativa en la tendencia de crecimiento. Este análisis confirma 1913 como primera ruptura, mientras que 1929 solamente representa un cambio en el nivel de la serie. Al mismo tiempo, se delimitan tres grandes fases de crecimiento a largo plazo que marcan una nueva periodizáción: 1875–1913, 1914–1974 y 1975–2000.
Purpose With the opening up of the economy since the 1959 Economic Stabilization Plan, was it the... more Purpose With the opening up of the economy since the 1959 Economic Stabilization Plan, was it the production of electricity that drove the growth of gross domestic product (GDP) in Spain or, on the contrary, was it the growth of GDP that drove the production of electricity well into the 21st century? The purpose of this paper is to answer this question. Design/methodology/approach A cointegration approach based on the studies conducted by Pesaran and Shin (1999) and Pesaran et al. (2001) is applied, as it is suitable for short data series like those used in this paper. Findings The results of this paper allow us to conclude that electricity production boosted economic growth in Spain during the period under study, confirming the growth hypothesis. Research limitations/implications The results of this paper should be interpreted with caution, as electricity today amounts to less than a quarter of the total amount of energy used in Spain. It was not possible to incorporate other input...
This paper attempts to investigate the main factors behind Argentina's relative economic decl... more This paper attempts to investigate the main factors behind Argentina's relative economic decline by comparing its evolution with that of Australia and Canada. For this purpose a ‘reduced index of economic freedom’ has been constructed in order to capture and summarise the principal macroeconomic trends in Argentina compared with the other regions of recent settlement during the period between 1875 and 2000. The results, obtained using cointegration and causality techniques, show how the macroeconomic policies that were implemented are able to explain the relative evolution of Argentina's economy, in terms of GDP per capita, over the long term. The results revise some of the interpretations prevalent in Argentine historiography.
Purpose The purpose of this study is to focus deeply on the short term to explain the relative lo... more Purpose The purpose of this study is to focus deeply on the short term to explain the relative long-term evolution of the Argentinian economy in the long and the short term. Design/methodology/approach The study of the long-term evolution of the Argentine economy and identifying the moment in which it began to lose ground compared to other developed economies, such as Australia and Canada, constitutes the central axis of the historiography of this country. However, an additional problem presented by the Argentine economy is its high volatility. For this reason, the long term should be influenced by the short term, an issue that requires a more detailed study of the cyclical behavior and a deep analysis of the relationship between the long and the short term. Findings The results obtained point to a cyclical development that influences the long-term evolution and, therefore, explains Argentina’s convergence process with Australia and Canada. Frequent deep busts and short booms charac...
Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2004
RESUMENEste artículo se enmarca en el debate sobre la periodización de la historia económica de A... more RESUMENEste artículo se enmarca en el debate sobre la periodización de la historia económica de Argentina y la determinación del momento en que terminó su fase de mayor expansión. Para algunos autores, este cambio fue consecuencia de la Primera Guerra Mundial, mientras que, para otra corriente, no será hasta la Gran Depresión cuando la economía argentina comience a perder posiciones. Retomando esta discusión desde un punto de vista más analítico y a la luz de nuevos datos, utilizamos la serie de PIB per capita argentino actualmente disponible, así como técnicas de análisis univariante y contrastes de raíz unitaria, para determinar la primera ruptura significativa en la tendencia de crecimiento. Este análisis confirma 1913 como primera ruptura, mientras que 1929 solamente representa un cambio en el nivel de la serie. Al mismo tiempo, se delimitan tres grandes fases de crecimiento a largo plazo que marcan una nueva periodizáción: 1875–1913, 1914–1974 y 1975–2000.
Purpose With the opening up of the economy since the 1959 Economic Stabilization Plan, was it the... more Purpose With the opening up of the economy since the 1959 Economic Stabilization Plan, was it the production of electricity that drove the growth of gross domestic product (GDP) in Spain or, on the contrary, was it the growth of GDP that drove the production of electricity well into the 21st century? The purpose of this paper is to answer this question. Design/methodology/approach A cointegration approach based on the studies conducted by Pesaran and Shin (1999) and Pesaran et al. (2001) is applied, as it is suitable for short data series like those used in this paper. Findings The results of this paper allow us to conclude that electricity production boosted economic growth in Spain during the period under study, confirming the growth hypothesis. Research limitations/implications The results of this paper should be interpreted with caution, as electricity today amounts to less than a quarter of the total amount of energy used in Spain. It was not possible to incorporate other input...
This paper attempts to investigate the main factors behind Argentina's relative economic decl... more This paper attempts to investigate the main factors behind Argentina's relative economic decline by comparing its evolution with that of Australia and Canada. For this purpose a ‘reduced index of economic freedom’ has been constructed in order to capture and summarise the principal macroeconomic trends in Argentina compared with the other regions of recent settlement during the period between 1875 and 2000. The results, obtained using cointegration and causality techniques, show how the macroeconomic policies that were implemented are able to explain the relative evolution of Argentina's economy, in terms of GDP per capita, over the long term. The results revise some of the interpretations prevalent in Argentine historiography.
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Papers by Isabel Sanz