Factores socio-político y judiciales como determinantes de la inversión privada en Latinoamérica

Acevedo Rueda, Rafael Alexis and Mora Mora, José U. (2008): Factores socio-político y judiciales como determinantes de la inversión privada en Latinoamérica. Published in: Economía , Vol. 26, No. XXXIII (December 2008): pp. 93-118.

Abstract

This paper studies the relationship between social-political and judicial factors and private investment in Latin America during 1995-2003 by means of panel data analysis. The empirical evidence suggests that investment rate differentials, not only among Latin American countries but also with developed countries might have been caused by these factors. Countries with a neutral and strong judicial system might see their investment rates increase by as much as 2.29 percentage points. Regarding the social-political factor, it is worth to emphasize that significant improvement in political institutions, control on corruption, and better access to political and civil rights could cause the investment rate to increase by 1.84 percentage points. At last, if Latin American countries want to attract new investments, increase their economic growth possibilities, and improve their population standard of living, their governments must start working on the strengthening and creation of political institutions that permit to abolish or at least diminish corruption levels, civil rights repression, the loss of political rights, and on enhancing the judicial system.

• Item Type: MPRA Paper
• English Title: Social-Political and Judicial Factors as Determinants of Private Investment in Latin America
• Language: Spanish
• Keywords: private investment, institutions, political stability, Latin American economies, panel data.
• Subjects: C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C23 - Panel Data Models ; Spatio-temporal Models; E - Macroeconomics and Monetary Economics > E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy > E22 - Investment ; Capital ; Intangible Capital ; Capacity; G - Financial Economics > G3 - Corporate Finance and Governance > G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity; N - Economic History > N4 - Government, War, Law, International Relations, and Regulation > N46 - Latin America ; Caribbean; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance

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