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This paper explores the link between Brazil’s political institutions and its disappointing productivity and growth in recent decades. Although political institutions provide the president with incentives and the instruments to pursue monetary stability and fiscal discipline they simultaneously raise the costs of achieving those very objectives. The insulation of certain expenditures from presidential discretion necessitates the use of other policy options, such as high taxation levels and cuts in unprotected expenditures, which put a drag on productivity and growth. In a context of robust checks and balances and interest group fragmentation, a state overburdened by constitutional entitlements has resorted to massive increases in taxation. The resulting environment possesses both essential elements for sustainable economic growth and distortions that conspire against its realization. While some improvements in productivity and growth have occurred in the past decade, the pace has been slow and incremental.
In contrast to the limited impact of aggregate-level productive development policies (PDPs) in Argentina, micro-level PDPs in several sectors have proven highly successful. This study seeks to understand how these PDPs succeeded in a challenging environment, what kinds of mechanisms were generated to ensure adaptation and learning, and how these PDPs evolved. Of importance is not only policy desig ... (View publication)
This document analyzes productive development policies in 5 case studies: i) promotion of export services ii) Promotion of export goods iii) promotion of free zones iv) subsidized credit for popular housing, and v) subsidized credit for agriculture. All cases present the history, justification as a function of the externalities to be resolved, public-private coordination processes and results. (View publication)
This paper reviews productive development policies (PDPs) in Guatemala, focusing on the alleged justification of existing programs in terms of the market or government failures they are meant to address. An effort is made to identify how the different instruments complement or contradict each other and how these situations came to be. The main hypothesis throughout the paper is that there are non- ... (View publication)
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