nep-lam New Economics Papers
on Central and South America
Issue of 2014‒04‒29
three papers chosen by
Maximo Rossi
University of the Republic

  1. Dollarization and the relationship between EMBI and fundamentals in Latin American countries By Lorena Mari del Cristo; Marta Gómez-Puig
  2. Competitiveness in the Latin American manufacturing sector. Trends and determinants By Alicia Garcia-Herrero; Enestor dos Santos; Pablo Urbiola; Marcos dal Bianco; Fernando Soto; Mauricio Hernandez; Arnulfo Rodríguez; Rosario Sanchez
  3. Factores asociados al comportamiento exportador de las PyMES industriales argentinas By Nicolas, Juan Ignacio

  1. By: Lorena Mari del Cristo (Department of Economic Theory, Universitat de Barcelona); Marta Gómez-Puig (Department of Economic Theory, Riskcenter-IREA, Universitat de Barcelona)
    Abstract: This paper presents empirical evidence on the interrelationship that exists between the evolution of the Emerging Markets Bonds Index (EMBI) and some macroeconomic variables in seven Latin American countries; two of them (Ecuador and Panama), full dollarized. We make use of a Cointegrated Vector framework to analyze the short run effects from 2001 to 2009. The results suggest that EMBI is more stable in dollarized countries and that its evolution influences economic activity in non-dollarized economies; suggesting that investors confidence might be higher in dollarized countries where real and financial economic evolution are less tied than in non-dollarized ones.
    Keywords: Dollarization, emerging markets, Latin American countries, Cointegrated VAR, EMBI, exchange rate regime
    Date: 2014–02
  2. By: Alicia Garcia-Herrero; Enestor dos Santos; Pablo Urbiola; Marcos dal Bianco; Fernando Soto; Mauricio Hernandez; Arnulfo Rodríguez; Rosario Sanchez
    Abstract: After analysing the evolution of exports from the large Latin American countries over the last decade, and examining on a case by case basis the determinants for each country’s performance, this study concludes that competitiveness in the manufacturing sectors of most countries in the region went down from 2007 to 2012, after relatively favourable progress in the previous five-year period between 2002 and 2007. This recent deterioration, which has been more noticeable in countries such as Brazil and Colombia, is related to the real exchange rate appreciation, high labour costs and insufficient progress in labour productivity. The main exception to these regional trends is Mexico, where gains in the manufacturing sector’s competitiveness continued beyond 2007, partly because the exchange rate stayed relatively depreciated and labour costs, as well as work productivity, performed better than in the South American countries. However, from 2011 onwards, the reversal of these trends has been making it difficult for the Mexican manufacturing sector to gain competitiveness. Case studies of each of the region’s main countries show that in general the exchange rate, labour costs and work productivity were the main determinants in the evolution of manufacturing competitiveness in the last decade. In fact, the countries and periods where these variables performed poorly coincide with losses of market share in international trade and deteriorating competitiveness. Nevertheless, the impact of the remaining variables affecting the manufacturing sector’s competitiveness is not insignificant either. In fact, gains in competitiveness have been greater (and losses in competitiveness smaller) in Chile and Peru, where the institutional framework has improved and logistics and energy costs reduced or kept under control.
    Keywords: competitiveness, Latin America, manufacturing, exports
    JEL: F10 L60 O14 O54
    Date: 2014–03
  3. By: Nicolas, Juan Ignacio
    Abstract: El objetivo general de la presente investigación es indagar acerca de los factores asociados al comportamiento exportador de las pequeñas y medianas empresas (PyMES) industriales argentinas. Para ello, se procura identificar los diferentes factores que operan en los distintos niveles (microeconómico y sectorial), y que inciden en el comportamiento desigual que muestran las PyMES frente a su inserción en los mercados extranjeros. En esta tesis, se utiliza un modelo de regresión logística que permite estimar la probabilidad de que una PyME industrial argentina oriente su producción, o parte de la misma, hacia los mercados externos. Así, los resultados obtenidos ponen de manifiesto que la probabilidad de que una PyME exporte es mayor si la firma posee certificaciones de calidad y/o gestión de su proceso productivo, presenta elevados niveles de productividad y si se realizan actividades innovativas. Conjuntamente, para el caso de las PyMES industriales argentinas, un mayor tamaño de la firma también eleva la probabilidad de que exporten. Por último, también se observa incidencia de los condicionantes sectoriales, ya que la probabilidad de exportar por parte de las firmas varía de acuerdo a la rama de actividad industrial en la que se desempeñan.
    Keywords: Pequeñas y Medianas Empresas; Empresas Industriales; Exportaciones; Comercio Internacional; Argentina
    Date: 2014

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