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Development and Growth in the Mexican EconomyAn Historical Perspective$
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Juan Carlos Moreno-Brid and Jaime Ros

Print publication date: 2009

Print ISBN-13: 9780195371161

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780195371161.001.1

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Why Has Post-reform Growth Been Disappointing?

Why Has Post-reform Growth Been Disappointing?

(p.222) 10 Why Has Post-reform Growth Been Disappointing?
Development and Growth in the Mexican Economy

Juan Carlos Moreno-Brid

Jaime Ros (Contributor Webpage)

Oxford University Press

Chapter 10 discusses the growth slowdown of the Mexican economy during the reform and postreform periods. After reviewing the role of international trade integration, productivity growth and human capital formation, the chapter focuses on the primary determinant of the growth slowdown, the low rate of physical capital accumulation. The chapter's argument is that, together with the contraction of bank credit following the financial crisis of the mid-1990s, three main factors are constraining investment: the low level of public investment (particularly in the area of infrastructure), an appreciated real exchange rate for most of the period since 1988, and the dismantlement of industrial policy during the reform period.

Keywords:   growth slowdown, human capital formation, productivity growth, public investment, real exchange rate, industrial policy

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