Abstract

GUERRERO DE LIZARDI, Carlos. Complex stylized facts of the Mexican economy: a hirschmanian perspective (to attack the "fear of growing", more and better). Contad. Adm [online]. 2015, vol.60, n.2, pp.291-325. ISSN 0186-1042.  https://doi.org/10.1016/S0186-1042(15)30002-4.

We elaborate some complex stylized facts related to the Mexican economy. The analyzed period runs from 1960 to 2013 with selected subperiods. Our main findings are: 1) there are involuntary idle capacities in the manufacturing industries; 2) the growth of the Mexican economy is not balanced but unbalanced; 3) there is an inflation-free environment. This fact is consistent with the previous ones; 4) there is a mixed of efficient and inefficient sequences of investment; 5) the stimulus of manufacturing exports on macroeconomic performance has been offset by its imports; 6) the deficits in manufacturing balance and in the current account have been financed without difficulty. Of course, this financing capacity constitutes a second best condition; 7) according to a backward linkages analysis, the towing capacity of manufacturing sector over the Mexican economy would be a larger one if the manufacturing imports penetration had not been so intense since the trade liberalization; and 8) the size of the positive effect of the manufacturing sector on the economy and on the non-manufacturing sectors diminished since the early eighties. Our complex stylized facts highlight the need for an upgrading of the current economic policies.

Keywords : Complex stylized facts; Albert O. Hirschman; Mexican economy.

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