Função de produção agregada e crescimento econômico de longo prazo dos estados brasileiros no período de 1980-2002: uma análise empírica com dados em painel / Aggregate production function and long run economic growth of the Brazilian states over the period 1980-2002: an empirical analysis with panel data

AUTOR(ES)

Airton Lopes Amorim

DATA DE PUBLICAÇÃO

2008

RESUMO

New "stylized facts" on long run economic growth are putting in doubt the conventional use of the Cobb-Douglas specification, as representative of the aggregate production technology in the analysis, theoretical and empirical, on economic growth. In this context, a possible alternative would be the use of a more general specification as, for instance, the CES function. Motivated by this possibility, the purpose of present work was to test whether a CES specification is more appropriate way to represent the aggregate production technology of the Brazilian states and, in affirmative case, to check the consequences of that hypothesis for the economic growth of the same ones. For this, a model of economic growth was presented, in the lines of the neoclassical model, without technical progress, with exogenous propensity to save and a CES production function. The empirical analysis was implemented with panel data technique. The sample was composed of 26 Brazilian states over the period 1980 to 2002. The results suggested that the CES specification would be the most appropriate to represent the aggregate production function of the economy of the Brazilian states, once the find value of the elasticity of substitution between capital and labor was more than one. The find value to ρ, the substitution parameter, was negative, indicating the possibility of endogenous growth for the Brazilian states. The results showed, also, the importance of non observed features as, the workers ability (not just measure by the years of education), cultural aspects, among other, what would have important share in explaining the differences in GDP of the states. Finally, the tests for the differences in the substitution elasticity among the factors allowed checking that there is, really, a difference in the substitution elasticity for the different areas of Brazil. Those differences could be associated to the access to new production methods, that is, to the innovation.

ASSUNTO(S)

modelo de crescimento neoclássico neoclassical growth model crescimento e desenvolvimento economico desenvolvimento econômico economic development função de produção agregada ces aggregate production function

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