Reallocation from low productivity to high productivity sectors was not very important


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Reallocation from low productivity to high productivity sectors was not very important

  • Reallocation from low productivity to high productivity sectors was not very important

  • Within-sector more consistent with some external force that drives labor productivity up in all economic sectors





Stock of capital adjusted by utilization



We can estimate how much the gain in terms of trade contributed to growth in 2003-2009

  • We can estimate how much the gain in terms of trade contributed to growth in 2003-2009

    • One third when informal employment is included
    • 73% in our best estimate that takes into account lagged effects.


Good luck made a substantial contribution to Argentina’s growth since 2003

  • Good luck made a substantial contribution to Argentina’s growth since 2003

  • Fiscal challenges that were a key factor behind Argentina’s dismal performance in the past are not such a big challenge (low debt, moderate deficit). But filling the gap with taxes will be costly given the already high tax rates on formal activities

  • Evidence points to the need to improve the quality of micro policies and the investment climate … or to bet for permanent luck




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