- An Econometric Analysis of the Fundamental Determinants of Economic Development in Latin America
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- This essay analyses the role of geography, institutions and economic integration as fundamental determinants of economic development in Latin America. To account for the endogeneity of economic integration and institutions, I exploit the time dimension of panel data by using a set of internal instruments consisting of past observations of the instrumented variables. The results suggest that cross-country differences in institutional and geographical factors account to a large extent for the differences in economic development observed among Latin American countries. In particular, the analysis suggests that there are channels through which landlockedness, malaria, latitude, political rights and civil liberties, and the rule of law influence income levels in Latin America.
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