Publication: Instituciones y política en el declive económico de uruguay durante el siglo XX
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2008
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Universidad Carlos III de Madrid. Instituto Laureano Figuerola
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Abstract
Durante el siglo XX, especialmente en la segunda mitad, Uruguay asiste
a un prolongado declive económico. A partir de la segunda posguerra las
instituciones económicas y las políticas adoptadas no fueron capaces de
crear un clima favorable para que el crecimiento y el desarrollo tuvieran
lugar. Este artículo presenta evidencia que permite afirmar que factores institucionales
habrían contribuido a explicar un pobre crecimiento del PIB,
así como una elevada volatilidad cíclica entre 1920 y 2001. Entre estos factores
sobresalen el debilitamiento del poder político de los gobiernos, la
mayor fraccionalización del sistema político, una política monetaria excesivamente
discrecional y la presencia de ciclos políticos de tipo oportunista
en las políticas macroeconómicas.
The economic history of Uruguay throughout the 20th century, and more especially its second half, is characterized by a long-term economic decline. From the end of the Second World War, economic institutions and the policies adopted were unable to create a favorable climate for growth and development. This article presents evidence to support the idea that institutional factors played a part in the weak GDP growth and the high level of cyclical volatility between 1920 and 2001. Some factors stand out as particularly relevant: the weakening of governments’ political power, increasing fragmentation of the political system, an excessively discretional monetary policy and the existence of opportunistic political cycles in macroeconomic policies.
The economic history of Uruguay throughout the 20th century, and more especially its second half, is characterized by a long-term economic decline. From the end of the Second World War, economic institutions and the policies adopted were unable to create a favorable climate for growth and development. This article presents evidence to support the idea that institutional factors played a part in the weak GDP growth and the high level of cyclical volatility between 1920 and 2001. Some factors stand out as particularly relevant: the weakening of governments’ political power, increasing fragmentation of the political system, an excessively discretional monetary policy and the existence of opportunistic political cycles in macroeconomic policies.
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Declive, Instituciones, Crecimiento, Volatilidad cíclica
Bibliographic citation
Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Año XXVI, primavera 2008, n. 1, pp. 45-82