|
|
Article: Balance-of-payments constrained economic growth: The case of Mexico
- Article from:
- Banca Nazionale del Lavoro Quarterly Review
- Article date:
- December 1, 1998
- Author:
CopyrightCopyright BNL Edizioni Dec 1998. Provided by ProQuest LLC. (Hide copyright information)
|
Balance-of-Payments Constrained Economic Growth: The Case of Mexico*
1. Background
From 1940 to 1981 Mexico experienced spectacular economic growth, with its gross domestic product (GDP) expanding in real terms at a speed that outpaced that of the United States of America (US), its powerful neighbour. In those four decades, in spite of its rapid demographic expansion, Mexico cut down nearly ten percentage points in the gap of its GDP per capita vis--vis the US. From being equivalent to 22% of the US average in 1939, Mexico's GDP per capita climbed to represent 30% of the US figure in 1981, measured in constant dollars (Maddison 1995).
However, the evolution of the Mexican economy since ...