Economia: Spring 2005 (Economia: Journal of the Latin by Andrés Velasco

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By Andrés Velasco

This semiannual magazine from the Latin American and Caribbean financial organization (LACEA) offers a discussion board for influential economists and policymakers to proportion fine quality examine without delay utilized to coverage matters inside and between these international locations.

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See text for descriptions and method of construction of independent variables. Robust t statistics are in parentheses. 80)* 34 E C O N O M I A , Spring 2005 more so in highly fragmented party environments. 59 Our results thus lend support to hypotheses 1 and 2 above. Do Policies Matter? The next step is to establish whether the electorate cares about policies, and not only about outcomes. For parsimony, and given our limited sample sizes, we ignore the influence that the features of the political system may have on voters’ sensitivity to the economic outcomes.

B. As estimated in table 5. T A B L E 6 B . 26 Yes Source: Authors’ calculations. *Significant at 10 percent; **significant at 5 percent. a. Dependent variable is the independent variable from table 5; that is, the change in the inflation rate, where inflation is measured as the annual loss of purchasing power of the currency. Robust t statistics are in parentheses. b. Dependent variable is the independent variable from table 5; that is, the change in the growth rate, in logs. Robust t statistics are in parentheses.

Although this paper does not address Eduardo Lora and Mauricio Olivera 45 this question, some results (not reported) suggest that many of the simpler hypotheses proposed to answer it are at best incomplete. 65 Again, we find no evidence in support of this view. 67 Many other hypotheses beyond those that we have been able to test are possible. 69 Why Latin Americans reject promarket reforms at the polls remains an open question. 64. For a summary of such arguments, see Lora and Panizza (2002); and Lora, Panizza and Quispe-Agnoli (2004).

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