Abstract

VAZQUEZ MUNOZ, Juan Alberto; CHAVEZ PALMA, Alejandro Adán  and  ZAVALETA GONZALEZ, Josué. Capital accumulation and the endogeneity of the natural rate of growth: an application for the Mexican economy and it's states. Revista de coyuntura y perspectiva [online]. 2019, vol.4, n.1, pp.10-43. ISSN 2415-0622.

Abstract: In the present paper we estimate the natural rate of growth for the case of Mexico during the period 1974 - 2014, and for the case of its states for the period 2006 - 2014. The estimations are based on the existence of two kinds of endogeneities of the natural rate of growth: to the demand (as postulated by León-Ledesma and Thirlwall) and to the capital accumulation (as postulated by Perrotini and Vázquez-Muñoz). It is concluded that the decrease in the growth rate exhibited since 1982 by the Mexican economy was due to the fall in the rate of capital accumulation, while the state differences in the growth rate are due to the dissimilarities of the state patterns of capital accumulation.

Keywords : Natural rate of growth; capital accumulation; economic capacity; utilization coefficient; economic liberalization.

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