Claudio Paiva


Claudio PaivaClaudio Paiva PhD is an Associate Professor of Economics at California State University Channel Islands. He was a Senior Economist at the IMF until 2008, where he covered a group of countries that included Venezuela, Peru, Brazil and Portugal. Part of this paper was written while he was the IMF Senior Economist for Venezuela.

Papers Published in World Economics:

Economic Growth in Venezuela
Author: Claudio Paiva

This paper presents an empirical analysis of Venezuela’s economic growth in the last several decades, providing possible explanations for the country’s weak performance relative to its peers. First, a growth accounting exercise uncovers a long, negative trend in total factor productivity from the late 1970s through the early 2000s. This trend was also accompanied by a declining ratio of capital stock per worker, attributable to an earlier period of misguided policies that favoured excessive accumulation of physical capital to the detriment of human capital and economic efficiency. Second, empirical tests suggest that Venezuela’s economic growth has been highly and increasingly dependent on oil revenues. Finally, econometric estimates indicate that lax fiscal policies and macroeconomic instability have had a negative impact on growth.

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