Gasto social en América Latina 1990-2010: estudio de sus determinantes y análisis de convergencia
2015
We study the main economic, demographic and political determinants of
social spending in Latin America between 1990 and 2010, applying an autoregressive
error correction model with GMM system estimators. Results show
that the level of social expenditure and its three categories (education, health
and social security) have a long-term relationship with per capita income, trade
and capital openness, the primary and secondary enrollment ratio, indirect
tax revenues and democracy regimes. In the short-term, social spending is affected
by the growth of foreign direct investment inflows, population structure,
direct tax revenue, current and capital expenditures and fiscal deficits. We also
find a process of beta convergence of countries to different steady states
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