Labor Productivity and Economic Growth in Selected Latin American Countries
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https://doi.org/10.5281/zenodo.8309614Keywords:
Labor Productivity, Economic Growth, Latin American CountriesAbstract
Despite the fact that labor productivity, beyond being an indispensable gauge of labor's efficiency, encompasses a wider economic spectrum that integrates technological growth, skill advancement, and infrastructural enhancements; limited studies delve into exploring the nexus between labor productivity and economic growth. The main motivation of this work is to investigate the relationship between labor productivity and economic growth in Latin American countries namely, Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Mexico, and Peru during the period from 1990 to 2018. The cross-sectional dependency of the panel is examined employing the Breusch and Pagan (1980) CDLM2 and the LMadj test. The homogeneity of the variable coefficient is investigated with the Swamy Homogeneity Test. Furthermore, the presence of a unit root is examined by employing the CIPS test. Moreover, the cointegration nexus between the variables had been analyzed employing the Durbin-Hausmann test. Finally, the Dumitrescu and Hurlin (2012) causality test has been applied to determine the causal nexus between the variables. The results affirm the presence of a cointegration nexus between the variables. Furthermore, there is a bidirectional nexus between labor productivity and economic growth during the studied interval, emphasizing the significance of investing in productivity-enhancing measures.
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