economic assesment and issues for liberalization

Se analiza la contribución del sector servicios al crecimiento y comercio del Mercosur, a través de datos pertenecientes a las dos últimas décadas del siglo XX. Se evalúan las ventajas de la liberalización de servicios en el Mercosur para los países más pequeños

Investment Equations and Financial Restrictions at Firm Level: The Case of Uruguay

Three alternative specifications of an investment equation have been tested using panel data of Uruguayan firms: a traditional accelerator model of investment, an error-correction version of the accelerator model and an Euler equation for the capital stock. These models of investment were used to test for the existence of financial constraints in the investment decision process. Our estimates confirm the existence of financial restrictions on investment decisions of Uruguayan firms in the period under consideration (1997-2000). We explored the effect on firms’ ability to finance investment of two attributes: size and foreign ownership. Regarding size, our results suggest that small firms face greater constraints in financing their desired levels of investment. We also explored whether foreign owned firms suffered less from financial restrictions than national firms. Our results leave the issue unresolved. Lastly, our estimates suggest a general increase in the severity of financial restrictions following the 1999-2000 crisis. In particular, smaller firms were most affected.

Rigidez salarial, precios relativos y ajuste estructural: Una interpretación del desempleo en Uruguay

La evolución macroeconómica uruguaya en los últimos quince años ha sido satisfactoria, tomando como referencia el desempeño que había caracterizado a este país desde mediados de los cincuenta. El crecimiento económico ha sido sostenido desde que Uruguay salió de la crisis cambiaria y financiera. Este estudio presenta una percepción del desempleo en Uruguay.

the case of Uruguay

El estudio pretende evaluar las consecuencias de la dependencia bancaria del sistema financiero uruguayo para las decisiones de inversión a nivel empresarial. Para ello se prueban tres especificaciones alternativas de una ecuación de inversión, utilizando datos panel de empresas uruguayas: un modelo tradicional acelerador de la inversión, una versión con corrección de error de este modelo acelerador, y un enfoque de ecuación de Euler. Estos modelos de inversión son utilizados para probar la existencia de restricciones financieras en el proceso de toma de decisiones de inversió

situación y perspectivas

Las condiciones iniciales para el desarrollo de una industria de capitales de riesgo son revisadas y se evalúa su cumplimiento para el caso de Uruguay, en particular con una perspectiva internacional que en este caso toma como referencia el caso de Israel. Se detectan elementos que pueden favorecer el surgimiento de esa industria, como el relativamente alto nivel de educación de la fuerza laboral uruguaya y el desarrollo alcanzado por los sectores de alta tecnología, pero es dudoso que tanto uno como otro justifiquen un crecimiento explosivo de la industria de capital de riesgo a partir de la inexistencia actual. Otras iniciativas que pueden contribuir decisivamente al nacimiento de esta industria y a su desarrollo en forma acompasada con cierto dinamismo del sector de alta tecnología son el fondo de inversión Pegasus Uruguay y el Programa de Desarrollo Tecnológico del MEC. El despegue inicial que favorecerían esas iniciativas deberá estar acompañado con modificaciones en el marco regulatorio que favorezcan la presencia de inversores institucionales como oferentes de capital de riesgo, entre los que cabe destacar los bancos y las AFAP

Geostatistics applied to the study of soil physiochemical characteristics in seasonal deciduous forest areas

Utilizaram-se m\ue9todos da geoestat\uedstica na identifica\ue7\ue3o do tamanho e da estrutura da variabilidade espacial de alguns atributos f\uedsico-qu\uedmicos do solo em \ue1reas de Floresta Estacional Decidual as quais foram denominadas floresta madura, floresta secund\ue1ria e capoeir\ue3o. As \ue1reas, localizadas no munic\uedpio de Santa Tereza, RS, foram amostradas durante o per\uedodo de 2002 a 2003, compreendendo as classes de solo: Chernossolo Argil\ufavico, Cambissolo Ta e Neossolo Lit\uf3lico. Realizou-se amostragem sistem\ue1tica com grid de espa\ue7amento regular entre os pontos variando de 30 m para o capoeir\ue3o e 40 m para floresta madura e secund\ue1ria, totalizando oitenta pontos amostrais em uma \ue1rea total de 7,34 ha. Foram coletadas amostras de solo \u201cin situ\u201d para an\ue1lise em laborat\uf3rio dos atributos densidade do solo, argila, pH, pot\ue1ssio, mat\ue9ria org\ue2nica e f\uf3sforo. A estrutura da variabilidade espacial foi identificada por meio dos semivariogramas, definindo-se os par\ue2metros necess\ue1rios para a krigagem. O atributo mais vari\ue1vel foi a mat\ue9ria org\ue2nica, n\ue3o obtendo ajuste a nenhum modelo te\uf3rico de semivariograma, enquanto que o pH foi o menor. Na an\ue1lise de estrutura da variabilidade espacial por meio da geoestat\uedstica, a argila e densidade, ambas em \ue1rea de floresta secund\ue1ria, e o pH nas \ue1reas experimentais apresentaram a maior depend\ueancia espacial. O modelo gaussiano para o atributo argila obteve o maior alcance da depend\ueancia espacial, sendo 400 e 388 m, nas \ue1reas de floresta secund\ue1ria e madura respectivamente. A valida\ue7\ue3o cruzada mostrou acuracidade no ajuste dos modelos variogr\ue1ficos, tendo a vari\ue1vel pH apresentado o melhor desempenho, 0,87; 0,94 e 0,92 nas \ue1reas de floresta madura, secund\ue1ria e capoeir\ue3o respectivamente.Methods of geostatistics were used in the identification of size and structure of space variability of some physiochemical attributes of soils under seasonal deciduous forest areas, which were called mature forest, secondary forest and "capoeir\ue3o". The areas, located in Santa Tereza, RS, were sampled during the period of 2002 and 2003, comprising the soil classes: Argiluvic Chernosol, Cambisol Ta and Litholic Neosol. Systematic sampling was performed with regular spacing grid of points varying of 30 m for "capoeir\ue3o" and 40 m for mature and secondary forest, in an amount of 80 sample points in a total area of 7.34 ha. For each point, measurements "in situ" were made of the soil bulk density, clay content, pH, potassium, organic matter and phosphorus. The structure of space variability was identified through the variograms, being defined the needed parameters for the Kriging. The most variable attribute was the organic matter, being not adjusted to any model of variogram, while the pH was the least. In the analysis of the space variability structure through the geostatistics, the clay and bulk density, both in area of secondary forest, and pH in the experimental areas, had showed the biggest space dependence. The Gauss model for the clay attribute obtained the largest reach (a), being 400 m and 388 m in the areas of secondary and mature forest, respectively. The crossed validation showed accuracy in the variographic models adjustment, being the pH variable the one which presented the optimum performance, 0.87; 0.94 and 0.92 in the areas of mature forest, secondary forest and "capoeir\ue3o", respectively

Geoestatística aplicada ao estudo das características físico-químicas do solo em áreas de Floresta Estacional Decidual

Methods of geostatistics were used in the identification of size and structure of space variability of some physiochemical attributes of soils under seasonal deciduous forest areas, which were called mature forest, secondary forest and “capoeirão”. The areas, located in Santa Tereza, RS, were sampled during the period of 2002 and 2003, comprising the soil classes: Argiluvic Chernosol, Cambisol Ta and Litholic Neosol. Systematic sampling was performed with regular spacing grid of points varying of 30 m for “capoeirão” and 40 m for mature and secondary forest, in an amount of 80 sample points in a total area of 7.34 ha. For each point, measurements "in situ" were made of the soil bulk density, clay content, pH, potassium, organic matter and phosphorus. The structure of space variability was identified through the variograms, being defined the needed parameters for the Kriging. The most variable attribute was the organic matter, being not adjusted to any model of variogram, while the pH was the least. In the analysis of the space variability structure through the geostatistics, the clay and bulk density, both in area of secondary forest, and pH in the experimental areas, had showed the biggest space dependence. The Gauss model for the clay attribute obtained the largest reach (a), being 400 m and 388 m in the areas of secondary and mature forest, respectively. The crossed validation showed accuracy in the variographic models adjustment, being the pH variable the one which presented the optimum performance, 0.87; 0.94 and 0.92 in the areas of mature forest, secondary forest and “capoeirão”, respectively.Utilizaram-se métodos da geoestatística na identificação do tamanho e da estrutura da variabilidade espacial de alguns atributos físico-químicos do solo em áreas de Floresta Estacional Decidual as quais foram denominadas floresta madura, floresta secundária e capoeirão. As áreas, localizadas no município de Santa Tereza, RS, foram amostradas durante o período de 2002 a 2003, compreendendo as classes de solo: Chernossolo Argilúvico, Cambissolo Ta e Neossolo Litólico. Realizou-se amostragem sistemática com grid de espaçamento regular entre os pontos variando de 30 m para o capoeirão e 40 m para floresta madura e secundária, totalizando oitenta pontos amostrais em uma área total de 7,34 ha. Foram coletadas amostras de solo "in situ" para análise em laboratório dos atributos densidade do solo, argila, pH, potássio, matéria orgânica e fósforo. A estrutura da variabilidade espacial foi identificada por meio dos semivariogramas, definindo-se os parâmetros necessários para a krigagem. O atributo mais variável foi a matéria orgânica, não obtendo ajuste a nenhum modelo teórico de semivariograma, enquanto que o pH foi o menor. Na análise de estrutura da variabilidade espacial por meio da geoestatística, a argila e densidade, ambas em área de floresta secundária, e o pH nas áreas experimentais apresentaram a maior dependência espacial. O modelo gaussiano para o atributo argila obteve o maior alcance da dependência espacial, sendo 400 e 388 m, nas áreas de floresta secundária e madura respectivamente. A validação cruzada mostrou acuracidade no ajuste dos modelos variográficos, tendo a variável pH apresentado o melhor desempenho, 0,87; 0,94 e 0,92 nas áreas de floresta madura, secundária e capoeirão respectivamente

Growth in Uruguay: Factor Accumulation or Productivity Gains?

This paper is part of the project "Explaining Economic Growth Performance" launched by the Global Development Network (GDN). The purpose of this project is to explain economic growth performances across seven regions. During the last five decades the Uruguayan economy faced volatile macroeconomic conditions. Economic policies swung from highly controlled capital flows, exchange rates, and interest rates to the introduction of significant financial liberalization. This study will show that the upturn in economic growth since liberalization is due to improved resource allocation that, in turn, promoted an increase in human capital accumulation. No significant changes are observed in the pattern of physical capital accumulation or the evolution of Total Factor Productivity (TFP). The analysis begins with an overview of recent economic policy in Uruguay, summarizing the characteristics of each period. A growth accounting exercise is then conducted to begin weighing which factors are crucial to understanding the country's pattern of growth. This exercise will show, as previously stated, that TFP played a minimal role. This evidence is complemented by analysis of a time series of key variables, which permits us to address the empirical regularities that must be explained to understand economic growth in Uruguay