Crecimiento municipal en Colombia : el papel de las externalidades espaciales, el capital humano y el capital físico

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Capítulo 2. Crecimiento municipal en Colombia : el papel de las externalidades espaciales, el capital humano y el capital físico. Pág.:27-58

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Galvis-Aponte, Luis Armando; Hahn-de-Castro, Lucas Wilfried
Banco de la República de Colombia
Crecimiento económico; Convergencia; Externalidades espaciales; C31 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models; O47 - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence; O54 - Economywide Country Studies: Latin America; Caribbean; R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes; Economic growth; Convergence; Spatial externalities; Desarrollo económico -- Colombia -- 1993-2012; Capital humano -- Colombia -- 1993-2012; Producto interno bruto -- Colombia -- 1993-2012; Ingreso per capita -- Colombia -- 1993-2012; C31 - Modelos de sección cruzada; Modelos espaciales; Modelos de efecto de tratamiento; Regresiones cuantiles; Modelos de interacción social; O47 - estudios empíricos del crecimiento económico; Productividad agregada; Convergencia; O54 - Estudios económicos globales de países: América Latina; Caribe; R11 - Actividad económica regional: crecimiento, desarrollo, ambiente y cambios; Economía regional
book chapter description
In this paper we conduct an analysis of economic growth and convergence in the Colombian municipalities during the period 1993-2012. The objective is to evaluate the existence of convergence taking into account the externalities of physical and human capital. According to Mankiw et al. (1992), we estimate convergence equations that are augmented with human capital. Moreover, spatial autocorrelation tests carried out show that this phenomenon can bias the results, leading us to incorporate them in the estimation. We follow the methodology proposed by Ertur and Koch (2006, 2007), who include technological externalities in the analysis of the model which solely considers physical capital (Solow, 1956), and the augmented model with human capital (MRW, 1992). The results show that when spillovers are not taken into account, there is evidence of convergence, however such evidence disappears once they are included in the model.