摘要:This paper investigates the impact of some key variables on Mexican manufacturing competitiveness in the US market. To that end, we construct an international competitiveness ( IC ) index for the manufacturing sector. The responsiveness of such an index to an ample set of variables is evaluated through the use of a stationary VAR model. The short-term empirical evidence indicates that: 1) real currency depreciation weakens, rather than strengthens, IC; 2) labor productivity has a strong positive effect on IC, and 3) a real interest rate increase reduces IC. These findings reflect three fundamental problems of the Mexican manufacturing sector and thus have important economic policy implications.
其他摘要:This paper investigates the impact of some key variables on Mexican manufacturing competitiveness in the US market. To that end, we construct an international competitiveness ( IC ) index for the manufacturing sector. The responsiveness of such an index to an ample set of variables is evaluated through the use of a stationary VAR model. The short-term empirical evidence indicates that: 1) real currency depreciation weakens, rather than strengthens, IC; 2) labor productivity has a strong positive effect on IC, and 3) a real interest rate increase reduces IC. These findings reflect three fundamental problems of the Mexican manufacturing sector and thus have important economic policy implications.
关键词:Manufacturing industry; international competitiveness; Mexico; Latin America. Industria manufacturera; competitividad internacional; México; América Latina.
其他关键词:Manufacturing industry; international competitiveness; Mexico; Latin America.