Has Inflation Uncertainty Hampered Economic Growth in Latin America?

Abstract

Using time series data, this paper investigates for a number of Latin American countries the validity of the Friedman hypothesis that inflation uncertainty inhibits economic growth. The empirical results are based on the Akaike/Granger-causality procedure and generated from system estimations. For most of the countries in the sample, the results do not reject the friedman hypothesis. Consequently, the erratic inflationary environment in the Latin American countries of recent years seems to have played a significant role in hampering their economic development [130]

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