Abstract
We propose a structural breakpoint resampling method that allows us to draw reliable conclusions from Markov chain analysis of GDP growth series; and apply it to Mexico and the U.S. According to our findings, the "structural" probability of a real GDP contraction in the U.S. in 2008 is only 3 %, in spite of the Sub-prime mortgage crisis; and Mexico is in a middle-income trap.
Original language | Spanish |
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Pages (from-to) | 619-643 |
Number of pages | 25 |
Journal | Trimestre Economico |
Volume | 76 |
Issue number | 3 |
DOIs | |
State | Published - 2009 |
Externally published | Yes |