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The Response of the Mexican Economy to Policy Actions

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The Response of the Mexican Economy to Policy Actions The Response of the Mexican Economy to Policy Actions by CILBERTO ESCOBEDO Mr. Escobedo is the Assistant Director of the Department of Economic Studies at the Barico de Mexico. He majored in economics at the tJniversidad Nacional Autonoma de Mexico and attended the Universidad Iberoamericana and Florida State University for additional study. He has written extensively on the Mexican economy. While on sabbatical leave to the Federal Reserve Bank of St. Louis, he directed his attentions to the development of an econ- ometric model c/the Mexican economy. The following article serves as supportive material to this econometric study. 11’ HE MEXICAN economy has experienced a re- Gross domestic product has grown at an average markable evolution in the last decade. Compared to annual rate of 11 percent, 7 percent in real terms and the western world, Mexico’s rate of growth in this 4 percent in prices.’ When considering the 3.2 per- period was surpassed only by Japan, and the rate of cent rate of population growth, output per capita rose inflation was low and steady. This is to m-ention only at a very respectable 3.8 percent rate.3 two of the many economic accomplishments of the The composition of GDP has undergone a consid- nation that has been referred to as “The Mexican Miracle,” erable change in the last 20 years. As a result of im- port substitution, manufacturing production has For some people, however, the days of the so- grown considerably in importance at the expense of called “Mexican Miracle” seem to be ending, while agriculture. Over the same period services have for others only temporary difficulties have appeared. grown and at present represent more than 40 percent In 1971 the rate of growth of real gross domestic prod- of total GDP. uct (GDP) reached its lowest point since 1955 (3.7 In spite of the rapid growth and shifts in the com- percent) and prices showed a peak rate of increase of position of production, an underlying problem of per- 5 percent.’ The question now asked is whether this sistent maldistribution of income has shown no rela- situation was just a temporary setback or a sign of 4 things to come. tive improvement in the past 15 years. Pricer and Uaemptoy-ment — Over the last 15 years This article attempts to provide some insight into the 4 percent annual rate of growth in the implicit the complexities of the Mexican economy. It serves as price deflator compares favorably with the 10 percent background information to a larger study on the de- velopment of an econometric model of the Mexican yearly average of the previous 15 years. Inflationary pressures in this earlier period primarily reflected a economy. rapid growth in Federal expenditures relative to na- Recent Dev-elopments ‘The data used throughout this section are from the following sources: Banco de Mexico S.A., Dimecion General de Gnne Domes-I-ic Prothscl — Mexico has experienced Estadistiea, and International Monetary Fund. 3 considerable economic growth in the last 15 years. Output per capita in terms of dollars has grown as follows: 1950 = $183; 1960 = $346; and 1970 = $690. ‘Gross domestic product is equal to gross national product ~I6genia M. de Navarrate, La Distribucion dcl Ingreso ~‘ el minus factor payments to other countries. De.sarrollo Fconomieo de Mexico, UNAM (1960). Page 15 FEDERAL RESERVE BANK OF ST. LOUIS JUNE 1973 Economic Indicators Wholesale Price Indexes United States Mexico folio Stole All Commodities folio Scolo l961~l00 0967_bC -- 130 120 E HE E7~ 010 £~____k~._____ ~— — 000 — ~ : 900 90 TT ~ 90 9965 0966 1967 9960 0969 0910 9979 1972 Sll,ll, 0,,lA do A,,—i~l ltd US. Dttt,’t,t,’tTLtbt, 000 PRICES tAll OSCA6E lmzvcstment — Real investment has been the main source of dynamism in the Mexican economy. Public as well as private capital formation have made it pos- sible to achieve an average 17 percent annual rate of 100 -! growth in real investment in the last 20 years. Over 90 640 609 that period Government investment, directed mainly OltilO tO~DOLLl to the development of infrastructure (roads, dams, 300 electricity, etc.), has comprised about 45 percent of total investment. 200 Public Finance — Throughout the past 10 years the annual rate of growth of total Government expendi- tures has been 13 percent. This growth is primarily 9960 962 964 9966 3960 9470 9972 9960 0962 964 3966 9966 9970 972 ~~ the result of a public policy to accelerate infrastruc- ture capital formation and promote social welfare. On —. the other hand, revenue has not grown at a rate suffi- tional output. These expenditures were financed by cient to cover total expenditures. Consequently, the the creation of “new” money which grew at rates net budget position has been in deficit. higher than real GDP. The relatively slow growth in revenue represents a Stability in the more recent period has been accom- direct effort by the Government to promote and sus- plished by maintaining balance between Federal ex- tain the growth of private investment, rather than in- penditures and national output. Monetary authorities crease Government revenue. Tax exemptions or re- have contributed to this delicate balance by offsetting ductions as well as increased transfer payments have pressures emanating from excessive Government ex- been used widely to promote private investment, penditures and an important external sector. both domestic and foreign. Sacings — While Federal Government contributions The rate of unemployment in Mexico is generally to the growth of savings (budget surpluses) have considered so high that sharp increases in aggregate been negligible, private as well as foreign savings demand are assumed not to affect prices, since they have been growing at high and steady rates. Gross will be absorbed by greater levels of employment. national savings grew from 4,735 million pesos in 1950 This assumption can not be proved, however, since to 12,442 million in 1958, and to 52,000 mfflion pesos there is no reliable information concerning employ- in 1970.~Savings represented 10 percent of GDP in ment. As developed later, it will be shown that for 1950 and 17 percent in 1970. certain instances, full-employment conditions appear 5 even though a great proportion of the labor force is Oae peso is equivalent to $08 in U.S. currency. One dollam actually unemployed. is 12.50 pesos. Page 16 FEDERAL RESERVE BANK OF ST. LOUIS JUNE 1973 Balance of Payments and Components Bank Credit* 1+1 Surpluol I-I Delidl 9_fr, Ratio Scale Ratio Scale Ox- fI -‘ If elf ons of Dollars UNITED STATES Billions of Dollars 550 550 5” 500 450 450 400 400 TOTAL LOANS AND INVESTMENTS 350 AT ALL COMMERCIAL BANKS 350 June70 Dec 7 300 Ratio Sele 1967 1968 1969 1970 1971 1972 Sources Oanco de Mexico and Federal Reserve Bank of SI. Lou is ‘Averoges of preceding and current end-of-month seasonally odiusted figures. The Mexican banking system has been absorbing greater amounts of these savings in the last 15 years. Its liabilities have been growing at an average rate of 17 percent annually — a rate considerably higher than that of GDP. Increased monetization of both real and financial assets and growing domestic savings per- mitted this growth in banking liabilities. The favorable 9963 9964 9960 0460 9967 9960 969 970 9670 0972 interest rates relative to foreign markets, and a com- v,tl_—ovuui. cI—ul,,,llffIC~Ofl,,,, petitive and efficient financial system produced at- tractive conditions for domestic as well as foreign Mexico’s imports, which currently represent 15 per- investors. cent of GDP°, have increased at an average annual rate of 12 percent in the last decade. This rate is not The greater volume of savings received by the only higher than that of GDP, but also exceeds export financial system, in turn, has allowed monetary au- growth, which has been growing at an average an- thorities to reallocate private savings to finance Gov- nual rate of only 8 percent. As a result, the balance- ernment deficits through the mechanism of required of-payments deficit on current account has been in- reserves, instead of issuing “new” money. (Growth of creasing continuously, reaching a peak of $900 million the money stock has been sustained at an average in 1970. annual rate of 10 percent in the last 15 years, the same rate as nominal GDP.) Although this realloca- The increasing trade deficits have been offset by tion process has increased the amount of credit avail- greater direct foreign investment and loans. Until now able to the Government, it also has made the Gov- the amount of foreign credit has not only been suffi- ernment more dependent on private banking. cient to finance the current account deficit, but enough 6 External Sector — One of the great problems facing 1n the United States this propothon has been approximately 6 percent of GDP in the last three years. This proportion in any developing nation, including Mexico, is financing Mexico seems high considering that the process of import the increased importation of required capital goods. substitution has practically come to an end. Page 17 FEDERAL RESERVE SANK OF ST. LOUIS JUNE 1973 external capital has been received to allow an expan- the past this goal was expressed in general terms, sion of the international reserves of the central bank. rather than specifically quantified. Presently it is ex- pressed as a “desired” annual rate of growth in real Recognizing that the development process itself re- GDP betiveen 6 and 7 percent. When adjusted for quires increasing amounts of imports, the only solution population trends, this means a net growth of 3 to 4 to a trade deficit problem for a developing nation is percent in per capita terms.
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