Economic Growth in South America : A Case Study of Venezuela's 2007 Nationalization Process
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This study seeks to analyze the impact of the nationalization process of 2007 on Venezuela's economy. For the purpose of this analysis, this study uses an augmented Solow growth model to examine the impact that domestic and foreign investment, unemployment, current accounts, and economic freedom have on economic growth. This study uses a fixed effect panel data regression model and a times series regression model to test the augmented Solow growth model in both South America and Venezuela. This paper provides evidence to prove that the nationalization process did contribute to the economic downfall of Venezuela. It also shows the statistical significance of the augmented Solow growth model in this study.