Chile's Growth and Development
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World Bank, Washington, DC
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This paper analyzes the relations
between leadership, the policy making process, policies and
institutions, and development results in Chile. It starts
with a stylized model for the dynamics of development that
derives a Kuznets type relation between growth and
distribution of income, determined by the quality of
leadership, the policy making process, institutions, and
policies. This framework is applied to Chile, identifying
the features of the policy making process and leadership
that allowed for continuation of growth enhancing reform,
with a stronger focus on equity goals, since the transition
to democracy. As a result of three decades of reforms, Chile
has recorded a quantum leap in economic growth, which is
traced down to specific reforms. Yet Chile's equity
experience is much more mixed: poverty has declined
massively but income remains highly concentrated, a likely
result of shortcomings in the quality of education and in
labor markets. The paper reviews the major risks to the
country's future development pace and points out the
main reform challenges faced by policy makers.
Palabras clave
AGGREGATE INCOME, AGRICULTURE, AMERICAN ECONOMIC REVIEW, ANNUAL GROWTH, AVERAGE GROWTH, AVERAGE INCOME, AVERAGE LEVEL, BANK REGULATION, BANKRUPTCY, BINDING CONSTRAINTS, BUDGET SURPLUS, CAPITA GROWTH, CAPITAL ACCUMULATION, CAPITAL INFLOWS, CAPITAL INVESTMENT, CAPITAL MARKET, CASE STUDIES, CENTRAL BANK, CENTRAL BANK INDEPENDENCE, CENTRAL BANKS, CIVIL LIBERTIES, CLOSED ECONOMY, COLLECTIVE BARGAINING, COMMODITY, COMMODITY EXPORTS, COMPARATIVE ADVANTAGE, COMPETITIVENESS, COMPLEMENTARITIES, COMPLEMENTARITY, CORPORATE TAX, COUNTRY CASE, COUNTRY RISK, CREDIT INSTITUTIONS, CRISES, CRITICAL MASS, DEMOCRACY, DEVALUATION, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, DEVELOPING ECONOMIES, DEVELOPMENT CASES, DEVELOPMENT ECONOMICS, DEVELOPMENT INDICATORS, DEVELOPMENT PATH, DEVELOPMENT PATHS, DEVELOPMENT PRACTITIONERS, DISTRIBUTION DATA, DISTRIBUTION OF INCOME, ECONOMIC ACTIVITY, ECONOMIC CRISES, ECONOMIC CRISIS, ECONOMIC DECISIONS, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC OUTCOMES, ECONOMIC POLICIES, ECONOMIC REFORMS, ECONOMIC RESEARCH, ECONOMIC SPHERE, ECONOMICS, ECONOMICS LITERATURE, EMPIRICAL ESTIMATES, EMPIRICAL EVIDENCE, EMPIRICAL WORK, EQUILIBRIUM, EXCHANGE RATES, EXPORTS, EXTERNAL SHOCKS, EXTREME POVERTY, FACTORS OF PRODUCTION, FEMALE LABOR, FEMALE LABOR FORCE, FINANCIAL LIBERALIZATION, FINANCIAL REFORMS, FINANCIAL RETURNS, FISCAL POLICIES, FISCAL POLICY, FORECASTS, FOREIGN DIRECT INVESTMENT, FUTURE GROWTH, GDP, GDP PER CAPITA, GINI COEFFICIENT, GOVERNMENT INSTITUTIONS, GOVERNMENT REGULATION, GOVERNMENT SPENDING, GROWTH DECLINE, GROWTH DETERMINANTS, GROWTH EQUATION, GROWTH PERFORMANCE, GROWTH POLICIES, GROWTH PROJECTIONS, GROWTH RATE, GROWTH REGRESSIONS, GROWTH VOLATILITY, HIGH CONCENTRATION, HIGH GROWTH, HIGH INCOME, HUMAN CAPITAL, HUMAN RIGHTS, IMPORT TARIFFS, INCENTIVE STRUCTURE, INCOME, INCOME DISTRIBUTION, INCOME GROWTH, INCOME INEQUALITY, INCOME LEVELS, INDUSTRIAL COUNTRIES, INDUSTRIALIZED COUNTRIES, INFLATION, INFLATION RATE, INFLATION TARGET, INFLATION TARGETING, INNOVATION, INSTITUTIONAL DEVELOPMENT, INSURANCE, INTERACTION EFFECTS, INTERNATIONAL FINANCE, INTERNATIONAL ORGANIZATIONS, INTERNATIONAL TRADE, LABOR FORCE PARTICIPATION, LABOR MARKET, LABOR MARKETS, LEGAL SYSTEM, LEVEL OF DEVELOPMENT, LEVEL OF INCOME, LOW INCOME, LOW UNEMPLOYMENT, MACROECONOMIC INSTABILITY, MACROECONOMIC MANAGEMENT, MACROECONOMIC PERFORMANCE, MACROECONOMIC POLICY, MACROECONOMIC STABILITY, MACROECONOMIC STABILIZATION, MACROECONOMICS, MONETARY POLICY, MULTIPLE EQUILIBRIA, NATURAL MONOPOLIES, NEGATIVE EFFECT, OPPORTUNITY SET, ORGANIZATIONAL STRUCTURE, OUTPUT, OVERVALUATION, PENSION, PENSION REFORM, PENSION SYSTEM, PENSION SYSTEMS, PENSIONS, PER CAPITA GROWTH, PER CAPITA INCOME, PER CAPITA INCOME LEVELS, POLICY CHANGES, POLICY DETERMINANTS, POLICY MAKERS, POLICY PACKAGES, POLICY REFORMS, POLITICAL ECONOMY, POLITICAL INSTITUTIONS, POLITICAL PARTICIPATION, POLITICAL REGIME, POLITICAL STABILITY, POPULATION SHARE, PORTFOLIO, PORTFOLIO INVESTMENT, POSITIVE ECONOMICS, POVERTY ALLEVIATION, POVERTY LEVELS, POVERTY REDUCTION, PRICE CONTROLS, PRIVATE MARKETS, PRIVATE SECTOR, PRIVATIZATION, REAL EXCHANGE RATE, REDUCING POVERTY, REFORM EFFORTS, REFORM PROGRAMS, RELATIVE INCOME, RELATIVE INCOME DISTRIBUTION, REPUTATION, RISK PREMIUM, SCANDALS, SECTOR REFORMS, SIGNIFICANT REDUCTION, SOCIAL CAPITAL, SOCIAL NORMS, SOCIAL ORGANIZATIONS, STABILIZATION POLICIES, STAGNATION, STANDARD DEVIATION, STRUCTURAL POLICIES, SUSTAINABLE REFORMS, TAX, TAX CODES, TAX RATE, TAX SYSTEM, TOTAL FACTOR PRODUCTIVITY, TRADE LIBERALIZATION, TRADE OPENNESS, TRADE UNIONS, TRANSPARENCY, UNDERDEVELOPMENT, UNEMPLOYMENT, UNEMPLOYMENT BENEFITS, UNEMPLOYMENT RATES, UNSKILLED LABOR, VIRTUOUS CYCLE, WAGES, WEALTH, WEALTH DISTRIBUTION, WELFARE IMPACT, WORLD ECONOMY, WORLD INCOME DISTRIBUTION