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Policy-Driven Productivity in Chile and Mexico in the 1980's and 1990's

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Author Info

  • Raphael Bergoeing
  • Patrick J. Kehoe
  • Timothy J. Kehoe
  • Raimundo Soto

Abstract

Both Chile and Mexico experienced severe economic crises in the early 1980s, but Chile recovered much faster than did Mexico. Using growth accounting and a calibrated dynamic general equilibrium model, we conclude that the crucial determinant of this difference between the two countries was the faster productivity growth in Chile, rather than higher investment or employment. Our hypothesis is that this difference in productivity was driven by ealier policy reforms in Chile, the most crucial of which were in banking and bankruptcy procedures. We propose a theoretical framework in which government policy affects both the allocation of resources and the composition of firms.

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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 92 (2002)
Issue (Month): 2 (May)
Pages: 16-21

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Handle: RePEc:aea:aecrev:v:92:y:2002:i:2:p:16-21

Note: DOI: 10.1257/000282802320188925
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References

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  1. Raphael Bergoeing & Patrick J. Kehoe & Timothy J & Kehoe & Raimundo Soto, 2001. "A decade lost and found: Mexico and Chile in the 1980s," Staff Report 292, Federal Reserve Bank of Minneapolis.
  2. Timothy J. Kehoe & Edward C. Prescott, 2002. "Great Depressions of the Twentieth Century," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 1-18, January.
  3. Raphael Bergoeing & Patrick J. Kehoe & Timothy J. Kehoe & Raimundo Soto, 2002. "Data Appendix to A Decade Lost and Found: Mexico and Chile in the 1980s," Technical Appendices bergoeing02, Review of Economic Dynamics.
  4. Andrew Atkeson & Patrick J. Kehoe, 1995. "Industry evolution and transition: measuring investment in organization," Staff Report 201, Federal Reserve Bank of Minneapolis.
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Citations

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Cited by:
  1. Raphael Bergoeing & Andrés Hernando & Andrea Repetto, 2006. "Market Reforms and Efficiency Gains in Chile," Working Papers Central Bank of Chile 372, Central Bank of Chile.
  2. Raphael Bergoeing & Facundo Piguillem, 2003. "Innovaciones en productividad y dinámica de plantas," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 18(2), pages 3-32, December.
  3. Konstantinos Angelopoulos & George Economides & Vangelis Vassilatos, 2007. "Do institutions matter for economic fluctuations? Weak property rights in a business cycle model for Mexico," Working Papers 2007_35, Business School - Economics, University of Glasgow.
  4. Maria Bas & Ivan Ledezma, 2008. "Trade integration and within-plant productivity evolution in Chile," PSE Working Papers halshs-00588309, HAL.
  5. Almeida, Rita & Fernandes, Ana M., 2011. "Explaining local manufacturing growth in Chile : the advantages of sectoral diversity," Policy Research Working Paper Series 5891, The World Bank.
  6. Maria Bas & Ivan Ledezma, 2008. "Trade integration and within-plant productivity evolution in Chile," Working Papers halshs-00588309, HAL.
  7. Muñoz Saavedra, Ercio, 2009. "Reformas Estructurales y Productividad Total de Factores
    [Structural Reforms and Total Factor Productivity]
    ," MPRA Paper 37362, University Library of Munich, Germany.
  8. Flávia Mourão Graminho, 2006. "A Neoclassical Analysis of the Brazilian "Lost-Decades"," Working Papers Series 123, Central Bank of Brazil, Research Department.
  9. Koji Sakai & Iichiro Uesugi & Tsutomu Watanabe, 2005. "Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms," Discussion papers 05026, Research Institute of Economy, Trade and Industry (RIETI).
  10. Rodrigo Garcá-Verdú, 2005. "Factor Shares from Household Survey Data," DEGIT Conference Papers c010_057, DEGIT, Dynamics, Economic Growth, and International Trade.

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