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Productivity and Economic Growth: The Case of Chile

In: Economic Growth: Sources, Trends, and Cycles

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Author Info

  • Harald Beyer

    (Centro de Estudios Públicos)

  • Rodrigo Vergara

    (Banco Central de Chile)

Abstract

After a decade and a half of economic growth above 7% per year, the Chilean economy has been growing at rates below 3% during the last five years. In this article we suggest that in order to produce a new surge in economic growth, Chile needs a productivity shock arising from economic policy initiatives aimed at improving economic efficiency and institutions. Although Chile has a good record in both, it is still possible to have an upgrade. We run a cross section regression in which the dependent variable is total factor productivity. We conclude that modest changes in the country’s policies and institutions may increase Chile’s rate of growth in 1.5 percent points.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

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This chapter was published in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.) Economic Growth: Sources, Trends, and Cycles, , chapter 10, pages 309-342, 2002.

This item is provided by Central Bank of Chile in its series Central Banking, Analysis, and Economic Policies Book Series with number v06c10pp309-342.

Handle: RePEc:chb:bcchsb:v06c10pp309-342

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References

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  1. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
  2. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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  4. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
  5. Robert M. Solow, 1994. "Perspectives on Growth Theory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 45-54, Winter.
  6. Anne O. Krueger, 1990. "Government Failures in Development," NBER Working Papers 3340, National Bureau of Economic Research, Inc.
  7. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
  8. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
  9. Easterly, William & DEC, 1993. "How much do distortions affect growth?," Policy Research Working Paper Series 1215, The World Bank.
  10. Robert J. Barro, 1995. "Inflation and Economic Growth," NBER Working Papers 5326, National Bureau of Economic Research, Inc.
  11. Kaufmann, Daniel & Kraay, Aart & Zoido-Lobaton, Pablo, 1999. "Governance matters," Policy Research Working Paper Series 2196, The World Bank.
  12. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August.
  13. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
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Cited by:
  1. Juan Rodrigo Fuentes S. & Gonzalo García, 2014. "A Disaggregate Look at Deteriorating Productivity in Chile: Has There Been Structural Change?," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 12(1), pages 04-36, April.
  2. Verónica Mies & Rodrigo Fuentes, 2005. "Mirando el Desarrollo Económico de Chile: Una Comparación Internacional," Documentos de Trabajo 287, Instituto de Economia. Pontificia Universidad Católica de Chile..
  3. Andrea Tokman R, 2005. "Diagnosis and Propasals for Chilean Education," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 8(1), pages 35-52, April.
  4. World Bank, 2004. "Chile : New Economy Study, Volume 2. Background Documents," World Bank Other Operational Studies 14711, The World Bank.
  5. Roberto Álvarez & Rodrigo Fuentes, 2004. "Patterns of Specialization and Economic Growth in Chile by Sector," Working Papers Central Bank of Chile 288, Central Bank of Chile.
  6. Rodrigo Vergara & Rosario Rivero, 2005. "Productividad Sectorial en Chile: 1986-2001," Documentos de Trabajo 286, Instituto de Economia. Pontificia Universidad Católica de Chile..
  7. Andrea Tokman, 2004. "Education and Economic Growth in Chile," Working Papers Central Bank of Chile 289, Central Bank of Chile.
  8. J. Rodrigo Fuentes, 2011. "Una Mirada Desagregada del Deterioro de la Productividad en Chile: ¿Existe un Cambio Estructural?," Documentos de Trabajo 401, Instituto de Economia. Pontificia Universidad Católica de Chile..
  9. Rodrigo Fuentes & Mauricio Larraín & Klaus Schmidt-Hebbel, 2004. "Sources of Economic Growth and Total Factor Productivity in Chile," Working Papers Central Bank of Chile 287, Central Bank of Chile.
  10. Klaus Schmidt-Hebbel, 2006. "Chile's Economic Growth," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 43(127), pages 5-48.
  11. World Bank, 2004. "Chile : New Economy Study, Volume 1. Executive Summary and Policy Recommendations," World Bank Other Operational Studies 14710, The World Bank.
  12. J. Rodrigo Fuentes S. & Verónica Mies M., 2005. "Looking at Chile’s Economic Dvelopment From an International Perspective," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 8(1), pages 7-33, April.
  13. Nganou, Jean-Pascal & Kebede, Ephraim, 2012. "Sources of Growth in Post-Conflict Burundi: From Destruction to Production," MPRA Paper 43577, University Library of Munich, Germany.

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