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Copper and the Chilean Economy, 1960-98

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  • Antonio Spilimbergo

Abstract

This paper studies the links between world copper prices and the Chilean economy. The main conclusion is that world copper prices play an important role in short-term economic fluctuations. While many mechanisms may be at work, investment seems to play a major role. During a copper price boom, the higher copper revenues and associated capital inflows create upward pressure on the real exchange rate. In turn the, appreciation of the Chilean peso during the first part of the copper cycle contributes to lower inflation, which could explain why real wages grow more rapidly in this part of the cycle.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/57.

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Length: 33
Date of creation: 01 Apr 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/57

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References

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  1. Esteban Jadresic, 1997. "What Type of Contracts Underlie Aggregate Wage Dynamics?," IMF Working Papers 97/67, International Monetary Fund.
  2. Calvo, Guillermo A. & Mendoza, Enrique, 1998. "Empirical Puzzles of Chilean Stabilization Policy," Working Papers 98-02, Duke University, Department of Economics.
  3. Robert Brandon Kahn & Adam Bennett & María Vicenta Carkovic S. & Susan Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
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Cited by:
  1. Balázs Égert, 2013. "Dutch Disease in the Post-Soviet Countries of Central and South-West Asia: How Contagious is it?," EconomiX Working Papers 2013-10, University of Paris West - Nanterre la Défense, EconomiX.
  2. Balazs Egert & Carol Leonard, 2008. "Dutch Disease Scare in Kazakhstan: Is it real?," Open Economies Review, Springer, vol. 19(2), pages 147-165, April.
  3. Égert, Balázs, 2004. "Equilibrium Exchange Rates in Southeastern Europe, Russia, Ukraine and Turkey: Healthy or (Dutch) Diseased?," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.
  4. Stijn Claessens & M. Ayhan Kose & International Monetary Fund & Marco E. Terrones & International Monetary Fund, 2011. "Recessions and Financial Disruptions in Emerging Markets: A Bird’s Eye View," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Felipe Céspedes & Roberto Chang & Diego Saravia (ed.), Monetary Policy under Financial Turbulence, edition 1, volume 16, chapter 4, pages 059-104 Central Bank of Chile.
  5. repec:onb:oenbwp:y::i:106:b:1 is not listed on IDEAS
  6. Juan Pablo Medina & Claudio Soto, 2007. "Copper Price, Fiscal Policu and Business Cycle in Chile," Working Papers Central Bank of Chile 458, Central Bank of Chile.
  7. Bernardina Algieri, 2011. "The Dutch Disease: evidences from Russia," Economic Change and Restructuring, Springer, vol. 44(3), pages 243-277, August.
  8. Fidrmuc, Jarko & Silgoner, Maria Antoinette & Cuaresma, Jesus Crespo, 2004. "Exchange Rate Developments and Fundamentals in Four EU Accession and Candidate Countries: Bulgaria, Croatia, Romania and Turkey," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.
  9. Leonard, Carol S. & Égert, Balázs, 2006. "The Dutch Disease in Kazakhstan: An Empirical Investigation," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2.

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