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Stabilisation strategies in primary commodity exporting countries: A case study of Chile

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  • Dick, Hermann
  • Gerken, Egbert
  • Mayer, Thomas
  • Vincent, David P.

Abstract

A number of recent studies have shown that the short term level of economic activity and employment in primary commodity exporting countries is particularly vulnerable to price fluctuations in world commodity markets. The authorities in such countries, in seeking to maintain output and employment stability, must invoke compensatory macroeconomic adjustment strategies to accommodate both favourable and unfavourable movements in the foreign terms of trade. Chile provides a case in point. Chile has traditionally been heavily reliant on raw materials exports, particularly copper, for its foreign exchange earnings. Copper exports averaged around 70 per cent of total export earnings for the period 1960-19 76. They currently represent about one half of total foreign exchange earnings.

Suggested Citation

  • Dick, Hermann & Gerken, Egbert & Mayer, Thomas & Vincent, David P., 1982. "Stabilisation strategies in primary commodity exporting countries: A case study of Chile," Kiel Working Papers 144, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:144
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    References listed on IDEAS

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    1. Behrman, Jere R, 1972. "Sectoral Elasticities of Substitution between Capital and Labor in a Developing Economy: Time Series Analysis in the Case of Postwar Chile," Econometrica, Econometric Society, vol. 40(2), pages 311-326, March.
    2. Dick, Hermann & Gupta, Sanjeev & Mayer, Thomas & Vincent, David P., 1982. "The Short-Run Impact of fluctuating primary commodity prices on three developing economies: Colombia, Ivory Coast and Kenya," Kiel Working Papers 155, Kiel Institute for the World Economy (IfW Kiel).
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    1. Vincent, David P., 1983. "Exchange rates, monetary policy and wages: A case study of Chile," Kiel Working Papers 164, Kiel Institute for the World Economy (IfW Kiel).
    2. Gerken, Egbert, 1983. "Stabilizing the domestic price level under fluctuating terms of trade," Kiel Working Papers 179, Kiel Institute for the World Economy (IfW Kiel).

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