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Savings in Chile. What went right?

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  • Morande, Felipe G.

Abstract

Some analysts rank Chile as the only Latin American economy that qualifies as a `take-off economy,` or development economy. In a sense, Chile`s enduring success and proved insulation from the `Tequila effect` are due to its high national savings. What has made Chile`s savings so high? What were some key policies implemented? Did the structural and liberalizing reforms of the late 1970s and 1980s have anything to do with it? This paper tries to empirically disentangle some of the puzzles with historical data that span the 1960-1995 period.
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  • Morande, Felipe G., 1998. "Savings in Chile. What went right?," Journal of Development Economics, Elsevier, vol. 57(1), pages 201-228, October.
  • Handle: RePEc:eee:deveco:v:57:y:1998:i:1:p:201-228
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    Cited by:

    1. Chang-Tai Hsieh & Jonathan A. Parker, 2007. "Taxes and Growth in a Financially Underdevelopped Country: Evidence from the Chilean Investment Boom," ECONOMIA JOURNAL, THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION - LACEA, vol. 0(Fall 2007), pages 1-54, August.
    2. Sebastian Edwards, 1998. "The Chilean Pension Reform: A Pioneering Program," NBER Chapters,in: Privatizing Social Security, pages 33-62 National Bureau of Economic Research, Inc.
    3. Juan Pablo Medina & Anella Munro & Claudio Soto, 2008. "What Drives the Current Account in Comodity Exporting Countries? The Cases of Chile and New Zealand," Central Banking, Analysis, and Economic Policies Book Series,in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmidt- (ed.), Current Account and External Financing, edition 1, volume 12, chapter 10, pages 369-434 Central Bank of Chile.
    4. Andrea Butelmann & Francisco Gallego, 2001. "Household Saving in Chile (1988 and 1997): Testing the Life Cycle Hypothesis," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 38(113), pages 3-48.
    5. Eduardo Walker & Fernando Lefort, 2002. "Pension Reform And Capital Markets: Are There Any (Hard) Links?," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 5(2), pages 77-149.
    6. Sherstnev, Mikhail, 2009. "Main sources of finance for development: retrospective view on the evolution of pre-crisis ideas," MPRA Paper 22433, University Library of Munich, Germany.
    7. Felipe Morandé & Rodrigo Vergara, 2001. "Introducción: Análisis empírico del ahorro en Chile," Central Banking, Analysis, and Economic Policies Book Series,in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel(Series Edito (ed.), Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 1, pages 1- 12 Central Bank of Chile.
    8. James, Estelle, 1997. "New systems for old age security - theory, practice, and empirical evidence," Policy Research Working Paper Series 1766, The World Bank.
    9. James,Estelle, 1997. "Pension reform : is there a tradeoff between efficiency and equity?," Policy Research Working Paper Series 1767, The World Bank.
    10. Eisen, Roland, 2000. "(Partial) privatization social security: The Chilean model - a lesson to follow?," CFS Working Paper Series 2000/13, Center for Financial Studies (CFS).
    11. Francisco Gallego & Felipe Morandé & Raimundo Soto, 2001. "El ahorro y el consumo de durables frente al ciclo económico: ¿Consumismo, frugalidad, racionalidad?," Central Banking, Analysis, and Economic Policies Book Series,in: Felipe Morandé & Rodrigo Vergara & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Edit (ed.), Análisis Empírico del Ahorro en Chile, edition 1, volume 1, chapter 5, pages 105-140 Central Bank of Chile.
    12. Francisco Gallego & Felipe Morandé & Raimundo Soto, 2001. "El Ahorro y el Consumo de Bienes Durables Frente al Ciclo Económico en Chile: ¿Consumismo, Frugalidad, Racionalidad?," Working Papers Central Bank of Chile 96, Central Bank of Chile.
    13. Acuna R., Rodrigo & Iglesias P., Augusto, 2001. "Chile's pension reform after twenty years," Social Protection and Labor Policy and Technical Notes 24079, The World Bank.
    14. Ashok Thomas & Luca Spataro, 2013. "Pension funds and Market Efficiency: A review," Discussion Papers 2013/164, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    15. Julia Lynn Coronado, 1998. "The effects of social security privatization on household saving: evidence from the Chilean experience," Finance and Economics Discussion Series 1998-12, Board of Governors of the Federal Reserve System (U.S.).
    16. Rodrigo Cerda & J. Rodrigo Fuentes & Gonzalo García & José Ignacio Llodrá, 2015. "Understanding Domestic Savings in Chile," IDB Publications (Working Papers) 91437, Inter-American Development Bank.
    17. World Bank, 2011. "Turkey - Country Economic Memorandum (CEM) : Sustaining High Growth - The Role of Domestic savings : Synthesis Report," World Bank Other Operational Studies 12264, The World Bank.
    18. Marwan Abdul-Malik Thanoon & Ahmad Zubaidi Baharumshah & Abd. Aziz Abd. Rahman, 2006. "Malaysia: from economic recovery to sustained economic growth," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(2), pages 295-315, January.
    19. Yan Wang & Dianqing Xu & Zhi Wang & FanZhai, 2001. "Implicit pension debt, transition cost, options, and impact of China's pension reform : a computable general equilibrium analysis," Policy Research Working Paper Series 2555, The World Bank.
    20. James, Estelle, 1998. "New Models for Old-Age Security: Experiments, Evidence, and Unanswered Questions," World Bank Research Observer, World Bank Group, vol. 13(2), pages 271-301, August.

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