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Copper and the Chilean Economy, 1960-98

Author

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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.

Suggested Citation

  • Antonio Spilimbergo, 2002. "Copper and the Chilean Economy, 1960-98," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(2), pages 115-126.
  • Handle: RePEc:taf:jpolrf:v:5:y:2002:i:2:p:115-126 DOI: 10.1080/13841280214094
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    References listed on IDEAS

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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 M Schadler, 1993. "Recent Experiences with Surges in Capital Inflows," IMF Occasional Papers 108, International Monetary Fund.
    4. Agnès Belaisch & Claudio Soto, 1998. "Empirical Regularities of Chilean Business Cycles," Working Papers Central Bank of Chile 41, Central Bank of Chile.
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    Cited by:

    1. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 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.
    2. 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.
    3. repec:onb:oenbwp:y::i:106:b:1 is not listed on IDEAS
    4. Bernardina Algieri, 2011. "The Dutch Disease: evidences from Russia," Economic Change and Restructuring, Springer, pages 243-277.
    5. Balázs Égert, 2012. "Dutch diease in the post-soviet countries of central and south-west Asia: How contagious is it?," Post-Print hal-01385841, HAL.
    6. Buncic, Daniel & Moretto, Carlo, 2015. "Forecasting copper prices with dynamic averaging and selection models," The North American Journal of Economics and Finance, Elsevier, vol. 33(C), pages 1-38.
    7. Balázs Égert & Carol S. Leonard, 2006. "The Dutch Disease in Kazakhstan: An Empirical Investigation," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 85-108.
    8. Medina, Juan Pablo & Soto, Claudio, 2016. "Commodity prices and fiscal policy in a commodity exporting economy," Economic Modelling, Elsevier, vol. 59(C), pages 335-351.
    9. International Monetary Fund, 2005. "Chile; Selected Issues," IMF Staff Country Reports 05/316, International Monetary Fund.
    10. repec:onb:oenbfi:y:2004:i:2:b:6 is not listed on IDEAS
    11. Balázs Égert, 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, pages 138-181.

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    Keywords

    Chile; Copper; Cycle;

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