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Savings in Chile: What Went Right?

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  • Morandé, Felipe

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.

Suggested Citation

  • Morandé, Felipe, 2011. "Savings in Chile: What Went Right?," IDB Publications (Working Papers) 6194, Inter-American Development Bank.
  • Handle: RePEc:idb:brikps:6194
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    References listed on IDEAS

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    1. Carroll, Christopher D. & Weil, David N., 1994. "Saving and growth: a reinterpretation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 133-192, June.
    2. Peter C. B. Phillips & Mico Loretan, 1991. "Estimating Long-run Economic Equilibria," Review of Economic Studies, Oxford University Press, vol. 58(3), pages 407-436.
    3. Susan M. Collins, 1991. "Saving Behavior in Ten Developing Countries," NBER Chapters,in: National Saving and Economic Performance, pages 349-376 National Bureau of Economic Research, Inc.
    4. Sebastian Edwards, 1995. "Why are Saving Rates so Different Across Countries?: An International Comparative Analysis," NBER Working Papers 5097, National Bureau of Economic Research, Inc.
    5. Schmidt-Hebbel, Klaus & Serven, Luis & Solimano, Andres, 1996. "Saving and Investment: Paradigms, Puzzles, Policies," World Bank Research Observer, World Bank Group, vol. 11(1), pages 87-117, February.
    6. Maddison, Angus, 1992. " A Long-Run Perspective on Saving," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 181-196.
    7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    8. Deaton, Angus, 1992. "Understanding Consumption," OUP Catalogue, Oxford University Press, number 9780198288244.
    9. Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
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    Citations

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    Cited by:

    1. Chang-Tai Hsieh & Jonathan A. Parker, 2007. "Taxes and Growth in a Financially Underdeveloped Country: Evidence from the Chilean Investment Boom," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2007), pages 1-53, August.
    2. 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.
    3. 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 (US).

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