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Savings in Chile: What Went Right?

  • Felipe G. Morandé

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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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4030.

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Date of creation: Mar 1996
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Handle: RePEc:idb:wpaper:4030
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  1. Maddison, Angus, 1992. " A Long-Run Perspective on Saving," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(2), pages 181-96.
  2. Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
  3. Christopher D. Carroll & David N. Weil, 1993. "Saving and Growth: A Reinterpretation," NBER Working Papers 4470, National Bureau of Economic Research, Inc.
  4. Corbo, Vittorio & Schmidt-Hebbel, Klaus, 1991. "Public policies and saving in developing countries," Journal of Development Economics, Elsevier, vol. 36(1), pages 89-115, July.
  5. 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.
  6. Deaton, Angus, 1992. "Understanding Consumption," OUP Catalogue, Oxford University Press, number 9780198288244.
  7. Heng-fu Zou, 1993. ""The Spirit of Capitalism" and Monetary Growth," CEMA Working Papers 497, China Economics and Management Academy, Central University of Finance and Economics.
  8. 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.
  9. Schmidt-Hebbel, K. & Serven, L., 1997. "Saving Across the World: Puzzles and Policies," World Bank - Discussion Papers 354, World Bank.
  10. 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.
  11. 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.
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