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Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s

  • Raphael Bergoeing
  • Patrick J. Kehoe
  • Timothy J. Kehoe
  • Raimundo Soto

Both Chile and Mexico experienced severe economic crises in the early 1980s, but Chile recovered much faster than did Mexico. Using growth accounting and a calibrated dynamic general equilibrium model, we conclude that the crucial determinant of this difference between the two countries was the faster productivity growth in Chile, rather than higher investment or employment. Our hypothesis is that this difference in productivity was driven by earlier policy reforms in Chile, the most crucial of which were in banking and bankruptcy procedures. We propose a theoretical framework in which government policy affects both the allocation of resources and the composition of firms.

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File URL: http://www.nber.org/papers/w8892.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8892.

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Date of creation: Apr 2002
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Publication status: published as Bergoeing, Raphael, Patrick J. Kehoe, Timothy J. Kehoe and Raimundo Soto. "Policy-Driven Productivity In Chile And Mexico In The 1980's And 1990's," American Economic Review, 2002, v92(2,May), 16-21.
Handle: RePEc:nbr:nberwo:8892
Note: EFG IFM
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  1. Raphael Bergoeing & Patrick J. Kehoe & Timothy J & Kehoe & Raimundo Soto, 2001. "A decade lost and found: Mexico and Chile in the 1980s," Staff Report 292, Federal Reserve Bank of Minneapolis.
  2. Timothy J. Kehoe & Edward C. Prescott (), 2007. "Great depressions of the twentieth century," Monograph, Federal Reserve Bank of Minneapolis, number 2007gdott.
  3. Raphael Bergoeing & Patrick J. Kehoe & Timothy J. Kehoe & Raimundo Soto, 2002. "Data Appendix to A Decade Lost and Found: Mexico and Chile in the 1980s," Technical Appendices bergoeing02, Review of Economic Dynamics.
  4. Timothy Kehoe & Edward Prescott, 2002. "Data Appendix to Great Depressions of the Twentieth Century," Technical Appendices kehoe02, Review of Economic Dynamics.
  5. Andrew Atkeson & Patrick J. Kehoe, 1995. "Industry evolution and transition: measuring investment in organization," Staff Report 201, Federal Reserve Bank of Minneapolis.
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