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Sviluppo e riforme in Cile: apertura commerciale, fondi pensione e privatizzazione dei servizi/REFORMS AND DEVELOPMENT IN CHILE: Macro considerations on Int'l Trade, Pension Funds and Privat. of Utilities

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  • Andrea de Panizza

    (ISTAT, formerly at National Research Council of Italy)

Abstract

This paper examines the growth pattern followed by the Chilean economy with reference to the macroeconomic reforms undertaken during the Pinochet regime, which were largely maintained by successive democratic administrations and partially reproduced by neighbouring countries. The focus is on the linkages between international specialisation, development of pension funds and privatisation of utilities. Assuming a joint macroeconomic and geo-political perspective, the analysis highlights how this aspects have positively interacted favouring macroeconomic stabilisation, the deepening of the financial system, the setting up of corporations able to stand in the international arena in services and medium tech sectors and, overall, a better growth and export performances. On the other hand, it is shown how the ‘Chilean road to development’ was largely dependent on a rather unique complex of circumstances, from the early start of reforms, to an exceptionally favourable resource endowment and a strategic location, to the rare opportunity of safeguarding national interests while meeting the wishes of what once was critically called the ‘Washington Consensus’, let alone the tribute paid in terms of human lives and civil rights. The Chilean model-experience is hence hard to reply in time and space, as recent dynamics within the Chilean economy itself have confirmed.

Suggested Citation

  • Andrea de Panizza, 2003. "Sviluppo e riforme in Cile: apertura commerciale, fondi pensione e privatizzazione dei servizi/REFORMS AND DEVELOPMENT IN CHILE: Macro considerations on Int'l Trade, Pension Funds and Privat. of Utili," Macroeconomics 0310005, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0310005
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    Keywords

    Pension funds; Utilities; Debt Management; Latin America; Chile; Macroeconomic reforms; Governance; Privatization; International trade; Growth performance;

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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