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Government regulations, external financing, and economic performance: The case of Chile

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  • Corsepius, Uwe

Abstract

Most Latin American countries relied to a large extent on foreign funds to finance their economic development in the seventies and eighties. However, important differences existed with respect to the structure of their capital inflows, the regulations affecting different types of inflows and their overall economic performance. The relative importance of debt finance and foreign direct investments (fdi) in total external liabilities differed significantly between major Latin American borrowers, such as Brazil, Chile and Mexico. In Chile, fdi accounted for only 12 per cent of total external liabilities in 1973 while the ratios were 37 and 23 per cent for Brazil and Mexico respectively (Appendix Table A3). On the other hand, it was only in Chile that the stock of fdi increased relative to total debt outstanding recently.

Suggested Citation

  • Corsepius, Uwe, 1988. "Government regulations, external financing, and economic performance: The case of Chile," Kiel Working Papers 336, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:336
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    1. Lächler, Ulrich, 1985. "Debt versus equity in development finance," Kiel Working Papers 248, Kiel Institute for the World Economy (IfW Kiel).
    2. Ulrich Lächler & Peter Nunnenkamp, 1987. "The effects of debt versus equity inflows on savings and growth in developing economies," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 123(4), pages 631-650, December.
    3. Spinanger, Dean, 1987. "Does trade performance say anything about efficient industrialization policies? Some evidence from Pacific Rim Countries," Kiel Working Papers 302, Kiel Institute for the World Economy (IfW Kiel).
    4. International Monetary Fund, 1985. "Foreign Private Investment in Developing Countries," IMF Occasional Papers 1985/001, International Monetary Fund.
    5. Corbo, Vittorio, 1985. "Reforms and macroeconomic adjustments in Chile during 1974-1984," World Development, Elsevier, vol. 13(8), pages 893-916, August.
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    1. Nunnenkamp, Peter, 1989. "The structure of external financing in Malaysia: the policy framework for foreign direct investment and debt inflows," Kiel Working Papers 368, Kiel Institute for the World Economy (IfW Kiel).
    2. Corsepius, Uwe & Nunnenkamp, Peter & Schweickert, Rainer, 1989. "Debt versus equity finance in developing countries: An empirical analysis of the agent-principal model of internat. capital transfers," Open Access Publications from Kiel Institute for the World Economy 328, Kiel Institute for the World Economy (IfW Kiel).
    3. Nunnenkamp, Peter, 2000. "Ausländische Direktinvestitionen und gesamtwirtschaftliches Wachstum in Entwicklungs- und Schwellenländern," Open Access Publications from Kiel Institute for the World Economy 2468, Kiel Institute for the World Economy (IfW Kiel).

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