Raphael Bergoeing (Universidad de Chile) Patrick J. Kehoe (Federal Reserve Bank of Minneapolis) Timothy J. Kehoe (University of Minnesota) Raimundo Soto (Pontifica Universidad Catolica de Chile)
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Chile and Mexico exoperienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than did Mexico. Comparing data from the two countries allows us to rule out a monetarist explanation, an explanation on falls in real wages and real exchange rates, and a debt overhang explanation. Using growth accounting, a calibrated growth model, and economic theory, we conclude that the crucial difference between the two countries was the earlier policy reforms in Chile that generated faster productivity growth. The most crucial of these reforms were in banking and bankruptcy procedures. (Copyright: Elsevier)
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.
Volume (Year): 5 (2002) Issue (Month): 1 (January) Pages: 166-205 Download reference. The following formats are available: HTML,
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Handle: RePEc:red:issued:v:5:y:2002:i:1:p:166-205
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Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy N6 - Economic History - - Manufacturing and Construction O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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