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Crecimiento Económico en Chile: Evidencia de Panel

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  • Fernando Lefort

Abstract

This paper evaluates the growth perfomance of the Chilean economy in comparison to a wide sample of countries. The paper uses a determinants of growth approach to compare the growth performance of Chile before and after 1975. The post 1975 period is associated with the implementation of economic reforms. The paper features a correct treatment of the individual effects and endogeneity problems associated with the estimation of cross-country growth regressions, and the decomposition of the determinants of growth between structural ones and those related to economic reform. The paper shows that although the Chilean economy has notably increased its growth rate during the last twenty years, this has only meant a reduction in the existing growth gap between Chile and East Asian economies. The paper also shows that the increase in the average growth rate after 1975 is well explained by the direct effect of economic reform, while the individual effect for Chile has changed very little.

Suggested Citation

  • Fernando Lefort, 1997. "Crecimiento Económico en Chile: Evidencia de Panel," Working Papers Central Bank of Chile 18, Central Bank of Chile.
    • Handle: RePEc:chb:bcchwp:18
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    File URL: https://www.bcentral.cl/documents/33528/133326/DTBC_18.pdf
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    Cited by:

    1. Francisco Gallego & Norman Loayza, 2002. "The Golden Period for Growth in Chile. Explanations and Forecasts," Central Banking, Analysis, and Economic Policies Book Series, in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.),Economic Growth: Sources, Trends, and Cycles, edition 1, volume 6, chapter 13, pages 417-464, Central Bank of Chile.

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