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23 de julio 2015
Impact of Financial Development on Economic Growth: An Empirical Assessement for Chile

This thesis evaluates whether Financial Development have had an impact on Chilean economic growth in the last thirty years and in which way. Following literature regarding the issue, the relation is evaluated for the main channels by which the financial sector is supposed to affect aggregated product: via Total Factor Productivity and via physical capital […]

30 de junio 2015
Monetary Policy and Economic Performance in Resource Dependent Economies

There is ample consensus that monetary policy plays a key role in fostering economic growth and avoiding the costs of chronic inflation. Prudential and transparent monetary policies –in conjunction with budget-balanced fiscal policies—are universally recommended as a sound macroeconomic stance. While these recommendations may have general validity for non-resource based economies, their applicability to resource-rich […]

13 de mayo 2015
Chilean Growth Dynamics

This paper provides a framework for analyzing the growth dynamics of Chile. Using univariate time series representations, we find that the Chilean data is more consistent with exogenous rather than endogenous growth models. Terms of trade, improvements in the quality of capital, and the presence of distortions are important factors behind a dynamic characterization of […]

12 de mayo 2015
Spatial Inequality, Migration and Economic Growth in Chile

Entre 1975 y 2000, el PIB por habitante creció 5% por año en Chile. Sin embargo, las regiones no se beneficiaron de igual forma: la pobreza cayó significativamente en todas ellas, pero la desigualdad de ingreso regional se mantuvo constante. Encontramos que la convergencia en el ingreso y productividad per capita es demasiado lenta para […]

12 de mayo 2015
Sources of Growth and Behavior of TFP in Chile

Chile has exhibited sharp cyclical and trend variation in its GDP and TFP growth rates during the last half century. This paper presents new estimates of the sources of Chile’s growth and new measures for factor inputs and TFP during 1960- 2005. Capital series are adjusted by utilization and labor employment series by hours worked […]

12 de mayo 2015
Regional Convergence in Chile: New Tests, Old Results

Convergence tests implicitly test the unit root hypothesis for per capita income. Although the statistics do not have critical values under the null hypothesis most papers on this subject use them, with the corresponding problems for inference. This paper determines the existence of convergence in GDP levels and income across the regions of Chile using […]

12 de mayo 2015
Chile’s Economic Growth

Chile’s average per capita GDP growth of 4.1% during 991-2005 was significantly higher than average world growth during the same period and was a strong break from its own past. How much of Chile’s recent growth is trend growth and how much is cyclical, influenced largely by external conditions? Which are the main determinants of […]