A Decade Lost and Found: Mexico and Chile in the 1980s

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• 作者：Bergoeing ; Raphael ; Kehoe ; Patrick J. ; Kehoe ; Timothy J. ; Soto ; Raimundo
• 刊名：Review of Economic Dynamics
• 出版年：2002
• 出版时间：January, 2002
• 年：2002
• 卷：5
• 期：1
• 页码：166-205
• 全文大小：283 K

文摘

Chile and Mexico experienced severe economic crises in the early 1980s. This paper analyzes four possible explanations for why Chile recovered much faster than Mexico did. Comparing data from the two countries allows us to rule out a monetarist explanation, an explanation based 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. Journal of Economic Literature Classification Numbers: E32, N16, O40.