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A Decade Lost and Found: Mexico and Chile in the 1980s / Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, Raimundo Soto.
- Format:
- Book
- Author/Creator:
- Bergoeing, Raphael.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8520.
- NBER working paper series no. w8520
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- A Decade Lost and Found
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2001.
- Summary:
- Chile and Mexico experienced 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 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.
- Notes:
- Print version record
- October 2001.
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