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Chile’s Economic Growth

Chile’s Economic Growth. Joel Cohen Vidaur Durazo. History of Economic Growth & Volatility. 1986-2005 4.8% GDP per capita Growth Exceeds world average of 1.4% 3.1% Standard Deviation (Low Relative 1810-2005 1.7% GDP per c apita Growth With periods of negative growth

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Chile’s Economic Growth

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  1. Chile’s Economic Growth Joel Cohen VidaurDurazo

  2. History of Economic Growth & Volatility • 1986-2005 • 4.8% GDP per capita Growth • Exceeds world average of 1.4% • 3.1% Standard Deviation (Low Relative • 1810-2005 • 1.7% GDP per capita Growth • With periods of negative growth • 6.3% Standard Deviation

  3. History of Economic Growth & Volatility

  4. External Economic Shocks • WW1 • Declining world demand of Chilean nitrate • Great Depression - Greatest GDP loss in the world (1930-1932)

  5. History of Economic Growth (Political Explanations) • Post Great Depression • Import Substitution Strategy based on government led industrialization strategy. • Strategy peaked in 1970-1973 • After 1974 Military Coup, Market based policies, deregulation • Structural reforms in 1970-80s lead to macroeconomic stability.

  6. Chilean Economic Growth: International Comparison

  7. World Growth Determinants

  8. Regional & Sector Growth (1960-2005)

  9. Regional Income Convergence

  10. Sector Level TFP Dynamics Sources of Growth at Economic Sector Level:

  11. World Growth

  12. Estimates for Sources of Chilean Growth

  13. Deep Growth Determinants • Domestic Policies • Quality of Institutions • International Factors • Geography • Luck

  14. Cyclical Growth

  15. Questions & Concerns

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