Chile's Growth and Development : Leadership, Policy-Making Process, Policies, and Results

This paper analyzes the relations between leadership, the policy making process, policies and institutions, and development results in Chile. It starts with a stylized model for the dynamics of development that derives a Kuznets type relation betwe...

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Bibliographic Details
Main Author:	Schmidt-Hebbel, Klaus
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	AGGREGATE INCOME AGRICULTURE AMERICAN ECONOMIC REVIEW ANNUAL GROWTH AVERAGE GROWTH AVERAGE INCOME AVERAGE LEVEL BANK REGULATION BANKRUPTCY BINDING CONSTRAINTS BUDGET SURPLUS CAPITA GROWTH CAPITAL ACCUMULATION CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL MARKET CASE STUDIES CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CIVIL LIBERTIES CLOSED ECONOMY COLLECTIVE BARGAINING COMMODITY COMMODITY EXPORTS COMPARATIVE ADVANTAGE COMPETITIVENESS COMPLEMENTARITIES COMPLEMENTARITY CORPORATE TAX COUNTRY CASE COUNTRY RISK CREDIT INSTITUTIONS CRISES CRITICAL MASS DEMOCRACY DEVALUATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT CASES DEVELOPMENT ECONOMICS DEVELOPMENT INDICATORS DEVELOPMENT PATH DEVELOPMENT PATHS DEVELOPMENT PRACTITIONERS DISTRIBUTION DATA DISTRIBUTION OF INCOME ECONOMIC ACTIVITY ECONOMIC CRISES ECONOMIC CRISIS ECONOMIC DECISIONS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC POLICIES ECONOMIC REFORMS ECONOMIC RESEARCH ECONOMIC SPHERE ECONOMICS ECONOMICS LITERATURE EMPIRICAL ESTIMATES EMPIRICAL EVIDENCE EMPIRICAL WORK EQUILIBRIUM EXCHANGE RATES EXPORTS EXTERNAL SHOCKS EXTREME POVERTY FACTORS OF PRODUCTION FEMALE LABOR FEMALE LABOR FORCE FINANCIAL LIBERALIZATION FINANCIAL REFORMS FINANCIAL RETURNS FISCAL POLICIES FISCAL POLICY FORECASTS FOREIGN DIRECT INVESTMENT FUTURE GROWTH GDP GDP PER CAPITA GINI COEFFICIENT GOVERNMENT INSTITUTIONS GOVERNMENT REGULATION GOVERNMENT SPENDING GROWTH DECLINE GROWTH DETERMINANTS GROWTH EQUATION GROWTH PERFORMANCE GROWTH POLICIES GROWTH PROJECTIONS GROWTH RATE GROWTH REGRESSIONS GROWTH VOLATILITY HIGH CONCENTRATION HIGH GROWTH HIGH INCOME HUMAN CAPITAL HUMAN RIGHTS IMPORT TARIFFS INCENTIVE STRUCTURE INCOME INCOME DISTRIBUTION INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INDUSTRIAL COUNTRIES INDUSTRIALIZED COUNTRIES INFLATION INFLATION RATE INFLATION TARGET INFLATION TARGETING INNOVATION INSTITUTIONAL DEVELOPMENT INSURANCE INTERACTION EFFECTS INTERNATIONAL FINANCE INTERNATIONAL ORGANIZATIONS INTERNATIONAL TRADE LABOR FORCE PARTICIPATION LABOR MARKET LABOR MARKETS LEGAL SYSTEM LEVEL OF DEVELOPMENT LEVEL OF INCOME LOW INCOME LOW UNEMPLOYMENT MACROECONOMIC INSTABILITY MACROECONOMIC MANAGEMENT MACROECONOMIC PERFORMANCE MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMICS MONETARY POLICY MULTIPLE EQUILIBRIA NATURAL MONOPOLIES NEGATIVE EFFECT OPPORTUNITY SET ORGANIZATIONAL STRUCTURE OUTPUT OVERVALUATION PENSION PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PER CAPITA GROWTH PER CAPITA INCOME PER CAPITA INCOME LEVELS POLICY CHANGES POLICY DETERMINANTS POLICY MAKERS POLICY PACKAGES POLICY REFORMS POLITICAL ECONOMY POLITICAL INSTITUTIONS POLITICAL PARTICIPATION POLITICAL REGIME POLITICAL STABILITY POPULATION SHARE PORTFOLIO PORTFOLIO INVESTMENT POSITIVE ECONOMICS POVERTY ALLEVIATION POVERTY LEVELS POVERTY REDUCTION PRICE CONTROLS PRIVATE MARKETS PRIVATE SECTOR PRIVATIZATION REAL EXCHANGE RATE REDUCING POVERTY REFORM EFFORTS REFORM PROGRAMS RELATIVE INCOME RELATIVE INCOME DISTRIBUTION REPUTATION RISK PREMIUM SCANDALS SECTOR REFORMS SIGNIFICANT REDUCTION SOCIAL CAPITAL SOCIAL NORMS SOCIAL ORGANIZATIONS STABILIZATION POLICIES STAGNATION STANDARD DEVIATION STRUCTURAL POLICIES SUSTAINABLE REFORMS TAX TAX CODES TAX RATE TAX SYSTEM TOTAL FACTOR PRODUCTIVITY TRADE LIBERALIZATION TRADE OPENNESS TRADE UNIONS TRANSPARENCY UNDERDEVELOPMENT UNEMPLOYMENT UNEMPLOYMENT BENEFITS UNEMPLOYMENT RATES UNSKILLED LABOR VIRTUOUS CYCLE WAGES WEALTH WEALTH DISTRIBUTION WELFARE IMPACT WORLD ECONOMY WORLD INCOME DISTRIBUTION
Online Access:	http://documents.worldbank.org/curated/en/360541468010916102/Chiles-growth-and-development-leadership-policy-making-process-policies-and-results http://hdl.handle.net/10986/27939

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Summary:	This paper analyzes the relations between leadership, the policy making process, policies and institutions, and development results in Chile. It starts with a stylized model for the dynamics of development that derives a Kuznets type relation between growth and distribution of income, determined by the quality of leadership, the policy making process, institutions, and policies. This framework is applied to Chile, identifying the features of the policy making process and leadership that allowed for continuation of growth enhancing reform, with a stronger focus on equity goals, since the transition to democracy. As a result of three decades of reforms, Chile has recorded a quantum leap in economic growth, which is traced down to specific reforms. Yet Chile's equity experience is much more mixed: poverty has declined massively but income remains highly concentrated, a likely result of shortcomings in the quality of education and in labor markets. The paper reviews the major risks to the country's future development pace and points out the main reform challenges faced by policy makers.

Chile's Growth and Development : Leadership, Policy-Making Process, Policies, and Results

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