Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile

This article analyses the Chilean government’s response to the 1999 recession that followed on from the Asian financial crisis, focusing on the macroeconomic policy reforms adopted and the institutional factors that influenced this response. The analysis is based on a review of previous research on...

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Autor principal:	Guzmán, Julio
Formato:	Texto
Lenguaje:	English
Publicado:	2018
Materias:	CONDICIONES ECONOMICAS RECESION ECONOMICA MACROECONOMIA POLITICA ECONOMICA GASTOS PUBLICOS POLITICA FISCAL INDICADORES ECONOMICOS ECONOMIC CONDITIONS ECONOMIC RECESSION MACROECONOMICS ECONOMIC POLICY PUBLIC EXPENDITURES FISCAL POLICY ECONOMIC INDICATORS
Acceso en línea:	http://hdl.handle.net/11362/44322
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spelling	oai-11362-443222019-08-09T17:36:53Z Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile Guzmán, Julio CONDICIONES ECONOMICAS RECESION ECONOMICA MACROECONOMIA POLITICA ECONOMICA GASTOS PUBLICOS POLITICA FISCAL INDICADORES ECONOMICOS ECONOMIC CONDITIONS ECONOMIC RECESSION MACROECONOMICS ECONOMIC POLICY PUBLIC EXPENDITURES FISCAL POLICY ECONOMIC INDICATORS This article analyses the Chilean government’s response to the 1999 recession that followed on from the Asian financial crisis, focusing on the macroeconomic policy reforms adopted and the institutional factors that influenced this response. The analysis is based on a review of previous research on the topic and suggests that some fiscal and monetary policies adopted during 1997−1998 exacerbated the effects of what were initially external shocks. However, fiscal discipline and the robust public institutions developed before and after the recession strengthened Chilean social protection policies. Specifically, public debt reduction in the 1990s, the Copper Revenue Stabilization Fund (FEC) set up in 1985, the structural surplus fiscal rule introduced in 2000 and the new monetary, exchange-rate and fiscal policy mix of that decade reduced the vulnerability of Chile to new shocks. 2018-12-18T20:24:45Z 2018-12-18T20:24:45Z 2018-08-18 Texto Sección o Parte de un Documento http://hdl.handle.net/11362/44322 LC/PUB.2018/6-P 7 en CEPAL Review CEPAL Review 125 .pdf application/pdf CHILE CHILE
institution	Cepal
collection	Cepal
language	English
topic	CONDICIONES ECONOMICAS RECESION ECONOMICA MACROECONOMIA POLITICA ECONOMICA GASTOS PUBLICOS POLITICA FISCAL INDICADORES ECONOMICOS ECONOMIC CONDITIONS ECONOMIC RECESSION MACROECONOMICS ECONOMIC POLICY PUBLIC EXPENDITURES FISCAL POLICY ECONOMIC INDICATORS
spellingShingle	CONDICIONES ECONOMICAS RECESION ECONOMICA MACROECONOMIA POLITICA ECONOMICA GASTOS PUBLICOS POLITICA FISCAL INDICADORES ECONOMICOS ECONOMIC CONDITIONS ECONOMIC RECESSION MACROECONOMICS ECONOMIC POLICY PUBLIC EXPENDITURES FISCAL POLICY ECONOMIC INDICATORS Guzmán, Julio Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile
description	This article analyses the Chilean government’s response to the 1999 recession that followed on from the Asian financial crisis, focusing on the macroeconomic policy reforms adopted and the institutional factors that influenced this response. The analysis is based on a review of previous research on the topic and suggests that some fiscal and monetary policies adopted during 1997−1998 exacerbated the effects of what were initially external shocks. However, fiscal discipline and the robust public institutions developed before and after the recession strengthened Chilean social protection policies. Specifically, public debt reduction in the 1990s, the Copper Revenue Stabilization Fund (FEC) set up in 1985, the structural surplus fiscal rule introduced in 2000 and the new monetary, exchange-rate and fiscal policy mix of that decade reduced the vulnerability of Chile to new shocks.
format	Texto
author	Guzmán, Julio
author_facet	Guzmán, Julio
author_sort	Guzmán, Julio
title	Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile
title_short	Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile
title_full	Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile
title_fullStr	Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile
title_full_unstemmed	Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile
title_sort	macroeconomic shocks and policy reforms: lessons from the 1999 downturn in chile
publishDate	2018
url	http://hdl.handle.net/11362/44322
work_keys_str_mv	AT guzmanjulio macroeconomicshocksandpolicyreformslessonsfromthe1999downturninchile
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Macroeconomic shocks and policy reforms: lessons from the 1999 downturn in Chile

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