Economic Reforms, Financial Development and Growth: Lessons from the Chilean Experience

Despite reform efforts, the economic performance of Latin American countries during the 1990s was disappointing with the exception of Chile, which grew at almost 7% per year. This paper tries to explain this difference. Following recent literature that highlights the role played by institutions and...

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Autores principales:	HERNÁNDEZ,LEONARDO, PARRO,FERNANDO
Lenguaje:	English
Publicado:	Instituto de Economía, Pontificia Universidad Católica de Chile 2008
Materias:	Economic Growth Reforms Institutions Financial Development
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212008000100003
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spelling	oai:scielo:S0717-682120080001000032009-01-13Economic Reforms, Financial Development and Growth: Lessons from the Chilean ExperienceHERNÁNDEZ,LEONARDOPARRO,FERNANDO Economic Growth Reforms Institutions Financial Development Despite reform efforts, the economic performance of Latin American countries during the 1990s was disappointing with the exception of Chile, which grew at almost 7% per year. This paper tries to explain this difference. Following recent literature that highlights the role played by institutions and policies on economic growth, we estimate a cross-section econometric model over the 1960-2005 period and find that Chile's better performance can largely be explained by a combination of better institutions and reforms that have been deeper and broader in scope than those in the rest of Latin America. In addition, we estimate that improving institutions in other Latin American countries to the Chilean standard would have increased per-capita GDP growth rates by about one and a half percentage points.info:eu-repo/semantics/openAccessInstituto de Economía, Pontificia Universidad Católica de ChileCuadernos de economía v.45 n.131 20082008-05-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212008000100003en10.4067/S0717-68212008000100003
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Economic Growth Reforms Institutions Financial Development
spellingShingle	Economic Growth Reforms Institutions Financial Development HERNÁNDEZ,LEONARDO PARRO,FERNANDO Economic Reforms, Financial Development and Growth: Lessons from the Chilean Experience
description	Despite reform efforts, the economic performance of Latin American countries during the 1990s was disappointing with the exception of Chile, which grew at almost 7% per year. This paper tries to explain this difference. Following recent literature that highlights the role played by institutions and policies on economic growth, we estimate a cross-section econometric model over the 1960-2005 period and find that Chile's better performance can largely be explained by a combination of better institutions and reforms that have been deeper and broader in scope than those in the rest of Latin America. In addition, we estimate that improving institutions in other Latin American countries to the Chilean standard would have increased per-capita GDP growth rates by about one and a half percentage points.
author	HERNÁNDEZ,LEONARDO PARRO,FERNANDO
author_facet	HERNÁNDEZ,LEONARDO PARRO,FERNANDO
author_sort	HERNÁNDEZ,LEONARDO
title	Economic Reforms, Financial Development and Growth: Lessons from the Chilean Experience
title_short	Economic Reforms, Financial Development and Growth: Lessons from the Chilean Experience
title_full	Economic Reforms, Financial Development and Growth: Lessons from the Chilean Experience
title_fullStr	Economic Reforms, Financial Development and Growth: Lessons from the Chilean Experience
title_full_unstemmed	Economic Reforms, Financial Development and Growth: Lessons from the Chilean Experience
title_sort	economic reforms, financial development and growth: lessons from the chilean experience
publisher	Instituto de Economía, Pontificia Universidad Católica de Chile
publishDate	2008
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0717-68212008000100003
work_keys_str_mv	AT hernandezleonardo economicreformsfinancialdevelopmentandgrowthlessonsfromthechileanexperience AT parrofernando economicreformsfinancialdevelopmentandgrowthlessonsfromthechileanexperience
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Economic Reforms, Financial Development and Growth: Lessons from the Chilean Experience

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