Chile’s Economic Growth Joel Cohen Vidaur Durazo.

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Presentation transcript:

Chile’s Economic Growth Joel Cohen Vidaur Durazo

History of Economic Growth & Volatility – 4.8% GDP per capita Growth Exceeds world average of 1.4% – 3.1% Standard Deviation (Low Relative – 1.7% GDP per capita Growth With periods of negative growth – 6.3% Standard Deviation

History of Economic Growth & Volatility

External Economic Shocks 1.WW1 2.Declining world demand of Chilean nitrate 3.Great Depression - Greatest GDP loss in the world ( )

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

Chilean Economic Growth: International Comparison

World Growth Determinants

Regional & Sector Growth ( )

Regional Income Convergence

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

World Growth

Estimates for Sources of Chilean Growth

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

Cyclical Growth

Questions & Concerns