Assessing The Macroeconomic Impact Of Structural Reforms In Chile

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Assessing the Macroeconomic Impact of Structural Reforms in Chile

Metodij Hadzi-Vaskov
Assessing the Macroeconomic Impact of Structural Reforms in Chile Book PDF

Author : Metodij Hadzi-Vaskov
Publisher : International Monetary Fund
Page : 25 pages
File Size : 46,7 Mb
Release : 2018-12-14
Category : Business & Economics
ISBN : 9781484392508

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Assessing the Macroeconomic Impact of Structural Reforms in Chile by Metodij Hadzi-Vaskov Pdf

This study investigates the likely macroeconomic impact of various structural reforms that align the Chilean regulatory framework with international best practices. In this context, the analysis: i) presents a comparison across a large set of structural indicators; ii) identifies policy gaps with respect to OECD countries; and iii) provides quantification of the likely growth and fiscal impact of policy reforms needed to close the gaps. Chile’s economy is likely to benefit from streamlining business regulation and licensing, strengthening innovation and R&D capacity, improving labor market flexibility, and enhancing active labor market policies. Overall, the study presents a scenario in which Chile closes structural gaps with OECD’s 25th percentile over five years, with up to 6 percent higher output level and a cumulative net fiscal gain of about 1⁄2 percent of GDP.

Long-term Gain, Short-Term Pain

Marika Santoro
Long term Gain Short Term Pain Book PDF

Author : Marika Santoro
Publisher : International Monetary Fund
Page : 35 pages
File Size : 49,6 Mb
Release : 2015-12-29
Category : Business & Economics
ISBN : 9781513537634

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Long-term Gain, Short-Term Pain by Marika Santoro Pdf

In this paper, I study the potential economic impact of the 2015-18 structural reform agenda in Chile, using the IMF dynamic general equilibrium model (GIMF). I find that the agenda has the potential to significantly increase Chile’s long-run GDP, although it may have some negative effects in the short term. Ensuring a smooth transition to a higher productive potential depends on three key dimensions: the credibility of the reforms, their effectiveness in closing structural gaps, and their speed of implementation. Badly designed reforms that remove only a very small fraction of the existing structural gaps, at a slow speed, and with little credibility, can greatly reduce the positive impact of the reform agenda on GDP.

Economic Reforms in Chile

Ricardo Ffrench-Davis
Economic Reforms in Chile Book PDF

Author : Ricardo Ffrench-Davis
Publisher : Unknown
Page : 280 pages
File Size : 52,7 Mb
Release : 2002
Category : Business & Economics
ISBN : STANFORD:36105110429631

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Economic Reforms in Chile by Ricardo Ffrench-Davis Pdf

An analysis of the neoliberal reform in Chile during the last thirty years

OECD Economic Surveys: Chile 2018

OECD
OECD Economic Surveys Chile 2018 Book PDF

Author : OECD
Publisher : Org. for Economic Cooperation & Development
Page : 0 pages
File Size : 41,6 Mb
Release : 2018-02-26
Category : Electronic
ISBN : 9264290400

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OECD Economic Surveys: Chile 2018 by OECD Pdf

The quality of life of Chileans improved significantly over the last decades, supported by a stable macroeconomic framework, bold structural reforms, such as trade and investment liberalisation, and buoyant natural-resource sectors. A solid macroeconomic policy framework has also smoothed adjustment to the end of the commodity boom, contributing to low unemployment, resilient household consumption and a stable financial sector. Still, progress has recently slowed and Chile's catch-up in living standards is challenged by low and stagnant productivity and a still high level of inequality. Raising incomes and well-being further will depend on strengthening skills and greater inclusion of women and low-skilled workers in the labour force. Increasing the quality of education, reforms to ensure the training system benefits the unemployed and inactive and measures to reduce the segmentation of the labour market would enhance productivity and inclusiveness. Promising firms also still lack opportunities to grow, export and innovate, despite recent reforms to ease business entry costs and export procedures. Further simplification of trade and regulatory procedures, and reforms in the transport sector, would strengthen productivity and investment. SPECIAL FEATURES: BOOSTING EXPORT PERFORMANCE; POLICIES FOR MORE AND BETTER JOBS

Structural Reforms, Productivity and Technological Change in Latin America

Jorge M. Katz,United Nations. Economic Commission for Latin America and the Caribbean
Structural Reforms Productivity and Technological Change in Latin America Book PDF

Author : Jorge M. Katz,United Nations. Economic Commission for Latin America and the Caribbean
Publisher : United Nations Publications
Page : 164 pages
File Size : 50,6 Mb
Release : 2001
Category : Business & Economics
ISBN : UCSD:31822029884582

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Structural Reforms, Productivity and Technological Change in Latin America by Jorge M. Katz,United Nations. Economic Commission for Latin America and the Caribbean Pdf

In the last ten to fifteen years, profound structural reforms have moved Latin America and the Caribbean from closed, state-dominated economies to ones that are more market-oriented and open. Policymakers expected that these changes would speed up growth. This book is part of a multi-year project to determine whether these expectation have been fulfilled. Focusing on technological change, the impact of the reforms on the process of innovation is examined. It notes that the development process is proving to be highly heterogenous across industries, regions and firms and can be described as strongly inequitable. This differentiation that has emerged has implications for job creation, trade balance, and the role of small and medium sized firms. This ultimately suggests, amongst other things, the need for policies to better spread the use of new technologies.

Assessing Chile's Pension System: Challenges and Reform Options

Samuel Pienknagura,Christopher Evans
Assessing Chile s Pension System Challenges and Reform Options Book PDF

Author : Samuel Pienknagura,Christopher Evans
Publisher : International Monetary Fund
Page : 52 pages
File Size : 49,8 Mb
Release : 2021-09-10
Category : Business & Economics
ISBN : 9781513596112

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Assessing Chile's Pension System: Challenges and Reform Options by Samuel Pienknagura,Christopher Evans Pdf

Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.

Post-Covid-19 Recovery and Resilience: Leveraging Reforms for Growth and Inclusion in Sub-Saharan Africa

Mrs.Paola Ganum,Mr.Vimal V Thakoor
Post Covid 19 Recovery and Resilience Leveraging Reforms for Growth and Inclusion in Sub Saharan Africa Book PDF

Author : Mrs.Paola Ganum,Mr.Vimal V Thakoor
Publisher : International Monetary Fund
Page : 33 pages
File Size : 41,6 Mb
Release : 2021-02-19
Category : Business & Economics
ISBN : 9781513570044

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Post-Covid-19 Recovery and Resilience: Leveraging Reforms for Growth and Inclusion in Sub-Saharan Africa by Mrs.Paola Ganum,Mr.Vimal V Thakoor Pdf

Covid-19 has exacerbated economic and social vulnerabilities across Sub-Saharan Africa (SSA). There is a risk that growth could be lower for longer, with a setback to development. Post-pandemic reforms thus become even more important, especially with constrained scope for fiscal and monetary stimuli. Reforms could boost per capita growth by an additional 0.3-1.3 percentage points, relative to the 1.9 percent average since 2010. Such growth would reduce per capita income doubling time from 37 years to about 22 years. Low-income countries stand to gain the most from reforms. The largest gains come from governance, products markets, and factor accumulation. Importantly, these reforms can be implemented in the post-pandemic environment characterized by weaker social and distributional outcomes.

Long-term Gain, Short-Term Pain

Marika Santoro
Long term Gain Short Term Pain Book PDF

Author : Marika Santoro
Publisher : International Monetary Fund
Page : 35 pages
File Size : 50,8 Mb
Release : 2015-12-29
Category : Business & Economics
ISBN : 9781513579412

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Long-term Gain, Short-Term Pain by Marika Santoro Pdf

In this paper, I study the potential economic impact of the 2015-18 structural reform agenda in Chile, using the IMF dynamic general equilibrium model (GIMF). I find that the agenda has the potential to significantly increase Chile’s long-run GDP, although it may have some negative effects in the short term. Ensuring a smooth transition to a higher productive potential depends on three key dimensions: the credibility of the reforms, their effectiveness in closing structural gaps, and their speed of implementation. Badly designed reforms that remove only a very small fraction of the existing structural gaps, at a slow speed, and with little credibility, can greatly reduce the positive impact of the reform agenda on GDP.

Pension Reform Options in Chile

Marika Santoro
Pension Reform Options in Chile Book PDF

Author : Marika Santoro
Publisher : International Monetary Fund
Page : 21 pages
File Size : 55,9 Mb
Release : 2017-03-13
Category : Business & Economics
ISBN : 9781475586206

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Pension Reform Options in Chile by Marika Santoro Pdf

In this paper, we study the macroeconomic impact of pension reform options in Chile, using a dynamic general equilibrium model. The main reform proposal considers raising contributions (employer side) and vehicle additional proceeds to individual accounts and to increase the support of solidarity pensions. We model increased contributions as a labor tax. We find the impact of this reform on GDP to be negative in the near to the medium run, with GDP declining by 0.5 percent by 2021, as a result of labor tax distortions which lead to a fall in labor supply, investment and to a loss in competitiveness. We also illustrate the main macroeconomics tradeoffs by analyzing alternative reforms, such as using revenues only to improve future pensions or a reform package funded by a mix of higher contributions and indirect taxes.

Reforming the Reforms in Latin America

Ricardo French-Davis
Reforming the Reforms in Latin America Book PDF

Author : Ricardo French-Davis
Publisher : St Antony's
Page : 262 pages
File Size : 47,9 Mb
Release : 2000-03-16
Category : Business & Economics
ISBN : STANFORD:36105024881067

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Reforming the Reforms in Latin America by Ricardo French-Davis Pdf

Discusses macro-economic policy-making, trade liberalization, capital flows and financial reforms and their effect on economic growth. Includes a chapter on neoliberal reforms during the Pinochet regime in Chile.

Economic Reforms, Growth and Employment

Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean
Economic Reforms Growth and Employment Book PDF

Author : Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean
Publisher : Santiago, Chile : ECLAC
Page : 228 pages
File Size : 53,8 Mb
Release : 2001
Category : Capital market
ISBN : UCSD:31822029884756

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Economic Reforms, Growth and Employment by Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean Pdf

In the last ten to fifteen years, profound structural reforms have moved Latin America and the Caribbean from closed, state-dominated economies to ones that are more market-oriented and open. Policymakers expected that these changes would speed up growth. This book is part of a multi-year project to determine whether these expectation have been fulfilled. Analysing the impact of the reforms on employment it is argued that expectations were not fulfilled with respect to the operation of the labour markets. The reforms limited the expansion of employment in some sectors, particularly in tradeable goods. They also created a bias in labour demad for better educated workers which exacerbates inequality. It is thus made clear that the region faces major challenges both in increasing the number of jobs and improving job equality.

Structural Reforms and Economic Performance in Advanced and Developing Countries

Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo
Structural Reforms and Economic Performance in Advanced and Developing Countries Book PDF

Author : Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo
Publisher : International Monetary Fund
Page : 62 pages
File Size : 44,7 Mb
Release : 2009-10-15
Category : Business & Economics
ISBN : 9781589068186

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Structural Reforms and Economic Performance in Advanced and Developing Countries by Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo Pdf

This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.

Economic Policy Reforms 2016 Going for Growth Interim Report

OECD
Economic Policy Reforms 2016 Going for Growth Interim Report Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 148 pages
File Size : 53,5 Mb
Release : 2016-02-26
Category : Electronic
ISBN : 9789264250086

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Economic Policy Reforms 2016 Going for Growth Interim Report by OECD Pdf

Going for Growth is the OECD’s regular report on structural reforms in policy areas that have been identified as priorities to boost incomes in OECD and selected non-OECD countries (Brazil, China, Colombia, India, Indonesia, Latvia, Russian Federation and South Africa).

Market Discipline Across Countries and Industries

C. E. V. Borio
Market Discipline Across Countries and Industries Book PDF

Author : C. E. V. Borio
Publisher : MIT Press
Page : 472 pages
File Size : 43,9 Mb
Release : 2004
Category : Business & Economics
ISBN : 0262025752

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Market Discipline Across Countries and Industries by C. E. V. Borio Pdf

Leading academics and policymakers address the theory of market discipline and consider evidence across different industries and countries. The effectiveness of market discipline -- the strong built-in incentives that encourage banks and financial systems to operate soundly and efficiently -- commands much attention today, particularly in light of recent accounting scandals. As government discipline, in the form of regulation, seems to grows less effective as the banking industry and financial markets grow more complex, the role of market discipline becomes increasingly important. In this collection, which grew out of a conference cosponsored by the Federal Reserve Bank of Chicago and the Bank for International Settlements in Basel, Switzerland, a diverse group of academics and policymakers address different aspects of the ability of market discipline to affect corporate behavior and performance. A major purpose of the book is to develop evidence on how market discipline operates across non-government regulated industries and in different countries, how successful it has been, and how it may transfer to a regulated industry. The chapters examine such topics as the theory of market discipline, evidence of market discipline in banking and other industries, evidence of market discipline for countries, the current state of corporate governance, and the interaction of market discipline and public policy.

Economic Reforms in Chile

R. Ffrench-Davis
Economic Reforms in Chile Book PDF

Author : R. Ffrench-Davis
Publisher : Springer
Page : 306 pages
File Size : 55,8 Mb
Release : 2010-09-10
Category : Business & Economics
ISBN : 9780230289659

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Economic Reforms in Chile by R. Ffrench-Davis Pdf

This book provides an in-depth analysis of neo-liberal and progressive economic reforms and policies implemented in Chile since the Pinochet dictatorship. The core thesis of the book is that there is not just 'one Chilean economic model', but that several have been in force since the coup of 1973.