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Reform and Growth: Lessons from Chile
(Abstract)
In the mid-seventies Chile began a large-scale economic reform process, which, after some initial setbacks, led to rapid economic growth in the mid-eighties -- averaging 7 percent per year from 1984 to 1988. The paper describes and analyzes Chile's reform and growth experience and suggests some lessons for emerging countries currently initiating or in the middle of economic reform processes. The Asian crisis was the trigger for Chile's first recession in fifteen years, since when growth has resumed but at much lower rates than before. The paper also explores the possible explanations for this slowdown in economic growth and draws lessons for emerging countries in terms of long lasting growth policies.
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