Should countries in Latin America and Eastern Europe follow the
Chilean approach to economic restructuring, market liberalization,
and stabilization? Following years of hyperinflation and domestic
turmoil, Chile undertook a series of dramatic economic reforms.
Chile has also served as a social laboratory for such policies as
privatization and social security reform that are of interest to
both developed and developing economies. Having implemented much of
the original reform program and emerging in the 1990s with a new
democratic government, Chile also raises interesting questions
about what comes next in its policies to promote growth.
The advent in the 1990s of Chile as a model for economic reform
is something of a surprise. Many of the reforms were actually
introduced in the 1970s, and for a number of years many seemed to
have failed to achieve their primary objectives. The more recent,
positive view of the Chilean experience results from developments
after 1983. Since then, the Chilean economy has grown robustly.
What remains controversial is the question why the benefits of the
reforms took so long to emerge.
In this book, international scholars review the reforms in Chile
and assess their effectiveness. They evaluate stabilization policy,
economic growth, privatization, reform of the social security
system, and the politics of economic reform. Now that many of the
original reforms have been largely completed, and Chile has
maintained a coherent macroeconomic policy with slowly declining
inflation, the authors prescribe what Chile must do to sustain
growth in the future.
In addition to the editors, contributors include Eduardo Bitran,
University of Chile; Vittorio Corbo, Catholic University of Chile;
Peter Diamond, MIT; Sebastian Edwards, University of California,
Los Angeles, and the World Bank; Stanley Fischer, MIT; Felipe
Larrain B., Catholic University of Chile; Mario Marcel, IDB; Manuel
Marf?n, CIEPLAN; Ra?l E. S?ez, CIEPLAN; Andr's Solimano, the World
Bank; Andr's Velasco, New York University; and Salvador
Vald?s-Prieto, Catholic University of Chile.
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