Economic Reforms in Chile: From Dictatorship to Democracy by R. Ffrench-Davis

By R. Ffrench-Davis

This booklet presents an intensity research of neo-liberal and of revolutionary monetary reforms in Chile because the Pinochet dictatorship 

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Additional resources for Economic Reforms in Chile: From Dictatorship to Democracy

Example text

It must always be recalled that what is relevant for the nation as a whole is the evolution of productivity, including all people, not only those with a job! The high rate of business bankruptcies cannot necessarily be attributed to inefficiency resulting from protection under the earlier development strategy. In fact, after 1973, the long recession, real annual interest rates at an average of 38%, and the accelerated import liberalization-cum-exchange rate revaluation can be identified as the determinant factors leading to high business mortality.

Exchange rate instability contributed to the weak performance. Actually, imports rose systematically nearly twice as fast as the volume of exports; high prices hided that persistent fact. Evidently, the exchange rate was an outlier, and quite unstable.

This adjustment was considerably complicated soon after by large capital inflows, which, like other economies in the region, Chile had been receiving since the early 1990s. The gap between domestic and international interest rates had increased significantly. In the meantime, risk-rating agencies had upgraded the Chilean economy, inducing a strong inflow of shortterm “hot money” and an appreciation in the exchange rate in the second half of 1990 (with a drop from the depreciated ceiling to the appreciated floor of its 10% crawling band of the price in pesos of the US dollar).

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