Latin american journal of economics
versión ISSN 0719-0433
FUENTES, J. RODRIGO. A UNIFIED GROWTH MODEL FOR INDEPENDENT CHILE. Lat. Am. J. Econ. [online]. 2011, vol.48, n.2, pp. 157-179. ISSN 0719-0433.
This article analyzes long-term patterns of growth of the Chilean economy. Examining 200 years of data, it shows evidence in favor of using a neoclassical growth model to conduct the empirical analysis. It presents a formal analysis of structural breaks in the Chilean growth process, finding structural changes in 1929 and 1971/1981. A further analysis of the country's economic history indicates that fiscal policy, external shocks and trade policy are plausible explanations for these breaks. When these variables are included in the empirical model, the hypothesis of no breaks during these 200 years cannot be rejected.
Palabras clave : Chile; structural breaks; growth; fiscal policies; external shocks.