Front Matter

Front Matter

Eliot Kalter, Steven Phillips, Manmohan Singh, Mauricio Villafuerte, Rodolfo Luzio, and Marco Espinosa-Vega
Published Date:
June 2004
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© 2004 International Monetary Fund

Production: IMF Multimedia Services Division

Figures: Theodore F. Peters, Jr.

Typesetting: Alicia Etchebarne-Bourdin

Cataloging-in-Publication Data

  • Chile: institutions and policies underpinning stability and growth/Eliot Kalter … [et al]—Washington, D.C.: International Monetary Fund, 2004.
  • p. cm.—(Occasional paper, 231, 0251-6365; 231)
  • Includes bibliographical references.
  • ISBN 1589063252
  • 1. Chile—Economic policy. 2. Capital market—Chile. 3. Banks and banking—Chile. I. Kalter, Eliot. II. Occasional paper (International Monetary Fund); 231.

HC 192.5.C45 2004

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The following symbols have been used throughout this paper:

… to indicate that data are not available;

— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

- between years or months (e.g., 2003–04 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (e.g., 2003/04) to indicate a fiscal (financial) year.

“n.a.” means not applicable.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


Most of the material presented in this occasional paper was originally prepared as a selected issues paper for discussion at the IMF Executive Board. These selected issues reviewed the institutions and policies adopted by Chile in the past two decades that have enabled it to reduce its vulnerabilities while benefiting from the ongoing process of globalization.

The idea of publishing these issues as an occasional paper arose from the Executive Board’s suggestion that this collection could provide a unified source of lessons for countries that, like Chile, are committed to undertake sustainable improvements to their economic policies and institutions. Since the publication is intended as a reference, it also includes some forward-looking suggestions.

The authors are grateful to the Chilean authorities for extensive and open discussions as well as for their assistance in providing data and other source material, and to a number of commentators for their patient feedback: Governor Vittorio Corbo, Finance Minister Nicolas Eyzaguirre, Economy Minister Jorge Rodriguez, Executive Director Guillermo LeFort, Antonio Ahumada, Jaime Crispi, Luis Eduardo Escobar, Helmut Franken, Rodrigo Fuentes, Leonardo Hernandez, Luis Oscar Herrera, Esteban Jadresic, Igal Magendzo, Mario Marcel, Jorge Perez, Bernardita Piedrabuena, Luis Salomo, Claudio Sapelli, Klaus Schmidt-Hebbel, Rodrigo Valdes, and seminar participants at the Central Bank of Chile. Finally, the authors are grateful to Andrew Swiston, without whose invaluable support this occasional paper could not have been prepared; Carmen Sanabia and Gloria Bustillo for their assistance in the preparation of the manuscript; and Esha Ray of the External Relations Department for coordinating production of the publication.

The opinions expressed in this paper are solely those of the authors and do not necessarily reflect the views of the IMF, its Executive Directors, or the Chilean authorities.

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