Policy-Driven Productivity in Chile and Mexico in the 1980's and 1990's
通过增长核算和动态一般均衡模型，分析智利和墨西哥在1980年代经济危机后恢复速度差异的原因，发现智利更快的生产率增长是关键，并认为这源于其更早的政策改革，尤其是银行和破产程序改革。
Both Chile and Mexico experienced severe economic crises in the early 1980s, but Chile recovered much faster than did Mexico. Using growth accounting and a calibrated dynamic general equilibrium model, we conclude that the crucial determinant of this difference between the two countries was the faster productivity growth in Chile, rather than higher investment or employment. Our hypothesis is that this difference in productivity was driven by ealier policy reforms in Chile, the most crucial of which were in banking and bankruptcy procedures. We propose a theoretical framework in which government policy affects both the allocation of resources and the composition of firms.