Chile’s thrust towards financial fragility
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| Format: | Artículo científico |
| Sprache: | en |
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Universidad Nacional Autónoma de México
2021
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| author | Cristóbal Budnevich Portales |
| author_facet | Cristóbal Budnevich Portales |
| contents | Chile’s thrust towards financial fragility Cristóbal Budnevich Portales Nicole Favreau Negront Esteban Pérez Caldentey Economía y Finanzas E25 E32 E60 O11 Growth This paper argues that the Chilean economic model is characterized by three stylized facts that undermine its view as a free market/neo-liberal success: A lower trend in the rate of growth of gdp, increased inequality, and rising indebtedness. Since the mid-1990s gdp growth has trended downwards. This has been accompanied by an increase in the profit relative to the wage share. Chile has also one of the highest levels of personal income inequality across the oecd countries. The combined effects of the decline in trend growth and high levels of inequality have given rise to increased indebtedness of the household sector, especially of lower income households, and the corporate sector. Lower trend growth, high inequality and increasing debt are the perfect mix that can lead to a context of financial fragility, which puts in doubt the sustainability of the Chilean economic model. 2021 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60171806004 https://www.redalyc.org/journal/601/60171806004/ https://www.redalyc.org/journal/601/60171806004/html/ https://www.redalyc.org/journal/601/60171806004/60171806004.epub https://www.redalyc.org/journal/601/60171806004/movil 10.14482/INDES.30.1.303.661 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.315 Vol.LXXX |
| format | Artículo científico |
| id | redalyc_60171806004 |
| institution | Redalyc |
| language | en |
| publishDate | 2021 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | Chile’s thrust towards financial fragility Cristóbal Budnevich Portales Economía y Finanzas E25 E32 E60 O11 Growth Chile’s thrust towards financial fragility Cristóbal Budnevich Portales Nicole Favreau Negront Esteban Pérez Caldentey Economía y Finanzas E25 E32 E60 O11 Growth This paper argues that the Chilean economic model is characterized by three stylized facts that undermine its view as a free market/neo-liberal success: A lower trend in the rate of growth of gdp, increased inequality, and rising indebtedness. Since the mid-1990s gdp growth has trended downwards. This has been accompanied by an increase in the profit relative to the wage share. Chile has also one of the highest levels of personal income inequality across the oecd countries. The combined effects of the decline in trend growth and high levels of inequality have given rise to increased indebtedness of the household sector, especially of lower income households, and the corporate sector. Lower trend growth, high inequality and increasing debt are the perfect mix that can lead to a context of financial fragility, which puts in doubt the sustainability of the Chilean economic model. 2021 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60171806004 https://www.redalyc.org/journal/601/60171806004/ https://www.redalyc.org/journal/601/60171806004/html/ https://www.redalyc.org/journal/601/60171806004/60171806004.epub https://www.redalyc.org/journal/601/60171806004/movil 10.14482/INDES.30.1.303.661 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.315 Vol.LXXX |
| title | Chile’s thrust towards financial fragility |
| topic | Economía y Finanzas E25 E32 E60 O11 Growth |
| url | https://www.redalyc.org/articulo.oa?id=60171806004 https://www.redalyc.org/journal/601/60171806004/ https://www.redalyc.org/journal/601/60171806004/html/ https://www.redalyc.org/journal/601/60171806004/60171806004.epub https://www.redalyc.org/journal/601/60171806004/movil |