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This study investigates the likely macroeconomic impact of various structural reforms that align the Chilean regulatory framework with international best practices. In this context, the analysis: i) presents a comparison across a large set of structural indicators; ii) identifies policy gaps with respect to OECD countries; and iii) provides quantification of the likely growth and fiscal impact of policy reforms needed to close the gaps. Chile’s economy is likely to benefit from streamlining business regulation and licensing, strengthening innovation and R&D capacity, improving labor market flexibility, and enhancing active labor market policies. Overall, the study presents a scenario in which Chile closes structural gaps with OECD’s 25th percentile over five years, with up to 6 percent higher output level and a cumulative net fiscal gain of about ½ percent of GDP.

Structural adjustment (Economic policy) --- Economic policy --- Chile --- Economic policy. --- Labor --- Macroeconomics --- Taxation --- Production and Operations Management --- Economics of Regulation --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Economywide Country Studies: Latin America --- Caribbean --- Institutions and the Macroeconomy --- Labor Economics Policies --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Taxation, Subsidies, and Revenue: General --- Labor Contracts --- Labour --- income economics --- Public finance & taxation --- Structural reforms --- Active labor market policies --- Total factor productivity --- Tax gap --- Employment protection --- Macrostructural analysis --- Revenue performance assessment --- Manpower policy --- Industrial productivity --- Tax administration and procedure

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This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher public debt lowers the probability of being placed in a higher rating category; ii) the negative debt-ratings relationship is nonlinear and depends on the rating grade itself; and iii) the identified nonlinearity explains the differential impact of debt on ratings in advanced economies versus in emerging markets and developing economies. These results hold for both gross debt and net debt, and are robust to alternative dependent variable definitions, analytical techniques, and empirical specifications. These findings underscore the potential for fiscal consolidation in helping countries achieve a better credit rating.

Credit ratings. --- Commercial ratings --- Credit checks --- Credit guides --- Credit investigations --- Credit reports --- Ratings, Credit --- Inflation --- Money and Monetary Policy --- Public Finance --- Financial Markets and the Macroeconomy --- Fiscal Policy --- International Financial Markets --- Investment Banking --- Venture Capital --- Brokerage --- Ratings and Ratings Agencies --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Debt --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Monetary economics --- Public finance & taxation --- Macroeconomics --- Credit ratings --- Public debt --- Money --- Prices --- Debts, Public --- United States

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This paper estimates medium-term potential growth for a country undergoing significant structural and secular changes. Our forward-looking framework, incorporating three analytical approaches for examining economic prospects, constitutes an important complement to typical backward-looking methods that filter or extrapolate historical data. In particular, the opening of the expanded Panama Canal in 2016 highlights significant structural changes underway in the Panamanian economy. We first analyze growth determinants and find that Panama is well-placed to maintain its business model, with improvements in education and governance important to support growth. Second, the current pipeline of investment projects can help sustain investment-led growth, although at a more moderate pace. Third, further development of the logistics and tourism sectors holds promise to further build on Panama’s comparative advantage.

Infrastructure --- Investments: General --- Public Finance --- Industries: Hospital,Travel and Tourism --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Economywide Country Studies: Latin America --- Caribbean --- Sports --- Gambling --- Restaurants --- Recreation --- Tourism --- Investment --- Capital --- Intangible Capital --- Capacity --- Industry Studies: Transportation and Utilities: General --- Hospitality, leisure & tourism industries --- Macroeconomics --- Public finance & taxation --- Transportation --- Public investment and public-private partnerships (PPP) --- Private investment --- Economic sectors --- National accounts --- Expenditure --- Saving and investment --- Public-private sector cooperation --- Panama

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We aim to provide a broad descriptive overview of Chile’s social issues, in comparison to other countries and over time, in order to place the recent social unrest in historical and international perspectives which can help prepare the ground for future policy priorities. We follow an eclectic approach, classifying a broad set of indicators along six dimensions—inequality across: i) income; ii) perception; iii) access; iv) opportunity; v) redistribution; and vi) location. The analysis puts forward a set of descriptive findings. First, income inequality declined substantially but remains high, also compared to countries with similar level and path of development. Second, Chile seems to be one of the few countries in Latin America with declining inequality where perceived inequality actually increased. Third, notwithstanding an increase in social spending, access to essential services appears limited, particularly for middle and lower income classes, amid fast growth of out-of-pocket health expenses, relatively faster growth of cost of living for the relatively poorer, and remaining weaknesses in the pension and education systems. Fourth, inequality of opportunity is high, with limited competition. Fifth, fiscal redistribution has improved markedly, but remains low by international standards. Finally, inter-regional inequality has declined substantially over the last two decades, reaching levels similar to the OECD median.

Chile --- Macroeconomics --- Economics: General --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- International Relations and International Political Economy: General --- Macroeconomic Analyses of Economic Development --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Comparative Studies of Countries --- Aggregate Factor Income Distribution --- Education: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Education --- Income inequality --- National accounts --- Income --- Income distribution --- Fiscal redistribution --- Currency crises --- Informal sector --- Economics

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This paper examines the impact of trade on employment, wages, and other outcomes across countries and explores the conditions and policies that help spread the gains from trade more evenly throughout the population. We exploit a large global firm-level dataset to examine the impact of import competition on employment, wages, and firm performance, as well as the firm, industry, and country factors that mitigate any negative impact of an import shock. In contrast to the results of some well-known single-country studies, we find limited adverse impact of import competition. In some countries and industries, import competition actually strengthens employment growth. In addition, import competition tends to improve average wages, investment, and firm profitability. Country characteristics, such as educational attainment, can also improve employment prospects in response to trade shocks. Finally, we find that firms experiencing greater import competition start with higher average wages; thus any relatively slower employment growth in this group of firms could lead to lower inequality.

Macroeconomics --- Economics: General --- Exports and Imports --- Labor --- Finance: General --- Empirical Studies of Trade --- Economic Integration --- Trade and Labor Market Interactions --- Economic Growth of Open Economies --- Welfare, Well-Being, and Poverty: General --- Economic Development, Innovation, Technological Change, and Growth --- Comparative Studies of Countries --- Trade: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- General Financial Markets: General (includes Measurement and Data) --- Wages, Compensation, and Labor Costs: General --- Aggregate Factor Income Distribution --- Economic & financial crises & disasters --- Economics of specific sectors --- International economics --- Labour --- income economics --- Finance --- Imports --- International trade --- Competition --- Financial markets --- Income inequality --- National accounts --- Currency crises --- Informal sector --- Economics --- Economic theory --- Income distribution --- China, People's Republic of