Real Macroeconomic Stability and the Capital Account in Chile and Colombia

Borradores de Economia
Number: 
294
Published: 
Classification JEL: 
E52
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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In 1995, when contagion from the tequila crisis was spreading in Latin America, both Chile and Colombia were exempt from contagion and presented high rates of economic growth. Several analysts attribute this positive performance to the fact that both had