Copper and the Chilean Economy, 1960–98
Antonio Spilimbergo ()
No 99/57, IMF Working Papers from International Monetary Fund
The paper concludes that world copper prices play an important role in short-term fluctuations and probably influence long-term growth of the Chilean economy. While many mechanisms may be at work, investment seems to play a major role. In a copper price boom, the higher copper price and associated capital inflows create upward pressure on the real exchange rate. The appreciation of the Chilean peso during the first part of the copper cycle contributes to lower inflation, which could partly explain why real wages grow more rapidly in this part of the cycle.
Keywords: Chile; copper prices, exchange rate, real exchange rate, copper, foreign investment (search for similar items in EconPapers)
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Journal Article: Copper and the Chilean Economy, 1960-98 (2002)
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