초록 열기/닫기 버튼
This study uses three methodologies to analyze why, from a production factor perspective, Chile’s economic Golden Period did not last into the 2000s. First, by using growth accounting, it identifies total factor productivity as the most influential among production factors in terms of the end of the Golden Period. Second, it theoretically enhances the former findings by implementing the convergence test. Third, the decreased total factor productivity was mainly due to industrial structure that was biased toward primary industry, which caused R&D expenditure to be lowered, a high dependence on foreign direct investment inflows in the mining sector, and the unproductive use of open door policies. Last, it concludes that Chile still can boost its economic growth.
