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Cover -- CONTENTS -- CHILE'S GROWTH AND INEQUALITY CHALLENGE -- A. Recent Developments -- B. Outlook, Macro-Financial Linkages, and Risks -- C. Medium-Term Challenges -- D. External Balance -- MACROECONOMIC POLICIES -- A. Fiscal Policy -- B. Pension Reform -- C. Monetary Policy -- D. Macro Policy Mix -- UPGRADING GROWTH AND SECURING STABILITY -- A. Growth Reforms -- B. Financial and Corporate Sector Stability -- STAFF APPRAISAL -- BOXES -- 1.Spillovers from China's Economic Rebalancing -- 2.The Impact of Financial Shocks on Economic Activity -- 3.Corporate Stress Tests and Shock Amplification -- 4.Policies to Enhance Corporate Governance -- FIGURES -- 1.Economic Activity -- 2.Macroeconomic Effects of Copper Prices -- 3.Inflation and Monetary Policy -- 4.The Softening of the Labor Market -- 5.Public Finances -- 6.External Stability -- 7.Financial Sector -- 8.Housing Market Developments -- TABLES -- 1.Selected Social and Economic Indicators -- 2.Summary Operations of the Central Government -- 3.Balance of Payments -- 4.Monetary Survey -- 5.Medium-Term Macroeconomic Framework -- 6.Indicators of External Vulnerability -- 7.Financial Soundness Indicators, 2011-14 -- 8.Financial System Structure -- ANNEXES -- I. Characterizing Chilean Financial Cycles: A Financial Conditions Index for Chile -- II.A Snapshot of Macro-Financial Linkages -- III.Financing Options of the Proposed Pension Reform -- IV.External Sector Assessment Report -- V. Public Sector Debt Sustainability Analysis -- VI.Main Recommendations of the 2015 Article IV Consultation and Authorities' Actions -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES -- WORLD BANK-FUND COUNTRY-LEVEL WORK PROGRAM UNDER JMAP.

Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICY DISCUSSION -- A. Policy Mix -- B. Reforms -- C. Financial and Corporate Sector -- D. Other Structural Issues -- STAFF APPRAISAL -- BOXES -- 1. The Role of Domestic and External Factors in the Fall of Private Investment -- 2. Corporate Sector Vulnerabilities -- FIGURES -- 1. Economic Activity -- 2. Fiscal Policy and Public Finances -- 3. Monetary Policy and Inflation -- 4. External Sector -- 5. Financial Sector -- 6. Housing Market Developments -- TABLES -- 1. Selected Social and Economic Indicators (2010-16) -- 2. Summary Operations of the Central Government -- 3. Balance of Payments -- 4. Monetary Survey -- 5. Medium-Term Macroeconomic Framework -- 6. Indicators of External Vulnerability -- 7. Financial Soundness Indicators (2009-14) -- ANNEXES -- I. External Sector Assessment Report -- II. Trade and Financial Linkages -- III. Women in Chile's Labor Market: Addressing the Gender Gap -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES -- WORLD BANK-FUND COUNTRY-LEVEL WORK PROGRAM UNDER JMAP.

As a rapidly developing economy based on natural resource exploitation, Chile embodies many of the themes so often discussed about the impact of economic growth on the environment. Economists typically hold Chile up as a model of progress, while environmentalists libel the wisdom of its development strat egy. Both are, in some respect, correct. Hence, given Chile's current economic necessities, it would be unwise for it to abandon pro-growth initiatives. How ever, it cannot continue its current model of development indefinitely if it hopes to provide a livable environment for its people. Chile must continue to strengthen its incipient environmental programs and diversify its economy with an eye to relative environmental cleanliness. These objectives are well within reach, and both economists and envircnmentalists would do well to rec ognize and encourage the moderate, sensible middle course that is still avail able to make Chile an example of sustainable development.

AbstractA better understanding of the relative importance of factors related to climate change and to changes associated with economic growth would serve to inform water policy and to focus scarce public resources on anticipated problems arising from distinct sources of changes in water demand. This article investigates the determinants of residential water consumption in Chile, a developing country that has seen noteworthy changes in incomes, household size, poverty rates and levels of urbanization, and which is projected to experience significant climatic but varied changes, depending on the region of the country. Panel data for 1998-2010 at the municipal level is used to analyze the sensitivity of residential water demand to climate and development-related factors. In the case of Chile, the effect on water consumption of these development-related changes is estimated to be several times that of the changes associated with climate projections for 50 to 80 years in the future.

The purpose of this paper is to provide a critical analysis of the impact of the privatisation of social security on Chile's economy and society. The paper also includes a brief discussion of Chile's current economic problems, and suggestions for integrating the social security system into the future development of the country. Its central argument is that social security should be able to provide adequate benefits not only to a privileged group of people, but to the entire society. In the case of Chile, the privatised system has created new sources of inequities, reduced the population coverage, and it has had a limited impact on economic development.