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This paper analyses the evolution of Chile's trade between 1990 and 2007, studying in particular the impact of trade liberalization in addition to traditional price and demand determinants. The results show that export and import flows are mainly responsive to external and domestic demand, and less so to relative prices, although there is a small impact on imports. In addition, the analysis suggests that trade liberalization may have played a role in increasing exports and imports. Estimations of trade elasticities for other countries in Latin America tend to confirm the results found for Chil

Cover -- CONTENTS -- ABBREVIATIONS AND ACRONYMS -- PREFACE -- EXECUTIVE SUMMARY -- I. WHY INTRODUCE SPENDING REVIEWS IN CHILE? -- II. INTERNATIONAL EXPERIENCE WITH SPENDING REVIEWS -- A. Introduction -- B. Objectives of Spending Reviews -- C. Types of Spending Reviews -- D. Key Lessons Learned -- III. ESTABLISHING THE SPENDING REVIEW FRAMEWORK IN CHILE -- A. Current Situation in Chile -- B. Overview of Proposed Approach and Framework for Chile -- C. Organizing Structure: Roles and Responsibilities -- D. Recommendations -- IV. PROCESS FOR CONDUCTING A SPENDING REVIEW -- A. Introduction -- B. Stage 1: Prepare Review Parameters -- C. Stage 2: Analyze Spending and Develop Policy Options -- D. Stage 3: Decision-Making -- E. Stage 4: Implementation -- F. Recommendations -- V. INSTITUTIONALIZING SPENDING REVIEWS -- A. Introduction -- B. Establishing a Legal Basis for Spending Reviews -- C. Integrating Spending Reviews into the Budget Process -- D. Linking the Spending Review Process with the Evaluation Framework -- E. Supporting PFM Reform and Building Capacity for Spending Reviews -- F. Recommendations -- VI. NEXT STEPS -- A. Develop a Concept Note and Reinforce the Spending Review Unit -- B. Selection of Reviews for FY2020 and Beyond -- BOXES -- 1. The UK's Experience with Comprehensive Spending Reviews -- 2. Targeted Spending Reviews: Types of Review Topics -- 3. Spending Reviews: Lessons from OECD Countries -- 4. Spending Review of Online Education in Denmark -- 5. Examples of Possible Measures to Be Considered -- 6. Case Study: UK Government Property Optimization 2010 -- FIGURES -- 1. Expenditure in Ministry of Education and Ministry of Health -- 2. Adoption of Spending Reviews, 2011 to 2018 -- 3. Evolution of Spending Reviews in OECD Countries -- 4. Options for Spending Review Programs -- 5. Proposed Organizational Structure.

Michelle Bachelet is the president of Chile, the first woman to hold the office. Elected in December 2005, she was inaugurated on 11 March 2006. Her election & the challenges that face her administration are discussed by Arturo Valenzuela & Lucia Dammert in this issue (pp. 65-79). Excerpts from her inaugural address appear below. Adapted from the source document.

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 -- PRIVATE SECTOR INDEBTEDNESS IN CHILE: HIGH BUT WITH LIMITED RISKS -- A. Introduction -- B. External Debt -- C. Domestic Debt -- D. Concluding Remarks -- FIGURES -- 1. Selected Countries: Financial Development Index 2016 -- 2. Selected EM: Total Private Sector Debt -- 3. Private Sector Debt -- 4. Selected EM: External Private Sector Debt -- 5. Private Sector Total External Debt -- 6. Gross NFC International Bond Issuance -- 7. External Debt by Sector -- 8. Non-financial Corporate Sector Assets and Liabilities -- 9. Selected EM: 10-Year Government Bond Yields -- 10. Selected EM: Diversified Broad Blended Yield -- 11.Total Domestic Credit to Private Sector -- 12. Private Sector Debt -- 13. Selected EM: Non-Bank Private Sector Debt -- 14. Household Debt -- 15. Selected EM: Household Debt, Loans, and Debt Securities -- 16. Selected EM: Real House Prices -- 17. Real House Price Index -- 18. Bank Loans to Private Sector -- References -- IMPACT OF DEBT ON SOVEREIGN CREDIT RATINGS AND SPREADS -- A. Introduction -- B. Dataset and Empirical Strategy -- C. Ordered Probit Regressions -- D. Panel Regressions -- E. Transition Probabilities -- F. Debt and Sovereign Spreads -- G. Concluding Remarks -- FIGURES -- 1. Gross Debt and Credit Ratings -- 2. Net Debt and Credit Ratings -- 3. Impact of Debt on Spreads Conditional on Institutional Quality -- TABLES -- 1. Ordered Probit Results -- 2a. Probabilities Implied by Ordered Probit Results (Gross debt) -- 2b. Probabilities Implied by Ordered Probit Results (Net debt) -- 3. Panel Regression Results for Credit Ratings -- 4. Panel Regression Results -- 5. Transition Probability Matrices -- 6. Panel Regression Results for Spreads -- 7. Impact of Debt on Spreads Conditional on Institutions -- ANNEX -- I. Credit Rating Categories -- References -- ANCHORING CHILE'S FISCAL FRAMEWORK -- A. Introduction.

This report analyzes the implications of recent developments in Chile's labor market and social policy and considers the available policy options from the perspective of OECD countries' experience. The report finds that Chile has experienced rising living standards over two decades of strong economic growth. The incidence of poverty is now much lower and there is better access to adequate housing, education and healthcare. Nevertheless, Chile's income distribution remains disturbingly unequal by OECD standards. This is partly due to a relatively low employment rate, especially for women, but it also reflects a segmented labor market, where much of the recent job creation has occurred in relatively low-productive sectors. Moreover, despite the existence of an internationally renowned pension program, Chile's social protection system as a whole has still a relatively long way to go before reaching the standards of developed countries in terms of effective coverage and capacity to assist needy households. Chilean policy makers have begun to develop and implement a series of ambitious reforms, intended to promote the twin goals of work and equity.--Publisher's description

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.