Este trabajo presenta proyecciones actuariales de la situación financiera de la Administradora de Fondos de Cesantía (AFC). Para realizar esta tarea, el trabajo incorpora la modelación de las principales variables macroeconómicas de la economía chilena y relaciona los cambios en estas...

We investigate the impact of corporate taxation on capital stock. In the paper, we indicate that corporate taxation might not only distort the decision of each firm to invest but could also destroy firms. With this in mind, we estimate capital demand equations, correcting for self-selection in...

This paper examines the response of real exchange rate to capital flow movements. It shows that countries with a large tradable sector will face smaller variability on their real exchange rate for a given level of capital flows and thus they will need smaller reallocations of real resources.

Un modelo basado en la relación gasto-producto (efecto Salter-Swan) y los términos de intercambio, habría predicho un incremento más pronunciado del tipo de cambio real (TCR) en Chile durante la segunda mitad de los ’80, una caída menos acentuada entre 1990 y 1997, y un aumento más...

This paper explores the causes of the social security financial crises. We indicate that the financial crisis might be endogenous to the social security system. The main idea is that the PAYG social security system might affect fertility and human capital's decisions and therefore, may...

Este trabajo reexamina el tema de los movimientos de afiliados entre AFPs poniendo especial énfasis en el impacto del ranking de rentabilidad sobre la tasa de salida de cotizantes por cartera de AFPs. La idea de incluir esta variable es que el manejo de esta información por parte de los...

The paper develops a general equilibrium model where population sources, such as fertility and mortality rates, are chosen variables. It is shown that the evolution of population over time depends on income and relative prices of mortality and fertility rates. Initially as a country develops,...

We study the relation between inflation rate and relative price variability using data of prices on 23 disaggregated food items since 1960 to 2003 in Chile. The behavior of inflation rate is quite variable in that country during that time span and more interestingly, there are periods of time in...

We study the role of fiscal expenditure during episodes of economic crises using one century data from 20 Latin American countries. We use output drops as a way of indicating the irruption of economic crises and we are able to document episodes of large output drops and large duration of...

This paper studies the impact of fiscal policy on economic activity by using Chilean annual data from 1833 to 2000. The data allows us to disentangle the impacts on economic activity -- due to the large variation in fiscal policy in the period under study -- by using a SVAR methodology. The...