This chapter suggests ways to further bolster the economy’s resilience against shocks by sharpening the fiscal rule in copper price booms, while making room to relax it more in severe downturns.
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The introduction in the early 1980s of a privately managed pension system in Chile attracted world-wide attention. This article describes the new system and the reform process, with a special emphasis on the fiscal impacts.
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Since 2001 Chile’s fiscal policy has been built on the concept of a central government structural balance. The Fiscal Responsibility Law, passed in 2006, gave legal force to key aspects of the structural surplus and fiscal policy.
This report recommends that Chile move towards a territorial approach to development in order to better adapt public management to the different opportunities and needs of the diverse territories of the country.