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The document discusses Chile's fiscal policy framework for managing copper booms and stabilizing government finances. It describes how Chile uses a structural budget surplus rule to save windfall copper revenues in sovereign wealth funds. These funds help maintain competitiveness, reduce debt, and allow for countercyclical spending. The funds are managed transparently according to guidelines set by the Ministry of Finance and Central Bank. Chile's responsible fiscal policies have helped stabilize the economy and increase resilience to external shocks.

Economy & Finance
1 of 35
Copper Booms and Fiscal Responsibility in Chile Eric Parrado Ministry of Finance - Chile 10th Annual GDN Conference Kuwait February 5, 2009
Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Motivation: What is the paper about?
Motivation ,[object Object],[object Object],[object Object]
Real copper price: 1990 – 2004
Real copper price: 1990 – July 2008
Real copper price: 1990 – January 2009
Motivation ,[object Object],[object Object]
Motivation ,[object Object],[object Object],[object Object]
Importance of copper ,[object Object],[object Object],[object Object],[object Object]
Fiscal stabilization: Chile’s fiscal policy framework ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Fiscal stabilization: the fiscal structural surplus rule ,[object Object],[object Object],[object Object],[object Object],[object Object]
Fiscal stabilization: the fiscal structural surplus rule Fiscal surpluses and copper price
Fiscal stabilization : the fiscal responsibility Law ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Fiscal stabilization : the virtues of the fiscal policy framework ,[object Object],[object Object],[object Object],[object Object]
Fiscal stabilization: counter-cyclical nature ,[object Object],[object Object],[object Object]
GDP growth and central government balance
Fiscal stabilization: competitiveness ,[object Object],[object Object],[object Object]
Fiscal stabilization: competitiveness ,[object Object],[object Object]
Evolution of Chile's sovereign funds: EESF & PRF
Fiscal stabilization: risk premium ,[object Object],Gross government debt as % GDP
Fiscal stabilization: risk premium ,[object Object],Evolution of sovereign spreads
Fiscal policy and the objectives of the funds ,[object Object],[object Object]
Fiscal policy and the objectives of the funds Transfers of prospective fiscal surpluses
Institutional arrangements and investment policy ,[object Object],[object Object]
Institutional arrangements and investment policy ,[object Object],[object Object]
Institutional arrangements and investment policy ,[object Object],Implementation Ministry of Finance Central Bank Financial Committee
Institutional arrangements and investment policy ,[object Object],[object Object]
Institutional arrangements and investment policy: asset allocation
A commitment to transparency ,[object Object],[object Object]
A commitment to transparency ,[object Object],[object Object],[object Object]
Concluding remarks ,[object Object],[object Object],[object Object]
Concluding remarks ,[object Object],[object Object]
Concluding remarks ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Copper Booms and Fiscal Responsibility in Chile Eric Parrado Ministry of Finance - Chile 10th Annual GDN Conference Kuwait February 5, 2009

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Editor's Notes

  1. First of all I would like to thank the organizers for inviting me to present the experience of Chile in the management of natural resource booms. The 2005-2008 copper boom and later price collapse at the end of 2008 is testing the fiscal policy framework implemented in Chile since 2001. On the one hand, the copper boom has been managed with responsibility, avoiding the temptation to increase fiscal expenditures, and consequently stabilizing the economy. On the other hand, savings for the current rainy days proves that external shocks could be absorbed without major economic disruptions. The institutional arrangement and transparency provides credibility in the fiscal policy framework and the management of the sovereign wealth funds. In sum, copper has been a blessing for Chile and not a natural resource curse as was experienced by countries that enjoy natural resource booms.