Reformas Estructurales y Productividad Total de Factores.

This paper analyzes the impact of structural reforms in the total factor productivity using plantlevel data for the manufacturing industry in Chile during the period comprised between 1992 and 2005. This is done by exploiting measures of exposure to certain regulations for the various productive sectors, due to the uniformity of policies in Chile through them. It realizes an analysis of the decomposition of growth in the period of study and in the subperiods before the Asian crisis and beyond it, finding heterogeneity across sectors. Also, it finds as a relevant effect the entry and exit of plants (net effect of entry) to explain the low growth rate of TPF. Of this analysis it highlights the possibility of raising productivity through the reallocation of factors and market shares, which may be impossible due to the degree of rigidity imposed by the existing regulation. The results of the work suggest a positive relation between trade liberalization, intern financial liberalization and efficiency. It also finds evidence of a negative relation between liberalization of capital flows and efficiency, leaving the result of this impact as a question. It does not find a statistically significant relationship between labor and efficiency, although it is not possible to say that it does not exist. It requires improving the measurement of such legislation considering other aspects that our index does not evaluate in order to get a better evaluation.