In the decades following Chile's 1990 return to democracy, successive governments adopted pioneering reforms aimed at modernizing the state and strengthening democratic governance. This chapter discusses the major developments within Chile's public sector since 1990, with an emphasis on reforms...

Economists have long maintained that a well-developed and functioning financial system is a vital prerequisite to economic growth. Countries with robust banking sectors and securities markets-that is, countries in which credit cards, loans, mortgages, and the ability to issue stocks and bonds...

First generation fiscal federalism (FGFF) studies the performance of decentralized systems under the assumption of benevolent social planners. Second generation fiscal federalism (SGFF) studies performance based on the fiscal and political incentives facing subnational officials. The paper...