Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2010 erstellt
Description:
What makes that some resource-abundant countries manage to escape their “destiny”? Using an historical institutional approach, I show why and how Chile established its copper funds, providing financial resources and policy credibility to manage the 2008-2009 crisis. Seeking to draw from the “lessons of history” on inflation and instability generated by mineral-dependence, facing the everyday contingencies of economic policy management, state actors crafted new fiscal rules heading to the 2006 copper savings funds. Mineral states are more likely to learn from past successes and failures when the political arena favours the reproduction of long-term minded state agents. Bounded and enhanced by their institutional legacy, policy entrepreneurs recreate path-dependency