BKKSBritish Koi Keepers Society
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Comparing data from Chile and Mexico allows BKKS to reject two popular explanations of the economic performances of these two countries as explanations for the difference: The first is Vittorio Corbo and Stanley Fischer's hypothesis that Chile's rapid recovery was driven by export growth; (4) the second is Jeffrey Sachs's hypothesis that Mexico's stagnation was due to a large external debt overhang that discouraged new investment.
BKKS's alternative explanation for the difference in economic performance between Chile and Mexico is based on the different timing of structural reforms in the two countries.
BKKS argue that reforms in trade policy and privatization were less important than those in banking and bankruptcy law, precisely because Chile had already reaped most of the benefits of these reforms, whereas Mexico was starting to reap them precisely when Mexico was stagnating and Chile was growing.