BKKSBritish Koi Keepers Society
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BKKS use numerical experiments with a calibrated dynamic general equilibrium model to argue that the only reforms that can explain the difference in economic performance are those whose effects show up primarily as differences in productivity, not those that show up as differences in factor inputs.
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.
BKKS also conclude, as do the present authors, that problems with contract enforcement in Mexico have contributed to low productivity.