## Chile: Staff Report for the 2003 Article IV Consultation

_IMF Staff Country Reports, September 26, 2003_

## Source details

**Canonical URL:** [Chile: Staff Report for the 2003 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/30/chile-staff-report-for-the-2003-article-iv-consultation-16892)

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## Bibliographic details
- Published: September 26, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451807561.002

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### Major findings
- Chile has successfully resisted contagion from neighboring countries difficulties.
- Chile's inflation targeting framework has successfully anchored inflation expectations and increased the economy's resilience to external shocks while maintaining price stability.
- The floating exchange rate regime is an essential part of the macroeconomic policy framework and continues to serve Chile well.
- Interest in recapitalizing the central bank is welcomed.
- Executive Directors commend Chile for the transparency of monetary and fiscal policies.
- Chile faces the essential task of returning to sustained economic growth and relatively low unemployment.

### Policy recommendations and implications
- Continue to maintain and strengthen the inflation targeting framework to preserve anchored inflation expectations and resilience to external shocks.
- Preserve the floating exchange rate regime as a central element of the macroeconomic policy framework.
- Proceed with measures to recapitalize the central bank to support monetary policy credibility and operational capacity.
- Maintain transparency in monetary and fiscal policies to reinforce market confidence.
- Prioritize policies that support a return to sustained economic growth and a reduction in unemployment.

### Subject areas and keywords
- Subject: Banking, Central banks, Exports, External debt, Fiscal policy, Fiscal stance, International reserves, International trade, Public debt
- Keywords: Asia and Pacific, core inflation measure, CR, Exports, financial market condition, fiscal policies transparency, fiscal policy, Fiscal stance, Global, inflation rate, International reserves, ISCR, monetary policy, oil import, United States-Chile trade agreement, Western Hemisphere

*IMF Staff Report — Chile: Staff Report for the 2003 Article IV Consultation (September 26, 2003).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/chile-staff-report-for-the-2003-article-iv-consultation-16892_