EL ESTUDIO DE LA BALANZA DE PAGOS POR EL BANCO CENTRAL DE CHILE: 1942-1970

Abstract

This article analyzes the process of creation of the Chilean balance of payments carried out by its Central
Bank between 1942 and 1970, describing the international background on the studies and methodologies
for the elaboration of this macroeconomic analytical instrument, the motivations and methodologies
used, and the results and analysis arising from this process. Chile, like other Latin American countries,
began preparing its balance of payments early on; that the Chilean experience shows that there was
awareness from very early on that the balance of payments was a relevant and necessary instrument to
assess the difficulties inherent to the economic development process. Contemporary reports made by
the team in charge of producing and analyzing the evolution of the balance of payments show a perfect
understanding of the relevance of both copper and debt service in Chile’s economic process.