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Regulatory Policy in Chile

Government Capacity to Ensure High-Quality Regulation

image of Regulatory Policy in Chile

One of Chile’s biggest strengths is its very sound macroeconomic framework that reinforces its economic resilience. This is partly based on a prudent regulatory and supervisory framework governing the financial system. Furthermore, the government’s Agenda for Productivity, Innovation and Growth, co-ordinated by the Ministry of Economy with the participation of other ministries and state services, constitutes a good opportunity to use regulatory policy as a driver to reform the policymaking framework of Chile. For example, Chile has already made substantive progress in making regulations more accessible and communicating administrative requirements. However, while in Chile national regulations provide the general framework for administrative procedures and an efficient state administration, the lack of a comprehensive regulatory reform programme has reduced the possibility of achieving even better economic outcomes and unleashing resources to boost productivity. The regulatory policymaking framework lacks some key features seen in other OECD countries (e.g. stakeholder engagement, regulatory impact assessment, oversight body) that would make sure that regulations are designed in the best way. Good practices in rule-making procedures are also rather limited. This review presents the way forward for improving the government’s capacity to ensure high-quality regulation in Chile.

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Improving the regulatory environment for Chilean SMEs

This chapter describes the importance of SMEs to an economy and how the government of Chile could improve its regulatory framework. It does this by presenting a brief overview of SMEs in Chile and the main institutional actors and agencies involved in SME policy. An overview of SME policy throughout the last few decades is provided based on literature, expert interviews and a dedicated stakeholder survey. An analysis of remaining regulatory barriers to SME start-up and continuity is given, together with a closer look at the policy efforts made to formalise SMEs.

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