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Mortgage Securitizacion and Economic Development: an Essay on Chile´s Caja de Crédito Hipotecario

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  • Philip L. Brock
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    Abstract

    This essay examines the first 50 years of the National Mortgage Bank of Chile (Caja de Crédito Hipotecario) following its creation in 1855. During the second half of the nineteenth century the Mortgage Bank’s credit operations spurred the rapid expansion of irrigation in Chile’s Central Valley and made possible a concomitant increase in agricultural exports. Despite the strong secular rise in credit during this period, the Mortgage Bank had to confront large external shocks, including three sudden stops of foreign capital in 1857, 1873, and 1890. This essay shows that after a shaky start the Mortgage Bank was able to provide liquidity to borrowers that offset declines in banking credit during years of financial distress.

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    File URL: http://www.bcentral.cl/eng/studies/economia-chilena/2009/apr/recv12n1abril2009pp69-93.pdf
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    Bibliographic Info

    Article provided by Central Bank of Chile in its journal Economía Chilena.

    Volume (Year): 12 (2009)
    Issue (Month): 1 (April)
    Pages: 69-93

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    Handle: RePEc:chb:bcchec:v:12:y:2009:i:1:p:69-93

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    1. Frederic S. Mishkin, 1990. "Asymmetric Information and Financial Crises: A Historical Perspective," NBER Working Papers 3400, National Bureau of Economic Research, Inc.
    2. Holmstrom, B & Tirole, J, 1996. "Private and Public Supply of Liquidity," Working papers 96-21, Massachusetts Institute of Technology (MIT), Department of Economics.
    3. Guillermo A. Calvo, 1998. "Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 35-54, November.
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