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Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects

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  • Francisco Gallego Y.
  • Norman Loayza.

Abstract

The objectives of this paper are, first, to describe the developments in Chilean financial markets at the macroeconomic level and, then, to examine their effects at the level of firms. First, the paper describes the remarkable changes in the size, activity, and efficiency of the banking sector and other capital markets (bond, stock, pension and insurance markets) during 1980s and 1990s. Then, the paper analyzes econometrically the access to financial markets, the financing (balance-sheet) structure, and the revenue growth performance in a sample of 79 Chilean firms during the period 1985-1995.

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Bibliographic Info

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

Volume (Year): 3 (2000)
Issue (Month): 2 (August)
Pages: 5-30

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Handle: RePEc:chb:bcchec:v:3:y:2000:i:2:p:5-30

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  1. Levine, Ross & Loayza, Norman & Beck, Thorsten, 1999. "Financial intermediation and growth : Causality and causes," Policy Research Working Paper Series 2059, The World Bank.
  2. repec:fth:harver:1435 is not listed on IDEAS
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  4. Francisco A. Gallego & Norman Loayza, 2000. "Financial Structure in Chile: Macroeconomic Developments and Microeconomic Effects," Econometric Society World Congress 2000 Contributed Papers 1115, Econometric Society.
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  22. Loayza, Norman & Palacios, Luisa, 1997. "Economic reform and progress in Latin America and the Caribbean," Policy Research Working Paper Series 1829, The World Bank.
  23. Harris, John R & Schiantarelli, Fabio & Siregar, Miranda G, 1994. "The Effect of Financial Liberalization on the Capital Structure and Investment Decisions of Indonesian Manufacturing Establishments," World Bank Economic Review, World Bank Group, vol. 8(1), pages 17-47, January.
  24. Hoshi, Takeo & Kashyap, Anil & Scharfstein, David, 1991. "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 33-60, February.
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