FERNANDO LEFORT () (Escuela de Administración, Pontificia Universidad Católica de Chile) EDUARDO WALKER () (Escuela de Administración, Pontificia Universidad Católica de Chile)
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We present a synthesis of the major political and economic events that have influenced the development of laws and capital markets in Chile, and their impact on the evolution of Chilean conglomerates through time. We find that laws and regulations in Chile have been extremely «path dependent», corresponding in most cases to reactions to crises or major events, and argue that these events have persistently shaped corporate governance systems in Chile. We identify the episodes of financial repression and credit rationing, the privatization rounds, the debt crisis of the eighties and the pension fund reform, as the most important events conditioning the development of corporate governance systems in Chile. Since most of these phenomena have also occurred in other countries in the region, this study provides some lessons of general interest.
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Article provided by Escuela de Administracion. Pontificia Universidad Católica de Chile. in its journal ABANTE.
Find related papers by JEL classification: G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Shleifer, Andrei & Vishny, Robert W, 1997.
" A Survey of Corporate Governance,"
Journal of Finance,
American Finance Association, vol. 52(2), pages 737-83, June.
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