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Performance of Publicly Listed Chilean Firms During the 2008-2009 Global Financial Crisis

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  • Yi Wu
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    Abstract

    This paper examines publicly listed Chilean firms’ performance during the 2008–09 crisis. In particular, it studies the effects from changes in external financing conditions, aggregate demand, and international trade on firms’ investment, sales, and profits, using firm-specific characteristics measured prior to the crisis. The evidence suggests that the crisis had a larger negative impact on firms with greater reliance on external financing, and firms with higher sensitivity to aggregate demand and exports. Firms with more foreign currency debt also had larger declines in sales, although their investment or profits did not differ significantly from other firms.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=40075
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/261.

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    Length: 17
    Date of creation: 31 Oct 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/261

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    Related research

    Keywords: Corporate sector; Chile; Global Financial Crisis 2008-2009; International trade; firms; external financing; foreign currency; aggregate demand; external finance; manufacturing firms; foreign assets; credit market; wholesale trade; open economy; output growth; exogenous shock; foreign exchange;

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    1. Raddatz, Claudio, 2006. "Liquidity needs and vulnerability to financial underdevelopment," Journal of Financial Economics, Elsevier, vol. 80(3), pages 677-722, June.
    2. Aisen, Ari & Álvarez, Roberto & Sagner, Andrés & Turén, Javier, 2013. "Credit contraction and international trade: Evidence from Chilean exporters," World Development, Elsevier, vol. 44(C), pages 212-224.
    3. Stijn Claessens & Hui Tong & Shang-Jin Wei, 2011. "From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels," NBER Chapters, in: Global Financial Crisis National Bureau of Economic Research, Inc.
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