Mortgage Securitizacion and Economic Development: an Essay on Chile´s Caja de Crédito Hipotecario
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.
Volume (Year): 12 (2009)
Issue (Month): 1 (April)
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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.:
- 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.
- Bengt Holmstrom & Jean Tirole, 1996.
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5817, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 1991.
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in: Financial Markets and Financial Crises, pages 69-108
National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 1990. "Asymmetric Information and Financial Crises: A Historical Perspective," NBER Working Papers 3400, National Bureau of Economic Research, Inc.
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