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The Effects Of Economic And Political Shocks On Corporate Governance Systems In Chile

  • FERNANDO LEFORT

    ()

    (Escuela de Administración, Pontificia Universidad Católica de Chile)

  • EDUARDO WALKER

    ()

    (Escuela de Administración, Pontificia Universidad Católica de Chile)

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.

Volume (Year): 2 (2000)
Issue (Month): 2 ()
Pages: 183-206

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Handle: RePEc:pch:abante:v:2:y:2000:i:2:p:183-206
Contact details of provider: Web page: http://eacc10.puc.cl/RePEc/pch/

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  1. RAFAEL LaPORTA & FLORENCIO LOPEZ-de-SILANES & ANDREI SHLEIFER & ROBERT W. VISHNY, . "Legal Determinants of External Finance,"," CRSP working papers 324, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  2. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
  3. Eduardo Walker & Fernando Lefort, 2002. "Pension Reform And Capital Markets: Are There Any (Hard) Links?," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 5(2), pages 77-149.
  4. Zingales, Luigi, 1998. "Corporate Governance," CEPR Discussion Papers 1806, C.E.P.R. Discussion Papers.
  5. Fernando Lefort & Eduardo Walker, 2000. "Corporate Governance: Challenges For Latin America," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 2(2), pages 99-111.
  6. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
  7. Augusto Iglesias-Palau, 2000. "Pension Reform And Corporate Governance: Impact In Chile," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 3(1), pages 109- 141.
  8. repec:cup:cbooks:9780521781640 is not listed on IDEAS
  9. Fernando Lefort & Eduardo Walker, 2000. "Ownership And Capital Structure Of Chilean Conglomerates:Facts And Hypotheses For Governance," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 3(1), pages 3-27.
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