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Descalces cambiarios, repercusiones en el balance general y protección contra el riesgo en empresas no financieras chilenas

  • Kevin Cowan
  • Erwin Hansen
  • Luis Oscar Herrera

(Disponible en idioma inglés únicamente) En este trabajo se emplea una nueva base de datos de la composición cambiaria de activos y pasivos para analizar los factores determinantes y las consecuencias de los descalces cambiarios en empresas no financieras chilenas. Al igual que en estudios anteriores al nivel de empresa en Chile, descubrimos que en períodos siguientes a una depreciación, las empresas con más deuda denominada en dólares no registran un desempeño menor que sus contrapartes con pasivos denominados en pesos. No obstante, una vez que controlamos adecuadamente las diferencias en la composición en divisas de los activos, los ingresos y las posiciones en derivados netos, sí descubrimos un efecto considerable en el balance general. Hallamos además que los instrumentos derivados desempeñan un papel importante de aislamiento de las inversiones empresariales contra las sacudidas del tipo de cambio. Siguiendo la misma dirección de estudios anteriores, también hallamos pruebas de correspondencia cambiaria entre las empresas chilenas. En Chile, las compañías consiguen reducir los riesgos vinculados con la exposición al riesgo cambiario al hacer corresponder la composición en divisas de sus pasivos con la de sus ingresos y activos, así como también adquiriendo instrumentos derivados si no hay disponibles instrumentos de cobertura reales. Por último, hallamos cambios significativos en el nivel de exposición neta a las divisas tras la introducción del régimen de cambio flotante en 1999. Sostenemos que una interpretación posible de estos resultados se debe al efecto de una mayor variación del tipo de cambio sobre el riesgo relativo de la deuda interna y externa.

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Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 4388.

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Date of creation: Jan 2005
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Handle: RePEc:idb:wpaper:4388
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