Financial Spillovers to Chile
This paper quantifies financial spillovers from global risk factors to banksâ€™ funding costs in Chile. It decomposes Chilean banksâ€™ bond and interbank spreads into domestic and external factors. The results suggest moderate spillovers. On average, global spillovers pushed up bank bond and interbank spreads in Chile by about 50 basis points in 2008â€“12. While in 2008â€“09, most spillovers originated in the U.S., in mid-2010 onwards, European distress played a prominent role.
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Czech Journal of Economics and Finance (Finance a uver),
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- Nathaniel Frank & Heiko Hesse, 2009. "Financial Spillovers to Emerging Markets During the Global Financial Crisis," IMF Working Papers 09/104, International Monetary Fund.
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