Performance of Publicly Listed Chilean Firms During the 2008-2009 Global Financial Crisis
This paper examines publicly listed Chilean firmsâ€™ performance during the 2008â€“09 crisis. In particular, it studies the effects from changes in external financing conditions, aggregate demand, and international trade on firmsâ€™ 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.
|Date of creation:||31 Oct 2012|
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- Ari Aisen & Roberto Álvarez & Andrés Sagner & Javier Turén, 2011.
"Credit Contraction and International Trade: Evidence from Chilean Exporters,"
Working Papers Central Bank of Chile
639, Central Bank of Chile.
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- Stijn Claessens & Hui Tong & Shang-Jin Wei, 2011.
"From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels,"
in: Global Financial Crisis
National Bureau of Economic Research, Inc.
- Claessens, Stijn & Tong, Hui & Wei, Shang-Jin, 2012. "From the financial crisis to the real economy: Using firm-level data to identify transmission channels," Journal of International Economics, Elsevier, vol. 88(2), pages 375-387.
- 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 Working Papers 17360, National Bureau of Economic Research, Inc.
- Raddatz, Claudio, 2006.
"Liquidity needs and vulnerability to financial underdevelopment,"
Journal of Financial Economics,
Elsevier, vol. 80(3), pages 677-722, June.
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