Banco Central de ChileRevista Economía Chilena
Published Issues
Volume 6 Nº 3 Diciembre 2003
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| Heterogeneidad de la Transmisión Monetaria: Efectos Sectoriales y Regionales Héctor Bravo L.; Carlos García T.; Verónica Mies M.; Matías Tapia G. Different studies have analyzed monetary transmission in Chile and the effects of monetary policy on aggregate macroeconomic variables. However, valuable information could be obtained in a more specific analysis of the impact of monetary shocks on the components of aggregate activity. Thus, this paper studies the disaggregate effects of monetary policy, distinguishing three different classifications: private spending (consumption and investment), economic sectors, and regional unemployment. The paper finds significant heterogeneous effects in the disaggregate impact (both in size and in length) of monetary shocks. In most cases, these effects are consistent with the theoretical implications of monetary transmission channels. |
| Concentración, Hold-up e Información de las Colocaciones Bancarias: Evidencia de Empresas Chilenas Alvaro García M. ; Andrea Repetto L. Sergio Rodríguez E. ; Rodrigo Valdés P. In this paper we empirically study bank-client relationships using a sample of Chilean manufacturing firms. We examine whether concentration and the duration of bank-client relationships affect the volume of bank lending. Our results indicate that lower concentration, measured by the number of banks a firm borrows from, is associated ith a large and positive effect on borrowing. The length of borrower-lender relationships has a positive—although not always statistically significant—effect on the amount borrowed. |
| Sobre los Determinantes de los Spreads Marginal y Promedio de las Tasas de Interés Bancarias: Chile 1994-2001 Philip Brock ; Helmut Franken M. The study of bank interest rate spreads is central to our understanding of the process of financial intermediation. Data limitations generally restrict empirical analyses to interest rate spreads that are constructed from bank income statements and balance sheets. In this paper we make use of a dataset that allows us to directly compute interest rate spreads based on individual bank loan and deposit rates reported on a monthly basis to the relevant organization. The information is disaggregated by unit of account (peso,the inflation-indexed UF, and dollar) over the period 1994-2001. We find that the estimated impacts of industry concentration, business cycle variables, and monetary policy variables differ markedly between interest rate spreads based on balance sheet data and interest rate spreads based on disaggregated loan and deposit data. Since empirical work on interest spreads is used for guiding policy recommendations, these findings have important implications for the interpretation of interest spreads regressions. Our analysis calls for some aution in interpreting estimated empirical determinants of bank spreads that are constructed from income statements and balance sheet data. At the same time, it shows how information from the two types of interest rate spreads can be combined to create a more complete portrait of bank behavior than either type is capable of drawing by itself. The results for Chile suggest the potential importance of gathering such disaggregated data in other countries. |
| Research Notes |
| El Rol de la Credibilidad en el Comportamiento Cíclico de las Políticas Macroeconómicas: Evidencia para Chile César Calderón M. ; Roberto Duncan T.; Klaus Schmidt-Hebbel D. |
| Efecto de la Reserva Técnica sobre las Tasas de los Documentos del Banco Central a Noventa Días Rodrigo Alfaro A. ; Erika Arraño G. |
| Evaluación de Propuestas Recientes en Torno a la Arquitectura Financiera Internacional Esteban Jadresic M. ; Sergio Lehmann B. |
| Books review |
| Nothing is Sacred: Economic Ideas for the New Millennium de Robert J. Barro Francisco Rosende R. The Changing Face of Central Banking de Pierre L. Siklos Pablo García S. |
| Publications Review |
| Catastro de publicaciones recientes y resúmenes de artículos seleccionados |