Using data of Chilean exporting firms, this paper studies the effect of the financial crisis on the extensive and intensive margin of export in the aftermath of the crisis. The negative effect of the crisis on exports is highly heterogeneous. The evidence shows that larger exporters, belonging...

In this paper we consider an extension of Vasicek’s (1991) model for new consumer fixed-payment credits in the Chilean banking system. Under the assumption that the economy experienced a complete business cycle during 2003-09, we are able to compute the so-called Long-Run Probability of...

This paper studies the interaction between the business cycle and the credit market. A first result is that the business cycle has procyclical effects on different types of credit (i.e., consumer, commercial and mortgage loans). The results area obtained through the identification of structural...

The discussion about the Interest Rate Ceiling (TMC) has generated several proposals that involve changing the current way of calculating this interest rate, which applies to consumer loans of amounts smaller than 200 UF and maturities of less than 90 days. In this paper we analyze the effect of...

Este artículo estudia la interacción entre el ciclo económico y el mercado del crédito. Nuestra evidencia señala que los períodos de expansión económica gatillan en el mediano plazo, primero, aumentos de la cartera vencida, y luego, reducciones del crédito. Interpretamos este fenómeno...

In this paper we estimate the factor model given by the Arbitrage Pricing Theory (APT), using a statistical model that has not yet been applied to Chilean financial market returns: the Principal Components Method. Using bond and stock indexes, we identify four factors of systematic risk for the...