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...

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...

Este trabajo analiza el efecto de los trastornos en las condiciones de intercambio sobre una economía productiva; donde el capital es importado y el producto físico se ajusta lentamente a dichos cambios. El análisis muestra que, cuando el capital es importado y el deterioro en los términos de...

Este ensayo recorre los primeros cincuenta años de la Caja de Crédito Hipotecario de Chile desde su creación en 1855. Durante la segunda mitad del siglo XIX, las operaciones crediticias de la Caja activaron la rápida expansión del regadío del Valle Central y posibilitó el concomitante...

The literature on safety nets has become technically more precise by drawing on advances in contract theory and optimal governance structure. This paper begins with a treatment of some aspects of the theory. The author's approach draws more on institutional economics, and more precisely on the...

This paper resolves a long-standing obstacle in the development and use of the dependent economy model with investment. This obstacle derives from the fact that models of the dependent economy with investment have been criticized for arbitrarily assuming that capital is either tradable or...

The positive correlation between per capita income and cross-country price levels is called the "Penn-Balassa-Samuelson effect." The most influential explanation of this effect centers around sectoral output productivities as the determinant of the relative price of nontraded goods. The...

This paper provides a narrative account of the 1980s Chilean banking crisis. The Chilean crisis saw the nationalization of the two largest financial conglomerates and resulted in more than half of the financial system’s assets and liabilities falling under direct control of the government. The...