World Bank Research and Development Center in Chile

The World Bank Research and Development Center in Chile was established by the Government of Chile and the World Bank Development Economics Vice Presidency in 2017. Following the new agreement signed on October 19, 2019, the Center is fully devoted to financial sector work.

The Center promotes and conducts research related to financial development relevant to Chile and other countries. The goal is to generate and disseminate knowledge that will inform policy makers, practitioners, and the academic community, with the idea that the financial sector can foster growth across the economy for a more prosperous and equitable society.

For more information contact: Sergio Schmukler.

Papers

• Calomiris, Charles, Larrain, Mauricio, and Schmukler, Sergio, 2018. “Capital Inflows, Equity Issuance Activity, and Corporate Investment,” NBER Working Paper 24433 and World Bank Policy Research Working Paper 8405. Forthcoming in the Journal of Financial Intermediation.
• Schmukler, Sergio, Tessada, Jose, Vasquez, Cristian, and Vera, Mario, 2018. “Winners and Losers from Interest Rate Ceilings: Quasi-experimental Evidence from Chile,” mimeo.
• Calomiris, Charles, Larrain, Mauricio, Schmukler, Sergio, Williams, Tomas, 2019. "Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses," NBER Working Paper 25979 and World Bank Policy Research Working Paper 8890.
• Didier, Tatiana, Huneeus, Federico, Larrain, Mauricio, and Schmukler, Sergio, 2020. “Financing Firms in Hibernation during the COVID-19 Pandemic,” Central Bank of Chile Documento de Trabajo 880, CMF Documento de Trabajo 4/20, Cowles Foundation Discussion Paper No. 2233, Mo.Fi.R. Working Paper 162, and World Bank Policy Research Working Paper 9236.
  Featured in Asia Bond Monitor, Asian Development Bank, June 2020.

Research & Policy Briefs

• Cortina, Juan and Schmukler, Sergio. 2018. “The Fintech Revolution: A Threat to Global Banking?” Research and Policy Brief No. 14, World Bank Chile Center and Malaysia Hub.
• Cortina, Juan, Didier, Tatiana, and Schmukler, Sergio. 2018. "Corporate Borrowing in Emerging Markets: Fairly Long Term, but Only for a Few,” Research and Policy Brief No. 18, World Bank Chile Research Center and Malaysia Hub.
• Abraham, Facundo, Schmukler, Sergio, and Tessada, José. 2019. “Robo-Advisors: Investing through Machines," Research and Policy Brief No. 21, World Bank Chile Center and Malaysia Hub.
• Abraham, Facundo, Schmukler, Sergio, and Tessada, Jose. 2019. "Financial Innovation and Additionality: The Power of Economic Analysis and Data Analytics,” Research and Policy Brief No. 23, World Bank Chile Center and Malaysia Hub.
• Abraham, Facundo, Schmukler, Sergio, and Tessada, Jose. 2019. "Using Big Data to Expand Financial Services : Benefits and Risks,” Research and Policy Brief No. 26, World Bank Chile Center and Malaysia Hub.
• Didier, Tatiana, Huneeus, Federico, Larrain, Mauricio, and Schmukler, Sergio. 2020. “Financing Firms in Hibernation during the COVID-19 Pandemic,” Research and Policy Brief, No. 30, World Bank Chile Center and Malaysia Hub.
• Didier, Tatiana, Huneeus, Federico, Larrain, Mauricio, and Schmukler, Sergio, 2020. “Hibernation: Keeping Firms Afloat During the COVID-19 Crisis,” VoxEU, April 23.

Conferences and Workshops

• Universidad Católica de Chile, Finance Conference, June 2018, MBA UC Building, Av. Libertador Bernardo O'Higgins 440, Santiago, Chile.
• Seminar Capital Flows, Equity Issuance Activity, and Corporate Investment, July 4, 2018, Comisión para el Mercado Financiero, Av. Libertador Bernardo O'Higgins 1449, Santiago, Chile.
• Presentation of the Global Financial Development Report 2017/2018, July 5, 2018, Universidad Adolfo Ibáñez, Sede Presidente Errázuriz, Sala Naranja, Santiago, Chile.
• Session on Bancarization, November 8-10, 2018, LACEA-LAMES 18th Annual Meeting, Guayaquil, Ecuador. Organized with the Bank for International Settlements and ESPOL University.
• Session on Financial Development at 2019 ASSA Meetings, Atlanta, USA. Organized with the Society for the Study of Emerging Markets (SSEM).
• Session on Money, Credit and Corporate Finance in Emerging Markets, at 2019 ASSA Meetings, Atlanta, USA. Organized with the Society for the Study of Emerging Markets (SSEM).
• Session on Financial Intermediation in Emerging Economies, at 2020 ASSA Meetings, San Diego, USA. Organized with the Society for the Study of Emerging Markets (SSEM).
• e|Seminar: Financiamiento de Empresas Hibernando durante el Coronavirus (Financing Firms in Hibernation during the Coronavirus Pandemic), April 22, 2020. Organized with the Universidad Católica de Chile. 
  Video (Español) and events materials | World Bank Research and Policy Brief
• e|Seminar: Financial Sector Policies to Salvage Firms Hit by COVID-19, April 29, 2020.  
  Video and event materials | World Bank Research and Policy Brief
• e|Seminar: The Impact of COVID-19 in Latin America, May 19, 2020. Organized with the Universidad Adolfo Ibánez.
  Video (English) and event materials (Press coverage: ADN Radio, Americas Quarterly, Diario Financiero, The Economist, La Tercera, Project Syndicate). 

        Excerpts (in English with Spanish subtitles)

1. How severe will the crisis be? (Twitter|Youtube)
2. Should countries aim for large stimulus packages? (Twitter|Youtube)
3. Will payment systems be at risk? (Twitter|Youtube)
4. Should governments try to save firms? (Twitter|Youtube)
5. Will there be enough international support? (Twitter|Youtube)
6. Can the crisis be an opportunity for economic reform? (Twitter|Youtube)

• Conference on Financial Development and Stability, July 24, 2020, Santiago, Chile. Organized with the SBIF, CMF, the World Bank Research & Development Center in Chile, ASBA, and Universidad Adolfo Ibañez. Postponed for a later date.
• ASSA Annual Meeting, January 3-5, 2021, Chicago. Paper Session: Firm Financing in Global Markets, Society for the Study of Emerging Markets (SSEM). Organizers: Sergio Schmukler (World Bank) and Tomas Williams (George Washington University)

Coordinators

• Mauricio Larrain, Commissioner, Financial Market Commission of Chile, Assistant Professor of Finance, Universidad Católica de Chile.
• Julio Riutort, Assistant Professor, Universidad Adolfo Ibáñez.
• Sergio Schmukler, Lead Economist, Development Research Group, World Bank.
• Jose Tessada, Associate Professor, Universidad Católica de Chile.

Researchers

• Anushka Baloián Gacitua, Universidad Católica de Chile.
• José Miguel Pascual, Universidad Católica de Chile.
• Cristian Rojas Olmedo, Superintendencia de Bancos e Instituciones Financieras de Chile (SBIF).
• Cristian Vasquez, Universidad Católica de Chile.
• Mario Vera, Superintendencia de Bancos e Instituciones Financieras de Chile (SBIF).

Last Updated: May 11, 2020