The Research and Development Center in Chile conducts research on financial development relevant to Chile and other countries and generates knowledge to inform policymakers, practitioners, and the academic community on how the financial sector can foster growth across the economy for a more prosperous and equitable society.
For more information contact: Sergio Schmukler.
FEATURED
Session Selected for AEA-ASSA 2027 Annual Meeting
The session “Macro Policy Using Micro Data” has been selected by LACEA for inclusion in the joint Annual Meeting of the American Economic and Association Allied Social Science Associations (AEA-ASSA) 2027, to be held on January 3–5, 2027 in Washington, DC.
It will feature work on investment networks in commodity‑dependent economies, the effects of minimum wages on firms, market power across formal and informal sectors, and the phenomenon of “jobless modernity.” Chaired by Sergio Schmukler (World Bank), it will include presentations and discussion from David Kohn (Central Bank of Chile and Pontificia Universidad Católica de Chile), Sofía Bauducco (Central Bank of Chile), Cezar Santos (IADB), Laura Alfaro (IADB), Xiang Ding (Georgetown University), Ioana Marinescu (University of Pennsylvania), Andres Zambrano (World Bank), and Adriana Kugler (Georgetown University). For more details on the AEA-ASSA Annual meetings, visit the website.
Financing Firm Growth: The Role of Capital Markets in Low- and Middle-Income Countries
Joint IFC-World Bank Report, March 2025
A new book from the World Bank Group, Financing Firm Growth, explores the surge in capital market financing in low- and middle-income countries from 1990 to 2022. Drawing on data from nearly 80,000 firms worldwide, the study shows how capital markets have been a key driver of investment and job creation in developing countries. The research highlights how equity and bond markets foster growth in developing economies, contributing $4 trillion in capital and generating 5 percent more jobs over three decades.
Report Landing Page | Launch Event | Capital Markets Portal
Demand Shocks in Equity Markets and Firm Responses
Fernando Broner Juan J. Cortina Sergio L. Schmukler Tomas Williams
World Bank Policy Research Working Paper 11315, February 2026
Green versus Conventional Corporate Debt: From Issuances to Emissions
Juan J. Cortina Claudio Raddatz Sergio L. Schmukler Tomas Williams
World Bank Policy Research Working Paper 11315, October 2025
Crisis Credit, Employment Protection, Indebtedness, and Risk
Federico Huneeus, Joseph P. Kaboski, Mauricio Larrain, Sergio L. Schmukler, Mario Vera
World Bank Policy Research Working Paper 10958, October 2024 | Central Bank of Chile Working Paper 1035
Excerpts (in English with Spanish subtitles)
How severe will the crisis be? (Twitter|Youtube)
Should countries aim for large stimulus packages? (Twitter|Youtube)
Will payment systems be at risk? (Twitter|Youtube)
Should governments try to save firms? (Twitter|Youtube)
Will there be enough international support? (Twitter|Youtube)
Can the crisis be an opportunity for economic reform? (Twitter|Youtube)
Session on Money, Credit and Corporate Finance in Emerging Markets, organized with the Society for the Study of Emerging Markets (SSEM).
Session on Financial Development, organized with the Society for the Study of Emerging Markets (SSEM).
Policymakers around the world have deployed a range of actions to cushion the effects of the economic shock brought on by COVID-19, while containment measures necessary to save lives continue.
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