Documentos de trabajo economía
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Examinando Documentos de trabajo economía por Autor "Aldunate, Felipe"
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- ÍtemAcceso AbiertoThe Evolution of Ownership Structures: Privatization, Business Groups, and Pyramids(2019-07-25) Aldunate, Felipe; González, Felipe; Prem, Mounu; Urzúa I., Francisco; Grupo de Investigaciones. Facultad de Economía. Universidad del RosarioWhat is the contribution of privatization to the formation of business groups and pyramids? We use new data to study how Pinochet’s privatizations in Chile (1973-1990) affected the evolution of ownership structures. Using non-privatized firms in the same industry as comparison, and accounting for pre-privatization characteristics, we find that privatized firms were more likely to become part of business groups, began to act as providers of credit within groups, and pyramidal ownership structures were built on top of them. As most privatized firms became part of new (instead of traditional) business groups we argue that this privatization reform facilitated the renovation of elites and contributed to the formation of contemporaneous business groups.
- ÍtemAcceso AbiertoThe limits of hegemony: banks, covert actions, and foreign firms(2022-03-17) Aldunate, Felipe; González, Felipe; Prem, Mounu; Grupo de investigaciones. Facultad de Economía. Universidad del RosarioEconomic sanctions and covert actions from hegemonic states are common tools used to influence other countries. Less is known about non-state actors such as banks and their impact across borders. We use new firm-level data from Chile to document a substantial decrease in financial relations with U.S. banks after socialist Salvador Allende took office in 1970. An analysis of links with banks from other countries reveals that part of the decrease was specific to the U.S. banking sector. Business reports and stock prices suggest that firms were mostly unaffected by the destruction of links with U.S. banks. Substitution of financial relations towards state-owned banks appears to be the key mechanism to explain these findings.