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Ciclo seminarios CEA – MIPP

13:00 horas, Sala Consejo, Beauchef 851, Torre Oriente (4to piso)

El Centro de Economía Aplicada (CEA) y el Instituto Milenio para la Investigación en Imperfecciones de Mercado y Políticas Públicas (MIPP) de la Universidad de Chile invitan a su ciclo de seminarios programados para el segundo semestre del año.

Invitado: Thorsten Beck, Cass Business School

Título de la conferencia: “The Micro Impact of  Macroprudential Policies: Firm-Level Evidence”

Abstract
Combining balance sheet data on 900,000 firms from 49 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. These effects are especially significant for micro, small and medium enterprises (MSMEs) and young firms that, according to the literature, are more financially constrained and bank dependent. Among MSMEs and young firms, those with weaker balance sheets exhibit lower credit growth in conjunction with the adoption of macroprudential policies, suggesting that these policies can enhance financial stability. Finally, our results show that macroprudential policies have real effects, as they are associated with lower investment and sales growth.

Se solicita a los interesados confirmar asistencia, con el fin de coordinar la solicitud de refrigerios.

Confirmaciones: Olga Barrera / obarrera@dii.uchile.cl