The Bank Lending Channel in Chile
نویسندگان
چکیده
role of credit in the economy by suggesting that the capital structure of the firm was mostly irrelevant. Moreover, the strong and robust correlation between money and real variables found in the empirical literature of the 1960s provided strong support for the view that the main transmission mechanism for monetary policy operates through changes in the cost of capital and their impact on investment (the interest rate channel).1 In that view, banks were important only because they created money. In the 1970s, however, the new field of the economics of information underscored the relevance of capital market imperfections and the uniqueness of bank loans against other forms of debt.2 In this context, the “credit view” emerged as a new
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