Banking reform and the financing of firm investment: An empirical analysis of the Chilean experience, 1983–92
研究1980年代智利银行改革是否减少了金融市场的不完善，基于70家企业面板数据发现，减少集团内部贷款的改革增加了非集团企业的融资机会。
This article investigates whether the Chilean banking reforms of the 1980s have contributed to reducing market imperfections in Chilean financial markets in the late 1980 and early 1990s. To analyse this issue, patterns of investment and its finance for different types of firms are studied, based on balance sheet information of a panel of 70 firms. The most important conclusion is that those specific reforms, aimed at reducing intra‐conglomerate lending, seem to have been successful, since access of non‐conglomerate firms has increased, indicating a reduction of existing market imperfections for such firms.