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The Limits of Hegemony: U.S. Banks and Chilean Firms in the Cold War

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  • Aldunate, Felipe
  • Gonzalez, Felipe

    (Pontificia Universidad Católica de Chile)

  • Prem, Mounu

Abstract

Governments in hegemonic states use economic sanctions to induce changes in other countries. What happens to international business networks when these sanctions are in place? We use new historical firm-level data to document the destruction of financial relations between U.S. banks and Chilean firms after socialist Salvador Allende took office in 1970. Business reports and stock prices suggest that firms were mostly unaffected by having fewer links with U.S. banks. Substitution of financial relations towards domestic banks appears to be the key mechanism explaining these findings.

Suggested Citation

  • Aldunate, Felipe & Gonzalez, Felipe & Prem, Mounu, 2022. "The Limits of Hegemony: U.S. Banks and Chilean Firms in the Cold War," SocArXiv z8f4h_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:z8f4h_v1
    DOI: 10.31219/osf.io/z8f4h_v1
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