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Impacto de los mercados de valores en Chile: una perspectiva macroeconómica

Author

Listed:
  • Carlos J. Garcia T.

    (Ilades – Universidad Alberto Hurtado)

Abstract

En este estudio desarrollamos y estimamos un modelo de equilibrio general para ver la relevancia del mercado accionario a nivel agregado en la economía chilena para el período 1997/2009. El modelo es del tipo nuevo Keynesiano que además de la rigidez estándar en precios incorpora fricciones en el sector financiero. El modelo está compuesto de una microestructura que permite analizar diferentes sectores y agentes económicos. Dos conclusiones importantes obtenemos. Primero, en términos estadístico las fluctuaciones de este mercado son relevantes en explicar fluctuaciones en sectores del consumo, la inversión, la importación de bienes intermedios, etc. Si bien la relevancia o ocurrencia de los shocks puede ser limitada, su estructura resulta importante en entender el comportamiento macro: la relevancia de las fricciones financieras y por tanto la discusión sobre reformas y regulación del sector. Segundo, la estabilización por parte del banco central es importante para explicar el impacto final de este mercado en la economía.

Suggested Citation

  • Carlos J. Garcia T., 2010. "Impacto de los mercados de valores en Chile: una perspectiva macroeconómica," Serie de Documentos de Trabajo 09, Superintendencia de Valores y Seguros.
    • Handle: RePEc:svs:svssdt:2010-9
    as

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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Equilibrio General; Mercado de Valores; Regulación;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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