The Chilean Trajectory: From Liberalism to Possibilism.

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Presentation transcript:

The Chilean Trajectory: From Liberalism to Possibilism

Risk Premium Risk Premium: When there is a chance that a borrower will not repay a loan, the lender charges the true interest plus a premium for the default risk.

Risk premiums and financial crises

Capital controls Capital controls: Limits on the size, type, maturity, liquidity, etc. of international capital inflows or outflows. According to the IMF, the most common types are: (a) Payment restrictions on capital transactions of commercial banks and other credit institutions. (b) Limits on direct investment and real estate transactions. (c) Restrictions on capital market securities.

Encaje Encaje: Also “unremunerative reserve requirement” (URR). A non-interest-bearing deposit in the Chilean Central Bank ( ) valued at 30% of any international investment, or payment of a one-time 3% fee to recover a deposit within its first three years.

References All definitions from: Oxford English Dictionary (online) And Encyclopædia Britannica Online (academic edition)