新冠肺炎疫情的冲击和企业融资政府还是市场还是两者都有

IntroductionEmpiricalAnalysisModelConclusionAppendixTheCOVID-19ShockandFirmFinancing:GovernmentorMarket?OrBoth?MiguelAcosta-Henao1,Andr´esFern´andez1,PatriciaGomez-Gonzalez,S¸ebnemKalemli-¨OzcanCentralBankofChile,IMF,FordhamUniversity,UniversityofMarylandNorgesBank&IMF-ERConferenceontheFutureofMacroeconomicPolicyJune16,20231Disclaimer:authors’viewsandnotthoseoftheCentralBankofChile,itsboardmembers,theIMF,itsexecutiveboard,orIMFmanagement.IntroductionEmpiricalAnalysisModelConclusionAppendixTwoMotivatingFactsFACT1:TheCOVIDshockbroughtaSuddenStoptoChile(andotherEMEs),withsharpcapitaloutflowsandmanyfirmsloosingaccesstoforeignfundingIntroductionEmpiricalAnalysisModelConclusionAppendixTwoMotivatingFactsFACT2:firmssubstitutedforeignfordomesticborrowing,particularlymediumandlargeones,thoughnotmegafirms.Figure:Firms’FinanceMixinChile:Before&DuringPoliciesIntroductionEmpiricalAnalysisModelConclusionAppendixThreeQuestions1DidunconventionalpoliciesdeployedduringCOVIDcausedthischangeinthefinancemix