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The Future of National Development Banks$
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Stephany Griffith-Jones and José Antonio Ocampo

Print publication date: 2018

Print ISBN-13: 9780198827948

Published to Oxford Scholarship Online: November 2018

DOI: 10.1093/oso/9780198827948.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 April 2021

The Role of CORFO in Chile’s Development

The Role of CORFO in Chile’s Development

Achievements and Challenges

(p.136) 6 The Role of CORFO in Chile’s Development
The Future of National Development Banks

Stephany Griffith-Jones

María Luz Martínez Sola

Javiera Petersen Muga

Oxford University Press

CORFO was one of the first national development banks in Latin America, and played a decisive role in Chile’s national development strategy. In recent decades, its relative scale has diminished significantly. Its financial support currently represents only 1% of Chile’s GDP and has switched from giving credit directly to becoming a second-tier institution whose main instruments are not loans but guarantees. Its support for strategic sectors has been decisive to incentivize innovative, value-added activities, such as the Start-Up programme or renewable energy projects. Nonetheless, its limited scale severely reduces its potential ability to transform Chile’s economy or deploy a countercyclical role in a crisis scenario. This study suggests that CORFO could take advantage of Chile’s mature capital market, by raising additional funds through bond issues.

Keywords:   Chile, development finance, national development bank, political economy, industrial policy

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