<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2008000200433</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Inversión, desfase de madurez y choques de liquidez en Chile]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cowan]]></surname>
<given-names><![CDATA[Kevin N.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Hansen]]></surname>
<given-names><![CDATA[Erwin G.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco Central de Chile  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Diego Portales Facultad de Economía y Empresa ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2008</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2008</year>
</pub-date>
<volume>75</volume>
<numero>298</numero>
<fpage>433</fpage>
<lpage>470</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2008000200433&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2008000200433&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2008000200433&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Este trabajo cuantifica el efecto que tiene para las empresas mantener excesiva deuda de corto plazo, cuando se ven enfrentadas a incrementos no esperados en el costo de refinanciación. Utilizando un conjunto de empresas chilenas, para el periodo 1994-2003, se muestra que efectivamente las empresas más desfasadas de los vencimientos en términos de madurez, invierten relativamente menos, cuando enfrentan un choque de liquidez, tanto interno como externo. Este efecto es económicamente significativo, y representa una caída cercana a 6% de la inversión promedio de las empresas en la muestra. Además, se encuentra que este efecto no es homogéneo, en particular de las empresas que tienen acceso a los mercados externos, ya sea porque emiten ADR o porque tienen propiedad extranjera, y que son capaces de absorber de mejor manera estos choques.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper quantifies the impact on firms of having excessive short-term debt when they face an unanticipated increase in the cost of refunding. Using a panel data set of Chilean firms, for the period 1994-2003, we find that when firms face liquidity shocks, either domestic or foreign, those firms with a higher maturity mismatch invest relatively less. This effect is significant and it is equivalent to a drop of 6% of the average investment of the firms in the sample. Additionally, we find that this effect is offset in those firms that have access to international markets, through either the issuance of ADR or foreign ownership.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[inversión en capital fijo]]></kwd>
<kwd lng="es"><![CDATA[deuda de corto plazo]]></kwd>
<kwd lng="es"><![CDATA[choques de liquidez]]></kwd>
<kwd lng="es"><![CDATA[deuda en dólares]]></kwd>
</kwd-group>
</article-meta>
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