The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.
El artículo explica la racionalidad económica detrás del Fondo de Infraestructura (FI), creado por ley en Chile en 2018, y las restricciones bajo las cuales este operará. El FI se constituye mediante el valor presente de los ingresos netos futuros provenientes de los cobros a usuarios de las concesiones de obras públicas, una vez que vuelvan a ser licitados. El FI opera bajo el formato de empresa pública, teniendo un giro amplio que incluye el financiamiento, operación e inversión en nuevas obras de infraestructura. Para evitar que el FI no pierda valor, debe generar utilidades en el ejercicio de su función, lo cual restringe el set de proyectos que el fondo puede ejecutar o financiar. Divergencias entre la misión del FI y el interés público pueden ocurrir en la fijación de peajes y los momentos de ampliar la infraestructura
We estimate the correlation of foreign bank penetration and dollarization with competition in
the banking industry in sixteen Latin American countries during the period 1995–2008. We apply Boone’s
methodology to compute the intensity of competition. Our results suggest that in countries with an initial
low level of competition, foreign ownership tends to foster rivalry among banks, whereas the opposite is
true in countries with an initial high level of competition. The adoption of dollarization or a currency board,
which reduces transaction costs and facilitates financial integration, has a positive correlation with
competition. This is the case for Ecuador, El Salvador, and Argentina
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