{"type":"script","doc_desc":{"producers":[{"name":"Reproducibility WBG","abbr":"DECDI","affiliation":"World Bank - Development Impact Department","role":"Verification and preparation of metadata"}],"prod_date":"2026-08-13","version":"1"},"project_desc":{"authoring_entity":[{"name":"Sergio L. Schmukler","affiliation":"World Bank","email":"sschmukler@worldbank.org"},{"name":"Federico Huneeus","affiliation":"Duke University & Central Bank of Chile","email":"federico.huneeus@duke.edu"},{"name":"Joseph P. Kaboski","affiliation":"University of Notre Dame","email":"jkaboski@nd.edu"},{"name":"Mauricio Larrain","affiliation":"University of los Andes, Chile","email":"mlarraine@uandes.cl"},{"name":"Mario Vera","affiliation":"Financial Market Commission of Chile","email":"mavera@cmfchile.cl"}],"title_statement":{"title":"Reproducibility package for Crisis Credit, Employment Protection, Indebtedness, And Risk","idno":"RR_CHL_2026_722"},"data_statement":"Some data is restricted and has not been included in the reproducibility package. For more details, please refer to the README file. ","software":[{"name":"Stata","version":"19.5"},{"name":"Excel"},{"name":"MatLab","version":"2024a"}],"scripts":[{"title":"Reproducibility package for Crisis Credit, Employment Protection, Indebtedness, And Risk","date":"2026-08","notes":"Computational reproducibility verified by Development Impact (DECDI) Analytics team, World Bank.","instructions":"See README in reproducibility package.","file_name":"RR_CHL_2026_722","zip_package":"RR_CHL_2026_722.zip","dependencies":"Stata dependencies are listed in the ado folder."}],"repository_uri":[{"name":"Reproducible Research Repository (World Bank)","uri":"https:\/\/reproducibility.worldbank.org"}],"production_date":"2026-08-13","abstract":"This paper studies how credit guarantee and employment protection programs interact in supporting firms during crises, using real and financial administrative data for all firms and a quantitative macroeconomic model. Low interest rates encourage riskier firms to demand government-backed loans, while banks tend to reject those applications. The credit demand outweighs this screening response, expanding indebtedness. Given the opportunity cost of shutting down, the employment program's take-up is unrelated to risk. The employment program mitigates the credit program expansion by supporting firms and enabling banks to screen them. Counterfactuals show how policy ingredients, including interest rate caps, limit macroeconomic risk.","geographic_units":[{"name":"Chile","code":"CHL"}],"keywords":[{"name":"Banking"},{"name":"Credit Demand"},{"name":"Credit Supply"},{"name":"Crises"},{"name":"Covid-19"},{"name":"Debt"},{"name":"Employment Protection"},{"name":"Firm Risk"},{"name":"Macroeconomic Risk"},{"name":"Public Credit Guarantees"}],"topics":[{"id":"G21","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Banks \u2022 Depository Institutions \u2022 Micro Finance Institutions \u2022 Mortgages","parent_id":"G2"},{"id":" G28","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Government Policy and Regulation","parent_id":"G2"},{"id":" G32","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Financing Policy \u2022 Financial Risk and Risk Management \u2022 Capital and Ownership Structure \u2022 Value of Firms \u2022 Goodwill","parent_id":"G3"},{"id":" G33","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Bankruptcy \u2022 Liquidation","parent_id":"G3"},{"id":" G38","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Government Policy and Regulation","parent_id":"G3"},{"id":" I18","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Government Policy \u2022 Regulation \u2022 Public Health","parent_id":"I1"}],"output":[{"type":"Working Paper","description":"Policy Research Working Papers (PRWP)","title":"Crisis Credit, Employment Protection, Indebtedness, And Risk"}],"language":[{"name":"English","code":"EN"}],"technology_requirements":"Runtime: ~2 hours.","disclaimer":"The materials in the reproducibility packages are distributed as they were prepared by the staff of the International Bank for Reconstruction and Development\/The World Bank. The findings, interpretations, and conclusions expressed in this event do not necessarily reflect the views of the World Bank, the Executive Directors of the World Bank, or the governments they represent. The World Bank does not guarantee the accuracy of the materials included in the reproducibility package.","license":[{"name":"MIT License","uri":"https:\/\/opensource.org\/license\/mit"},{"name":"World Bank IGO Rider","uri":"https:\/\/github.com\/worldbank\/metadata-editor\/blob\/main\/WB-IGO-RIDER.md"}],"contacts":[{"name":"Sergio L. Schmukler","affiliation":"World Bank","email":"sschmukler@worldbank.org"},{"name":"Reproducibility WBG","affiliation":"World Bank","email":"reproducibility@worldbank.org"}],"datasets":[{"name":"Municipal and Populated-Area Shapefiles","note":"Official shapefiles from the Biblioteca del Congreso Nacional de Chile (BCN) 'Mapas Vectoriales' portal: (i) 'Division comunal: poligonos de las comunas de Chile' (municipal polygons) and (ii) 'Areas urbanas de todo el territorio chileno' (populated\/urban areas). Imported via shp2dta and processed in Codes\/1.Databases_publicly_available.do into the .dta companions listed below; areas_coord.dta is reprojected from Web Mercator to WGS84 decimal degrees for use with the geocoded firm locations inside the CMF server. Used for the municipality crosswalk, the neighbor\/adjacency construction underlying the dynamic-lockdown event study, the urban\/rural classification, and mapping figures.\nFile location: \"Data\/Raw\/Public\" (shapefiles), \"Data\/Raw\" and \"Data\/Worked\" (constructed companions).\nFile names: comunas.shp, comunas.dbf, Areas_Pobladas.shp, Areas_Pobladas.dbf (raw); comunas.dta (Raw), comunas_coord.dta, comunas_neighbors.dta, areas_coord.dta (constructed in code); comunas.dta (Worked, CUT crosswalk, also transferred to the CMF server).","access_type":"Data is publicly available and included in the reproducibility package.","license":"NonCommercial-NoDerivatives 4.0 International License","license_uri":"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/deed.en","uri":"https:\/\/www.bcn.cl\/siit\/mapas_vectoriales","citation":"Library of the National Congress of Chile (BCN). n.d. Municipal and Populated-Area Shapefiles (Mapas Vectoriales: Divisi\u00f3n Comunal y \u00c1reas Urbanas de Chile) [dataset]. https:\/\/www.bcn.cl\/siit\/mapas_vectoriales. Accessed January 2021."},{"name":"Employment Protection Law Public Releases","note":"Public firm-level Excel releases from Chile's Direccion del Trabajo recording take-up of the COVID-19 Employment Protection Law (Ley de Proteccion del Empleo): employment-contract suspensions (16 release dates, some split across multiple files) and agreed working-hours reductions (12 release dates), April-December 2020. Codes\/1.Databases_publicly_available.do assembles them into the firm-level panels below, including datos_leyempleo_20201102_in.dta (transferred to the CMF server) and workers_total_aux.dta (firm-month panel with identifiers remapped to the simulated rut scale of the Outside pipeline).\nFile location: \"Data\/Raw\/Public\" (Excel releases and firm panels), \"Data\/Raw\" (workers_total_aux.dta), \"Data\/Worked\" (datos_leyempleo_20201102_in.dta).\nFile names: suspension_200430.xlsx ... suspension_201216-7.xlsx (30 files), reduccion_200430.xlsx ... reduccion_201216.xlsx (12 files); suspension_firm.dta, reduccion_firm.dta, workers_total_aux.dta, datos_leyempleo_20201102_in.dta (constructed in code).","access_type":"Data is publicly available and included in the reproducibility package.","uri":"https:\/\/www.dt.gob.cl","citation":"Chile's Labor Directorate. 2020. Employment Protection Law Public Releases (Estad\u00edsticas de la Ley de Protecci\u00f3n del Empleo: suspensiones de contrato y reducciones de jornada).[dataset]. https:\/\/www.dt.gob.cl. Accessed January 2021."},{"name":"COVID-19 Municipal Lockdown Decrees","note":"Daily municipality-level record of COVID-19 lockdown (cuarentena) mandates in Chile during 2020, from the Chilean Ministerio de Ciencia, Tecnologia, Conocimiento e Innovacion's public COVID-19 open-data repository ('Producto 29'). The file was downloaded ready-to-use before the original repository went offline and is included as-is in the package, since it can no longer be re-downloaded from the original source (see the note in Codes\/1.Databases_publicly_available.do). All weekly lockdown panels, the dynamic treatment\/control assignment, and the event-time panels used in the paper (including the files transferred to the CMF server) are built from this file in Codes\/1.Databases_publicly_available.do.\nFile location: \"Data\/Worked\".\nFile names: data_cuarentenas.dta (raw source, downloaded as-is; downstream constructed panels documented in Data_Dictionary_BCCh_Outside.xlsx).","access_type":"Data is publicly available and included in the reproducibility package.","citation":"Ministry of Science, Technology, Knowledge and Innovation of Chile. 2020. COVID-19 Municipal Lockdown Decrees [dataset]. Original open-data repository no longer online; file distributed as-is in this package. Accessed January 2021."},{"name":"Central Bank of Chile Public Statistics ","note":"Aggregate public statistics published by the Banco Central de Chile (BCCh) statistics portal: the monthly Monetary Policy Rate (Tasa de Politica Monetaria, 2012m1-2020m12, used to compute credit spreads), the monthly Unidad de Fomento value (2016m1-2020m12, used to convert peso amounts to UF for FOGAPE size brackets), the monthly observed CLP\/USD exchange rate (2015m1-2020m12), and 2019 GDP at current prices. The three monthly series are transcribed into .dta files in Codes\/1.Databases_raw.do from the published figures; the 2020 average exchange rate and 2019 GDP figures are used directly in the code.\nFile location: \"Data\/Raw\".\nFile names: tpm_revised.dta, uf_revised.dta, usd_revised.dta (constructed in code from published figures).","access_type":"Data is publicly available and included in the reproducibility package.","license":"Central Bank of Chile Terms of Use","license_uri":"https:\/\/www.bcentral.cl\/web\/banco-central\/condiciones-de-uso","uri":"https:\/\/si3.bcentral.cl\/siete","citation":"Central Bank of Chile. 2020. Central Bank of Chile Public Statistics  [dataset]. https:\/\/si3.bcentral.cl. Accessed January 2021."},{"name":"Public Statistics Credit-Guarantee Program and Bank Capital (FOGAPE-COVID)","note":"Aggregate public statistics published by the Comision para el Mercado Financiero (CMF): total FOGAPE-COVID credit-program disbursements and aggregate 2020 bank capital. These are aggregate published figures used directly in the code (no microdata); no separate data file ships for this source.\nFile location: values used directly in the Stata code (see \"Codes\").\nFile names: none (hardcoded aggregate figures).","access_type":"Data is publicly available and included in the reproducibility package.","license":"Financial Market Commission of Chile Terms of Use","license_uri":"https:\/\/www.cmfchile.cl\/portal\/principal\/623\/w4-article-1833.html","uri":"https:\/\/www.cmfchile.cl","citation":"Financial Market Commission of Chile (CMF). 2020. Public Statistics Credit-Guarantee Program and Bank Capital (FOGAPE-COVID) [dataset]. https:\/\/www.cmfchile.cl. Accessed January 2021."},{"name":"Public Registry of Legal-Entity Taxpayers","note":"Public registry of legal-entity taxpayers (Nomina de Personas Juridicas) published by Chile's Servicio de Impuestos Internos (SII), tax year 2020 vintage covering firm characteristics for 2018 and 2019: economic sector, taxpayer type, sales bracket, number of workers, and start of activities. Processed in Codes\/1.Databases_publicly_available.do \/ Codes\/1.Databases_raw.do into the firm-level panels below; in the shipped (Outside) version, firm identifiers are remapped to the simulated rut scale used by the Outside pipeline.\nFile location: \"Data\/Raw\/Public\" (raw CSV), \"Data\/Worked\" (constructed panels).\nFile names: empresas_at2020.csv (raw); firmas_SII_18_19_revised.dta, firmas_SII_revised.dta (constructed in code).","access_type":"Data is publicly available and included in the reproducibility package.","license":"Chilean Internal Revenue Service Terms of Use","license_uri":"https:\/\/www.sii.cl\/sobre_el_sii\/terminos_sitio_web.html","uri":"https:\/\/www.sii.cl\/sobre_el_sii\/nominapersonasjuridicas.html","citation":"Chilean Internal Revenue Service (SII). 2020. Public Registry of Legal-Entity Taxpayers [dataset]. https:\/\/www.sii.cl\/sobre_el_sii\/nominapersonasjuridicas.html. Accessed January 2021."},{"name":"Supervisory Report C11 - Commercial Portfolio Balances and Arrears","note":"Firm-bank-month panel of outstanding commercial loan balances and days past due, from the CMF's C11 supervisory return, accessed by the authors through the Banco Central de Chile's secure research environment under institutional research agreements. The confidential microdata cannot leave the BCCh; the package ships synthetic placeholder files with identical names, variables, and structure (generated in Codes\/1.Databases_raw_simulation.do for 50,000 simulated firms) so the Outside pipeline runs end to end. Outputs built from the placeholders do not reproduce the paper's results.\nFile location: \"Data\/Raw\" (simulated placeholders included in the package; hashes in the data hash report correspond to the simulated files).\nFile names: c11_revised.dta; expost_risk_by_rut_2019m1_revised.dta and expost_risk_by_rut_2020m5_revised.dta (firm-level ex-post default indicators derived from C11 in Codes\/1.Databases_raw.do).","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.bcentral.cl","citation":"Financial Market Commission of Chile (CMF). 2016-2020. Supervisory Report C11 - Commercial Portfolio Balances and Arrears [dataset].  Confidential microdata obtained through the Central Bank of Chile's secure research environment. Accessed July 2025."},{"name":"Supervisory Report D32 - Commercial Loan Flows","note":"Firm-month panel of new commercial loan originations (amount, currency, maturity, interest rate), from the CMF's D32 supervisory return (CMFDAT.dbo.D32), accessed by the authors through the Banco Central de Chile's secure research environment under institutional research agreements. The confidential microdata cannot leave the BCCh; the package ships a synthetic placeholder file with identical name, variables, and structure (generated in Codes\/1.Databases_raw_simulation.do) so the Outside pipeline runs end to end. Outputs built from the placeholder do not reproduce the paper's results.\nFile location: \"Data\/Raw\" (simulated placeholder included in the package; hash in the data hash report corresponds to the simulated file).\nFile names: d32_revised.dta.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.bcentral.cl","citation":"Financial Market Commission of Chile (CMF). 2012-2020. Supervisory Report D32 - Commercial Loan Flows [dataset]. Confidential microdata obtained through the Central Bank of Chile's secure research environment. Accessed July 2025."},{"name":"Supervisory Report D58 - FOGAPE-COVID Credit-Guarantee Disbursements","note":"Firm-month panel of FOGAPE-COVID credit-guarantee amounts disbursed, from the CMF's D58 supervisory return (CMFDAT.dbo.D58), accessed by the authors through the Banco Central de Chile's secure research environment under institutional research agreements. The confidential microdata cannot leave the BCCh; the package ships synthetic placeholder files with identical names, variables, and structure (generated in Codes\/1.Databases_raw_simulation.do) so the Outside pipeline runs end to end. Outputs built from the placeholders do not reproduce the paper's results.\nFile location: \"Data\/Raw\" (simulated placeholders included in the package; hashes in the data hash report correspond to the simulated files).\nFile names: d58_revised.dta; d58_fecha_oper_revised.dta (firm-level date of first FOGAPE use, derived from D58 in Codes\/1.Databases_raw.do).","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.bcentral.cl","citation":"Financial Market Commission of Chile (CMF). 2020. Supervisory Report D58 - FOGAPE-COVID Credit-Guarantee Disbursements [dataset].  Confidential microdata obtained through the Central Bank of Chile's secure research environment. Accessed July 2025."},{"name":"Supervisory Report E20 - FOGAPE-COVID Credit-Guarantee Applications","note":"Firm-level records of FOGAPE-COVID credit-guarantee applications (first application, status, applied amount, and application indicators by window: April 2020, May 2020, June-December 2020), from the CMF's E20 supervisory return (CMFDAT.dbo.E20), accessed by the authors through the Banco Central de Chile's secure research environment under institutional research agreements. The confidential microdata cannot leave the BCCh; the package ships synthetic placeholder files with identical names, variables, and structure (generated in Codes\/1.Databases_raw_simulation.do) so the Outside pipeline runs end to end. Outputs built from the placeholders do not reproduce the paper's results.\nFile location: \"Data\/Raw\" (simulated placeholders included in the package; hashes in the data hash report correspond to the simulated files).\nFile names: e20_solicito_revised.dta, e20_solicito_part1_revised.dta, e20_solicito_part2_revised.dta, e20_solicito_part3_revised.dta.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.bcentral.cl","citation":"Financial Market Commission of Chile (CMF). 2020. Supervisory Report E20 - FOGAPE-COVID Credit-Guarantee Applications [dataset]. Confidential microdata obtained through the Central Bank of Chile's secure research environment. Accessed July 2025."},{"name":"Formulario 29 - Monthly VAT Returns","note":"Firm-month panel of sales and material costs reported in Chile's monthly VAT return (Formulario 29), from the Servicio de Impuestos Internos (SII), accessed by the authors through the Banco Central de Chile's secure research environment under institutional research agreements. The confidential microdata cannot leave the BCCh; the package ships synthetic placeholder files with identical names, variables, and structure (generated in Codes\/1.Databases_raw_simulation.do) so the Outside pipeline runs end to end. Outputs built from the placeholders do not reproduce the paper's results.\nFile location: \"Data\/Raw\" (simulated placeholders included in the package; hashes in the data hash report correspond to the simulated files); \"Data\/Worked\" (f29_comunas_revised.dta).\nFile names: f29_revised.dta; f29_2017-2019_revised.dta (firm-level annual sales 2016-2019, derived from F29 in Codes\/1.Databases_raw.do); f29_comunas_revised.dta (firm-to-municipality crosswalk derived from F29 in Codes\/1.Databases_raw.do).","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.bcentral.cl","citation":"Chilean Internal Revenue Service (SII). 2016-2020. Formulario 29 - Monthly VAT Returns [dataset]. Confidential microdata obtained through the Central Bank of Chile's secure research environment. Accessed August 2025."},{"name":"Form 1887 - Withheld Wages and Workers ","note":"Firm-year panels of the number of dependent workers and of the annual wage bill (2017-2020), from the SII's sworn statement on withheld wages (Formulario 1887), accessed by the authors through the Banco Central de Chile's secure research environment under institutional research agreements. The confidential microdata cannot leave the BCCh; the package ships synthetic placeholder files with identical names, variables, and structure (generated in Codes\/1.Databases_raw_simulation.do) so the Outside pipeline runs end to end. Outputs built from the placeholders do not reproduce the paper's results.\nFile location: \"Data\/Raw\" (simulated placeholders included in the package; hashes in the data hash report correspond to the simulated files).\nFile names: f29_workers_revised.dta, wage_bill_anual_revised.dta.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.bcentral.cl","citation":"Chilean Internal Revenue Service (SII). 2017-2020. Form 1887 - Withheld Wages and Workers [dataset]. Confidential microdata obtained through the Central Bank of Chile's secure research environment. Accessed August 2025."},{"name":"Form 22 - Annual Income Tax Returns ","note":"Firm-year panel of net worth, assets, wage bill, and capital (2016-2020), from the SII's annual income tax return (Formulario 22), accessed by the authors through the Banco Central de Chile's secure research environment under institutional research agreements. The confidential microdata cannot leave the BCCh; the package ships synthetic placeholder files with identical names, variables, and structure (generated in Codes\/1.Databases_raw_simulation.do) so the Outside pipeline runs end to end. Outputs built from the placeholders do not reproduce the paper's results.\nFile location: \"Data\/Raw\" (simulated placeholders included in the package; hashes in the data hash report correspond to the simulated files).\nFile names: net_worth_revised.dta, net_worth_wide_revised.dta.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.bcentral.cl","citation":"Chilean Internal Revenue Service (SII). 2016-2020. Form 22 - Annual Income Tax Returns [dataset]. Confidential microdata obtained through the Central Bank of Chile's secure research environment. Accessed August 2025."},{"name":"Economic-Sector Classification","note":"Firm-level economic-sector classification (CAE, Clasificador de Actividades Economicas), from the SII's RUT\/sector registry, accessed by the authors through the Banco Central de Chile's secure research environment under institutional research agreements. This SII source was discontinued within the BCCh server after construction; the dataset is used as-is downstream. The confidential microdata cannot leave the BCCh; the package ships a synthetic placeholder file with identical name, variables, and structure (generated in Codes\/1.Databases_raw_simulation.do) so the Outside pipeline runs end to end. Outputs built from the placeholder do not reproduce the paper's results.\nFile location: \"Data\/Raw\" (simulated placeholder included in the package; hash in the data hash report corresponds to the simulated file).\nFile names: cae.dta.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.bcentral.cl","citation":"Chilean Internal Revenue Service (SII). 2016-2020. CAE Economic-Sector Classification (RUT\/sector registry) [dataset]. Confidential microdata obtained through the Central Bank of Chile's secure research environment. Accessed August 2025."},{"name":"Supervisory Report D32 - Commercial Loan Flows","note":"Two firm-bank level extracts of the CMF's D32 supervisory return (Colocaciones Comerciales \/ commercial loan flows) used exclusively inside the CMF server for Table 4, Appendix Table 16, and Appendix Table 17: a 2019 vintage (pre-pandemic baseline flows and interest-rate spreads) and a January-October 2020 vintage (pandemic-period credit-flow outcomes). This is a separate, non-overlapping set of extracts from the D32 data accessed through the BCCh (see the corresponding via-BCCh entry). The extracts exist only inside the CMF secure server, cannot be exported or reproduced with simulated data, and are not provided in the package.\nFile location: CMF secure server only (\"exportsCMF\" directory; see Readme\/README_CMF.tex).\nFile names: d32_comercial_2019_in.dta, d32_comercial_20200101-20201030_in.dta.\nNot in the data hash report: these files exist only inside the CMF secure server and could not be hashed; they are registered here for completeness.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.cmfchile.cl","citation":"Financial Market Commission of Chile (CMF). 2019-2020. Supervisory Report D32 - Commercial Loan Flows [dataset]. Confidential microdata accessed inside the CMF's secure computing environment. Accessed July 2025."},{"name":"Supervisory Reports D58 and E20 - FOGAPE-COVID Credit-Guarantee Applications and Disbursements","note":"Firm-bank level record of FOGAPE-COVID credit-guarantee program applications, status, and amounts granted for operations disbursed May-September 2020, combining the CMF's D58 and E20 supervisory returns, used exclusively inside the CMF server for Table 4, Appendix Table 16, and Appendix Table 17. This is a separate, non-overlapping extract from the D58\/E20 data accessed through the BCCh (see the corresponding via-BCCh entries). The extract exists only inside the CMF secure server, cannot be exported or reproduced with simulated data, and is not provided in the package.\nFile location: CMF secure server only (\"exportsCMF\" directory; see Readme\/README_CMF.tex).\nFile names: d58_r1_tempcrucee20_202005-202009_20201023_in.dta.\nNot in the data hash report: this file exists only inside the CMF secure server and could not be hashed; it is registered here for completeness.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.cmfchile.cl","citation":"Financial Market Commission of Chile (CMF). 2020. Supervisory Reports D58 and E20 - FOGAPE-COVID Credit-Guarantee Applications and Disbursements [dataset]. Confidential microdata accessed inside the CMF's secure computing environment. Accessed July 2025."},{"name":"Supervisory Reports D10, D03, and C11 - Combined Credit-Registry Extract","note":"Combined firm-bank level extract merging the CMF's supervisory reports D10 (credit stock), D03 (borrower balance-sheet and identification data reported by banks), and C11 (loan portfolio and days-past-due arrears), as of around July 2020, used exclusively inside the CMF server as the credit-registry baseline for Table 4, Appendix Table 16, and Appendix Table 17. The extract exists only inside the CMF secure server, cannot be exported or reproduced with simulated data, and is not provided in the package.\nFile location: CMF secure server only (\"exportsCMF\" directory; see Readme\/README_CMF.tex).\nFile names: d10_comer_d03_garantia_c11_in.dta.\nNot in the data hash report: this file exists only inside the CMF secure server and could not be hashed; it is registered here for completeness.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.cmfchile.cl","citation":"Financial Market Commission of Chile (CMF). 2020. Supervisory Reports D10, D03, and C11 - Combined Credit-Registry Extract [dataset]. Confidential microdata accessed inside the CMF's secure computing environment. Accessed July 2025."},{"name":"Firm Registry with Geocoded Addresses","note":"Confidential firm registry (Personas Juridicas) obtained by the CMF from the SII for tax year 2018, containing firm-level sales bracket, economic sector, number of employees, incorporation\/closure dates, tax\/legal status, and address; used exclusively inside the CMF server for Table 4, Appendix Table 16, and Appendix Table 17. From this registry, firms_dist_non_weird_merge.dta is built inside the CMF server (geocoded addresses via the OpenCage API, own and nearest-neighboring municipality across the lockdown boundary, and driving distance\/time to that neighbor; see the header of Codes\/1.Databases_CMF.do). Both files are confidential, exist only inside the CMF secure server, and are not provided in the package.\nFile location: CMF secure server only (see Readme\/README_CMF.tex).\nFile names: datospjurid_sii_2018_in_v1.dta; firms_dist_non_weird_merge.dta (constructed inside the CMF server from this registry).\nNot in the data hash report: these files exist only inside the CMF secure server and could not be hashed; they are registered here for completeness.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.sii.cl","citation":"Servicio de Impuestos Internos (SII). 2018. Firm Registry with Geocoded Addresses, Tax Year 2018 [dataset]. Confidential microdata obtained through the CMF's secure computing environment. Accessed July 2025."},{"name":"Internal debt-coverage indicator, firms with bank debt above CLP 50 million","note":"CMF-internal firm-level indicator flagging firms with total bank debt exposure above CLP 50 million, used inside the CMF server as a reporting-coverage\/materiality threshold to restrict the estimation sample for Table 4, Appendix Table 16, and Appendix Table 17. The file exists only inside the CMF secure server and is not provided in the package.\nFile location: CMF secure server only (see Readme\/README_CMF.tex).\nFile names: sobre_50millones.dta.\nNot in the data hash report: this file exists only inside the CMF secure server and could not be hashed; it is registered here for completeness.","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","uri":"https:\/\/www.cmfchile.cl","citation":"Financial Market Commission of Chile (CMF). 2020. Internal debt-coverage indicator, firms with bank debt above CLP 50 million [dataset]. Confidential internal data accessed inside the CMF's secure computing environment. Accessed July 2025."},{"name":"Monthly Aggregate Credit Series ","note":"Monthly aggregate statistics underlying three panels of Figure 2 ('Credit Granted and Outstanding Corporate Debt'), computed on confidential CMF microdata: the C11 report (commercial-portfolio credit balances by RUT, matched to the SII legal-entity registry to classify Mega Empresas) and the C50 report (FOGAPE-COVID guaranteed credit balances by RUT). Because the computation collapses to twelve monthly aggregate figures per series, co-author Mario Vera computed them directly on the CMF's confidential systems and the resulting aggregates are hardcoded in Codes\/1.5.Databases_worked.do (see the Source and Description comments above the Figure 2 blocks). Figure 2 is therefore reproducible in the Outside or BCCh environment without CMF access, while the underlying RUT-level C11\/C50 extracts remain confidential and are not provided.\nFile location: aggregate values hardcoded in \"Codes\/1.5.Databases_worked.do\"; underlying microdata on the CMF secure server only.\nFile names: none (hardcoded aggregates); underlying confidential extracts not in the data hash report because they exist only inside the CMF secure server.","access_type":"Data is publicly available and included in the reproducibility package. ","uri":"https:\/\/www.cmfchile.cl","citation":"Authors' compilation. 2026. Monthly Aggregate Credit Series [dataset]. Based on Financial Market Commission of Chile supervisory reports C11 and C50 and the Chilean Internal Revenue Service legal-entity registry, computed on the CMF's confidential systems. Accessed July 2025."}],"reproduction_instructions":"The replication package is designed to run in three environments (Outside, BCCh (Central Bank of Chile), and CMF (Financial Market Commission of Chile)), selected automatically in `Codes\/0.Master` do file from the computer's username. The **BCCh** and **CMF** environments run only inside the secure servers of the Central Bank of Chile and Chile's Financial Market Commission, respectively, where the confidential firm-level microdata reside and cannot be exported. The **Outside** environment is the one any reviewer can run on their own machine: it builds all public data from scratch and substitutes simulated placeholder data \u2014 generated with the same variable names, types, and structure as the confidential microdata \u2014 wherever the real data cannot leave the government servers. This lets the entire code base execute end to end and be checked for correctness outside the bank, even though outputs that depend on the confidential microdata will not numerically match the published results. Table 10 and Appendix Figure 6, which depend only on the calibrated quantitative model and no confidential data, are fully reproducible in the Outside environment.\n\nSteps:\n1. Set the local `${maindir}` path in `Codes\/0.Master` to the reviewer's local package location.\n2. Run `Codes\/0.Master` in Stata (installs all Stata package dependencies, creates the `Data\/` and `Output\/` directory structure, and runs the Stata pipeline for the Outside environment on public and simulated data).\n3. Add `Model\/Tools\/` to the MATLAB path \u2014 required for `runcalibrate_TFP_v2.m`.\n4. In MATLAB, run:\n   - `Model\/runcalibrate_TFP_v2.m` (calibration)\n   - `revision_aggregateimplications3_new_LABOR_w_choice_260609.m` (policy counterfactuals)\n   - `revision_runme4_graphs_joe_fixedgrid_260609.m` (Appendix Figure 6)\n5. Run `Codes\/2.Tables_Quantitative_Model.do` in Stata to produce Table 10.\n\n**Note:** Since most of the data is restricted, the outputs created by the replicators and by the authors are included in the package. Portions of the data are stored only within the secure environments of the Chilean government (BCCh and CMF servers) and could not be run by the replicators. Logs provided by the authors were used to verify the corresponding exhibits. Please see the README for further details.","technology_environment":"Paper exhibits were reproduced on a computer with the following specifications:\n\u2022 OS: Windows 11 Enterprise 25H2\n\u2022 Processor: Intel(R) Xeon(R) Gold 6226R CPU @ 2.90GHz (2 processors)\n\u2022 Memory available: 16.0 GB\n\u2022 Software version: Stata MP 19.5, MATLAB 2024a"},"datacite":{"creators":[{"givenName":"Sergio L.","familyName":"Schmukler","nameType":"Personal","affiliation":[{"name":"World Bank","affiliationIdentifier":"https:\/\/ror.org\/02md09461","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"}]},{"givenName":"Federico","familyName":"Huneeus","nameType":"Personal","affiliation":[{"name":"Duke University","affiliationIdentifier":"https:\/\/ror.org\/00py81415","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"},{"name":"Central Bank of Chile","schemeUri":"https:\/\/ror.org","affiliationIdentifierScheme":"ROR","affiliationIdentifier":"https:\/\/ror.org\/005fmqz30"}]},{"givenName":"Joseph P.","familyName":"Kaboski","nameType":"Personal","affiliation":[{"name":"University of Notre Dame","affiliationIdentifier":"https:\/\/ror.org\/04mwhg379","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"}]},{"givenName":"Mauricio","familyName":"Larrain","nameType":"Personal","affiliation":[{"name":"University of los Andes, Chile","affiliationIdentifier":"https:\/\/ror.org\/03v0qd864","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"}]},{"givenName":"Mario","familyName":"Vera","nameType":"Personal","affiliation":[{"name":"Financial Market Commission of Chile","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"}]}],"titles":[{"lang":"en","title":"Reproducibility package for Crisis Credit, Employment Protection, Indebtedness, And Risk"},{"title":"RR_CHL_2026_722","titleType":"Other"}],"publisher":"World Bank","publicationYear":"2026","types":{"resourceType":"Reproducibility package","resourceTypeGeneral":"Other"},"url":"https:\/\/reproducibility.worldbank.org\/index.php\/catalog\/study\/RR_CHL_2026_722","language":"en"},"tags":[{"tag":"DOI"},{"tag":"Open Code"},{"tag":"Restricted Data"}],"schematype":"script"}