Figure8 Real MPR (*) (9ercent) 8  Brazil  6  8 6  Indonesia  4 2 South Africa  0  Mexico  New Zealand  Colombia  4  Peru 2 0  Chile -2  Australia  -2  (*) Calculated as the current MPR minus inflation expected at December 2016. Sources: Central Bank of Chile and central banks of respective countries. 12  BIS central bankers’ speeches  Figure 9 Total corporate debt (*) (percent of GDP) 125  125  External Debt  Local Debt  100  100  75  75  50  50  25  25  0  09  10  11  13  12  14  15  0  III  (*) Excludes banks. Based on firm-level administrative information. Source: Central Bank of Chile based on Achef, SBIF and SVS data. Figure 10 Corporate financial indicators (1) (percent; times) 12  0,8 Indebtedness (right axis) (3)  9  0,6  6  0,4 Profitability (2)  3  0,2  0  0,0 95  97  99  01  03  05  07  09  11  13  15  (1) Data at December of each year, except 2015 which uses information up to September. (2) Accumulated profits in twelve months before financial expenses plus taxes over total assets. (3) Debt to equity ratio. Source: Central Bank of Chile based on SVS data.
Rodrigo Vergara: The Monetary Policy Report and the Financial Stability Report Presentation by Mr Rodrigo Vergara, Governor of the Central Bank of Chile, before the Finance Commission of the Honorable Senate of the Republic, Santiago de Chile, 21 December 2015. *  *  *  Both Reports can be found at http://www.bcentral.cl/en. Accompanying figures and tables can be found at the end of the speech. Introduction Mr. President of the Finance Commission of the Senate, senator Andrés Zaldívar, senators members of the Commission, ladies and gentlemen, I appreciate your invitation to present the vision of the Board of the Central Bank of Chile on recent macroeconomic and financial developments, the respective outlook and its implications for monetary and financial policy. This view is contained in detail in our Monetary Policy Report of December 2015 and in our Financial Stability Report for the second half of 2015. In the past few months, annual CPI inflation evolved in line with September’s estimates, although its core component – the CPIEFE – posted a slightly larger increase, reflecting the further depreciation of the peso in the period, with still bounded output gaps and within the historical indexing patterns. GDP growth for the third quarter matched the projections, while domestic demand was somewhat higher. Thus, the economy continued to grow in the range of 2 to 2.5 percent. The external scenario has worsened, due to the drop in the terms of trade, particularly the price of copper, sluggish growth of our trading partners, and notso favorable financial conditions.