Jordà, Òscar, Moritz Schularick and Alan M. Taylor (2016), The great mortgaging: housing finance, crises and business cycles, Economic Policy, 31 (85), pp. 107-152. Kovacs, Agnes, May Rostom and Philip Bunn (2018), Consumption Response to Aggregate Shocks and the Role of Leverage, Discussion Papers 1820, Centre for Macroeconomics (CFM). Levina, Iren, Robert Sturrock, Alexandra Varadi and Gavin Wallis (2019), Modelling the distribution of mortgage debt, Staff Working Paper No. 808, Bank of England. Nakajima, Jouchi (2018), The role of household debt heterogeneity on consumption: Evidence from Japanese household data, BIS Working Paper No 14  All speeches are available online at www.bankofengland.co.uk/news/speeches  14
In 1986, the General Banking Law introduced limitations on currency mismatch, constraints on related party lending, and restrictions for banks to receive goods instead of liquid resources; all of them, elements that were common practice before the 1982 crisis. Paradoxically, what could be considered harsher regulation did not hamper financial deepening. Instead, it fostered solvency and credibility of the banking system and allowed its healthy development in the ensuing decades. At the core of this development was the creation of a funded pension system, and subsequent capital market reforms, together with capital market openness, which dramatically changed the size, composition, depth, and strength of the financial sector in Chile. Now, during the transition toward fully implementing the current policy framework, Chile experienced a period of capital control that have been highly reviewed in the literature. The unremunerated reserve requirement (URR) implemented in Chile during the 1990s helped to change the composition of capital flows toward longer terms but was less effective in terms of reducing the aggregate level of capital flowing into the country. After removing the URR completely by the end of the 90s and allowing the exchange rate to fluctuate freely, the banking and corporate sector learned to operate in a completely different environment, characterized by an extensive used of the derivative market. In In particular, corporations have learned to operate in a flexible FX environment by using both, natural and market-based FX risk hedging instruments.