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Abstract
Banks are no longer the sole providers of financing and savings collection in the current financial system; therefore, the traditional role of the bank is no longer a monopoly in this sector. Hence the term "financial disintermediation" emerges. Financial disintermediation consists of the establishment of a direct relationship between credit users and funds providers, eliminating the participation of intermediaries, thereby reducing the transaction costs involved. In this work, we establish a model that allows for the measurement of financial disintermediation in Chile for the period of 1988-1997, using as the dependent variable the following proportion: Disintermediation = obligations with the public (long term) + paid-up capital / obligations with banks and financial institutions (long-term) as explanatory variables: competitiveness (represented by bank reach), diversification (represented by the issuance of stocks and bonds by companies; by the percentage invested in stocks and bonds by the pension fund administrators; by the investments of those administrators in bank instruments) and globalization (represented by the emissions of the American Depositary Receipts and by the foreign financial flows that directly fund projects in Chile).
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