Chile's corporate bond market is more highly correlated to foreign markets in turbulent economic times, according to a working paper from the Central Bank of Chile, which points out that the domestic impact of external shocks depends on the level of correlation – or 'coupling' between domestic and foreign markets.

Foreign shocks on Chilean financial markets: spillovers and co-movements between bonds and equity markets by Marco Morales, Carola Moreno and Camilo Vio, analyses four different asset