Emerging Issues in Financial Development : Lessons from Latin America

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collection.link.59
https://openknowledge.worldbank.org/handle/10986/2167
collection.name.59
Latin American Development Forum
dc.contributor.author
Didier, Tatiana
dc.contributor.author
Schmukler, Sergio L.
dc.contributor.editor
Didier, Tatiana
dc.contributor.editor
Schmukler, Sergio L.
dc.contributor.other
Ceballos, Francisco
dc.contributor.other
Martínez Pería, María Soledad
dc.contributor.other
Freyen, Erik
dc.contributor.other
Ize, Alain
dc.contributor.other
Levy-Yeyati, Eduardo
dc.contributor.other
Williams, Tomás
dc.contributor.other
Raddatz, Claudio
dc.contributor.other
Anginer, Deniz
dc.contributor.other
de la Torre, Augusto
dc.contributor.other
Heysen, Socorro
dc.contributor.other
Auqui, Martín
dc.contributor.other
Calderón, César
dc.contributor.other
Servén, Luis
dc.contributor.other
Seelig, Steven A.
dc.contributor.other
D’Hulster, Katia
dc.contributor.other
Cortés, Mariano
dc.contributor.other
Dijkman, Miguel
dc.contributor.other
Gutierrez, Eva
dc.date.accessioned
2013-12-18T16:09:22Z
dc.date.available
2013-12-18T16:09:22Z
dc.date.issued
2014
dc.description.abstract
Since the 1990s, the financial systems in developing and developed countries have gained in soundness, depth, and diversity, prompted in part by a series of financial sector and macroeconomic reforms aimed at fostering a market-driven economy in which finance plays a central role. Latin America has been one of the regions at the forefront of these changes and offers a good laboratory of where the challenges in financial development lie. Despite all the gains in financial development, there is still a nagging contrast between the intensity of financial sector reforms implemented over the past 20 years in many countries and the actual size and depth of their financial systems. In the case of Latin America, in many respects it remains underdeveloped by international comparisons. This book studies in detail the recent history of financial sector development and reforms in Latin America, in comparison to other developing and developed countries, to shed light on the key obstacles for financial development. Rather than going in detail into sector-specific issues, the book focuses on the main architectural issues, overall perspectives, and interconnections. Its value added thus hinges on its holistic view of the development process, its broad coverage of the financial services industry (not just banking), its emphasis on comparisons and benchmarking, its systemic perspective, and its explicit effort to incorporate the lessons from the recent global financial crisis. The book is divided into three main parts. The first presents a stock taking exercise to ascertain where Latin America’s financial development lies—analyzing in more detail some of the reasons and policy implications underlying its banking depth and equity liquidity gaps. The second part revisits two themes that are central to the region’s financial development: long-term finance and the role of the state in risk bearing. The last part of the book deals with issues of regulation and supervision, first taking stock of the progress in the region and then analyzing the challenges faced by Latin America as regards three main facets of systemic oversight: macro-prudential policy, micro-systemic regulation, and systemic supervision. The chapters in this book yield many lessons and raise several issues, constituting an invaluable read for practitioners, policymakers, experts, and students alike in both developed and developing countries.
en
dc.identifier.isbn
978-0-8213-9828-9
dc.identifier.uri
http://hdl.handle.net/10986/16387
dc.language.iso
en_US
dc.publisher
Washington, DC: World Bank
dc.relation.ispartofseries
Latin American Development Forum;
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
banking systems
dc.subject
bond markets
dc.subject
domestic financial markets
dc.subject
equity markets
dc.subject
financial development
dc.subject
financial integration
dc.subject
institutional investors
dc.subject
macro-prudential policies
dc.subject
prudential oversight
dc.subject
systemic supervision and regulation
dc.title
Emerging Issues in Financial Development : Lessons from Latin America
en
okr.crosscuttingsolutionarea
Public-Private Partnerships
okr.date.disclosure
2013-12-18
okr.doctype
Publications & Research :: Publication
okr.doctype
Publications & Research
okr.externalurl
http://www10.iadb.org/intal/intalcdi/PE/2013/13523.pdf
okr.globalpractice
Finance and Markets
okr.globalpractice
Governance
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/978-0-8213-9828-9
okr.language.supported
en
okr.peerreview
Academic Peer Review
okr.region.administrative
Latin America & Caribbean
okr.region.geographical
Latin America
okr.sector
Finance
okr.topic
Finance and Financial Sector Development
okr.topic
Finance and Financial Sector Development :: Finance and Development
okr.topic
Finance and Financial Sector Development :: Financial Regulation & Supervision
okr.topic
Finance and Financial Sector Development :: Financial Structures
okr.topic
Private Sector Development
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Public Sector Development
okr.unit
LCRCE

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