Financial Development in Latin America and the Caribbean : The Road Ahead

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collection.link.137
https://openknowledge.worldbank.org/handle/10986/6002
collection.link.40
https://openknowledge.worldbank.org/handle/10986/2148
collection.name.137
Spanish PDFs Available
collection.name.40
Latin America and Caribbean Studies
dc.contributor.author
de la Torre, Augusto
dc.contributor.author
Ize, Alain
dc.contributor.author
Schmukler, Sergio L.
dc.date.accessioned
2012-03-19T09:05:13Z
dc.date.available
2012-03-19T09:05:13Z
dc.date.issued
2012
dc.description.abstract
The financial systems of the Latin America and the Caribbean region (LAC) are at a crucial juncture. After a history of recurrent instability and crisis (a trademark of the region), they now seem well poised for rapid expansion. Since the last wave of financial crises that swept through the region in the late 1990s and early 2000s, financial systems in LAC have continued to gain in soundness, depth, and diversity. The size of banking systems has increased, albeit from a low base; local currency bond markets have greatly developed, both in volumes and in reach over the yield curve; stock markets have expanded; and derivative markets particularly currency derivatives have grown and multiplied. Institutional investors have become more important relative to banks, making the financial system more complex and diversified. Importantly, much progress has been made in financial inclusion, particularly through the expansion of payments, savings, and credit services to lower income households and microenterprises. As evidence of their new soundness and resiliency, financial systems in the region, except in some Caribbean countries, weathered the recent global financial crisis remarkably well. The progress in financial development in LAC no doubt reflects substantial improvements in the enabling environment, lower macroeconomic volatility, more independent and better-anchored currencies, increased financial liberalization, lower currency mismatches and foreign debt exposures, enhanced effectiveness of regulation and supervision, and notable improvements in the underlying market infrastructures (for example, trading, payments, custody, clearing, and settlement). This regional flagship report aims at providing such a stocktaking and forward looking assessment of the region's financial development. Rather than going into detail about sector-specific issues, the report focuses on the main architectural issues, overall perspectives, and interconnections. The value added of the report thus hinges on its holistic view of the development process, its broad coverage of the financial services industry (not just banking), its emphasis on benchmarking, its systemic perspective, and its explicit effort to incorporate the lessons from the recent global financial crisis.
en
dc.identifier.isbn
978-0-8213-8847-1
dc.identifier.uri
http://hdl.handle.net/10986/2380
dc.language
English
dc.publisher
World Bank
dc.relation.ispartofseries
World Bank Latin America and the Caribbean Studies
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
ACCOUNTABILITY
dc.subject
AUTHORITY
dc.subject
BASIC EDUCATION
dc.subject
BETTERMENT TAXES
dc.subject
BOND ISSUES
dc.subject
BORROWING
dc.subject
BORROWING ARRANGEMENTS
dc.subject
BUDGET DEFICITS
dc.subject
CAPITAL CITIES
dc.subject
CAPITAL PLANNING
dc.subject
CAPITAL PROJECTS
dc.subject
CENTRAL GOVERNMENT
dc.subject
CENTRAL GOVERNMENTS
dc.subject
CENTRAL TRANSFERS
dc.subject
CITIZENS
dc.subject
CIVIL SERVICE
dc.subject
CONSTITUTION
dc.subject
CONSTITUTIONS
dc.subject
CORRUPTION
dc.subject
CREDITWORTHINESS
dc.subject
DEBT
dc.subject
DEBT FINANCING
dc.subject
DECENTRALIZATION
dc.subject
DECENTRALIZATION IN GOVERNMENT
dc.subject
DECENTRALIZATION PROCESS
dc.subject
DECISION-MAKING
dc.subject
DECISION-MAKING POWER
dc.subject
DECREE
dc.subject
DEMOCRACY
dc.subject
DEMOCRATIC REFORMS
dc.subject
DEVOLUTION
dc.subject
ECONOMIC CONDITIONS
dc.subject
EMPLOYMENT
dc.subject
EXPENDITURE
dc.subject
EXPENDITURE RESPONSIBILITIES
dc.subject
FEDERAL GOVERNMENT
dc.subject
FISCAL
dc.subject
FISCAL BALANCE
dc.subject
FISCAL DECENTRALIZATION
dc.subject
FISCAL MANAGEMENT
dc.subject
FISCAL PRESSURES
dc.subject
FISCAL REFORM
dc.subject
GOVERNMENT ASSISTANCE
dc.subject
GOVERNMENT AUTHORITY
dc.subject
GOVERNMENT BUDGETS
dc.subject
GOVERNMENT EXPENDITURES
dc.subject
GOVERNMENT REVENUES
dc.subject
GOVERNMENT SERVICES
dc.subject
HEALTH SERVICES
dc.subject
HOUSING
dc.subject
INTERGOVERNMENTAL FINANCE
dc.subject
INTERGOVERNMENTAL FISCAL RELATIONS
dc.subject
INTERGOVERNMENTAL TRANSFERS
dc.subject
LACK OF TRANSPARENCY
dc.subject
LAWS
dc.subject
LEGAL CHANGES
dc.subject
LEGISLATION
dc.subject
LEVELS OF GOVERNMENT
dc.subject
LOCAL AUTHORITIES
dc.subject
LOCAL GOVERNMENT
dc.subject
LOCAL GOVERNMENTS
dc.subject
LOCAL TAX
dc.subject
LOCAL TAXES
dc.subject
MATCHING GRANTS
dc.subject
MINISTERS
dc.subject
MUNICIPAL DEBT
dc.subject
MUNICIPAL GOVERNMENTS
dc.subject
MUNICIPALITIES
dc.subject
MUNICIPALITY
dc.subject
NATIONAL GOVERNMENTS
dc.subject
NATIONAL LEGISLATURES
dc.subject
NATIONAL TAXES
dc.subject
NATIONS
dc.subject
PROPERTY TAXES
dc.subject
PROVINCIAL GOVERNMENTS
dc.subject
PUBLIC EMPLOYMENT
dc.subject
PUBLIC FINANCE
dc.subject
PUBLIC FUNDS
dc.subject
PUBLIC OFFICIALS
dc.subject
PUBLIC SERVICES
dc.subject
PUBLIC WORKS
dc.subject
REFERENDUMS
dc.subject
RESOURCE MOBILIZATION
dc.subject
RETAIL SALES TAX
dc.subject
REVENUE SHARING
dc.subject
REVENUE SOURCES
dc.subject
REVENUE TRANSFERS
dc.subject
REVOLUTION
dc.subject
ROADS
dc.subject
SAVINGS
dc.subject
SERVICE CAPACITY
dc.subject
STATE BANKS
dc.subject
TAX AUTHORITY
dc.subject
TAX COLLECTIONS
dc.subject
TAX RATES
dc.subject
TAX RECEIPTS
dc.subject
TAX REVENUES
dc.subject
LOCAL FINANCING
dc.subject
USER CHARGES
dc.subject
DECISION-MAKING PROCESS
dc.subject
DEMOCRATIZATION
dc.subject
DEMOCRATIC VALUES
dc.subject
LOCAL OFFICIALS
dc.subject
PUBLIC SERVICE FINANCE
dc.subject
REFORMS
dc.subject
TRANSITION
dc.title
Financial Development in Latin America and the Caribbean : The Road Ahead
en
dc.title.alternative
El desarrollo financier en America Latina y el Caribe : el camino por delante
en
okr.date.disclosure
2011-12-01
okr.doctype
Publications & Research :: Publication
okr.doctype
Publications & Research :: Publication
okr.docurl
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20111202011315
okr.globalpractice
Social, Urban, Rural and Resilience
okr.globalpractice
Governance
okr.globalpractice
Finance and Markets
okr.globalpractice
Governance
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/978-0-8213-8847-1
okr.identifier.externaldocumentum
000333038_20111202011315
okr.identifier.internaldocumentum
15520145
okr.identifier.report
65744
okr.language.supported
en
okr.language.supported
es
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/12/02/000333038_20111202011315/Rendered/PDF/657440REPLACEM0110USE0SAME0BOX0INFO.pdf
en
okr.peerreview
Academic Peer Review
okr.region.administrative
Latin America & Caribbean
okr.region.geographical
Latin America
okr.region.geographical
Caribbean
okr.topic
Finance and Financial Sector Development :: Public & Municipal Finance
okr.topic
Urban Development :: Municipal Financial Management
okr.topic
Governance :: National Governance
okr.topic
Finance and Financial Sector Development :: Banks & Banking Reform
okr.unit
Chief Economist (LCRCE)
okr.volume
1 of 1

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