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

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dc.contributor.author
de la Torre, Augusto
en_US
dc.contributor.author
Ize, Alain
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dc.contributor.author
Schmukler, Sergio L.
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dc.date.accessioned
2012-03-19T09:05:13Z
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dc.date.available
2012-03-19T09:05:13Z
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dc.date.issued
2012
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dc.identifier.isbn
978-0-8213-8847-1
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dc.identifier.uri
http://hdl.handle.net/10986/2380
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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.
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dc.language
English
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dc.publisher
World Bank
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dc.relation.ispartofseries
World Bank Latin America and the Caribbean Studies
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dc.rights
CC BY 3.0 IGO
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dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
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dc.subject
ACCOUNTABILITY
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AUTHORITY
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BASIC EDUCATION
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dc.subject
BETTERMENT TAXES
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BOND ISSUES
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BORROWING
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BORROWING ARRANGEMENTS
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BUDGET DEFICITS
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CAPITAL CITIES
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CAPITAL PLANNING
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CAPITAL PROJECTS
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CENTRAL GOVERNMENT
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dc.subject
CENTRAL GOVERNMENTS
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CENTRAL TRANSFERS
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dc.subject
CITIZENS
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dc.subject
CIVIL SERVICE
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dc.subject
CONSTITUTION
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dc.subject
CONSTITUTIONS
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dc.subject
CORRUPTION
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CREDITWORTHINESS
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DEBT
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DEBT FINANCING
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DECENTRALIZATION
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dc.subject
DECENTRALIZATION IN GOVERNMENT
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dc.subject
DECENTRALIZATION PROCESS
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dc.subject
DECISION-MAKING
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dc.subject
DECISION-MAKING POWER
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dc.subject
DECREE
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dc.subject
DEMOCRACY
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DEMOCRATIC REFORMS
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dc.subject
DEVOLUTION
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dc.subject
ECONOMIC CONDITIONS
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dc.subject
EMPLOYMENT
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EXPENDITURE
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EXPENDITURE RESPONSIBILITIES
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FEDERAL GOVERNMENT
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FISCAL
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FISCAL BALANCE
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FISCAL DECENTRALIZATION
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FISCAL MANAGEMENT
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FISCAL PRESSURES
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FISCAL REFORM
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GOVERNMENT ASSISTANCE
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dc.subject
GOVERNMENT AUTHORITY
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GOVERNMENT BUDGETS
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dc.subject
GOVERNMENT EXPENDITURES
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GOVERNMENT REVENUES
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dc.subject
GOVERNMENT SERVICES
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dc.subject
HEALTH SERVICES
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dc.subject
HOUSING
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dc.subject
INTERGOVERNMENTAL FINANCE
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INTERGOVERNMENTAL FISCAL RELATIONS
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dc.subject
INTERGOVERNMENTAL TRANSFERS
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dc.subject
LACK OF TRANSPARENCY
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dc.subject
LAWS
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LEGAL CHANGES
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dc.subject
LEGISLATION
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LEVELS OF GOVERNMENT
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dc.subject
LOCAL AUTHORITIES
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dc.subject
LOCAL GOVERNMENT
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LOCAL GOVERNMENTS
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LOCAL TAX
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LOCAL TAXES
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MATCHING GRANTS
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MINISTERS
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MUNICIPAL DEBT
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MUNICIPAL GOVERNMENTS
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MUNICIPALITIES
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MUNICIPALITY
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NATIONAL GOVERNMENTS
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NATIONAL LEGISLATURES
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NATIONAL TAXES
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NATIONS
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PROPERTY TAXES
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PROVINCIAL GOVERNMENTS
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dc.subject
PUBLIC EMPLOYMENT
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PUBLIC FINANCE
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PUBLIC FUNDS
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PUBLIC OFFICIALS
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PUBLIC SERVICES
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PUBLIC WORKS
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REFERENDUMS
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RESOURCE MOBILIZATION
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RETAIL SALES TAX
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REVENUE SHARING
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REVENUE SOURCES
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REVENUE TRANSFERS
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REVOLUTION
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ROADS
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SAVINGS
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SERVICE CAPACITY
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STATE BANKS
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TAX AUTHORITY
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TAX COLLECTIONS
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TAX RATES
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TAX RECEIPTS
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TAX REVENUES
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LOCAL FINANCING
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USER CHARGES
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DECISION-MAKING PROCESS
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DEMOCRATIZATION
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DEMOCRATIC VALUES
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LOCAL OFFICIALS
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PUBLIC SERVICE FINANCE
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dc.subject
REFORMS
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dc.subject
TRANSITION
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dc.title
Financial Development in Latin America and the Caribbean : The Road Ahead
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dc.title.alternative
El desarrollo financier en America Latina y el Caribe : el camino por delante
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okr.identifier.externaldocumentum
000333038_20111202011315
en_US
okr.identifier.internaldocumentum
15520145
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okr.volume
1 of 1
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okr.date.disclosure
2011-12-01
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okr.topic
Finance and Financial Sector Development :: Public & Municipal Finance
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okr.topic
Urban Development :: Municipal Financial Management
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okr.topic
Governance :: National Governance
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okr.topic
Finance and Financial Sector Development :: Banks & Banking Reform
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okr.region.administrative
Latin America & Caribbean
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okr.region.geographical
Latin America
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okr.region.geographical
Caribbean
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okr.identifier.report
65744
en_US
okr.identifier.doi
10.1596/978-0-8213-8847-1
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okr.unit
Chief Economist (LCRCE)
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okr.doctype
Publications & Research :: Publication
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okr.doctype
Publications & Research :: Publication
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dc.rights.holder
World Bank
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okr.peerreview
Academic Peer Review
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okr.globalpractice
Social, Urban, Rural and Resilience
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okr.globalpractice
Governance
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okr.globalpractice
Finance and Markets
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okr.globalpractice
Governance
en_US
okr.googlescholar.linkpresent
yes

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