Gutierrez, EvaCaraballo, Patricia2012-03-192012-03-192012-01-01https://hdl.handle.net/10986/3226The world financial crisis that started in the US housing market in 2008 brought into evidence deep failures of prudential oversight, linked for the most part to a failure to comprehend and handle systemic risk in a way that could prevent systemic crises. This paper summarizes the responses to the joint World Bank -ASBA survey o the state of systemic oversight in the Latin American and Caribbean financial sectors and reflects on some of the challenges identified by respondents. We found that there is broad consensus among regional financial authorities on the need to enhance the current systemic oversight framework. Improving consolidated supervision to mitigate risk-shifting in conglomerates, adjusting prudential regulations to account for the accumulation of systemic risks, redefining the role of the supervisor to make it more proactive, and improving coordination among local supervisors as well as with foreign supervisors figure preeminently in the regional reform agenda.CC BY 3.0 IGOACCESS TO LENDERACCOUNTABILITYACCOUNTINGACCOUNTING FRAMEWORKAGGREGATE DEMANDARBITRAGEASSET PRICEASSETSBALANCE SHEETBALANCE SHEETSBANK LOANSBANK SUPERVISORSBANKING SECTORBANKING SUPERVISIONBANKSBROKERAGEBROKERAGE HOUSESBUFFERSCAPACITY BUILDINGCAPITAL ADEQUACYCAPITAL ADEQUACY RATIOSCAPITAL CONTROLSCAPITAL FLOWSCAPITAL MARKETSCAPITAL REQUIREMENTCAPITAL REQUIREMENTSCENTRAL BANKCENTRAL BANK FACILITIESCENTRAL BANKSCIVIL CODECLEARING HOUSECOLLATERALCOMMERCIAL BANKSCONSOLIDATED SUPERVISIONCONTINGENCY PLANNINGCONTINGENT LIABILITIESCORPORATE DEFAULTCORPORATE DEFAULTSCORPORATE GOVERNANCECREDIT CARDCREDIT COOPERATIVESCREDIT CRUNCHCREDIT GROWTHCREDIT MARKETSCREDIT RISKCROSS-BORDER ISSUESCURRENCYDEFAULTSDEPOSITDEPOSIT INSURANCEDEPOSIT INSURANCE SCHEMESDEPOSITSDERIVATIVEDERIVATIVE MARKETSDERIVATIVESDERIVATIVES MARKETSDIRECT ACCESSDOMESTIC BANKDOMESTIC LIQUIDITYEMPLOYMENTEXCESS LIQUIDITYEXCHANGE RATEEXCHANGE RATE FLUCTUATIONSEXCHANGE RATE VOLATILITYEXPOSUREEXTERNAL SHOCKSFACTORINGFINANCE COMPANIESFINANCIAL AUTHORITIESFINANCIAL CONGLOMERATESFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DEVELOPMENTFINANCIAL INNOVATIONFINANCIAL INSTABILITYFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL INTERMEDIARYFINANCIAL INTERMEDIATIONFINANCIAL LIABILITIESFINANCIAL PRODUCTSFINANCIAL REGULATIONFINANCIAL SECTORFINANCIAL SECTOR STABILITYFINANCIAL SECTORSFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL SYSTEMFINANCIAL SYSTEM STABILITYFINANCIAL SYSTEMSFOREIGN EXCHANGEFOREIGN LIABILITIESFUND MANAGEMENTFUND MANAGERSGLOBAL INTEGRATIONHEDGE FUNDSHOLDINGHOLDING COMPANIESHOLDING COMPANYHOLDINGSHOUSINGHOUSING PRICESHUMAN CAPITALILLIQUIDITYINFORMATION SHARINGINSTITUTIONAL REFORMINSTITUTIONAL REFORMSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE POLICYINSURANCE PREMIUMINSURED DEPOSITSINTEREST RATEINTEREST RATE POLICYINTEREST RATESINTERNAL CONTROLSINTERNATIONAL BANKINTERNATIONAL BEST PRACTICESINTERNATIONAL RESERVESINTERNATIONAL STANDARDSINVESTMENT BANKINGINVESTMENT BANKSINVESTMENT FUNDINVESTMENT FUNDSINVESTMENT VEHICLESJURISDICTIONSKEY CHALLENGELAWSLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL REFORMSLENDERLENDER OF LAST RESORTLENDING INSTITUTIONSLENDING REQUIREMENTSLEVERAGELIABILITYLIABILITY BASELIQUIDITY RATIOSLIQUIDITY REQUIREMENTLIQUIDITY REQUIREMENTSLIQUIDITY RISKLIQUIDITY RISKSLOANMANDATESMARK-TO-MARKETMARKET DATAMARKET DEVELOPMENTSMARKET DISCIPLINEMARKET PRICEMARKET RATESMATURITYMERCHANTMERCHANT BANKINGMICROFINANCEMICROFINANCE INSTITUTIONSMONETARY AUTHORITIESMONETARY AUTHORITYMONETARY POLICYMONEY MARKETMORAL HAZARDMUTUAL FUNDMUTUAL FUNDSOFFSHORE BANKSOPEN ECONOMYOPERATIONAL INDEPENDENCEPENSIONPENSION FUNDPENSION FUNDSPENSIONSPOLICY RESPONSEPRICE INDICESPRIVATE SECTOR DEVELOPMENTPRUDENTIAL REGULATIONPRUDENTIAL REGULATIONSPRUDENTIAL REQUIREMENTSPUBLIC UTILITYQUOTASRATING AGENCIESREAL ESTATEREAL SECTORREDEMPTIONREFORM PROGRAMREGULATORY BODIESREGULATORY CAPACITYREGULATORY FRAMEWORKREGULATORY REFORMSREMITTANCESREPOSRESERVERESERVE REQUIREMENTSRISK FACTORSRISK MANAGEMENTRISK PROFILERISK PROFILESSAFETY NETSECURITIESSMALL COUNTRIESSOLVENCYSTOCK TRADINGSUBSIDIARIESSUPERVISORY AGENCIESSUPERVISORY AGENCYSUPERVISORY POWERSSURCHARGESSYSTEMIC CRISESSYSTEMIC RISKSYSTEMIC RISKSTRANSPARENCYUNDERDEVELOPED CAPITAL MARKETSUNIVERSAL BANKINGUNIVERSAL BANKSVOLATILITYSystemic Oversight Frameworks in LAC : Current Practices and Reform AgendaWorld Bank10.1596/1813-9450-5941