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Financial development in Latin America and the Caribbean: the road ahead

The International Bank for Reconstruction and Development / The World Bank 2011 ;CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank ;ISBN: 082138936X ;ISBN: 9780821388471 ;ISBN: 9780821389362 ;ISBN: 0821388479 ;EISBN: 082138936X ;EISBN: 9780821389362 ;DOI: 10.1596/978-0-8213-8847-1 ;OCLC: 769342669

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Title:
Financial development in Latin America and the Caribbean: the road ahead
Author: de la Torre, Augusto ; Ize, Alain ; Schmukler, Sergio L
Subjects: ACCOUNTABILITY ; AUTHORITY ; Banking ; BASIC EDUCATION ; BETTERMENT TAXES ; BOND ISSUES ; BORROWING ; BORROWING ARRANGEMENTS ; BUDGET DEFICITS ; BUSINESS & ECONOMICS ; CAPITAL CITIES ; CAPITAL PLANNING ; CAPITAL PROJECTS ; Caribbean ; Caribbean Area ; CENTRAL GOVERNMENT ; CENTRAL GOVERNMENTS ; CENTRAL TRANSFERS ; CITIZENS ; CIVIL SERVICE ; Collective action ; CONSTITUTION ; CONSTITUTIONS ; CORRUPTION ; CREDITWORTHINESS ; DEBT ; DEBT FINANCING ; DECENTRALIZATION ; DECENTRALIZATION IN GOVERNMENT ; DECENTRALIZATION PROCESS ; DECISION-MAKING ; DECISION-MAKING POWER ; DECISION-MAKING PROCESS ; DECREE ; DEMOCRACY ; DEMOCRATIC REFORMS ; DEMOCRATIC VALUES ; DEMOCRATIZATION ; Development policy ; DEVOLUTION ; ECONOMIC CONDITIONS ; Economic development ; Economic growth ; EMPLOYMENT ; EXPENDITURE ; EXPENDITURE RESPONSIBILITIES ; FEDERAL GOVERNMENT ; Financial systems ; FISCAL ; FISCAL BALANCE ; FISCAL DECENTRALIZATION ; FISCAL MANAGEMENT ; FISCAL PRESSURES ; FISCAL REFORM ; Globalization ; GOVERNMENT ASSISTANCE ; GOVERNMENT AUTHORITY ; GOVERNMENT BUDGETS ; GOVERNMENT EXPENDITURES ; GOVERNMENT REVENUES ; GOVERNMENT SERVICES ; HEALTH SERVICES ; HOUSING ; INTERGOVERNMENTAL FINANCE ; INTERGOVERNMENTAL FISCAL RELATIONS ; INTERGOVERNMENTAL TRANSFERS ; LACK OF TRANSPARENCY ; Latin America ; LAWS ; LEGAL CHANGES ; LEGISLATION ; LEVELS OF GOVERNMENT ; LOCAL AUTHORITIES ; LOCAL FINANCING ; LOCAL GOVERNMENT ; LOCAL GOVERNMENTS ; LOCAL OFFICIALS ; LOCAL TAX ; LOCAL TAXES ; MATCHING GRANTS ; MINISTERS ; MUNICIPAL DEBT ; MUNICIPAL GOVERNMENTS ; MUNICIPALITIES ; MUNICIPALITY ; NATIONAL GOVERNMENTS ; NATIONAL LEGISLATURES ; NATIONAL TAXES ; NATIONS ; PROPERTY TAXES ; PROVINCIAL GOVERNMENTS ; PUBLIC EMPLOYMENT ; PUBLIC FINANCE ; PUBLIC FUNDS ; PUBLIC OFFICIALS ; PUBLIC SERVICE FINANCE ; PUBLIC SERVICES ; PUBLIC WORKS ; REFERENDUMS ; REFORMS ; RESOURCE MOBILIZATION ; RETAIL SALES TAX ; REVENUE SHARING ; REVENUE SOURCES ; REVENUE TRANSFERS ; REVOLUTION ; ROADS ; SAVINGS ; SERVICE CAPACITY ; STATE BANKS ; TAX AUTHORITY ; TAX COLLECTIONS ; TAX RATES ; TAX RECEIPTS ; TAX REVENUES ; TRANSITION ; USER CHARGES
Description: 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.
Related Titles: Latin America and Caribbean Studies
Publisher: Washington, D.C: World Bank
Creation Date: 2011
Format: 256
Language: English
Identifier: ISBN: 082138936X
ISBN: 9780821388471
ISBN: 9780821389362
ISBN: 0821388479
EISBN: 082138936X
EISBN: 9780821389362
DOI: 10.1596/978-0-8213-8847-1
OCLC: 769342669
Source: Open Knowledge Repository
Ebook Central Academic Complete

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Financial development in Latin America and the Caribbean: the road ahead

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