Financial Development in Latin America and the Caribbean : The Road Ahead
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...
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| Autores principales: | , , |
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| Formato: | En linea |
| Idioma: | inglés |
| Publicado: |
World Bank
2012
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| Materias: | |
| Acceso en línea: | 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 https://hdl.handle.net/10986/2380 https://doi.org/10.1596/978-0-8213-8847-1 |
| _version_ | 1866367388935520256 |
|---|---|
| author | de la Torre, Augusto Ize, Alain Schmukler, Sergio L. |
| author_facet | de la Torre, Augusto Ize, Alain Schmukler, Sergio L. |
| author_sort | de la Torre, Augusto |
| collection | Publicaciones regionales/sectoriales principales |
| 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. |
| format | Online |
| id | wb-10986-2380 |
| institution | Banco Mundial |
| language | English |
| publishDate | 2012 |
| publisher | World Bank |
| record_format | dspace |
| spelling | wb-10986-23802025-04-15T11:13:54Z Financial Development in Latin America and the Caribbean : The Road Ahead El desarrollo financiero en América Latina y el Caribe : el camino por delante El desarrollo financier en America Latina y el Caribe : el camino por delante El desarrollo financier en America Latina y el Caribe : el camino por delante de la Torre, Augusto Ize, Alain Schmukler, Sergio L. ACCOUNTABILITY AUTHORITY BASIC EDUCATION BETTERMENT TAXES BOND ISSUES BORROWING BORROWING ARRANGEMENTS BUDGET DEFICITS CAPITAL CITIES CAPITAL PLANNING CAPITAL PROJECTS CENTRAL GOVERNMENT CENTRAL GOVERNMENTS CENTRAL TRANSFERS CITIZENS CIVIL SERVICE CONSTITUTION CONSTITUTIONS CORRUPTION CREDITWORTHINESS DEBT DEBT FINANCING DECENTRALIZATION DECENTRALIZATION IN GOVERNMENT DECENTRALIZATION PROCESS DECISION-MAKING DECISION-MAKING POWER DECREE DEMOCRACY DEMOCRATIC REFORMS DEVOLUTION ECONOMIC CONDITIONS EMPLOYMENT EXPENDITURE EXPENDITURE RESPONSIBILITIES FEDERAL GOVERNMENT FISCAL FISCAL BALANCE FISCAL DECENTRALIZATION FISCAL MANAGEMENT FISCAL PRESSURES FISCAL REFORM 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 LAWS LEGAL CHANGES LEGISLATION LEVELS OF GOVERNMENT LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENTS 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 SERVICES PUBLIC WORKS REFERENDUMS 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 LOCAL FINANCING USER CHARGES DECISION-MAKING PROCESS DEMOCRATIZATION DEMOCRATIC VALUES LOCAL OFFICIALS PUBLIC SERVICE FINANCE REFORMS TRANSITION 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. Durante las décadas de 1980 y 1990, el sector financiero constituyó el talón de Aquiles del desarrollo económico en América Latina y el Caribe (ALC). Desde entonces, el sector ha crecido y se ha profundizado, volviéndose más integrado y competitivo, con nuevos actores, mercados e instrumentos y una ampliación de la inclusión financiera. Para coronar estos logros, los sistemas financieros de la región han atravesado la crisis global de 2008-2009 en gran medida ilesos. Ahora que los beneficios de la estabilidad macrofinanciera de ALC están siendo ampliamente reconocidos y puestos a prueba, parece ser el momento ideal para hacer un balance y analizar lo que resta por hacer. Este informe provee un análisis balanceado, con miras al futuro, sobre el desarrollo financiero de la región. Se centra en los principales elementos estructurales, perspectivas generales y sus interconexiones. El valor agregado de este reporte descansa entonces en su visión holística del proceso de desarrollo; en su cobertura amplia de la industria de servicios financieros (tomada como un todo, sin centrarse exclusivamente en el sector bancario); en su énfasis en un enfoque comparativo, relativo a valores de referencia; en su perspectiva sistémica; y en su esfuerzo explícito de incorporar las lecciones de la crisis financiera internacional de 2008–2009. A su vez expande y complementa la visión global de una serie de estudios publicados durante la última década sobre el desarrollo financiero, tanto sobre los países de ALC como sobre otros países en vías de desarrollo. 2012-03-19T09:05:13Z 2012-03-19T09:05:13Z 2012 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 978-0-8213-8847-1 https://hdl.handle.net/10986/2380 https://doi.org/10.1596/978-0-8213-8847-1 English World Bank Latin America and the Caribbean Studies CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank application/pdf text/plain application/pdf application/pdf text/plain World Bank |
| spellingShingle | ACCOUNTABILITY AUTHORITY BASIC EDUCATION BETTERMENT TAXES BOND ISSUES BORROWING BORROWING ARRANGEMENTS BUDGET DEFICITS CAPITAL CITIES CAPITAL PLANNING CAPITAL PROJECTS CENTRAL GOVERNMENT CENTRAL GOVERNMENTS CENTRAL TRANSFERS CITIZENS CIVIL SERVICE CONSTITUTION CONSTITUTIONS CORRUPTION CREDITWORTHINESS DEBT DEBT FINANCING DECENTRALIZATION DECENTRALIZATION IN GOVERNMENT DECENTRALIZATION PROCESS DECISION-MAKING DECISION-MAKING POWER DECREE DEMOCRACY DEMOCRATIC REFORMS DEVOLUTION ECONOMIC CONDITIONS EMPLOYMENT EXPENDITURE EXPENDITURE RESPONSIBILITIES FEDERAL GOVERNMENT FISCAL FISCAL BALANCE FISCAL DECENTRALIZATION FISCAL MANAGEMENT FISCAL PRESSURES FISCAL REFORM 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 LAWS LEGAL CHANGES LEGISLATION LEVELS OF GOVERNMENT LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENTS 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 SERVICES PUBLIC WORKS REFERENDUMS 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 LOCAL FINANCING USER CHARGES DECISION-MAKING PROCESS DEMOCRATIZATION DEMOCRATIC VALUES LOCAL OFFICIALS PUBLIC SERVICE FINANCE REFORMS TRANSITION de la Torre, Augusto Ize, Alain Schmukler, Sergio L. Financial Development in Latin America and the Caribbean : The Road Ahead |
| title | Financial Development in Latin
America and the Caribbean : The Road Ahead |
| title_full | Financial Development in Latin
America and the Caribbean : The Road Ahead |
| title_fullStr | Financial Development in Latin
America and the Caribbean : The Road Ahead |
| title_full_unstemmed | Financial Development in Latin
America and the Caribbean : The Road Ahead |
| title_short | Financial Development in Latin
America and the Caribbean : The Road Ahead |
| title_sort | financial development in latin america and the caribbean the road ahead |
| topic | ACCOUNTABILITY AUTHORITY BASIC EDUCATION BETTERMENT TAXES BOND ISSUES BORROWING BORROWING ARRANGEMENTS BUDGET DEFICITS CAPITAL CITIES CAPITAL PLANNING CAPITAL PROJECTS CENTRAL GOVERNMENT CENTRAL GOVERNMENTS CENTRAL TRANSFERS CITIZENS CIVIL SERVICE CONSTITUTION CONSTITUTIONS CORRUPTION CREDITWORTHINESS DEBT DEBT FINANCING DECENTRALIZATION DECENTRALIZATION IN GOVERNMENT DECENTRALIZATION PROCESS DECISION-MAKING DECISION-MAKING POWER DECREE DEMOCRACY DEMOCRATIC REFORMS DEVOLUTION ECONOMIC CONDITIONS EMPLOYMENT EXPENDITURE EXPENDITURE RESPONSIBILITIES FEDERAL GOVERNMENT FISCAL FISCAL BALANCE FISCAL DECENTRALIZATION FISCAL MANAGEMENT FISCAL PRESSURES FISCAL REFORM 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 LAWS LEGAL CHANGES LEGISLATION LEVELS OF GOVERNMENT LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENTS 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 SERVICES PUBLIC WORKS REFERENDUMS 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 LOCAL FINANCING USER CHARGES DECISION-MAKING PROCESS DEMOCRATIZATION DEMOCRATIC VALUES LOCAL OFFICIALS PUBLIC SERVICE FINANCE REFORMS TRANSITION |
| url | 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 https://hdl.handle.net/10986/2380 https://doi.org/10.1596/978-0-8213-8847-1 |
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