Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda

The 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...

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Main Authors:	Gutierrez, Eva, Caraballo, Patricia
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCESS TO LENDER ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK AGGREGATE DEMAND ARBITRAGE ASSET PRICE ASSETS BALANCE SHEET BALANCE SHEETS BANK LOANS BANK SUPERVISORS BANKING SECTOR BANKING SUPERVISION BANKS BROKERAGE BROKERAGE HOUSES BUFFERS CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL BANK FACILITIES CENTRAL BANKS CIVIL CODE CLEARING HOUSE COLLATERAL COMMERCIAL BANKS CONSOLIDATED SUPERVISION CONTINGENCY PLANNING CONTINGENT LIABILITIES CORPORATE DEFAULT CORPORATE DEFAULTS CORPORATE GOVERNANCE CREDIT CARD CREDIT COOPERATIVES CREDIT CRUNCH CREDIT GROWTH CREDIT MARKETS CREDIT RISK CROSS-BORDER ISSUES CURRENCY DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITS DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKETS DIRECT ACCESS DOMESTIC BANK DOMESTIC LIQUIDITY EMPLOYMENT EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE VOLATILITY EXPOSURE EXTERNAL SHOCKS FACTORING FINANCE COMPANIES FINANCIAL AUTHORITIES FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INNOVATION FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIARY FINANCIAL INTERMEDIATION FINANCIAL LIABILITIES FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR STABILITY FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FINANCIAL SYSTEMS FOREIGN EXCHANGE FOREIGN LIABILITIES FUND MANAGEMENT FUND MANAGERS GLOBAL INTEGRATION HEDGE FUNDS HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS HOUSING HOUSING PRICES HUMAN CAPITAL ILLIQUIDITY INFORMATION SHARING INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE POLICY INSURANCE PREMIUM INSURED DEPOSITS INTEREST RATE INTEREST RATE POLICY INTEREST RATES INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVESTMENT BANKING INVESTMENT BANKS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT VEHICLES JURISDICTIONS KEY CHALLENGE LAWS LEGAL FRAMEWORK LEGAL PROTECTION LEGAL REFORMS LENDER LENDER OF LAST RESORT LENDING INSTITUTIONS LENDING REQUIREMENTS LEVERAGE LIABILITY LIABILITY BASE LIQUIDITY RATIOS LIQUIDITY REQUIREMENT LIQUIDITY REQUIREMENTS LIQUIDITY RISK LIQUIDITY RISKS LOAN MANDATES MARK-TO-MARKET MARKET DATA MARKET DEVELOPMENTS MARKET DISCIPLINE MARKET PRICE MARKET RATES MATURITY MERCHANT MERCHANT BANKING MICROFINANCE MICROFINANCE INSTITUTIONS MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY POLICY MONEY MARKET MORAL HAZARD MUTUAL FUND MUTUAL FUNDS OFFSHORE BANKS OPEN ECONOMY OPERATIONAL INDEPENDENCE PENSION PENSION FUND PENSION FUNDS PENSIONS POLICY RESPONSE PRICE INDICES PRIVATE SECTOR DEVELOPMENT PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PUBLIC UTILITY QUOTAS RATING AGENCIES REAL ESTATE REAL SECTOR REDEMPTION REFORM PROGRAM REGULATORY BODIES REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY REFORMS REMITTANCES REPOS RESERVE RESERVE REQUIREMENTS RISK FACTORS RISK MANAGEMENT RISK PROFILE RISK PROFILES SAFETY NET SECURITIES SMALL COUNTRIES SOLVENCY STOCK TRADING SUBSIDIARIES SUPERVISORY AGENCIES SUPERVISORY AGENCY SUPERVISORY POWERS SURCHARGES SYSTEMIC CRISES SYSTEMIC RISK SYSTEMIC RISKS TRANSPARENCY UNDERDEVELOPED CAPITAL MARKETS UNIVERSAL BANKING UNIVERSAL BANKS VOLATILITY
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120110091522 http://hdl.handle.net/10986/3226

id	okr-10986-3226
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCESS TO LENDER ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK AGGREGATE DEMAND ARBITRAGE ASSET PRICE ASSETS BALANCE SHEET BALANCE SHEETS BANK LOANS BANK SUPERVISORS BANKING SECTOR BANKING SUPERVISION BANKS BROKERAGE BROKERAGE HOUSES BUFFERS CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL BANK FACILITIES CENTRAL BANKS CIVIL CODE CLEARING HOUSE COLLATERAL COMMERCIAL BANKS CONSOLIDATED SUPERVISION CONTINGENCY PLANNING CONTINGENT LIABILITIES CORPORATE DEFAULT CORPORATE DEFAULTS CORPORATE GOVERNANCE CREDIT CARD CREDIT COOPERATIVES CREDIT CRUNCH CREDIT GROWTH CREDIT MARKETS CREDIT RISK CROSS-BORDER ISSUES CURRENCY DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITS DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKETS DIRECT ACCESS DOMESTIC BANK DOMESTIC LIQUIDITY EMPLOYMENT EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE VOLATILITY EXPOSURE EXTERNAL SHOCKS FACTORING FINANCE COMPANIES FINANCIAL AUTHORITIES FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INNOVATION FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIARY FINANCIAL INTERMEDIATION FINANCIAL LIABILITIES FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR STABILITY FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FINANCIAL SYSTEMS FOREIGN EXCHANGE FOREIGN LIABILITIES FUND MANAGEMENT FUND MANAGERS GLOBAL INTEGRATION HEDGE FUNDS HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS HOUSING HOUSING PRICES HUMAN CAPITAL ILLIQUIDITY INFORMATION SHARING INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE POLICY INSURANCE PREMIUM INSURED DEPOSITS INTEREST RATE INTEREST RATE POLICY INTEREST RATES INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVESTMENT BANKING INVESTMENT BANKS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT VEHICLES JURISDICTIONS KEY CHALLENGE LAWS LEGAL FRAMEWORK LEGAL PROTECTION LEGAL REFORMS LENDER LENDER OF LAST RESORT LENDING INSTITUTIONS LENDING REQUIREMENTS LEVERAGE LIABILITY LIABILITY BASE LIQUIDITY RATIOS LIQUIDITY REQUIREMENT LIQUIDITY REQUIREMENTS LIQUIDITY RISK LIQUIDITY RISKS LOAN MANDATES MARK-TO-MARKET MARKET DATA MARKET DEVELOPMENTS MARKET DISCIPLINE MARKET PRICE MARKET RATES MATURITY MERCHANT MERCHANT BANKING MICROFINANCE MICROFINANCE INSTITUTIONS MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY POLICY MONEY MARKET MORAL HAZARD MUTUAL FUND MUTUAL FUNDS OFFSHORE BANKS OPEN ECONOMY OPERATIONAL INDEPENDENCE PENSION PENSION FUND PENSION FUNDS PENSIONS POLICY RESPONSE PRICE INDICES PRIVATE SECTOR DEVELOPMENT PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PUBLIC UTILITY QUOTAS RATING AGENCIES REAL ESTATE REAL SECTOR REDEMPTION REFORM PROGRAM REGULATORY BODIES REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY REFORMS REMITTANCES REPOS RESERVE RESERVE REQUIREMENTS RISK FACTORS RISK MANAGEMENT RISK PROFILE RISK PROFILES SAFETY NET SECURITIES SMALL COUNTRIES SOLVENCY STOCK TRADING SUBSIDIARIES SUPERVISORY AGENCIES SUPERVISORY AGENCY SUPERVISORY POWERS SURCHARGES SYSTEMIC CRISES SYSTEMIC RISK SYSTEMIC RISKS TRANSPARENCY UNDERDEVELOPED CAPITAL MARKETS UNIVERSAL BANKING UNIVERSAL BANKS VOLATILITY
spellingShingle	ACCESS TO LENDER ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK AGGREGATE DEMAND ARBITRAGE ASSET PRICE ASSETS BALANCE SHEET BALANCE SHEETS BANK LOANS BANK SUPERVISORS BANKING SECTOR BANKING SUPERVISION BANKS BROKERAGE BROKERAGE HOUSES BUFFERS CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL BANK FACILITIES CENTRAL BANKS CIVIL CODE CLEARING HOUSE COLLATERAL COMMERCIAL BANKS CONSOLIDATED SUPERVISION CONTINGENCY PLANNING CONTINGENT LIABILITIES CORPORATE DEFAULT CORPORATE DEFAULTS CORPORATE GOVERNANCE CREDIT CARD CREDIT COOPERATIVES CREDIT CRUNCH CREDIT GROWTH CREDIT MARKETS CREDIT RISK CROSS-BORDER ISSUES CURRENCY DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITS DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKETS DIRECT ACCESS DOMESTIC BANK DOMESTIC LIQUIDITY EMPLOYMENT EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE VOLATILITY EXPOSURE EXTERNAL SHOCKS FACTORING FINANCE COMPANIES FINANCIAL AUTHORITIES FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INNOVATION FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIARY FINANCIAL INTERMEDIATION FINANCIAL LIABILITIES FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR STABILITY FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FINANCIAL SYSTEMS FOREIGN EXCHANGE FOREIGN LIABILITIES FUND MANAGEMENT FUND MANAGERS GLOBAL INTEGRATION HEDGE FUNDS HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS HOUSING HOUSING PRICES HUMAN CAPITAL ILLIQUIDITY INFORMATION SHARING INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE POLICY INSURANCE PREMIUM INSURED DEPOSITS INTEREST RATE INTEREST RATE POLICY INTEREST RATES INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVESTMENT BANKING INVESTMENT BANKS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT VEHICLES JURISDICTIONS KEY CHALLENGE LAWS LEGAL FRAMEWORK LEGAL PROTECTION LEGAL REFORMS LENDER LENDER OF LAST RESORT LENDING INSTITUTIONS LENDING REQUIREMENTS LEVERAGE LIABILITY LIABILITY BASE LIQUIDITY RATIOS LIQUIDITY REQUIREMENT LIQUIDITY REQUIREMENTS LIQUIDITY RISK LIQUIDITY RISKS LOAN MANDATES MARK-TO-MARKET MARKET DATA MARKET DEVELOPMENTS MARKET DISCIPLINE MARKET PRICE MARKET RATES MATURITY MERCHANT MERCHANT BANKING MICROFINANCE MICROFINANCE INSTITUTIONS MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY POLICY MONEY MARKET MORAL HAZARD MUTUAL FUND MUTUAL FUNDS OFFSHORE BANKS OPEN ECONOMY OPERATIONAL INDEPENDENCE PENSION PENSION FUND PENSION FUNDS PENSIONS POLICY RESPONSE PRICE INDICES PRIVATE SECTOR DEVELOPMENT PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PUBLIC UTILITY QUOTAS RATING AGENCIES REAL ESTATE REAL SECTOR REDEMPTION REFORM PROGRAM REGULATORY BODIES REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY REFORMS REMITTANCES REPOS RESERVE RESERVE REQUIREMENTS RISK FACTORS RISK MANAGEMENT RISK PROFILE RISK PROFILES SAFETY NET SECURITIES SMALL COUNTRIES SOLVENCY STOCK TRADING SUBSIDIARIES SUPERVISORY AGENCIES SUPERVISORY AGENCY SUPERVISORY POWERS SURCHARGES SYSTEMIC CRISES SYSTEMIC RISK SYSTEMIC RISKS TRANSPARENCY UNDERDEVELOPED CAPITAL MARKETS UNIVERSAL BANKING UNIVERSAL BANKS VOLATILITY Gutierrez, Eva Caraballo, Patricia Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda
geographic_facet	Latin America & Caribbean Caribbean Latin America
relation	Policy Research working paper ; no. WPS 5941
description	The 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.
format	Publications & Research :: Policy Research Working Paper
author	Gutierrez, Eva Caraballo, Patricia
author_facet	Gutierrez, Eva Caraballo, Patricia
author_sort	Gutierrez, Eva
title	Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda
title_short	Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda
title_full	Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda
title_fullStr	Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda
title_full_unstemmed	Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda
title_sort	systemic oversight frameworks in lac : current practices and reform agenda
publishDate	2012
url	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120110091522 http://hdl.handle.net/10986/3226
_version_	1764386637283852288
spelling	okr-10986-32262021-04-23T14:02:08Z Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda Gutierrez, Eva Caraballo, Patricia ACCESS TO LENDER ACCOUNTABILITY ACCOUNTING ACCOUNTING FRAMEWORK AGGREGATE DEMAND ARBITRAGE ASSET PRICE ASSETS BALANCE SHEET BALANCE SHEETS BANK LOANS BANK SUPERVISORS BANKING SECTOR BANKING SUPERVISION BANKS BROKERAGE BROKERAGE HOUSES BUFFERS CAPACITY BUILDING CAPITAL ADEQUACY CAPITAL ADEQUACY RATIOS CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKETS CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL BANK FACILITIES CENTRAL BANKS CIVIL CODE CLEARING HOUSE COLLATERAL COMMERCIAL BANKS CONSOLIDATED SUPERVISION CONTINGENCY PLANNING CONTINGENT LIABILITIES CORPORATE DEFAULT CORPORATE DEFAULTS CORPORATE GOVERNANCE CREDIT CARD CREDIT COOPERATIVES CREDIT CRUNCH CREDIT GROWTH CREDIT MARKETS CREDIT RISK CROSS-BORDER ISSUES CURRENCY DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE SCHEMES DEPOSITS DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKETS DIRECT ACCESS DOMESTIC BANK DOMESTIC LIQUIDITY EMPLOYMENT EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXCHANGE RATE VOLATILITY EXPOSURE EXTERNAL SHOCKS FACTORING FINANCE COMPANIES FINANCIAL AUTHORITIES FINANCIAL CONGLOMERATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INNOVATION FINANCIAL INSTABILITY FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL INTERMEDIARY FINANCIAL INTERMEDIATION FINANCIAL LIABILITIES FINANCIAL PRODUCTS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR STABILITY FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FINANCIAL SYSTEMS FOREIGN EXCHANGE FOREIGN LIABILITIES FUND MANAGEMENT FUND MANAGERS GLOBAL INTEGRATION HEDGE FUNDS HOLDING HOLDING COMPANIES HOLDING COMPANY HOLDINGS HOUSING HOUSING PRICES HUMAN CAPITAL ILLIQUIDITY INFORMATION SHARING INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE POLICY INSURANCE PREMIUM INSURED DEPOSITS INTEREST RATE INTEREST RATE POLICY INTEREST RATES INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVESTMENT BANKING INVESTMENT BANKS INVESTMENT FUND INVESTMENT FUNDS INVESTMENT VEHICLES JURISDICTIONS KEY CHALLENGE LAWS LEGAL FRAMEWORK LEGAL PROTECTION LEGAL REFORMS LENDER LENDER OF LAST RESORT LENDING INSTITUTIONS LENDING REQUIREMENTS LEVERAGE LIABILITY LIABILITY BASE LIQUIDITY RATIOS LIQUIDITY REQUIREMENT LIQUIDITY REQUIREMENTS LIQUIDITY RISK LIQUIDITY RISKS LOAN MANDATES MARK-TO-MARKET MARKET DATA MARKET DEVELOPMENTS MARKET DISCIPLINE MARKET PRICE MARKET RATES MATURITY MERCHANT MERCHANT BANKING MICROFINANCE MICROFINANCE INSTITUTIONS MONETARY AUTHORITIES MONETARY AUTHORITY MONETARY POLICY MONEY MARKET MORAL HAZARD MUTUAL FUND MUTUAL FUNDS OFFSHORE BANKS OPEN ECONOMY OPERATIONAL INDEPENDENCE PENSION PENSION FUND PENSION FUNDS PENSIONS POLICY RESPONSE PRICE INDICES PRIVATE SECTOR DEVELOPMENT PRUDENTIAL REGULATION PRUDENTIAL REGULATIONS PRUDENTIAL REQUIREMENTS PUBLIC UTILITY QUOTAS RATING AGENCIES REAL ESTATE REAL SECTOR REDEMPTION REFORM PROGRAM REGULATORY BODIES REGULATORY CAPACITY REGULATORY FRAMEWORK REGULATORY REFORMS REMITTANCES REPOS RESERVE RESERVE REQUIREMENTS RISK FACTORS RISK MANAGEMENT RISK PROFILE RISK PROFILES SAFETY NET SECURITIES SMALL COUNTRIES SOLVENCY STOCK TRADING SUBSIDIARIES SUPERVISORY AGENCIES SUPERVISORY AGENCY SUPERVISORY POWERS SURCHARGES SYSTEMIC CRISES SYSTEMIC RISK SYSTEMIC RISKS TRANSPARENCY UNDERDEVELOPED CAPITAL MARKETS UNIVERSAL BANKING UNIVERSAL BANKS VOLATILITY The 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. 2012-03-19T17:28:36Z 2012-03-19T17:28:36Z 2012-01-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120110091522 http://hdl.handle.net/10986/3226 English Policy Research working paper ; no. WPS 5941 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper Latin America & Caribbean Caribbean Latin America

Systemic Oversight Frameworks in LAC : Current Practices and Reform Agenda

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