Financial Development in Latin America : Big Emerging Issues, Limited Policy Answers

This paper argues that the dominant policy paradigm on financial development is increasingly insufficient to address big emerging issues that are particularly relevant for financial systems in Latin America. This paradigm was shaped over the past decades by a fundamental shift in thinking toward mar...

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Bibliographic Details
Main Authors:	de la Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ADVERSE EFFECT ALLOCATION OF RESOURCES ASSET BUBBLES ASYMMETRIC INFORMATION BALANCE OF PAYMENTS BALANCE SHEET BALANCE SHEETS BANK DEPOSITS BANKING CRISES BANKING SUPERVISION BENCHMARK BENCHMARKS BONDS BORROWING CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL FLOW VOLATILITY CAPITAL INFLOWS CAPITAL LOSSES CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CENTRAL BANK CENTRAL BANK INDEPENDENCE CONSUMERS CONSUMPTION SMOOTHING CONTAGION CORPORATE GOVERNANCE CREDIT CEILINGS CREDITOR RIGHTS DEBT DEBT CRISIS DEPOSITS DEVALUATION DEVELOPING COUNTRIES DEVELOPMENT POLICY DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCY DOMESTIC FINANCIAL MARKETS DOMESTIC FINANCIAL SYSTEM DOMESTIC INVESTORS DOMESTIC MARKETS DOMESTIC POLICIES DOMESTIC STOCK MARKETS ECONOMIC CONTRACTION ECONOMIC GROWTH ECONOMIC SIZE EMERGING ECONOMIES EMERGING MARKET EMERGING MARKETS EMPIRICAL EVIDENCE EQUITY MARKETS EXCHANGE RATE EXCHANGE RATE FLEXIBILITY EXCHANGE RATE POLICY EXCHANGE RATE REGIMES EXCHANGE RATES EXOGENOUS SHIFTS FINANCIAL CONTRACTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEPTH FINANCIAL DEREGULATION FINANCIAL DEVELOPMENT FINANCIAL FRAGILITY FINANCIAL GLOBALIZATION FINANCIAL INTERMEDIARIES FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKET LIBERALIZATION FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL POLICIES FINANCIAL REFORM FINANCIAL REPRESSION FINANCIAL SECTOR FINANCIAL SECTOR REFORM FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEMS FLEXIBLE EXCHANGE RATE FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTORS GDP GLOBALIZATION HAZARD GROSS DOMESTIC PRODUCT HIGH INTEREST RATES HIGH VOLATILITY INFLATION INFLATION TARGETING INSIDER TRADING INSURANCE INSURANCE POLICIES INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL ARCHITECTURE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL INVESTORS INTERNATIONAL MARKETS INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INVISIBLE HAND LATIN AMERICAN LIQUIDITY LOCAL CURRENCY LOCAL STOCK MARKET MACROECONOMIC POLICIES MARKET CAPITALIZATION MARKET COMPETITION MARKET DISCIPLINE MARKET INTEGRATION MARKET ORIENTATION MORAL HAZARD MULTIPLE EQUILIBRIA NEGATIVE EXTERNALITIES OVERVALUATION PER CAPITA INCOME POLICY RESEARCH PRICE STABILITY PRIVATE SECTOR PROPERTY RIGHTS PUBLIC DEBT PUBLIC FINANCES REAL EXCHANGE REAL EXCHANGE RATE REFORM AGENDA REGULATORY ENVIRONMENT SAFETY NETS SAVINGS SECURITIES SECURITIES MARKETS SETTLEMENT SYSTEMS SHORT-TERM DEBT STOCK MARKET STOCK MARKETS STOCKS TRANSPARENCY VALUE ADDED WEALTH
Online Access:	http://documents.worldbank.org/curated/en/2006/07/6913982/financial-development-latin-america-big-emerging-issues-limited-policy-answers http://hdl.handle.net/10986/8398