Latin America: the missing financial crisis
- Author(s):
- Porzecanski, Arturo C.
- Date Issued:
- 2009-10
- Serie:
- Studies and Perspectives Series (Washington, DC)
- No.
- 6
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This may well be the first time since Latin America gained its independence in the early 1800s that a major economic contraction and financial calamity in the industrialized world has not caused a wave of currency, sovereign debt or banking crises in the region. What explains Latin America's unprecedented resilience in contrast with, for example, Eastern Europe's now-evident financial vulnerability? Here we review the enormous progress made by many governments in Latin America in the past decade to reduce currency mismatches, allow for more flexible exchange-rate regimes, enhance the capitalization, funding and supervision of their banking systems, encourage the development of local capital markets, and implement sounder and more credible monetary and fiscal policies. Evidently, it is not necessary to wait for an improved international financial architecture in order for reform-minded, well-managed countries to reap the most benefits from, and minimize the deleterious impact of market cycles typical of, financial globalization.
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Declaración de la Comisión Económica para América Latina y el Caribe (CEPAL) sobre la crisis financiera internacional, 15 de septiembre de 1998 = Communiqué of the Economic Commission for Latin America and the Caribbean (ECLAC) on the international financial crisis, 15 September 1998
- Corporate Author(s):
- NU. CEPAL
- Date Issued
- 1998-10
- UN symbol:
Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis
- Author(s):
- Stallings, Barbara |
- Studart, Rogério
- Corporate Author(s):
- NU. CEPAL |
- UNU. World Institute for Development Economics Research
- Serie:
- No.
- 8
- Date Issued
- 2003-03
- Physical Description
- 28 p. : diagrs., tabls.
- UN symbol:
Abstract The paper deals with changes in the regulation and supervision of the Latin American financial sector in the aftermath of the Tequila Crisis of 1994-1995. While it finds that both have improved, regulation and supervision cannot resolve all problems; good macroeconomic policy and performan...
Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis
- Author(s):
- Stallings, Barbara |
- Studart, Rogério
- Corporate Author(s):
- NU. CEPAL |
- UNU. World Institute for Development Economics Research
- Date Issued
- 2003
Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis
- Author(s):
- Stallings, Barbara |
- Studart, Rogério
- Corporate Author(s):
- NU. CEPAL. División de Desarrollo Económico
- Serie:
- No.
- 9
- Date Issued
- 2001-12
- Physical Description
- 37 p. : diagrs., tabls.
- UN symbol:
Abstract The financial crisis of 1994-1995 sounded a wake-up call to Latin America, indicating that regulation and supervision needed to be strengthened substantially. Since then, important steps have been taken to set rules and ensure their implementation, but financial regulation and supe...