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Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis

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Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis

Autor institucional: NU. CEPAL-UNU. World Institute for Development Economics Research Physical Description: 28 páginas. Editorial: ECLAC Date: March 2003 ECLAC symbol: LC/L.1822-P ISBN: 9211213959

Description

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 performance are essential complements. This is especially true because of the procyclical nature of financial activity. The paper presents both regional data for Latin America, contrasting it with other emerging markets, and four country case studies (Argentina, Brazil, Chile, and Mexico). The latter show how individual country characteristics and experiences affect the operation of the financial systems. We close with some policy recommendations.""