Advancing Financial Development in Latin America and the Caribbean

Dyna Heng, Anna Ivanova, Rodrigo Mariscal, Uma Ramakrishnan and Joyce Wong

No 2016/081, IMF Working Papers from International Monetary Fund

Abstract: This paper examines the state of financial development in the Latin America and Caribbean (LAC) region as well as potential growth and stability implications from further development. The analysis suggests that access to financial institutions has expanded notably in the past decade, and the region compares favorably with other emerging market regions on this dimension. The region, however, continues to lag behind peers on broader financial development, especially with respect to markets, though there is substantial heterogeneity across countries. Financial systems in many LAC countries are also underdeveloped relative to their macroeconomic fundamentals. Further financial development could convey net benefits to the region, provided there is adequate regulatory oversight to prevent excesses.

Keywords: WP; GDP; mutual fund; market; Finanical; Deepening; Latin America; Caribbean; Financial Development Index; market development; efficiency gap; market efficiency; FD market; capital account openness; exchange regime; Financial sector development; Market capitalization; Stock markets; Personal income; Securities; Asia and Pacific; Global (search for similar items in EconPapers)
Pages: 32
Date: 2016-04-07
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Citations: View citations in EconPapers (10)

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