Intro -- Half Title Page -- Title Page -- Copyright -- Contents -- Foreword -- Acknowledgments -- Abbreviations -- 1 Overview -- The conventional view on financial development and its limitations -- Revisiting financial development -- Where is LAC? -- Promoting the bright side -- Dealing with the dark side -- Notes -- 2 Financial Development: Bright Side, Patterns, Paths, and Dark Side -- The bright side -- The patterns -- The paths -- The dark side -- Can there be too much finance? -- Notes -- 3 Domestic Financial Development: Where Does LAC Stand? -- Methodology -- Main findings -- Banking -- Bond markets -- Equity markets -- The new players -- Alternative markets and products -- Notes -- 4 Financial Globalization: Where Does LAC Stand? -- The two dimensions of financial globalization -- Financial diversification -- Financial offshoring -- Notes -- 5 Financial Inclusion: Where Does LAC Stand? -- Methodology -- Supply-side evidence -- Demand-side evidence -- The role of government -- Notes -- 6 The Banking Gap -- Is the banking gap real? -- Supply or demand? -- Are these the ghosts of a turbulent past? -- Where is LAC now? -- Notes -- 7 The Equity Gap -- Effects of globalization -- Free float -- Market concentration -- Institutional investors -- Corporate governance -- Other factors -- Conclusions -- Notes -- 8 Going Long -- What are the issues? -- What are the options? -- Where is LAC? -- What are the key policy challenges? -- Notes -- 9 Risk Bearing by the State: A Collective Action Perspective -- The role of the state in the pure agency paradigms -- Adding collective action frictions -- Adding risk aversion -- The question of private or state guarantees -- Systemic risk -- LAC's policy swings-a play in four acts -- Toward a rebalanced policy -- Notes -- 10 Prudential Oversight: Where Does LAC Stand? -- Methodology.

The progress and the remaining gaps -- The systemic oversight challenges ahead -- Annex 10.A Methodology for the econometric analysis of BCP Ratings -- Annex 10.B Highlights of the 2007 World Bank survey of supervisory practices -- Annex 10.C Joint World Bank-ASBA survey on systemic oversight -- Annex 10.D Financial concentration in LAC -- Notes -- 11 Macroprudential Policies over the Cycle in LAC -- Macroprudential policy and the dynamics of the dark side -- LAC's cycles and vulnerabilities: Lessons from the past? -- Some key macroprudential policy design issues -- The path ahead -- Notes -- 12 Microsystemic Regulation -- The rationale for prudential regulation -- The outer boundaries: Illuminating the shadows -- The inner boundaries: Silos versus universal licensing -- The SIFI problem -- Systemic liquidity: Norms and access -- Financial innovation: Did LAC have it right? -- The regulatory agenda ahead -- Annex 12.A Challenges posed by large, complex financial conglomerates: The case of CL Financial in the Caribbean -- Notes -- 13 Systemic Supervision -- The new connections -- A new approach -- New tools -- Getting there -- The agenda ahead -- Notes -- 14 Summary of Policy Directions for the Road Ahead -- Where is LAC? -- The tough issues to think about -- Policy directions: The bright side -- Policy directions: The dark side -- References -- Back Cover.

During the 1980s and 1990s, financial sectors were theAchilles' heel of economic development in Latin Americaand the Caribbean (LAC). Since then, these sectors havegrown and deepened, becoming more integrated and competitive,with new actors, markets, and instruments springing up and financialinclusion broadening. To crown these achievements, theDuring the 1980s and 1990s, financial sectors were the Achilles' heel of economic development in Latin Americaand the Caribbean (LAC). Since then, these sectors have grown and deepened, becoming more integrated and competitive,with new actors, markets, and instruments springing up and financial inclusion broadening. To crown these achievements, theregion's financial systems were left largely unscathed by the global financial crisis of 2008-09. Now that the successes of LAC's macrofinancial stability are widely recognized and tested, it is high time for an in-depth stocktaking of what remains to be done.Financial Development in Latin America and the Caribbean: The Road Ahead provides both a stocktaking and a forward-lookingassessment of the region's financial development. Rather than going into detail about sector-specific issues, the report focuses on the main architectural issues, overall perspectives, and interconnections. The report's value added thus hinges on its holistic view of the development process, its broad coverage of the financial services industry beyond banking, its emphasis on benchmarking, its systemic perspective, and its explicit effort to incorporate the lessons from the recent global financial crisis. Financial Development in Latin America and the Caribbean: The Road Ahead builds on and complements several overview studies on financial development in both LAC countries and the developing world that were published in the past decade. It will be of interest to policy makers and

financial analysts interested in improving the financial sector in the LAC region.

Description based on publisher supplied metadata and other sources.

Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.