Global Financial Regulatory Reform: Implications for Latin America and the Caribbean (LAC)
IMF Staff Position Notes, July 21, 2009
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- Global Financial Regulatory Reform: Implications for Latin America and the Caribbean (LAC)
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Bibliographic details
- Authors: Robert Rennhack
- Published: July 21, 2009
- Series: IMF Staff Position Notes
- DOI: https://doi.org/10.5089/9781462378791.004
Summary
- The Latin America and Caribbean (LAC) region has weathered the global financial crisis reasonably well so far, although tighter global financial conditions began to take their toll on trade, capital flows and economic growth in late 2008.
- This resilience reflects the reforms put in place by many countries over the past decade to strengthen financial supervision and adopt sound macroeconomic policies.
- Building on this progress, the region’s financial sector reform agenda aims at further improvements, including steps aiming to improve compliance with the Basel Core Principles of Banking Supervision and to broaden and deepen domestic financial markets.
Major themes and findings
- Regional resilience
- LAC displayed relative resilience during the global financial crisis, despite adverse spillovers from tighter global financial conditions starting in late 2008.
- Contributing factors cited include reforms over the prior decade to strengthen financial supervision and sound macroeconomic policies.
- Financial sector reform priorities
- Improve compliance with the Basel Core Principles of Banking Supervision.
- Broaden and deepen domestic financial markets.
- Subject areas covered
- Asset and liability management, Banking, Capital adequacy requirements, Credit, Financial regulation and supervision, Financial sector stability, Foreign banks, Liquidity, Money.
Content in this bundle
- _spn0919 - Executive Summary