Financial Development in Latin America and the Caribbean : Stylized Facts and the Road Ahead

Didier, Tatiana ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: ACCESS TO BANK;    ACCESS TO BANKS;    ACCESS TO CAPITAL;    ACCESS TO FINANCING;    ACCOUNTING;   

DOI  :  10.1596/1813-9450-6582
RP-ID  :  WPS6582

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The paper documents the major trends infinancial development in Latin America and the Caribbeansince the early 1990s. The paper compares trends in LatinAmerica and the Caribbean with those in Asia, EasternEurope, and advanced countries and compares countries withinLatin America and the Caribbean. The findings show thatfinancial systems in the Latin America and the Caribbeanregion have become more diversified and more complex. Inparticular, domestic financial systems have become lessbank-based, with bond and stock markets playing a largerrole; institutional investors have gained some space inchanneling domestic savings, thus increasing theavailability of funds for investment in capital markets; andseveral economies in the region have started to reducecurrency and maturity mismatches. Nonetheless, a few largecompanies continue to capture most of the domestic savings.And because these trends have unfolded more slowly thanpro-market reformers had envisioned, broad, market-basedfinancial systems with dispersed ownership have yet tomaterialize fully in the region. As a result, convergence isstill largely failing to happen and the region'sfinancial systems remain less developed than those of theadvanced economies and several other emerging economies,most notably those in Asia.