IDEAS home Printed from https://ideas.repec.org/p/ecr/col048/7798.html
   My bibliography  Save this paper

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

Author

Listed:
  • Stallings, Barbara
  • Studart, Rogério

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.""

Suggested Citation

  • Stallings, Barbara & Studart, Rogério, 2003. "Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis," Series Históricas 7798, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    • Handle: RePEc:ecr:col048:7798
    Note: Includes bibliography
    as

    Download full text from publisher

    File URL: http://repositorio.cepal.org/handle/11362/7798
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hawkins, John N., 2003. "International bank lending: water flowing uphill?," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1787.
    2. Pascual O’Dogherty & Moisés J Schwartz, 2001. "Prudential regulation of foreign exchange: the Mexican experience," BIS Papers chapters, in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 285-300, Bank for International Settlements.
    3. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    4. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    5. Bank for International Settlements, 2001. "The banking industry in the emerging market economies: competition, consolidation and systemic stability," BIS Papers, Bank for International Settlements, number 04.
    6. Stephany Griffith-Jones & Stephen Spratt, 2002. "The New Basel Capital Accord and Developing Countries: Issues, Implications and Policy Proposals," WIDER Working Paper Series DP2002-36, World Institute for Development Economic Research (UNU-WIDER).
    7. Barth, James R.*Caprio,Gerard*Levine, Ross, 2001. "The regulation and supervision of banks around the world - a new database," Policy Research Working Paper Series 2588, The World Bank.
    8. Antonio Ahumada & Jorge Marshall, 2001. "The banking industry in Chile: competition, consolidation and systemic stability," BIS Papers chapters, in: Bank for International Settlements (ed.), The banking industry in the emerging market economies: competition, consolidation and systemic stability, volume 4, pages 45-53, Bank for International Settlements.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Vicente Cuñat, 2009. "Finance for Development: Latin America in a Comparative Perspective. By BARBARA STALLINGS with ROGERIO STUDART," Economica, London School of Economics and Political Science, vol. 76(301), pages 216-217, February.
    2. Cornel Ban, 2013. "Brazil's liberal neo-developmentalism: New paradigm or edited orthodoxy?," Review of International Political Economy, Taylor & Francis Journals, vol. 20(2), pages 298-331, April.
    3. Tatiana Didier & Sergio L. Schmukler, 2014. "Emerging Issues in Financial Development : Lessons from Latin America," World Bank Publications - Books, The World Bank Group, number 16387, December.
    4. Eugenia Correa & Alicia Girón, 2013. "Public expenditure and deficits: the emerging countries’ financial circuits and crises," Chapters, in: Louis-Philippe Rochon & Mario Seccareccia (ed.), Monetary Economies of Production, chapter 12, pages 181-194, Edward Elgar Publishing.
    5. Mery Cecilia Guzmán Delgado, 2008. "Administración del riesgo de crédito en los establecimientos de crédito: comparación crítica del estándar internacional y su implementación," Archivos de Economía 5120, Departamento Nacional de Planeación.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ffrench-Davis, Ricardo, 2003. "Financial crisis and national policy issues: an overview," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1785.
    2. Barbara Stallings & Rogerio Studart, 2002. "Financial Regulation and Supervision in Emerging Markets: The Experience of Latin America since the Tequila Crisis," WIDER Working Paper Series DP2002-45, World Institute for Development Economic Research (UNU-WIDER).
    3. Ffrench-Davis, Ricardo & Larraín, Guillermo, 2003. "How optimal are the extremes?: Latin American exchange rate policies during the Asian crisis," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1797, September.
    4. Hawkins, John N., 2003. "International bank lending: water flowing uphill?," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1787.
    5. Griffith-Jones, Stephany & Spratt, Stephen, 2003. "The new Basel capital accord and developing countries: issues, implications and policy proposals," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1794, September.
    6. Stallings, Barbara & Studart, Rogério, 2003. "Financial regulation and supervision in emerging markets: the experience of Latin America since the Tequila crisis," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1799, September.
    7. Persaud, Avinash, 2003. "Liquidity black holes: why modern financial regulation in developed countries is making short-term capital flows to developing countries even more volatile," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1786, September.
    8. -, 2003. "From capital surges to drought: seeking stability for emerging economies," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1783 edited by Eclac, September.
    9. Budnevich, Carlos, 2003. "Countercyclical fiscal policy: a review of the literature, empirical evidence and some policy proposals," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1798, September.
    10. FitzGerald, Valpy, 2003. "The instability of the emerging-market assets demand schedule," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1795, September.
    11. Williamson, John, 2003. "Proposals for curbing the boom-bust cycle in the supply of capital to emerging markets," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1791, September.
    12. Griffith-Jones, Stephany, 2003. "Capital flows to emerging economies: does the emperor have clothes?," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1784, September.
    13. Dodd, Randall, 2003. "Derivatives, the shape of international capital flows and the virtues of prudential regulation," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1789, September.
    14. Lubin, David, 2003. "Bank lending to emerging markets: crossing the border," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1788, September.
    15. Moguillansky, Graciela, 2003. "Corporate risk management and exchange rate volatility in Latin America," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1793, September.
    16. Ocampo, José Antonio, 2003. "Capital-account and counter-cyclical prudential regulations in developing countries," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1796, September.
    17. Reisen, Helmut, 2003. "Ratings since the Asian crisis," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1790.
    18. Sylviane Guillaumont Jeanneney & Kangni Kpodar, 2006. "Développement financier, instabilité financière et croissance économique," Economie & Prévision, La Documentation Française, vol. 0(3), pages 87-111.
    19. Lucía Cuadro Sáez & Sonsoles Gallego Herrero & Alicia García Herrero, 2003. "Why Do Countries Develop More Financially Than Others? The Role Of The Central Bank And Banking Supervision," Finance 0304006, University Library of Munich, Germany.
    20. Carlos Madeira, 2023. "The evolution of macroprudential policy use in Chile, Latin America and the OECD," Journal of Banking Regulation, Palgrave Macmillan, vol. 24(3), pages 357-380, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecr:col048:7798. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Biblioteca CEPAL (email available below). General contact details of provider: https://edirc.repec.org/data/eclaccl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.