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Regulatory Lessons From the Crisis of Costa Rica's Mutual Fund Industry

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  • Ana Carvajal
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    Abstract

    In 2004, the mutual fund industry of Costa Rica experienced a massive run by investors that reduced the industry to half its size in a month. This paper explores how weaknesses in the regulatory framework played a role in the crisis and draws lessons for developing countries. The analysis of events demonstrates the need for developing countries to design a multi-pillar framework for securities regulation as well as to strengthen financial literacy and capacity building. At the micro level it shows the importance of market conduct rules and the challenges that the implementation of mark-to-market poses for developing markets.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=20041
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/288.

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    Length: 26
    Date of creation: 01 Dec 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/288

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    Related research

    Keywords: Stock markets; Securities regulations; Financial systems; Emerging markets; Developing countries; mutual funds; investors; mutual fund; regulatory framework; pension; risk management; pension funds; disclosure requirements; collective investment schemes; foreign securities; individual investors; institutional investors; investor education; investment products; internal controls; commercial banks; annual statements; moral hazard; pension fund; risk exposure; investment objectives; investment policies; pension fund managers; venture capital; individual investor; investment banking; certificates of deposit; investment options; accrued interest; credit rating agencies;

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