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Building Blocks for Effective Macroprudential Policies in Latin America

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Author Info

  • Patrick A. Imam
  • Erlend Nier
  • Luis Ignacio Jácome

Abstract

An increasing number of countries - including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function. This paper analyzes existing arrangements for financial stability in Latin America and examines key issues to consider when designing the institutional foundations for effective macroprudential policies. The paper focuses primarily on eight Latin American countries, where the institutional arrangements for monetary and financial policies can be classified in two distinct groups: the "Pacific" model that includes Chile, Colombia, Peru, Costa Rica, and Mexico, and the "Atlantic" model, comprising Argentina, Brazil, and Uruguay.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/183.

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Length: 42
Date of creation: 01 Jul 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/183

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Keywords: Financial stability; Banking crisis; Latin America; Macroprudential Policy; financial system; financial institutions; banking; banking crises; deposit insurance; financial systems; international reserves; financial regulation; financial sector; systemic banking crises; financial vulnerabilities; reserve requirements; banking supervision; financial policies; financial intermediaries; financial services; currency crises; derivative; financial regulations; banking assets; financial markets; deposit freezes; flexible exchange rate regimes; central bank role; financial cycles; financial assets; flexible exchange rate; prudential regulation; flexible exchange rates; liquidity support; financial market; banking system; foreign exchange; bank failure; bonds; financial liberalization; international financial statistics; banking regulation; currency crisis; financial risk; moral hazard; deposit insurance coverage; financial instruments; bank deposits; bank depositors; derivative instruments; bank failures;

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References

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  1. 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.
  2. Jácome, Luis I. & Vázquez, Francisco, 2008. "Is there any link between legal central bank independence and inflation? Evidence from Latin America and the Caribbean," European Journal of Political Economy, Elsevier, vol. 24(4), pages 788-801, December.
  3. Guillermo Calvo & Alejandro Izquierdo & Luis-Fernando Mejía, 2004. "On the empirics of Sudden Stops: the relevance of balance-sheet effects," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
  4. International Monetary Fund, 2011. "Can Emerging Market Central Banks Bail Out Banks? A+L4848 Cautionary Tale From Latin America," IMF Working Papers 11/258, International Monetary Fund.
  5. International Monetary Fund, 2011. "Policy Instruments to Lean Against the Wind in Latin America," IMF Working Papers 11/159, International Monetary Fund.
  6. International Monetary Fund, 2012. "Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America," IMF Working Papers 12/142, International Monetary Fund.
  7. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
  8. International Monetary Fund, 2011. "Macroprudential Policy," IMF Working Papers 11/238, International Monetary Fund.
  9. Alejandro Jara & Ramon Moreno & Camilo E Tovar, 2009. "The global crisis and Latin America: financial impact and policy responses," BIS Quarterly Review, Bank for International Settlements, June.
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Cited by:
  1. Olivier J. Blanchard & Giovanni Dell'Ariccia & Paolo Mauro, 2013. "Rethinking Macro Policy II," IMF Staff Discussion Notes 13/003, International Monetary Fund.
  2. Jose De Gregorio, 2013. "Resilience in Latin America: Lessons from Macroeconomic Management and Financial Policies," IMF Working Papers 13/259, International Monetary Fund.
  3. Carlos Hurtado, 2012. "The Euro Experience: A Review of the Euro Crisis, Policy Issues, Issues Going Forward and Policy Implications for Latin America," Research Department Publications 4786, Inter-American Development Bank, Research Department.

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