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Financial Interconnectedness and Financial Sector Reforms in the Caribbean

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Author Info

  • Sumiko Ogawa
  • Joonkyu Park
  • Diva Singh
  • Nita Thacker
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    Abstract

    Financial sector linkages have increased continuously in the Caribbean with cross border capital flows and financial conglomerates dominating the financial system. While the greater interconnectedness can heighten systemic risks and likelihood of contagion, it can have positive impacts provided the regional authorities take steps to prevent the systemic risk. In this context, financial sector reform measures aimed at bolstering and harmonizing prudential regulations in line with international best practices, the strengthening and enhancement of financial sector supervision to include cross border linkages through consolidated supervision, increased cooperation across supervisors in the region, and the establishment of deposit insurance and crisis resolution frameworks will be critical to maintain financial sector stability and minimize the repercussions of any negative shocks.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 13/175.

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    Length: 34
    Date of creation: 31 Jul 2013
    Date of revision:
    Handle: RePEc:imf:imfwpa:13/175

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    Related research

    Keywords: Financial sector; Caribbean; Economic integration; Banks; Nonbank financial sector; Credit risk; Bank supervision; Bank reforms; Financial soundness indicators; banking; banking sector; consolidated supervision; deposit insurance; banking system; banking statistics; offshore banking; banking supervisors; banking supervision; loan classification; banking sectors; credit union; bank subsidiaries; capital base; asset classification; national bank; liquid asset; banking sector assets; holding company; banking assets; problem loan; nonperforming loan; banking activities; banks ’ balance sheets; capital adequacy; banks ’ loan; credit risk management; bank holding companies; deposit insurance scheme; banking system assets; enforcement power; regional bank; interbank market; banking regulation; eastern caribbean central bank; return on assets; bank failures; connected lending; prudential requirement; harmonized supervision; bank of jamaica; bank runs; bank assets;

    This paper has been announced in the following NEP Reports:

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Yaron Leitner, 2005. "Financial Networks: Contagion, Commitment, and Private Sector Bailouts," Journal of Finance, American Finance Association, vol. 60(6), pages 2925-2953, December.
    2. Javier A. Reyes & Camelia Minoiu, 2011. "A Network Analysis of Global Banking:1978-2009," IMF Working Papers 11/74, International Monetary Fund.
    3. Alp Simsek & Ricardo Caballero, 2010. "Fire Sales in a Model of Complexity," 2010 Meeting Papers 620, Society for Economic Dynamics.
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