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Financial Regulation and Supervision in Emerging Markets: The Experience of Latin America since the Tequila Crisis

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  • Barbara Stallings
  • Rogerio Studart

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 1994-95. 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).

Suggested Citation

  • 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).
    • Handle: RePEc:unu:wpaper:dp2002-45
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    References listed on IDEAS

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    Cited by:

    1. Sebnem Kalemli-Ozcan & Herman Kamil & Carolina Villegas-Sanchez, 2016. "What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?," The Review of Economics and Statistics, MIT Press, vol. 98(4), pages 756-769, October.
    2. 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.
    3. Abdul Abiad & Enrica Detragiache & Thierry Tressel, 2010. "A New Database of Financial Reforms," IMF Staff Papers, Palgrave Macmillan, vol. 57(2), pages 281-302, June.
    4. Solimano, Andrés & Watts, Nathalie, 2005. "International migration, capital flows and the global economy: a long run view," Macroeconomía del Desarrollo 5400, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    5. 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.
    6. Solimano, Andrés & Gutiérrez, Mario A., 2006. "Savings, investment and growth in the global age: analytical and policy issues," Macroeconomía del Desarrollo 5419, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    7. 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.
    8. Solimano, Andrés & Soto, Raimundo, 2005. "Economic growth in Latin America in the late 20th century: evidence and interpretation," Macroeconomía del Desarrollo 5398, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    9. Moguillansky, Graciela & Studart, Rogério & Vergara, Sebastián, 2004. "Foreign banks in Latin America: a paradoxical result," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    10. Linda S. Goldberg, 2007. "Financial sector FDI and host countries: new and old lessons," Economic Policy Review, Federal Reserve Bank of New York, vol. 13(Mar), pages 1-17.
    11. 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.
    12. Solimano, Andrés, 2006. "Asset accumulation by the middle class and the poor in Latin America: political economy and governance dimensions," Macroeconomía del Desarrollo 5422, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    13. Cimoli, Mario & Correa, Nelson & Katz, Jorge & Studart, Rogério, 2003. "Institutional requirements for market-led development in Latin America," Series Históricas 7792, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    14. Bianchi, Patrizio & Kantis, Hugo & Bacic, Miguel Juan & Suaznabar, Claudia & Studart, Rogerio & Vasconcelos, Luiz Antonio Teixeira & Moori Koenig, Virginia & Federico, Juan & Martínez, Julia & Parrill, 2004. "Developing Entrepreneurship: Experience in Latin America and Worldwide," IDB Publications (Books), Inter-American Development Bank, number 442.
    15. Alicia García Herrero & Javier Santillán & Sonsoles Gallego & Lucía Cuadro & Carlos Egea, 2002. "Latin American Financial Development in Perspective," Working Papers 0216, Banco de España.
    16. Linda S. Goldberg, 2004. "Financial-sector foreign direct investment and host countries: new and old lessons," Staff Reports 183, Federal Reserve Bank of New York.
    17. Patrizio Bianchi & Hugo Kantis & Miguel Juan Bacic & Claudia Suaznabar & Rogerio Studart & Luiz Antonio Teixeira Vasconcelos & Virginia Moori Koenig & Juan Federico & Julia Martínez & Mario Davide Par, 2004. "Developing Entrepreneurship: Experience in Latin America and Worldwide," IDB Publications (Books), Inter-American Development Bank, number 79932 edited by Hugo Kantis & Virginia Moori Koenig & Pablo Angelelli, February.
    18. Solimano, Andrés, 2006. "The international mobility of talent and its impact on global development: an overview," Macroeconomía del Desarrollo 5418, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    19. Solimano, Andrés, 2004. "Political violence and economic development in Latin America: issues and evidence," Macroeconomía del Desarrollo 5395, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    20. Gutiérrez, Mario A., 2007. "Economic growth in Latin America and the Caribbean: growth transitions rather than steady states," Macroeconomía del Desarrollo 5425, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    21. repec:idb:brikps:442 is not listed on IDEAS

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