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Policy priorities to promote financial development in the context of the Middle-Income Trap: The cases of Argentina, Colombia, Mexico and Peru

Author

Listed:
  • Alfonso Arellano
  • Olga Gouveia
  • Sebastián Nieto-Parra
  • Jose René Orozco
  • Rebeca Peers

    (OECD Development Centre)

Abstract

This paper analyses the development of financial markets in Argentina, Colombia, Mexico and Peru in the context of the middle-income trap. It identifies key policy priorities on three financial pillars: access, depth and efficiency. This paper is based on a benchmark analysis from 1985 to 2015 and takes into consideration experiences in the financial status of economies that became "high income", and also focuses on advanced economies that exhibited the most similar characteristics to each of the four countries. Results show specific gaps and policy priorities to promote further access, depth and efficiency in both the banking system and capital markets for each of these countries.

Suggested Citation

  • Alfonso Arellano & Olga Gouveia & Sebastián Nieto-Parra & Jose René Orozco & Rebeca Peers, 2020. "Policy priorities to promote financial development in the context of the Middle-Income Trap: The cases of Argentina, Colombia, Mexico and Peru," Review of Development Finance Journal, Chartered Institute of Development Finance, vol. 10(2), pages 19-30.
    • Handle: RePEc:afj:journ3:v:10:y:2020:i:2:p:19-30
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    File URL: https://journals.co.za/doi/10.10520/ejc-rdfin-v10-n2-a2
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    More about this item

    Keywords

    Financial development; middle-income trap; economic growth; Latin America;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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