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Financial Integration in Latin America
With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to stimulate growth are needed. This book examines the financial landscapes of seven Latin American economies—Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay—and makes a case for them to pursue regional financial integration. Chapters set out the benefits to the region of financial integration, the barriers to cross-border activity in banks, insurance companies, pension funds, and capital markets, as well as recommendations to address these barriers. Finally, the volume makes the case that regional integration now could be a step toward global integration in the short term.
Financial Interconnectedness and Financial Sector Reforms in the Caribbean
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.
Excerpt: Financial Integration in Latin America
This paper analyzes the scope and benefits from further regionalization of domestic financial services among Latin American countries. Following the financial crises in the 1980s and early 1990s, Latin Ameri¬can countries opened up their financial markets to foreign participation. This brought in North American and European banks, which were regarded as a source of capital, expertise, and know-how, as well as an opportunity for diversification from domestic shocks. Since the global financial crisis, Latin America has been facing a rapidly changing global financial landscape. Whereas global banks were previously seen as a source of strength, policymakers need to internalize that these banks could now represent a source of weakness for domestic financial systems. Moreover, the region is currently experiencing an important economic adjustment. Rebalancing of growth in China and the end of the commodity super-cycle is putting pressure on fiscal and external sectors in several Latin American economies.
Benefits of Global and Regional Financial Integration in Latin America
The timing is ripe to pursue greater regional financial integration in Latin America given the withdrawal of some global banks from the region and the weakening of growth prospects. Important initiatives are ongoing to foster financial integration. Failure to capitalize on this would represent a significant missed opportunity. This paper examines the scope for further global and regional financial integration in Latin America, based on economic fundamentals and comparisons to other emerging regions, and quantifies the potential macroeconomic gains that such integration could bring. The analysis suggests that closing the financial integration gap could boost GDP growth be 1⁄4 - 3⁄4 percentage point in these countries, on average.
Determinants of and Prospects for Market Access in Frontier Economies
In recent years, we have observed an increase in low-income countries’ (LICs) access to international capital markets, especially after the Global Financial Crisis (GFC). This paper investigates what factors—country-specific macroeconomic fundamentals and/or external variables—have contributed to the surge in external bond issuance by these LICs, which we refer to in our paper as ‘frontier economies’. Using data on public and publicly guaranteed (PPG) external bond issuance, outstanding PPG bond stock, as well as sovereign spreads, we employ panel data analysis to examine factors related to the increase in issuance by these economies as well as the reduction in their spreads over t...
Take a Walk in My Big Indian Heels
When he fell in love with someone who is the same sex as himself, Laakhi Singh never knew after marrying the man of his dreams, what he would have to endure, firstly becoming a woman a bride with a secret, for the sake of the society and Sikh culture. Miserable before and after marriage. His heart-wrenching love story shows the determination and lengths Laakhi Singh went to, to hide his pain and make a marriage work that was built on a lie. Disowned by his parents, abused and humiliated by his mother-in-law. Laakhi's story shows how much a wife, Indian daughter-in-law's have to deal with, how the world could be so cruel that honour mattered more than a person's life. How vows become nothing, how love didn't conquer all and how it all ended in travesty.
Fintech in Latin America and the Caribbean: Stocktaking
In Latin America and the Caribbean (LAC), financial technology has been growing rapidly and is on the agenda of many policy makers. Fintech provides opportunities to deepen financial development, competition, innovation, and inclusion in the region but also creates new and only partially understood risks to consumers and the financial system. This paper documents the evolution of fintech in LAC. In particular, the paper focuses on financial development, fintech landscape for domestic and cross border payments and alternative financing, cybersecurity, financial integrity and stability risks, regulatory responses, and considerations for central bank digital currencies.
Global Strategy for Infant and Young Child Feeding
WHO and UNICEF jointly developed this global strategy to focus world attention on the impact that feeding practices have on the nutritional status, growth and development, health, and thus the very survival of infants and young children. The strategy is the result of a comprehensive two-year participatory process. It is based on the evidence of nutrition's significance in the early months and years of life, and of the crucial role that appropriate feeding practices play in achieving optimal health outcomes. The strategy is intended as a guide for action; it identifies interventions with a proven positive impact; it emphasizes providing mothers and families the support they need to carry out their crucial roles, and it explicitly defines the obligations and responsibilities in this regards of governments, international organizations, and other concerned parties.
Pirates of Pensacola
The Cooke and Hood families have been at each other's throats since the Spanish Main days. The latest chapter in their piratic rivalry takes place in 2004, when an old treasure map turns up. None of this seems to matter to Morgan Cooke, a cowardly, landlubbing accountant entirely ignorant of his heritage until his estranged father, Isaac, in need of crewmen, kidnaps him and thrusts him into the fray. When Morgan wakes up on a boat in the middle of the Caribbean, he learns that piracy still flourishes, albeit with far more discretion than in the old days--pirates disguise their fast boats as shrimpers or tugs--but with no less bloodshed. Judging even a shot at riches vastly preferable to a return to his lonely, fluorescent-lit work station existence, Morgan pierces his ear, dons the eye patch and peg leg, and set sail for glorious adventure.
