Title Advancing financial development in Latin America and the Caribbean / prepared by Dyna Heng, Anna Ivanova, Rodrigo Mariscal, Uma Ramakrishnan and Joyce Cheng Wong

Published [Washington, D.C.] : International Monetary Fund, [2016] ©2016

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Description 1 online resource (32 pages) : color illustrations Series IMF working paper, 1018-5941 ; WP/16/81 IMF working paper ; WP/16/81 Contents Cover; TABLE OF CONTENTS; ABSTRACT; I. INTRODUCTION; II. MEASURING FINANCIAL DEVELOPMENT; III. FINANCIAL DEVELOPMENT: WHERE DOES LAC STAND?; IV. FINANCIAL DEVELOPMENT AND MACROECONOMIC FUNDAMENTALS; A. The Nexus Between Finance, Stability, and Growth: What is in Store for LAC?; V. CONCLUSIONS AND POLICY IMPLICATIONS; A. Where Does Costa Rica Stand?; B. Conclusions and Policy Recommendations; REFERENCES; FIGURES; Figure 1: Non Bank Assets; Figure 2: How to Measure Financial Development; Figure 3: Composite Financial Development Index vs. Traditional Measures, 2013 Figure 4: Inter-Regional Variation in Financial DevelopmentFigure 5: Financial Development Progress and Remaining Gaps; Figure 6: Financial Institutions and Markets Development, and Economic Growth; Figure 7: Financial Development, Growth, and Stability; TABLES; Table 1. Estimated Equations; APPENDICES; Appendix 1: Data Description and Processing; Appendix 2: An Example of Framework Application to Costa Rica Summary This paper examines the state of financial development in the Latin America and Caribbean (LAC) region as well as potential growth and stability implications from further development. The analysis suggests that access to financial institutions has expanded notably in the past decade, and the region compares favorably with other emerging market regions on this dimension. The region, however, continues to lag behind peers on broader financial development, especially with respect to markets, though there is substantial heterogeneity across countries. Financial systems in many LAC countries are also underdeveloped relative to their macroeconomic fundamentals. Further financial development could convey net benefits to the region, provided there is adequate regulatory oversight to prevent excesses--Abstract Notes "April 2016." At head of title: "Western Hemisphere Department." Bibliography Includes bibliographical references (pages 30-32) Notes Online resource; title from pdf title page (IMF.org Web site, viewed April 11, 2016) Subject Financial institutions -- Latin America -- Econometric models Financial services industry -- Latin America -- Econometric models Capital market -- Latin America -- Econometric models Economic development -- Latin America -- Econometric models Financial institutions -- Caribbean Area -- Econometric models Financial services industry -- Caribbean Area -- Econometric models Capital market -- Caribbean Area -- Econometric models Economic development -- Caribbean Area -- Econometric models Capital market -- Econometric models. Economic development -- Econometric models. Financial institutions -- Econometric models. Financial services industry -- Econometric models. Caribbean Area. Latin America. Form Electronic book Author Heng, Dyna, author, (IMFstaff) Ivanova, Anna, 1968- author, (IMFstaff) Mariscal, Rodrigo, author, (IMFstaff) Ramakrishnan, Uma, author, (IMFstaff) Wong, Joyce Cheng, author, (IMFstaff) International Monetary Fund. Western Hemisphere Department, issuing body ISBN 1484321715 9781484321713 ISSN 1018-5941

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