The book addresses senior policy makers interested in understanding and debating key issues currently faced by the better performing emerging markets throughout the world. Papers in the volume address international capital flows, financial markets, globalization, and private participation in infrastructure development.

The papers included in this book were among those discussed at the Emerging Markets Forum meeting in Jakarta, Indonesia in September 2007. The underlying premise of the book is that growth and development in emerging market economies is now heavily dependent on: international private capital flows; development of financial markets; the countries ability to integrate successfully with the global economy through trade and investment; and their ability to forge public private partnership, including, in infrastructure development. A particular emphasis is on contrasting and comparing experiences in Asia and Latin America.

Financial Markets in Latin America
Financial markets in Latin America
ClaudioM.Loser
Introduction

Financial system development makes important contributions to economic performance. A well-functioning financial system channels financial resources and capital to productive use, and spurs economic growth. In turn, excessive regulation and government intervention can severely interfere with the proper functioning of financial institutions.

For many years, and through the 1990s, limited access to bank credit and uncertainty about macro-economic and financial stability imposed serious constraints on Latin America's growth and contributed to high volatility. As these facts became increasingly recognized, many countries of the Western Hemisphere took steps to reform and liberalize their financial systems, including reductions in government controls. Financial liberalization spurred credit growth during the early part of the 1990s, but bank lending slowed after a ...

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