Finance for Development: Latin America in Comparative Perspective

Barbara Stallings

Rowman & Littlefield, Mar 8, 2006 - Business & Economics - 316 pages

Access to finance is critical in setting the course for development in emerging market economies. In this innovative study, which provides the first book-length analysis of the Latin American financial sector, Barbara Stallings and Rogerio Studart examine the dramatic changes resulting from financial liberalization in the region. The authors begin by discussing the critical transformations taking place in Latin America since 1990—a period marked by acceleration toward a new open, market-oriented development model, and away from a semi-closed model relying heavily on the state. Stallings and Studart examine changes in ownership of the financial sector and government regulation of banking, evaluate the role of capital markets as a source of finance, and compare Latin America's financial sector to that of East Asia. The second section of the book features case studies that demonstrate the changes occurring in Chile, Mexico, and Brazil with particular reference to finance for investment and access to credit. The authors conclude with a set of policy recommendations aimed at strengthening Latin American banks and capital markets so that they can play a greater role in supporting economic development.

Contents

• Finance for Development Issues and Trends: 1
• Changes in Latin Americas Financial System since 1990 Comparisons with East Asia: 19
• Financial Liberalization Crisis and the Aftermath: 21
• Changes in Ownership Public Private and Foreign Banks: 52
• Toward Stability Regulation Supervision and the Macroeconomic Context: 82
• From Banks to Capital Markets New Sources of Finance: 111
• The Impact of the New Financial System on Investment and Access in Latin America: 143
• Chile Mixed Ownership Provides a New Model: 145
• Mexico Foreign Banks Assume Control: 184
• Brazil Public Banks Continue to Play a Key Role: 222
• III Policy Recommendations for a Stronger Financial System: 259
• A Policy Agenda for the Financial Sector: 261
• References: 285
• Index: 305

About the author

Barbara Stallings is William R. Rhodes Research Professor at Brown University's Watson Institute for International Studies. Rogerio Studart is executive director for Brazil at the Inter-American Development Bank.

Bibliographic information

• Title: Finance for Development: Latin America in Comparative Perspective; Book collections on Project MUSE
• Author: Barbara Stallings
• Contributor: Rogerio Studart
• Publisher: Rowman & Littlefield, 2006
• ISBN: 0815797915, 9780815797913
• Length: 316 pages
• Subjects: Business & Economics / Development / Economic Development; Business & Economics / Economics / Comparative; Business & Economics / Finance / General