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CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

English Spanish

Liberalization or financial development?

The Latin American countries’ reorientation towards market economies and their efforts to open their economies up to the international market since the 1970s have given rise to various sorts of financial policies. This article reviews some selected experiences in three areas of the financial sector: i) in the area of banking, eight different cases arc examined in which financial liberalization measures led to various problems in terms of bank solvency during the past 20 years; ii) in respect of the capital market, the rapid development of this market in Chile since the start of the 1980s is analysed; and iii) with regard to inflows of private external financial capital, the high rates exhibited by Mexico since the late 1980s are evaluated. Basing his approach on concepts that place financial liberalization within the context of the types of regulatory systems that establish the ground rules in this sector, the author emphasizes the need to develop the institutional structure of the financial system in a carefully planned manner in order to ensure the solvency and efficiency of financial institutions.

English Spanish

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