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Building Stability in Latin American Financial Markets

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Author Info
Liliana Rojas-Suárez
Steven R. Weisbrod
Abstract

This paper argues that the investor reluctance to make long-term commitments to Latin American financial markets results from experience. In the 1980s, while ex ante real interest rates on Latin American financial assets were usually high, ex-post real interest rates were often highly negative. In the 1990s, policymakers instituted stabilization programs and structural reforms that have improved the environment in which financial markets operate. Based on a review of experiences in the region, this paper shows that, when these opportunities are taken, investor confidence in long-term markets is strengthened.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 4028.

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Date of creation: Feb 1996
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Handle: RePEc:idb:wpaper:4028

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Michael G. Spencer & H. J. Blommestein, 1993. "The Role of Financial Institutions in the Transition to a Market Economy," IMF Working Papers 93/75, International Monetary Fund.
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  1. Mishkin, Frederic S., 2001. "Financial policies and the prevention of financial crises in emerging market economies," Policy Research Working Paper Series 2683, The World Bank. [Downloadable!]
  2. Frederic S. Mishkin, 2001. "Prudential Supervision: Why Is It Important and What Are the Issues?," NBER Chapters, in: Prudential Supervision: What Works and What Doesn't, pages 1-30 National Bureau of Economic Research, Inc. [Downloadable!]
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  3. Demir, Firat, 2006. "Volatility of short term capital flows, financial anarchy and private investment in emerging markets," MPRA Paper 3080, University Library of Munich, Germany, revised May 2007. [Downloadable!]
  4. Demir, Firat, 2007. "Private Investment and Cash Flow Relationship Revisited: Capital Market Imperfections and Financialization of Real Sectors in Emerging Markets," MPRA Paper 3081, University Library of Munich, Germany. [Downloadable!]
  5. Demir, Firat, 2008. "Financial Liberalization, Private Investment and Portfolio Choice: Financialization of Real Sectors in Emerging Markets," MPRA Paper 3835, University Library of Munich, Germany, revised 01 Apr 2008. [Downloadable!]
    Other versions:
  6. Srinivas, P.S. & Whitehouse, Edward & Yermo, Juan, 2000. "Regulating private pension funds’ structure, performance and investments: cross-country evidence," MPRA Paper 14753, University Library of Munich, Germany. [Downloadable!]
  7. Michael Gavin & Ricardo Hausmann, 1997. "Make or Buy? Approaches to Financial Market Integration," RES Working Papers 4052, Inter-American Development Bank, Research Department. [Downloadable!]
  8. Frederic S. Mishkin, 2001. "Financial Policies and the Prevention of Financial Crises in Emerging Market Countries," NBER Working Papers 8087, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Michael Gavin & Ricardo Hausmann, 1997. "¿Fabricar o comprar? Enfoques de la integración de mercados financieros," RES Working Papers 4053, Inter-American Development Bank, Research Department. [Downloadable!]
  10. Ana María Iregui & Costas Milas & Jesús Otero, 2001. "On the dynamics of lending and deposit interest rates in emerging markets: a non-linear approach," BORRADORES DE INVESTIGACIÓN 003297, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
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