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New financing trends in Latin America: a bumpy road towards stability

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  • Bank for International Settlements
  • Federal Reserve Bank of Atlanta

Abstract

In May 2007 the Bank for International Settlements (BIS) and the Federal Reserve Bank (FRB) of Atlanta hosted a meeting in Mexico City on “New financing trends in Latin America: a bumpy road towards stability”. The meeting, which was chaired by Philip Turner of the BIS, brought together senior officials from central banks, finance ministries, the private sector, multilateral institutions and academia to discuss issues and challenges from the most recent financing developments observed across the region. Five main issues were addressed at the meeting: recent trends in Latin America, the influence of certain idiosyncratic features on financial developments in the region, the benefits and challenges of the development of domestic local currency bond markets, the implications for monetary policy and the coordination of debt management policies between central banks and finance ministries and, finally, the implications for financial stability. This meeting was a “first” as a collaborative effort between the BIS and the FRB Atlanta, and was organised at t he initiative of the BIS Representative Office for the Americas (inaugurated in 2002) and the FRB Atlanta Americas Center (created in 2005). Given the significance of the topics discussed, we decided to publish in this BIS Papers series the contributions by José Antonio Ocampo (United Nations Under-Secretary General for Economic and Social Affairs) and Professor Barry Eichengreen (University of California, Berkeley), a contribution by the Bank of Spain, and the background documents prepared for this event.

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Suggested Citation

  • Bank for International Settlements & Federal Reserve Bank of Atlanta, 2008. "New financing trends in Latin America: a bumpy road towards stability," BIS Papers, Bank for International Settlements, number 36.
    • Handle: RePEc:bis:bisbps:36
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    References listed on IDEAS

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    1. Rocío Betancourt & Hernando Vargas & Norberto Rodríguez., 2008. "Interest Rate Pass-Through in Colombia: a Micro-Banking Perspective," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 45(131), pages 29-58.
    2. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
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    4. Carlos Andrés Amaya, 2006. "Interest Rate Setting and the Colombian Monetary Transmission Mechanism," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 24(50), pages 48-97, June.
    5. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    6. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    7. Rodrigo Alfaro & Carlos García & Alejandro Jara & Helmut Franken, 2005. "The bank lending channel in Chile," BIS Papers chapters, in: Bank for International Settlements (ed.), Investigating the relationship between the financial and real economy, volume 22, pages 128-45, Bank for International Settlements.
    8. Marco A. Espinosa-Vega & Alessandro Rebucci, 2004. "Retail Bank Interest Rate Pass-through: Is Chile Atypical?," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Antonio Ahumada & J. Rodrigo Fuentes & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Banking Market Structure and Monetary Policy, edition 1, volume 7, chapter 5, pages 147-182, Central Bank of Chile.
    9. David Archer, 2006. "Implications of recent changes in banking for the conduct of monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 123-51, Bank for International Settlements.
    10. Marco Arena & Carmen Reinhart & Francisco Vázquez, 2006. "The Lending Channel in Emerging Economics: Are Foreign Banks Different?," NBER Working Papers 12340, National Bureau of Economic Research, Inc.
    11. André Amante & Márcio Araujo & Serge Jeanneau, 2007. "The search for liquidity in the Brazilian domestic government bond market," BIS Quarterly Review, Bank for International Settlements, June.
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    Cited by:

    1. Alejandro Jara & Camilo Tovar, 2008. "Monetary and financial stability implications of capital flows in Latin America and the Caribbean," BIS Papers, Bank for International Settlements, number 43.

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