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Cross-Border Payments Integration in Latin America and the Caribbean

Author

Listed:
  • Dimitris Drakopoulos
  • Mr. Yibin Mu
  • Dmitry Vasilyev
  • Mr. Mauricio Villafuerte

Abstract

Cross-border payment inefficiencies are a significant barrier to trade both within Latin America and the Caribbean (LAC) and between LAC and other regions. This paper provides a comprehensive review of historical efforts undertaken by various countries within the LAC region to address these challenges. We also explore the potential of recent financial innovations, such as digital currencies and blockchain technology, to enhance cross-border payments. While new technologies do not substitute for prudent and credible macroeconomic policies, leveraging these technologies can help LAC countries reduce transaction costs and times, thus enhancing economic efficiency and fostering deeper regional and global trade relationships.

Suggested Citation

  • Dimitris Drakopoulos & Mr. Yibin Mu & Dmitry Vasilyev & Mr. Mauricio Villafuerte, 2024. "Cross-Border Payments Integration in Latin America and the Caribbean," IMF Working Papers 2024/119, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/119
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