Download or read book Central Bank Involvement in Banking Crises in Latin America written by Luis Ignacio Jácome and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-05-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the nature of central bank involvement in 26 episodes of financial disturbance and crises in Latin America from the mid-1990s onwards. It finds that, except in a handful of cases, large amounts of central bank money were used to cope with large and small crises alike. Pouring central bank money into the financial system generally derailed monetary policy, fueled further macroeconomic unrest, and contributed to simultaneous currency crises, thereby aggravating financial instability. In contrast, when central bank money issuance was restricted and bank resolution was timely executed, financial disturbances were handled with less economic cost. However, this strategy worked provided appropriate institutional arrangements were in place, which highlights the importance of building a suitable framework for preventing and managing banking crises.
Download or read book Central Bank Involvement in Banking Crises in Latin America written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Banking Crises in Latin America written by Ricardo Hausmann and published by IDB. This book was released on 1996 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banking crises occur in both industrial and developing countries, but in Latin America they last longer, affect a larger segment of the banking industry and cost the public more. In Banking Crises in Latin America, distinguished policymakers, academicians and bankers examine the main causes of such crises, how governments can manage them more effectively, and how they can be prevented. The six sections of the book focus on the salient features of Latin American banking systems, the macroeconomic causes of banking crises, the microeconomic factors leading to bank difficulties, and the particular constraints that make the management of banking crises more complicated in Latin America than in industrial countries. Policy recommendations at both the macro- and microeconomic level aim to improve the resilience of banking systems to unanticipated shocks. The last section of the book turns the focus to experiences of individual countries. Contributors include Eduardo Aninat, Guillermo Calvo, Michel Camdessus, Sebastian Edwards, Enrique Iglesias, Lawrence Summers and Paul Volcker.
Download or read book IMF Working Papers written by Luis Ignacio Jácome and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Central Banking in Latin America written by Mr.Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2015-03-17 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.
Download or read book Can Emerging Market Central Banks Bail Out Banks A L4848 Cautionary Tale From Latin America written by Luis I. Jacome H. and published by International Monetary Fund. This book was released on 2011-11-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether developing and emerging market countries can implement monetary policies similar to those used by advanced countries during the recent global crisis - injecting significant amounts of money into the financial system without facing major short-run adverse macroeconomic repercussions. Using panel data techniques, the paper analyzes episodes of financial turmoil in 16 Latin America during 1995-2007. The results show that developing and emerging market countries should be cautious because injecting money on a large scale into the financial system may fuel further macroeconomic instability, increasing the chances of simultaneous currency crises.
Download or read book Central Banking in Latin America written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2016-09-30 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Latin America’s central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaining challenges facing central banking in the region. Where inflation remains high and volatile, achieving durable price stability will require making central banks more independent. Where inflation targeting regimes are well-established, remaining challenges surround assessments of economic slack, the communication of monetary policy, and clarifying the role of the exchange rate. Finally, macroprudential policies must be coordinated with existing objectives, and care taken to preserve the primacy of price stability.
Download or read book Preventing Banking Sector Distress and Crises in Latin America written by Suman K. Bery and published by World Bank Publications. This book was released on 1997-01-01 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: World Bank Technical Paper No. 361. Education has emerged as an essential component of the transition to a market economy in Central and Eastern Europe. Although the countries of the region inherited broadly accessible education systems, the legacies of central planning have constrained the systems from fully adjusting to market economies. This study examines empirical trends in access to and financing of education in nine Central and East European countries by drawing on the findings of a World Bank project that examined the social risks facing people and the policy responses taken by governments since 1989. Chapters address access and participation, the labor market, financing, and staff in the education sector.
Download or read book Financial Market Fragilities in Latin America written by Ms.Liliana Rojas-Suárez and published by International Monetary Fund. This book was released on 1994-10-01 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has two objectives: first, by reviewing the recent experience of five Latin American countries with the restructuring of their financial sectors, it derives lessons regarding the most effective ways to resolve banking difficulties in developing countries. Second, the paper analyzes current policy challenges associated with the health of financial systems in Latin America, including: (a) designing policies to respond to the recent large inflows of capital that maintain long-run macroeconomic stability and healthy financial systems; and (b) evaluating the impact of capital markets competition on the soundness of banking systems.
Download or read book Banking Crises in Latin America in the 1990 s written by Ms.Alicia García-Herrero and published by International Monetary Fund. This book was released on 1997-10-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent banking crises in Argentina, Paraguay, and Venezuela suggest that the macroeconomic impact is influenced by the causes of the crisis, the exchange rate regime, the degree of dollarization, and the structure of the banking system. Crises stemming from both macroeconomic and bank-specific causes had the largest macroeconomic impact. Countries with high dollarization and a large share of foreign and government-owned banks maintained a more stable deposit base, at least temporarily, by shifting to dollar-denominated deposits and foreign and government-owned banks. Countries that responded with a rapid, consistent, and comprehensive policy response reduced the negative macroeconomic consequences of their crises.
Download or read book Excerpt Challenges for Central Banking written by Mr.Yan Carriere-Swallow and published by International Monetary Fund. This book was released on 2016-09-29 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a regional perspective on these challenges by including chapters authored by central bankers from Latin America, as well as IMF experts. The paper also provides a panoramic overview of the policy progress made to date and the challenges that lie ahead for central banks in the region. It places the subject in historical context by looking at how central banks in the region have evolved over the past century and outlines the challenges ahead in a more financially integrated global economy. Since the global financial crisis, central banking has been undergoing a massive renovation. The crisis brought to light fundamental challenges for central bankers in terms of purpose, instruments, and what we hope to achieve. An overarching theme that connects us in both advanced and emerging market economies alike is that of setting monetary policies in an increasingly financially integrated world and addressing the underlying challenges that this presents. Looking forward, concerns have shifted to the challenges of price stability in a world of globally integrated capital markets.
Download or read book Challenges for Central Banking written by Luis I. Jacome H. and published by International Monetary Fund. This book was released on 2016-10-04 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume’s first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region.
Download or read book Managing Financial Crises written by Mr.Charles Collyns and published by International Monetary Fund. This book was released on 2003-04-10 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that there is no quick or easy fix in the face of a wide-ranging crisis involving both acute external financing pressures and rapidly changing asset prices that undermine financial stability and household and corporate balance sheets. In the end, effective solutions depend on developing a comprehensive strategy combining the full range of fiscal, monetary, financial system, and debt policy instruments. Recent experience with crises has had important implications for the IMF’s work in assessing crisis vulnerabilities. IMF surveillance work has been strengthened and a more objective framework has been developed for assessing debt sustainability, and this approach continues to be refined.
Download or read book Central Banks and Monetary Regimes in Emerging Countries written by Fernando Ferrari-Filho and published by Edward Elgar Publishing. This book was released on 2023-01-17 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the recent trends of monetary policy in Latin America. It analyzes how the actions of central banks and the monetary regimes of some Latin American countries have affected the economic performance of these countries, mainly in response to the international financial crisis (IFC) and COVID-19 crisis.
Download or read book Latin American Central Bank Reform Progress and Challenges written by Agustin Carstens and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-06-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the main challenges of monetary policy today, namely, achieving price stability, restoring market confidence in domestic currencies, and sticking to policy consistency despite adverse effects of the volatility of capital flows. Finally, recurrent banking crises and lack of fiscal discipline are identified as the main risks for the success of monetary policy in Latin America.
Download or read book Banking Crises in Latin America written by and published by . This book was released on 1996 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Debt and Development Crises in Latin America written by Stephany Griffith-Jones and published by Oxford University Press, USA. This book was released on 1986 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: External debt, debt repayment, economic and social development, economic recession, Latin America - trends, development planning, monetary transfer to developed countries, terms of aid, international monetary system, international monetary reform, aid financing, self reliance, import substitution. Bibliography, statistical tables.
