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Emerging issues in financial development : lessons from Latin America (English)

Since the 1990s, financial systems around the world, and especially those in developing countries, have gained in soundness, depth, and diversity, prompted in part by a series of financial sector and macroeconomic reforms aimed at fostering a market-driven economy in which finance plays a central role. ... See More +

Publication 83498 DEC 17, 2013

Didier, Tatiana; Schmukler, Sergio L.; Anginer, Deniz; Auqui, Martin; Calderon, Cesar; Ceballos, Francisco; Cortes, Mariano; De la Torre, Augusto; Dapos;Hulster, Katia; Dijkman, Miquel; Feyen, Erik; Gutierrez, Eva; Heysen, Socorro; Ize, Alain; Levy-Yeyati, Eduardo; Peria, Maria Soledad Martinez; Raddatz, Claudio; Seelig, Steven A.; Serven, Luis; Williams, Thomas

The foundations of macroprudential regulation : a conceptual roadmap (English)

This paper examines the conceptual foundations of macroprudential policy by reviewing the literature on financial frictions from a policy perspective that systematically links state interventions to market failures. ... See More +

Policy Research Working Paper WPS6575 AUG 01, 2013

de la Torre, Augusto; Ize, Alain

The rhyme and reason for macroprudential policy : four guideposts to find your bearings (English)

This paper explores the conceptual foundations of macroprudential policy. It does so within a framework that gradually incorporates and interacts two types of frictions (principal-agent and collective action) with two forms of rationality (full and bounded), all in the context of aggregate volatility. ... See More +

Policy Research Working Paper WPS6576 AUG 01, 2013

de la Torre, Augusto; Ize, Alain

Financial development in Latin America and the Caribbean : the road ahead : El desarrollo financier en America Latina y el Caribe : el camino por delante (Spanish)

The financial systems of the Latin America and the Caribbean region (LAC) are at a crucial juncture. After a history of recurrent instability and crisis (a trademark of the region), they now seem well poised for rapid expansion. ... See More +

Publication 65744 JAN 10, 2012

Torre, Augusto de la; Ize, Alain; Schmukler, Sergio L. English

Risk absorption by the state: when is it good public policy ? (English)

The global financial crisis brought public guarantees to the forefront of the policy debate. Based on a review of the theoretical foundations of public guarantees, this paper concludes that the commonly used justifications for public guarantees based solely on agency frictions (such as adverse selection or lack of collateral) and/or un-internalized externalities are flawed. ... See More +

Policy Research Working Paper WPS5893 DEC 01, 2011

Anginer, Deniz; de la Torre, Augusto; Ize, Alain

Financial development in Latin America and the Caribbean : the road ahead (English)

The financial systems of the Latin America and the Caribbean region (LAC) are at a crucial juncture. After a history of recurrent instability and crisis (a trademark of the region), they now seem well poised for rapid expansion. ... See More +

Publication 65744 NOV 30, 2011

Torre, Augusto de la; Ize, Alain; Schmukler, Sergio L. Spanish

Financial development : structure and dynamics (English)

This paper analyzes the bright and dark sides of the financial development process through the lenses of the four fundamental frictions to which agents are exposed -- information asymmetry, enforcement, collective action, and collective cognition. ... See More +

Policy Research Working Paper WPS5854 OCT 01, 2011

de la Torre, Augusto; Feyen, Erik; Ize, Alain

Containing systemic risk : paradigm-based perspectives on regulatory reform (English)

Financial crises can happen for a variety of reasons: (a) nobody really understands what is going on (the collective cognition paradigm); (b) some understand better than others and take advantage of their knowledge (the asymmetric information paradigm); (c) everybody understands, but crises are a natural part of the financial landscape (the costly enforcement paradigm); or (d) everybody understands, yet no one acts because private and social interests do not coincide (the collective action paradigm). ... See More +

Policy Research Working Paper WPS5523 JAN 01, 2011

de la Torre, Augusto; Ize, Alain

Financial paradigms (English)

What market and regulatory issues led to the subprime crisis? How should prudential regulation be fixed? The answers depend on the interpretative lenses or apos;paradigmsapos; through which one sees finance. ... See More +

Brief 53043 NOV 01, 2009

Torre, Augusto de la; Ize, Alain

Containing systemic risk : are regulatory reform proposals on the right track? (English)

This note questions two emerging views on ways to tackle systemic risk. As evidenced by the explosive growth of investment banks, which were regulated more lightly because they were assumed to be systemically less important, regulatory unevenness can trigger acutely destabilizing regulatory arbitrage. ... See More +

Brief 53545 OCT 26, 2009

De la Torre, Augusto; Ize, Alain

Regulatory reform : integrating paradigms (English)

The Subprime crisis largely resulted from failures to internalize systemic risk evenly across financial intermediaries and recognize the implications of Knightian uncertainty and mood swings. ... See More +

Policy Research Working Paper WPS4842 FEB 01, 2009

de la Torre, Augusto; Ize, Alain

Benchmarking financial development (English)

Capitalizing on recent improvements in the availability of cross-country financial sector data, this paper proposes a standard methodology for benchmarking the policy component of financial development. ... See More +

Policy Research Working Paper WPS4638 JUN 01, 2008

Beck, Thorsten; Feyen, Erik; Ize, Alain; Moizeszowicz, Florencia

The process of financial development : a statistical view from the FSAP program (English)

This paper uses a simple statistical approach to exploit some of the wealth of information contained in FSAP reports. The authors classify and count FSAP recommendations along a logical grid that reflects the fabric of financial activity and the ways in which states organize their policies in support of financial development. ... See More +

Policy Research Working Paper WPS4626 MAY 01, 2008

Ize, Alain; Pardo, Rafael; Zekri, Sarah

Title Document Date Report No. Document Type Also available in
Emerging issues in financial development : lessons from Latin America (English)
See More +
DEC 17, 2013 83498 Publication
The foundations of macroprudential regulation : a conceptual roadmap (English)
See More +
AUG 01, 2013 WPS6575 Policy Research Working Paper
The rhyme and reason for macroprudential policy : four guideposts to find your bearings (English)
See More +
AUG 01, 2013 WPS6576 Policy Research Working Paper
Financial development in Latin America and the Caribbean : the road ahead : El desarrollo financier en America Latina y el Caribe : el camino por delante (Spanish)
See More +
JAN 10, 2012 65744 Publication English
Risk absorption by the state: when is it good public policy ? (English)
See More +
DEC 01, 2011 WPS5893 Policy Research Working Paper
Financial development in Latin America and the Caribbean : the road ahead (English)
See More +
NOV 30, 2011 65744 Publication Spanish
Financial development : structure and dynamics (English)
See More +
OCT 01, 2011 WPS5854 Policy Research Working Paper
Containing systemic risk : paradigm-based perspectives on regulatory reform (English)
See More +
JAN 01, 2011 WPS5523 Policy Research Working Paper
Financial paradigms (English)
See More +
NOV 01, 2009 53043 Brief
Containing systemic risk : are regulatory reform proposals on the right track? (English)
See More +
OCT 26, 2009 53545 Brief
Regulatory reform : integrating paradigms (English)
See More +
FEB 01, 2009 WPS4842 Policy Research Working Paper
Benchmarking financial development (English)
See More +
JUN 01, 2008 WPS4638 Policy Research Working Paper
The process of financial development : a statistical view from the FSAP program (English)
See More +
MAY 01, 2008 WPS4626 Policy Research Working Paper