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Systemically important payment systems in Latin America and the Caribbean : results of the self-assessment exercises : Sistemas de pago de importancia sistemica en America Latina y el Caribe : resultados de los ejercicios de autoevaluacion (Spanish)

Following up on the international debate, in 2002 the Working Group on Payment System Issues of Latin America and the Caribbean (WGPS-LAC) promoted among its members carrying out a self assessment exercise of the region's systematically important systems (SIPS) versus the committee on payment and resettlement systems (CPSS) core principals (CPs). The purpose of this document is to present the outcome of this effort, to which a total of 15 central banks in the Latin American region contributed. The first section describes the motivations behind this exercise and the value that is expected from its completion. In the second section the main outcomes are described and analyzed, based on the self-assessment exercises delivered by 15 central banks. Results are presented in an aggregate manner, highlighting the major strengths and weaknesses for each of the 10 CPs. Several references to the four Central Bank Responsibilities in applying the CPs are also made in this section. In the third section, the authors present an analysis that goes beyond the self-assessment exercise, in an attempt to compare the current situation of SIPS in the region with an "optimal scenario". This analysis also considers to what extent the reforms currently underway in several countries would lead to a different scenario for the region's SIPS. The fourth section compares the results of the self-assessment exercises in the Latin American region with the assessments being carried out by the IMF and the World Bank all over the world as part of their financial sector assessment program (FSAP). In this section the authors stress that obtaining "standard" or highly comparable results from this type of exercise in many different countries is still difficult, since variables such as technical capacity, openness to self criticism and resources still vary widely among countries. Finally, the last section presents a summary of findings and conclusions, highlighting the current weaknesses of SIPS in the LAC region and what are being done at present to overcome this situation.

Details

  • Author

    Arango, Carlos Bernal, Joaquin

  • Document Date

    2003/06/01

  • Document Type

    Working Paper

  • Report Number

    38826

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Latin America,

  • Region

    Latin America & Caribbean,

  • Disclosure Date

    2010/07/01

  • Doc Name

    Sistemas de pago de importancia sistemica en America Latina y el Caribe : resultados de los ejercicios de autoevaluacion

  • Keywords

    access to payment systems, accountability, auditing, Bank for International Settlements, Bank of Canada, bank officers, banking law, bankruptcy, bankruptcy laws, basic, Central Bank, central banks, cheques, clearinghouse, clearinghouses, collateral, commercial banks, competitiveness, country comparisons, CREDIT RISK, current account, current account balances, current accounts, debit card, depositors, electronic payment, emerging economies, Federal Reserve System, final settlement, financial institutions, financial intermediaries, financial markets, financial stability, financial systems, foreign exchange, foreign exchange markets, gridlock, guidelines, IFIs, insolvency, interoperability, intraday liquidity, LATIN AMERICAN, laws, legal framework, legal protection, legal risk, lender of last resort, lenders of last resort, liquid assets, LIQUIDITY, LIQUIDITY RISK, magnetic ink recognition, market participants, MICR, monetary policies, moral hazard, net credit position, net settlement, netting, networks, open market operations, operational costs, oversight of payment systems, payment orders, Payment System, Payment Systems, payments in advance, payments system, payments systems, queues, queuing, real time, real time gross settlement, registers, repo, reserve requirements, retail transactions, risk management, RTGS, savings, Securities, Settlement Systems, systemic risk, technological development, transmission of monetary policy, transparency, website

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Citation

Arango, Carlos Bernal, Joaquin

Systemically important payment systems in Latin America and the Caribbean : results of the self-assessment exercises : Sistemas de pago de importancia sistemica en America Latina y el Caribe : resultados de los ejercicios de autoevaluacion (Spanish). Western Hemisphere Payments and Securities Clearance and Settlement Initiative Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/107991468752975509/Sistemas-de-pago-de-importancia-sistemica-en-America-Latina-y-el-Caribe-resultados-de-los-ejercicios-de-autoevaluacion