Panel discussion launching the 2011 Flagship Report of the World Bank LAC Chief Economist Office. The report examines issues on the interaction between financial development and financial stability by revisiting the nature of different market imperfections and their interactions. It discusses the "bright" and "dark" sides of the process of financial development, and provides an assessment of the nature of, and the reasons behind, the region's gaps in financial development. The report also provides a rich discussion of the new, systemically-oriented regulatory reform agenda. It argues that market imperfections ultimately limit the extent to which markets can self-regulate, which puts a premium on good public policies and suggests a rebalancing of the roles of the financial markets and the state.
- Opening Remarks by Guillermo Calvo, Director of SIPA's Program in Economic Policy Management, Professor of International and Public Affairs
Panelists:
- Augusto de la Torre, Regional Chief Economist of Latin America and the Caribbean Region, World Bank
- Charles Calomiris, Henry Kaufman Professor of Financial Institutions in the Faculty of Business, Professor of International and Public Affairs, SIPA
- Arminio Fraga, Economist, Member of G30, former President of Central Bank of Brazil
Financial Development in Latin America and the Caribbean: The Road Ahead developmental | |
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