Journal Article

Financial Development: Maturing and Emerging Policy Issues

Augusto de la Torre, Juan Carlos Gozzi and Sergio L. Schmukler

in The World Bank Research Observer

Published on behalf of World Bank

Volume 22, issue 1, pages 67-102
Published in print January 2007 | ISSN: 0257-3032
Published online May 2007 | e-ISSN: 1564-6971 | DOI: http://dx.doi.org/10.1093/wbro/lkm004
Financial Development: Maturing and Emerging Policy Issues

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  • Financial Institutions and Services
  • Financial Regulation
  • International Financial Markets
  • International Finance

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In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons from financial crises. Today, there is consensus that financial development depends on financial stability and convergence toward international standards. While the debate on some issues has matured, policy thinking in other areas is changing, fueled by recent experiences. This article analyzes the evolution of policy thinking on financial development and discusses three areas that are important to achieving deeper financial systems: stock market development, small- and medium-size enterprise financing, and defined-contribution pension systems. The main emerging issues in these areas are illustrated using recent experiences in Latin America. The article concludes that there is a need to take a fresh look at the evidence, improve diagnoses, and revisit expectations.

Keywords: F36; G15; G18; G20

Journal Article.  12629 words.  Illustrated.

Subjects: Financial Institutions and Services ; Financial Regulation ; International Financial Markets ; International Finance

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