Abstract
The increasing integration of international financial markets poses new challenges to domestic financial markets everywhere, but especially those in emerging economies. The financial crises of 1994–95 and 1997–98 sounded wake-up calls to Latin America and East Asia, respectively, indicating that regulation and supervision needed to be strengthened substantially. Since then important steps have been taken to improve the rules and ensure their implementation, but financial regulation and supervision do not take place in a vacuum. On the one hand they must be consistent with domestic macro-economic policies, and they need a supportive macroeconomic environment in which to operate — as the Argentine crisis that began in 2001 shows only too well. On the other hand they have to take into account the international rules set by the Bank for International Settlements (BIS), the International Monetary Fund (IMF) and other institutions.
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Stallings, B., Studart, R. (2003). Financial Regulation and Supervision in Emerging Markets: The Experience of Latin America since the Tequila Crisis. In: Ffrench-Davis, R., Griffith-Jones, S. (eds) From Capital Surges to Drought. Studies in Development Economics and Policy. Palgrave Macmillan, London. https://doi.org/10.1057/9781403990099_15
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DOI: https://doi.org/10.1057/9781403990099_15
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