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Journal Article
Putting second-generation reforms to the test
Journal Article
Heat versus Light: Fact-Checking the Debate over De-Risking
In this article, we examine the evidence for claims about the connection between bank de-risking and anti–money laundering (AML) regulation. Specifically, we examine evidence for the claim that the cost of increased AML compliance and increasing bank fines have led to banks exiting entire sectors or geographical regions and that this de-risking is deeply damaging to economies. We draw on multiple sources of evidence, including financial flow data, discourse and social media analysis, an evidentiary history, elite interviews, and participant observation. In the end, we find that substantial ...
Journal Article
Latin multinationals become global headliners
Emerging-market multinationals are grabbing the spotlight in the world economy. Gaining ground on firms from Asia, sophisticated Latin American companies are becoming giants in their industries, acquiring firms and tapping into the fertile markets in developed economies like the United States and Europe.
Journal Article
Social security in Latin America: recent reforms and challenges
Over the last decade Latin American countries have served as the world's laboratory for pension systems based upon individual retirement savings accounts. In the 1990s several countries in the region followed Chile's lead in setting up individual accounts, and since that time countries throughout the world have looked to the region for lessons. ; This article summarizes the broad range of pension reforms in Latin America and highlights some of the most noteworthy and unique features of each country's reforms. Some countries have adopted defined-contribution individual accounts as a ...
Journal Article
Examining social security privatization in Latin America
Journal Article
Global banks, local crises: bad news from Argentina
Banking crises have been a recurrent phenomenon in Latin America over the past few decades. Some have argued that the internationalization of the banking sector has ushered in a new era: what used to be systemic risk from the perspective of local banks with undiversified portfolios might no longer be systemic from the standpoint of large international banks. ; Argentina's experience shows that the presence of international banks was not enough to prevent local banking crises and sizable losses to depositors. The "bad news" from Argentina, this article argues, is that depositors in emerging ...
Journal Article
Putting pension reform into perspective
Many countries' aging populations have made pension reform an issue of crucial importance. Governments are deriving inspiration from the Americas, which have forged groundbreaking reforms in this area for decades.
Journal Article
Heat versus Light: Fact-Checking the Debate over De-Risking
In this article, we examine the evidence for claims about the connection between bank derisking and anti–money laundering (AML) regulation. Specifically, we examine evidence for the claim that the cost of increased AML compliance and increasing bank fines have led to banks exiting entire sectors or geographical regions and that this de-risking is deeply damaging to economies. We draw onmultiple sources of evidence, including financial flow data, discourse and social media analysis, an evidentiary history, elite interviews, and participant observation. In the end, we find that substantial ...
Journal Article
Preface - rethinking structural reform in Latin America
The process of structural reform in Latin America has thus far been uneven, and various economic crises have raised doubts about reforms? effectiveness and have caused public support for further reforms to wane. To promote and highlight research exploring structural reform?s impact on economic growth and income distribution in Latin America, the Federal Reserve Bank of Atlanta and the Inter-American Development Bank (IDB) cosponsored the conference ?Rethinking Structural Reform in Latin America? in October 2003. ; This issue of the Economic Review contains four articles that were among the ...
Journal Article
A mixed blessing: oil and Latin American economies