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This paper analyzes the importance of financial integration in Central America and the effects of the recent international crisis on the financial systems of the sub-region. After presenting evidence of financial integration in Central America and comparing it to other countries in Latin America and the developing world, the paper describes two important factors that have characterized this process in the past decade and analyzes the impact of financial integration and of foreign bank participation. The paper emphasizes the response of local financial variables to international financial shocks and offers economic policy recommendations based on its findings.
This paper explores the impact of international financial integration on credit markets in Latin America, using a cross-country dataset covering 17 countries between 1996 and 2008. It is found that financial integration amplifies the impact of international financial shocks on aggregate credit and interest rate fluctuations. Nonetheless, the net impact of integration on deepening credit markets do ... (View publication)
This paper presents and describes a new dataset of capital control restrictions on both inflows and outflows of 10 categories of assets for 100 countries over the period 1995 to 2013. Building on the data first presented in Schindler (2009) and other datasets based on the analysis of the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), this dataset includes addition ... (View publication)
Several European countries face challenges reminiscent of those faced by the emerging economies of Latin America. The economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and then the busts including Sudden Stops in capital flows; the strong interaction between sovereign debt and domestic banking systems; the role of foreign ... (View publication)
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