BIS Papers No 36 New financing trends in Latin America: a by Federal Reserve Bank of Atlanta

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Additional resources for BIS Papers No 36 New financing trends in Latin America: a bumpy road towards stability. Proceedings of a joint meeting organised by the BIS and the Federal Reserve Bank (FRB) of Atlanta in Mexico City, May 2007

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Critics of this framework have called for a return to the broader, developmental approach to macroeconomic stabilisation policies that are based on an integration of short-term, countercyclical fiscal and monetary measures with long-term development policies (see eg Ocampo (2005); Stiglitz et al (2006)). They stress that macroeconomic policies should be growth-centred, with full employment as the ultimate objective. They also argue that because 1 28 Professor of Columbia University and former Under-Secretary General of the United Nations for Economic and Social Affairs, and Director of Development Policy and Analysis at the Department of Economic and Social Affairs of the United Nations (UN-DESA), respectively.

The reasons for this prominent position could be the relatively later development of the bond and stock markets, government intervention and their comparative advantage in risk diversification due to information processing. Although banks share several common characteristics, they are also heterogeneous across the region in terms of their development. 5 Since the 1990s, the banking system has been through a financial liberalisation process that involved its deregulation, regional openness to foreign bank entry and the decline of government intervention due to privatisation.

Furthermore, strong speculative pressures during periods of sudden stops of external financing have made it more difficult for developing countries to maintain a fixed exchange rate regime, as attested by the various currency crises that occurred in countries that held on to a fixed peg. In response, many developing countries have moved towards more flexible exchange rate regimes. But flexible exchange rates are no panacea. One of the major risks that they pose is that of overvaluation during periods of capital surges and/or favourable terms of trade, as well as of overshooting depreciations during crises.

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