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date: 07 December 2019

Abstract and Keywords

This chapter discusses the problems of domestic financial development in Latin America. The second section analyses a set of stylized facts concerning the Latin American financial system and its evolution during the ‘second globalization’ period. The third section discusses the dynamics of financial development. It emphasizes three issues: the role of crises and reforms as drivers of change; the links between liquidity generation and financial stability; and the coordination failures associated with low financial deepening. The chapter concludes by analysing the challenges associated with growth-friendly financial development, focusing on systemic factors, institution building, and volatility.

Keywords: domestic financial development, Latin America, financial system, liquidity generation, institution building

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