The Changing Patterns of Financial Integration in Latin America

This paper describes how Latin America and the Caribbean has been integrating financially with countries in the North and South since the 2000s. The paper shows that the region is increasingly more connected with the rest of the world, even relativ...

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Main Authors:	Didier, Tatiana, Moretti, Matias, Schmukler, Sergio L.
Format:	Publications & Research
Language:	English en_US
Published:	World Bank Group, Washington, DC 2015
Subjects:	ACCOUNTING ACCOUNTS RECEIVABLES AFFILIATED ORGANIZATIONS AGGREGATE TRADE ALLOCATION OF CAPITAL ASSET HOLDINGS ASSET PRICES ASSETS BALANCE OF PAYMENTS BANK LENDING BANK POLICY BENCHMARK CAPITAL FLOWS CAPITAL INFLOWS CAPITAL OUTFLOWS CENTRAL BANKS COMMON LEGAL ORIGIN CONNECTIVITY COUNTRY DUMMIES CREDIT UNIONS CROSS-BORDER CAPITAL CROSS-BORDER FLOWS CROSS-BORDER INVESTMENT CROSS-BORDER INVESTMENTS CROSS-BORDER SECURITIES CROSS-BORDER TRANSACTIONS CURRENCY CURRENT ACCOUNT DEFICITS DEBT DEBT CONTRACTS DEBT SECURITIES DEPENDENT DEPOSITS DEVELOPING COUNTRIES DIRECT INVESTMENTS DIVERSIFIED MUTUAL FUNDS DOMESTIC MARKETS EQUIPMENT EQUITY CONTRACTS EXCHANGE RATES FINANCIAL ACCOUNT FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL NETWORK FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FINANCIERS FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN SECURITIES GLOBAL CAPITAL GLOBAL DEVELOPMENT FINANCE GLOBAL ECONOMY GLOBAL FINANCE GLOBAL FINANCIAL MARKETS GLOBALIZATION GROSS DOMESTIC PRODUCT GROWTH RATES HOLDING INCREASE IN FLOWS INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MUTUAL FUNDS INTERNATIONAL RESERVE INTERNATIONAL STANDARD INTERNATIONAL TRADE INVESTING INVESTMENT CATEGORY INVESTMENT FLOWS INVESTMENT PATTERNS INVESTMENT SECURITIES LENDING DECISIONS LEVY LOAN MARGIN ACCOUNTS MERGERS MONETARY AUTHORITIES MONETARY FUND MUTUAL FUNDS NATURAL RESOURCES NET CAPITAL NUMBER OF BANKS OFFSHORE CENTERS POLITICAL ECONOMY PORTFOLIO PORTFOLIO HOLDINGS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRICE CHANGES REAL ECONOMIC ACTIVITY RECEIVER RECEIVERS RECIPIENT COUNTRIES RESERVE RESERVES SAVINGS SECURITIES TRANSACTIONS SMALL COUNTRIES SOVEREIGN DEBT STOCK HOLDINGS STOCKS TERM DEPOSITS TRADE CREDITS TRANSACTION TRANSACTION COSTS TRANSACTIONS ACROSS BORDERS TREASURY TREASURY BONDS TYPES OF CONTRACTS VOLATILITY
Online Access:	http://documents.worldbank.org/curated/en/2015/02/23962800/changing-patterns-financial-integration-latin-america http://hdl.handle.net/10986/21452

id	okr-10986-21452
recordtype	oai_dc
spelling	okr-10986-214522021-04-23T14:04:02Z The Changing Patterns of Financial Integration in Latin America Didier, Tatiana Moretti, Matias Schmukler, Sergio L. ACCOUNTING ACCOUNTS RECEIVABLES AFFILIATED ORGANIZATIONS AGGREGATE TRADE ALLOCATION OF CAPITAL ASSET HOLDINGS ASSET PRICES ASSETS BALANCE OF PAYMENTS BANK LENDING BANK POLICY BENCHMARK CAPITAL FLOWS CAPITAL INFLOWS CAPITAL OUTFLOWS CENTRAL BANKS COMMON LEGAL ORIGIN CONNECTIVITY COUNTRY DUMMIES CREDIT UNIONS CROSS-BORDER CAPITAL CROSS-BORDER FLOWS CROSS-BORDER INVESTMENT CROSS-BORDER INVESTMENTS CROSS-BORDER SECURITIES CROSS-BORDER TRANSACTIONS CURRENCY CURRENT ACCOUNT DEFICITS DEBT DEBT CONTRACTS DEBT SECURITIES DEPENDENT DEPOSITS DEVELOPING COUNTRIES DIRECT INVESTMENTS DIVERSIFIED MUTUAL FUNDS DOMESTIC MARKETS EQUIPMENT EQUITY CONTRACTS EXCHANGE RATES FINANCIAL ACCOUNT FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL NETWORK FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FINANCIERS FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN SECURITIES GLOBAL CAPITAL GLOBAL DEVELOPMENT FINANCE GLOBAL ECONOMY GLOBAL FINANCE GLOBAL FINANCIAL MARKETS GLOBALIZATION GROSS DOMESTIC PRODUCT GROWTH RATES HOLDING INCREASE IN FLOWS INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MUTUAL FUNDS INTERNATIONAL RESERVE INTERNATIONAL STANDARD INTERNATIONAL TRADE INVESTING INVESTMENT CATEGORY INVESTMENT FLOWS INVESTMENT PATTERNS INVESTMENT SECURITIES LENDING DECISIONS LEVY LOAN MARGIN ACCOUNTS MERGERS MONETARY AUTHORITIES MONETARY FUND MUTUAL FUNDS NATURAL RESOURCES NET CAPITAL NUMBER OF BANKS OFFSHORE CENTERS POLITICAL ECONOMY PORTFOLIO PORTFOLIO HOLDINGS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRICE CHANGES REAL ECONOMIC ACTIVITY RECEIVER RECEIVERS RECIPIENT COUNTRIES RESERVE RESERVES SAVINGS SECURITIES TRANSACTIONS SMALL COUNTRIES SOVEREIGN DEBT STOCK HOLDINGS STOCKS TERM DEPOSITS TRADE CREDITS TRANSACTION TRANSACTION COSTS TRANSACTIONS ACROSS BORDERS TREASURY TREASURY BONDS TYPES OF CONTRACTS VOLATILITY This paper describes how Latin America and the Caribbean has been integrating financially with countries in the North and South since the 2000s. The paper shows that the region is increasingly more connected with the rest of the world, even relative to gross domestic product. The region's connections with South countries have been growing faster than with North countries, especially during the second half of the 2000s. Nevertheless, North countries continue to be the region's principal source and receiver of flows. The changes reflect significant increases in portfolio investments, syndicated loans, and mergers and acquisitions. Growth of greenfield investments has been more subdued after the initial high level. Greenfield investments in the region have been in sectors in which the source country has a comparative advantage, not where the receiver country has an advantage. Mergers and acquisitions have been in sectors in which the receiver country has a comparative advantage. 2015-02-13T19:22:03Z 2015-02-13T19:22:03Z 2015-02 http://documents.worldbank.org/curated/en/2015/02/23962800/changing-patterns-financial-integration-latin-america http://hdl.handle.net/10986/21452 English en_US Policy Research Working Paper;No. 7190 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Group, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper Latin America & Caribbean Caribbean Latin America
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING ACCOUNTS RECEIVABLES AFFILIATED ORGANIZATIONS AGGREGATE TRADE ALLOCATION OF CAPITAL ASSET HOLDINGS ASSET PRICES ASSETS BALANCE OF PAYMENTS BANK LENDING BANK POLICY BENCHMARK CAPITAL FLOWS CAPITAL INFLOWS CAPITAL OUTFLOWS CENTRAL BANKS COMMON LEGAL ORIGIN CONNECTIVITY COUNTRY DUMMIES CREDIT UNIONS CROSS-BORDER CAPITAL CROSS-BORDER FLOWS CROSS-BORDER INVESTMENT CROSS-BORDER INVESTMENTS CROSS-BORDER SECURITIES CROSS-BORDER TRANSACTIONS CURRENCY CURRENT ACCOUNT DEFICITS DEBT DEBT CONTRACTS DEBT SECURITIES DEPENDENT DEPOSITS DEVELOPING COUNTRIES DIRECT INVESTMENTS DIVERSIFIED MUTUAL FUNDS DOMESTIC MARKETS EQUIPMENT EQUITY CONTRACTS EXCHANGE RATES FINANCIAL ACCOUNT FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL NETWORK FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FINANCIERS FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN SECURITIES GLOBAL CAPITAL GLOBAL DEVELOPMENT FINANCE GLOBAL ECONOMY GLOBAL FINANCE GLOBAL FINANCIAL MARKETS GLOBALIZATION GROSS DOMESTIC PRODUCT GROWTH RATES HOLDING INCREASE IN FLOWS INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MUTUAL FUNDS INTERNATIONAL RESERVE INTERNATIONAL STANDARD INTERNATIONAL TRADE INVESTING INVESTMENT CATEGORY INVESTMENT FLOWS INVESTMENT PATTERNS INVESTMENT SECURITIES LENDING DECISIONS LEVY LOAN MARGIN ACCOUNTS MERGERS MONETARY AUTHORITIES MONETARY FUND MUTUAL FUNDS NATURAL RESOURCES NET CAPITAL NUMBER OF BANKS OFFSHORE CENTERS POLITICAL ECONOMY PORTFOLIO PORTFOLIO HOLDINGS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRICE CHANGES REAL ECONOMIC ACTIVITY RECEIVER RECEIVERS RECIPIENT COUNTRIES RESERVE RESERVES SAVINGS SECURITIES TRANSACTIONS SMALL COUNTRIES SOVEREIGN DEBT STOCK HOLDINGS STOCKS TERM DEPOSITS TRADE CREDITS TRANSACTION TRANSACTION COSTS TRANSACTIONS ACROSS BORDERS TREASURY TREASURY BONDS TYPES OF CONTRACTS VOLATILITY
spellingShingle	ACCOUNTING ACCOUNTS RECEIVABLES AFFILIATED ORGANIZATIONS AGGREGATE TRADE ALLOCATION OF CAPITAL ASSET HOLDINGS ASSET PRICES ASSETS BALANCE OF PAYMENTS BANK LENDING BANK POLICY BENCHMARK CAPITAL FLOWS CAPITAL INFLOWS CAPITAL OUTFLOWS CENTRAL BANKS COMMON LEGAL ORIGIN CONNECTIVITY COUNTRY DUMMIES CREDIT UNIONS CROSS-BORDER CAPITAL CROSS-BORDER FLOWS CROSS-BORDER INVESTMENT CROSS-BORDER INVESTMENTS CROSS-BORDER SECURITIES CROSS-BORDER TRANSACTIONS CURRENCY CURRENT ACCOUNT DEFICITS DEBT DEBT CONTRACTS DEBT SECURITIES DEPENDENT DEPOSITS DEVELOPING COUNTRIES DIRECT INVESTMENTS DIVERSIFIED MUTUAL FUNDS DOMESTIC MARKETS EQUIPMENT EQUITY CONTRACTS EXCHANGE RATES FINANCIAL ACCOUNT FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INTEGRATION FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL NETWORK FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FINANCIERS FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN SECURITIES GLOBAL CAPITAL GLOBAL DEVELOPMENT FINANCE GLOBAL ECONOMY GLOBAL FINANCE GLOBAL FINANCIAL MARKETS GLOBALIZATION GROSS DOMESTIC PRODUCT GROWTH RATES HOLDING INCREASE IN FLOWS INTERNATIONAL BANK INTERNATIONAL DIVERSIFICATION INTERNATIONAL ECONOMICS INTERNATIONAL FINANCE INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MUTUAL FUNDS INTERNATIONAL RESERVE INTERNATIONAL STANDARD INTERNATIONAL TRADE INVESTING INVESTMENT CATEGORY INVESTMENT FLOWS INVESTMENT PATTERNS INVESTMENT SECURITIES LENDING DECISIONS LEVY LOAN MARGIN ACCOUNTS MERGERS MONETARY AUTHORITIES MONETARY FUND MUTUAL FUNDS NATURAL RESOURCES NET CAPITAL NUMBER OF BANKS OFFSHORE CENTERS POLITICAL ECONOMY PORTFOLIO PORTFOLIO HOLDINGS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRICE CHANGES REAL ECONOMIC ACTIVITY RECEIVER RECEIVERS RECIPIENT COUNTRIES RESERVE RESERVES SAVINGS SECURITIES TRANSACTIONS SMALL COUNTRIES SOVEREIGN DEBT STOCK HOLDINGS STOCKS TERM DEPOSITS TRADE CREDITS TRANSACTION TRANSACTION COSTS TRANSACTIONS ACROSS BORDERS TREASURY TREASURY BONDS TYPES OF CONTRACTS VOLATILITY Didier, Tatiana Moretti, Matias Schmukler, Sergio L. The Changing Patterns of Financial Integration in Latin America
geographic_facet	Latin America & Caribbean Caribbean Latin America
relation	Policy Research Working Paper;No. 7190
description	This paper describes how Latin America and the Caribbean has been integrating financially with countries in the North and South since the 2000s. The paper shows that the region is increasingly more connected with the rest of the world, even relative to gross domestic product. The region's connections with South countries have been growing faster than with North countries, especially during the second half of the 2000s. Nevertheless, North countries continue to be the region's principal source and receiver of flows. The changes reflect significant increases in portfolio investments, syndicated loans, and mergers and acquisitions. Growth of greenfield investments has been more subdued after the initial high level. Greenfield investments in the region have been in sectors in which the source country has a comparative advantage, not where the receiver country has an advantage. Mergers and acquisitions have been in sectors in which the receiver country has a comparative advantage.
format	Publications & Research
author	Didier, Tatiana Moretti, Matias Schmukler, Sergio L.
author_facet	Didier, Tatiana Moretti, Matias Schmukler, Sergio L.
author_sort	Didier, Tatiana
title	The Changing Patterns of Financial Integration in Latin America
title_short	The Changing Patterns of Financial Integration in Latin America
title_full	The Changing Patterns of Financial Integration in Latin America
title_fullStr	The Changing Patterns of Financial Integration in Latin America
title_full_unstemmed	The Changing Patterns of Financial Integration in Latin America
title_sort	changing patterns of financial integration in latin america
publisher	World Bank Group, Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/02/23962800/changing-patterns-financial-integration-latin-america http://hdl.handle.net/10986/21452
_version_	1764448303462744064

The Changing Patterns of Financial Integration in Latin America

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