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Financial Interconnectedness and Financial Sector Reforms in the Caribbean
Author:
Ms. Sumiko Ogawa
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,
Mr. Joonkyu Park
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Ms. Diva Singh
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Ms. Nita Thacker
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Series:
IMF Working Papers
Volume/Issue:
Volume 2013: Issue 175
Language:
English
Publication Date:
31 Jul 2013
DOI:
https://doi.org/10.5089/9781484307830.001
ISBN:
9781484307830
ISSN:
1018-5941
Pages:
34
Keywords:
WP; credit risk; financial system; parent bank support; resolution framework; problem bank; financial interconnectedness; financial sector in the Caribbean region; regulatory and supervision system; loan portfolio; market share; bank sector; BIS data; ECCU country; banking sector assets; systematic bank resolution framework; Latin American bank; ECCU's banking sector; liquid bank; Commercial banks; Financial contagion; Credit bureaus; Insurance companies; Caribbean; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Financial sector linkages have increased continuously in the Caribbean with cross border capital flows and financial conglomerates dominating the financial system. While the greater interconnectedness can heighten systemic risks and likelihood of contagion, it can have positive impacts provided the regional authorities take steps to prevent the systemic risk. In this context, financial sector reform measures aimed at bolstering and harmonizing prudential regulations in line with international best practices, the strengthening and enhancement of financial sector supervision to include cross border linkages through consolidated supervision, increased cooperation across supervisors in the region, and the establishment of deposit insurance and crisis resolution frameworks will be critical to maintain financial sector stability and minimize the repercussions of any negative shocks.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund