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Cross-Border Payments Integration in Latin America and the Caribbean
Author:
Dimitris Drakopoulos https://isni.org/isni/0000000404811396 International Monetary Fund

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,
Yibin Mu
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Dmitry Vasilyev https://isni.org/isni/0000000404811396 International Monetary Fund

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Mauricio Villafuerte
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Series:
IMF Working Papers
Volume/Issue:
Volume 2024: Issue 119
Language:
English
Publication Date:
14 Jun 2024
DOI:
https://doi.org/10.5089/9798400279584.001
ISBN:
9798400279584
ISSN:
1018-5941
Pages:
27
Keywords:
Cross-Border Payments; Financial Innovation; International Trade; Economic Integration.; LAC payment infrastructure; payment arrangement; cross-border payment inefficiency; integration in Latin America and the Caribbean; cross-border payments integration; Payment systems; Currencies; Financial inclusion; Anti-money laundering and combating the financing of terrorism (AML/CFT); Caribbean; Central America; South America; Global; East Asia
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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Cross-border payment inefficiencies are a significant barrier to trade both within Latin America and the Caribbean (LAC) and between LAC and other regions. This paper provides a comprehensive review of historical efforts undertaken by various countries within the LAC region to address these challenges. We also explore the potential of recent financial innovations, such as digital currencies and blockchain technology, to enhance cross-border payments. While new technologies do not substitute for prudent and credible macroeconomic policies, leveraging these technologies can help LAC countries reduce transaction costs and times, thus enhancing economic efficiency and fostering deeper regional and global trade relationships.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund