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Financial Integration in Central America: Prospects and Adjustment Needs
Author:
Mr. Jorge I Canales Kriljenko
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Padamja Khandelwal null

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Mr. Alexander Lehmann
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Series:
IMF Policy Discussion Papers
Volume/Issue:
Volume 2003: Issue 003
Language:
English
Publication Date:
01 Oct 2003
DOI:
https://doi.org/10.5089/9781451974195.003
ISBN:
9781451974195
ISSN:
1564-5193
Pages:
28
Keywords:
PDP; financial market; capital account; foreign exchange; insurance fund; central bank; CAFTA; Trade in Financial Services; country authorities; market participant; contract enforcement; banking market access restriction; supervisory authority; financial services agreement; market access restriction; gats market access commitment; a number of bank; exit policy; exchange regulation; market entry; Foreign banks; Deposit insurance; Financial sector; Trade in services; Central America
Legal-disclaimer:
This Policy Discussion Paper should not be reported as representing the views of the IMF. The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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We assess the current barriers to trade in financial services in the six Central American countries seeking a free trade agreement with the United States (the CAFTA) and examine the relative merits of regional and multilateral liberalization. Even though there are few formal barriers, deficiencies in regulatory and competition standards and in the judicial systems still restrict the participation of foreign institutions in the financial systems in the region. A greater presence of such institutions could support other objectives of trade and investment liberalization, though it would require several adjustments in prudential supervision at national levels and greater cooperation between members of the CAFTA.
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Cover IMF Policy Discussion Papers
IMF Policy Discussion Papers
ISSN:
1564-5193
Publisher:
International Monetary Fund