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The World Bank Research Observer Advance Access originally published online on May 4, 2007
The World Bank Research Observer 2007 22(1):67-102; doi:10.1093/wbro/lkm004
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Right arrow F36 - Financial Aspects of Economic Integration
Right arrow G15 - International Financial Markets
Right arrow G18 - Government Policy and Regulation
Right arrow G20 - General
Right arrow O16 - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
Right arrow L25 - Firm Performance: Size, Diversification, and Scope
Right arrow G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
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© The Author 2007. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / THE WORLD BANK. All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org

Financial Development: Maturing and Emerging Policy Issues

Augusto de la Torre, Juan Carlos Gozzi and Sergio L. Schmukler

In recent decades, financial development policies in emerging market economies have been shaped by a fundamental shift toward market-based financial systems and the lessons from financial crises. Today, there is consensus that financial development depends on financial stability and convergence toward international standards. While the debate on some issues has matured, policy thinking in other areas is changing, fueled by recent experiences. This article analyzes the evolution of policy thinking on financial development and discusses three areas that are important to achieving deeper financial systems: stock market development, small- and medium-size enterprise financing, and defined-contribution pension systems. The main emerging issues in these areas are illustrated using recent experiences in Latin America. The article concludes that there is a need to take a fresh look at the evidence, improve diagnoses, and revisit expectations.

JEL codes: F36, G15, G18, G20


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