This paper complements previous studies by arguing that the low private savings ratio in Latin America can be associated with the limited confidence of households and businesses in domestic financial institutions. Previous studies have established a relationship between private savings and...

This paper raises fundamental questions about how banks in Latin America ought to be supervised. The concentration of wealth holders in Latin America and the equity markets' resulting illiquidity permit investors who control banks to subvert the intent of capital requirements, even when the bank...

This paper analyzes the consequences of alternative financial structures for financial efficiency and stability. The focus is on the organizational structure of banks. Alternative bank structures range from "narrow banks" to broad "universal banks". Each banking structure is assessed in its...

The basic worldwide financial safety net architecture provides for a system of similar institutions: a lender of last resort, deposit insurance, and prudential regulation. In countries whose banking systems suffer seriously from negative capital positions and overbanking, such as in some Latin...

What are the reasons for and the costs of Latin America's volatility? Because there is no consensus on these fundamental questions, there is no consensus on the appropriate policy response to macroeconomic volatility in Latin America, and other shock-prone countries. This paper provides new...

This study analyzes mobility patterns during the COVID-19 pandemic for eight large Latin American cities. Indicators of mobility by socioeconomic status (SES) are generated by combining georeferenced mobile phone information with granular census data. Before the pandemic, a strong positive...

This paper analyzes extractive industries in Colombia and their connections to other economic activities in the country. We use detailed social security data on all formal employees to create an industry-relatedness measure using labor flows between industries. Drawing on the vast network...