What is the Key for Sustainable Development in the Banking Sector for Latin American Emerging Countries?
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The objective of this study is to analyze the effectiveness of financial reform policies. We examine six Latin American emerging financial markets (Argentina, Brazil, Chile, Colombia, Mexico and Peru), and four Asian countries (South Korea, Indonesia, Thailand, and Malaysia) that introduced substantial financial reforms after the Asian financial crisis and compared them to assess the effectiveness of the reforms and make some policy suggestions for emerging Latin American financial markets. We perform an ordinary least squares analysis and compare the market performance of financial institutions in the four Asian countries with that of other emerging markets. A set of panel data was constructed for the period from 2011 to 2018. Our primary findings include: (i) the financial reform measures suggested by the IMF resulted in significantly better financial management efficiency in the four Asian countries targeted in this study than in other countries with emerging markets; (ii) the effects of the financial reform measures are continuous, and even today, the financial management efficiency of these four Asian countries remains comparatively sound.
Abstract
The objective of this study is to analyze the effectiveness of financial reform policies. We examine six Latin American emerging financial markets (Argentina, Brazil, Chile, Colombia, Mexico and Peru), and four Asian countries (South Korea, Indonesia, Thailand, and Malaysia) that introduced substantial financial reforms after the Asian financial crisis and compared them to assess the effectiveness of the reforms and make some policy suggestions for emerging Latin American financial markets. We perform an ordinary least squares analysis and compare the market performance of financial institutions in the four Asian countries with that of other emerging markets. A set of panel data was constructed for the period from 2011 to 2018. Our primary findings include: (i) the financial reform measures suggested by the IMF resulted in significantly better financial management efficiency in the four Asian countries targeted in this study than in other countries with emerging markets; (ii) the effects of the financial reform measures are continuous, and even today, the financial management efficiency of these four Asian countries remains comparatively sound.
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