This paper examines the state of financial development in the Latin America and Caribbean (LAC) region as well as potential growth and stability implications from further development. The analysis suggests that access to financial institutions has expanded notably in the past decade, and the region compares favorably with other emerging market regions on this dimension. The region, however, continues to lag behind peers on broader financial development, especially with respect to markets, though there is substantial heterogeneity across countries. Financial systems in many LAC countries are also underdeveloped relative to their macroeconomic fundamentals. Further financial development could convey net benefits to the region, provided there is adequate regulatory oversight to prevent excesses.

This paper examines the state of financial development in the Latin America and Caribbean (LAC) region as well as potential growth and stability implications from further development. The analysis suggests that access to financial institutions has expanded notably in the past decade, and the region compares favorably with other emerging market regions on this dimension. The region, however, continues to lag behind peers on broader financial development, especially with respect to markets, though there is substantial heterogeneity across countries. Financial systems in many LAC countries are also underdeveloped relative to their macroeconomic fundamentals. Further financial development could convey net benefits to the region, provided there is adequate regulatory oversight to prevent excesses.

Why should people - and economies - save? This book on the savings problem in Latin America and the Caribbean suggests that, while saving to survive the bad times is important, saving to thrive in the good times is what really counts. People must save to invest in health and education, live productive and fulfilling lives, and make the most of their retirement years. Firms must save to grow their enterprises, employ more workers in better jobs, and produce quality goods. Governments must save to build the infrastructure required by a productive economy, provide quality services to their citizens, and assure their senior citizens a dignified, worry-free retirement. In short, countries must save not for the proverbial rainy day, but for a sunny day - a time when everyone can bask in the benefits of growth, prosperity, and well-being. This book is open access under a CC BY-NC-ND 3.0 IGO license.

The Latin American Economic Outlook 2019: Development in Transition (LEO 2019) presents a fresh analytical approach in the region. It assesses four development traps relating to productivity, social vulnerability, institutions and the environment.

Globalization and Development draws upon the experiences of the Latin American and Caribbean region to provide a multidimensional assessment of the globalization process from the perspective of developing countries. Based on a study by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC), this book gives a historical overview of economic development in the region and presents both an economic and noneconomic agenda that addresses disparity, respects diversity, and fosters complementarity among regional, national, and international institutions. For orders originating outside of North America, please visit the World Bank website for a list of distributors and geographic discounts at http://publications.worldbank.org/howtoorder or e-mail [email protected].

Despite some improvement since 2011, Latin America and the Caribbean continue to lag behind other regions in terms of financial inclusion. There is no clear evidence that fintech developments have supported greater financial inclusion in LAC, contrary to what has been observed elsewhere in the world. Case studies by national policy experts suggest that barriers to entry in the financial sector, along with a constraining regulatory environment, may have hindered a faster adoption of fintech. However, fintech development seems to have accelerated in the wake of the COVID-19 pandemic and with the support of recent policy initiatives.

The 2018 Macroeconomic Report, A Mandate to Grow, revisits the growth debate that has been raging in the region for the past half century. Viewing the debate from this long-term perspective allows for a focus on the structural factors that have prevented Latin America and the Caribbean from reaching the growth potential required to keep pace with faster growing regions and to fulfill the aspirations of its population.