This study focuses on how Latin America¿s small and medium-sized enterprises (SMEs) can participate in global markets in a way that provides for sustainable growth. In addition, it study analyzes the impact of collective efficiency on clusters upgrading and undertakes an investigation of the...

The Bank has prepared a new set of strategies, presented in this volume, for the two overarching objectives established (Sustainable Economic Growth and Poverty Reduction and Promotion of Social Equity) and for each of the four priority areas highlighted in the Institutional Strategy...

This study focuses on how Latin America¿s small and medium-sized enterprises (SMEs) can participate in global markets in a way that provides for sustainable growth. In addition, it study analyzes the impact of collective efficiency on clusters upgrading and undertakes an investigation of the...

There is an increasing need for a system of international lending of last resort (ILLR) to provide a safety net in the event of financial crises in vulnerable countries as financial globalization deepens and spreads. Multilateral progress to address liquidity and solvency crises has been patchy...

The paper explores the incidence of sudden stops in capital flows on the incentives for building national institutions that secure property rights in a world where sovereign defaults are possible equilibrium outcomes. Also the paper builds upon the benchmark model of sovereign default and direct...

This paper discusses the ways in which macroeconomic developments can put stress on banks, and in extreme cases lead to banking crises. These macroeconomic causes of bank vulnerability and crisis have important implications for regulatory regimes, and for macroeconomic policy itself. Much of the...

This paper explores the impact of international financial integration on credit markets in Latin America, using a cross-country dataset covering 17 countries between 1996 and 2008. It is found that financial integration amplifies the impact of international financial shocks on aggregate credit...

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...

Financial stability is an important policy objective, since crises are associated with large economic, social and political costs. This paper contributes to the discussion by providing new theoretical and empirical evidence on the causal connection between lack of exposure to commercial trade...

We suggest that foreign banks may represent a trade-off for their developing country hosts. A portfolio model is developed to show that a more diversified international bank may be one of lower, overall risk and less susceptible to funding shocks but may react more to shocks that affect expected...