Lot of attention on financial innovation
Regulation, surveillance, and supervision of the financial systems in Central America and the Dominican Republic.
Tuesday, February 3, 2009
International financial innovation has become one of the factors behind the current global financial crisis. According to estimates, almost 78% of global liquidity is concentrated in derivative instruments , which have come to represent at least 94% of the global GDP. On the other hand, high powered money, only 1% of global liquidity, constitutes 9% approximately (11% and 28.4% respectively for the Central American region and the Dominican Republic in 2006).
The objective of the Superintendence of Financial Entities is to strengthen bank liquidity in order to prevent being affected by the global crisis.
Central America and the Dominican Republic have agreed together to ensure financial liquidity, create mechanisms for monitoring risk management and financial systems, as well as taking measures against the effects of the euro zone crisis and the weakness of U.S.
The IMF will open in May 2009 in Guatemala City, its new Central America, Panama, and the Dominican Republic Technical Assistance Center (CAPTAC-DR).
"The ongoing economic recovery in the United States and persistence of relatively low oil prices will provide favorable tailwinds to the region.Because of supply constraints, the region is expected to maintain a moderate pace of growth in coming years."
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