By D. C.) Economic Development Institute (Washington, Shakil Faruqi, Gerard Caprio, World Bank
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Additional info for Financial sector reforms in Asian and Latin American countries: lessons of comparative experience
The options of either inflating out of the problem or developing a monetary reform to reduce the nominal values of debt were also rejected because of their damaging side effects. The option that was actually adopted was that of deferring the losses through time using a debt assumption program coordinated by the central bank. The program involved granting state guarantees to private sector foreign debt, intervening in the main banks, and implementing a massive program to support both banks and debtors.
The central bank now discharged, above all, two important functions: first, it defined liquidity and the other rules for financial institutions, and second, it provided last-resort liquidity to institutions in crisis. In his opinion, a modern central bank in Chile or elsewhere should no longer involve itself in either selective credit allocations or the determination of interest rates. On the specific topic of the seminar, Zahler thought it important to ask why experiments in financial liberalization and reform had failed so frequently.
The first is the globalization of financial markets, with both the enhanced possibilities (for example, risk hedging), and the dangers that arise from this development. The second is the disintermediation that occurs as large corporations increasingly handle their financial requirements with less dependence on banking and other traditional financial institutions. Page 3 In Chile's situation domestic banks were pressing for licenses to enter new fields, such as mutual funds, and the regulators were in danger of being overtaken by events.