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Research shows that countries with better financial services experience faster economic growth. Provision of these services, however, has remained largely elusive. How can better access to financial services by small and medium size enterprises and ordinary people be achieved in Latin America? Is this the responsibility of governments or should the private sector, especially banks, take the leading role?
These and related issues were discussed by the Latin American Shadow Financial Regulatory Committee, a group of former senior Latin American economic policy makers that meets periodically to offer policy recommendations for Latin American countries. By analyzing specific experiences in the region, the Shadow Committee assesses what works and what doesn't to improve access to financial services.
Members of the The Latin American Shadow Financial Regulatory Committee (LASFRC) include
Roque Fernandez - Former Minister of Finance Pablo Guidotti - Former Vice-Minister of Finance
Pedro Carvalho de Mello - Former Commissioner of Comissao de Valores Mobiliarios
Roberto Zahler - Former President, Central Bank of Chile
Guillermo Chapman - Former Minister of Planning and Economic Policy
Liliana Rojas-Suarez - President, LASFRC and Senior Fellow, Center for Global Development; Former Chief Economist, Latin America, Deutsche Bank
Ernesto Talvi - Former Chief Economist, Central Bank of Uruguay
CGD has hosted the meetings of the Latin American Shadow Financial Regulatory Committee, also known as the Comité Latino Americano de Asuntos Financieros or CLAAF since Sept. 2004. Learn more about CGD's work on Latin America.