In a new study commissioned by the 乐鱼 体育鈥檚 Latin American Program and the Inter-American Development Bank, economists Guillermo Perry (Universidad de los Andes) and Diego Auvert (Fedesarrollo) explore the current state of financial integration in the Pacific Alliance (PA) and make recommendations for its deepening.
Perry and Auvert demonstrate that, despite the partial integration of the stock exchanges of the Alliance鈥檚 four member countries (Chile, Colombia, Mexico, and Peru), actual operations through the Mercado Integrado Latinoamericano (MILA) remain marginal. The paper lays out the case for why further financial integration鈥攁nd in particular capital market integration鈥攃an provide significant long-term benefits to the PA鈥檚 members, especially in the current global and regional environment. It then focuses on the potential for the integration of capital markets within the region and on how a significant push toward regulatory harmonization could contribute to this goal.
The paper offers concrete recommendations for advancing the harmonization of market and tax regulations within the PA over the short, medium, and long term. It emphasizes the need for strong political leadership to articulate and realize a broad and ambitious financial integration agenda.
Authors
Guillermo Perry
Board Member;
Universidad de los Andes, Colombia
Universidad de los Andes, Colombia
Diego Auvert
Research Assistant at the Fundaci贸n para la Educaci贸n Superior y el Desarrollo (Fedesarrollo, Colombia).
Latin America Program
乐鱼 体育鈥檚 prestigious Latin America Program provides non-partisan expertise to a broad community of decision makers in the United States and Latin America on critical policy issues facing the Hemisphere. The Program provides insightful and actionable research for policymakers, private sector leaders, journalists, and public intellectuals in the United States and Latin America. To bridge the gap between scholarship and policy action, it fosters new inquiry, sponsors high-level public and private meetings among multiple stakeholders, and explores policy options to improve outcomes for citizens throughout the Americas. Drawing on the 乐鱼 体育鈥檚 strength as the nation鈥檚 key non-partisan policy forum, the Program serves as a trusted source of analysis and a vital point of contact between the worlds of scholarship and action. Read more
