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Iulia Ruxandra Teodoru

Banking systems are the largest financial intermediaries in the LA-7 countries (Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay), amounting to about 100 percent of LA-7 GDP. Brazil’s banking system is by far the largest in absolute terms, while Panama and Chile have the largest as a share of GDP ( Figure 3.1 ). Since the liberalization of financial systems in the 1990s, most assets in the LA-7 countries are with private banks (about 60 percent of LA-7 GDP), while assets in public banks remain high only in Brazil and Uruguay. Foreign banks also hold

Ms. Alla Myrvoda

Pension funds are becoming increasingly important in financial markets in the LA-7 (Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay). The size of these pension funds has surpassed 17 percent of GDP in assets under management, largely driven by growing participation following legal changes in most of the region. Brazil dominates LA-7 pension fund assets in value terms, while the Chilean pension fund industry—whose framework has often been used as a model in the region—remains the largest in relation to the country’s size. Despite the rapid growth

Ms. Alla Myrvoda and Mr. Bennett W Sutton

Market capitalizations in the LA-7 (Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay) are moderate in size by emerging market standards; however, continued growth and development will depend on improving liquidity conditions across the region. At the end of 2015, capitalization of LA-7 equity markets was 32 percent of regional GDP, while the value of domestically traded bonds outstanding was about 62 percent of GDP ( Figure 6.1 ). In dollar terms, the largest bond and equity markets are in Brazil and Mexico. Despite solid market capitalizations, low

Ms. Alla Myrvoda and Mr. Bennett W Sutton

In the countries that make up the LA-7 (Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay), insurance penetration (measured by premiums in percent of GDP) remains low, ranging from 1 to 4 percentage points of GDP, although the sector has expanded at a significant rate over the past decade. In 2014, assets totaled almost 10 percent of regional GDP, influenced in many cases by changes in the domestic regulatory frameworks. Broadening of formal sectors and larger nominal losses from natural disasters are likely to fuel the non-life segment, whereas

Carlos Caceres

Financial integration and the resulting interconnections among financial and nonfinancial institutions provide benefits and risks for countries. As articulated in earlier chapters in this book, financial integration can bring important benefits to both banks and clients, including lower funding costs, risk diversification, deeper liquid markets, increased competition, and efficiency in the financial system. At the same time, with conglomerates operating in multiple jurisdictions in the LA-7 countries (Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay