How is microfinance being regulated in Latin America?
Verónica Trujillo-Tejada | Victoria Muriel-Patino | Fernando Rodríguez-López
Microfinance regulation is a complex and constantly evolving topic, comprising many and very diverse issues which, moreover, are treated differently by legal systems. This paper suggests a novel comprehensive analysis structure that may serve as a benchmark to analyse different regulation frameworks for microfinance, based on the international guidelines provided by the Association of Supervisors of Banks of the Americas, the Basel Committee for Banking Supervision, and the Consultative Group to Assist the Poor. This structure is then used to compare and relate the regulations of 17 Latin American and Caribbean countries.Alliance for Financial Inclusion (AFI) (2011) Maya Declaration, The AFI Network Commitment for Financial Inclusion, Kuala Lumpur: AFI.
Association of Supervisors of Banks of the Americas (ASBA) (2010) Guía de principios para una efectiva regulación y supervisión de las operaciones de microfinanzas, México, D.F.: BID – FOMIN.
Basel Committee for Banking Supervision (BCBS) (2010) Microfinance Activities and the Core Principles for Effective Banking Supervision, Basel, Switzerland: Bank for International Settlements.
Consultative Group to Assist the Poor (CGAP) (2012) A Guide to Regulation and Supervision of Microfinance, Consensus Guidelines, October 2012, Washington, DC: CGAP – World Bank.
Economist Intelligence Unit (EIU) (2012) Microscopio global sobre el entorno para las microfinanzas 2012, Washington, DC: BID-FOMIN; Washington, DC: CAF; and Ministry of Foreign Affairs of the Netherlands.
Hulme, D. and Arun, T. (eds) (2009) Microfinance. A Reader, London and New York: Routledge Studies in Development Economics.
Lauer, K. and Staschen, S. (2013) ‘Regulation’, in J. Ledgerwood (ed.), The New Microfinance Handbook, Washington, DC: Banco Mundial.
Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: Banco Mundial.
Peck, R., Lyman, T. and Rosenberg, R. (2003) Microfinance Consensus Guidelines, Washington, DC: CGAP.
Rosengard, J.K. (2011) ‘Oversight is a many-splendored thing: choice and proportionality in regulating and supervising microfinance institutions’, in B. Armendariz and M. Labie (eds), The Handbook of Microfinance, Singapore: World Scientific Publishing Co.
Staschen, S. (2000) Regulación y supervisión de instituciones microfinancieras, Bonn, Germany: GTZ.
Sundaresan, S. (ed.) (2008) Microfinance: Emerging Trend and Challenges, Northampton, MA: Edward Elgar.
Trujillo, V., Rodríguez, F. and Muriel, V. (2014) ‘Microfinance Regulation and Market Development in Latin America’, B.E. Journal of Economic Analysis and Policy 14(4), 1615–44 <http://dx.doi.org/10.1515/bejeap-2013-0145>.
Vogel, R. (2012) Microfinance Regulation: Lessons from Bolivia, Peru and the Philippines, Washington, DC: MIF.
Vogel, R. and Schulz, G. (2011) Financial Regulation in the English-Speaking Caribbean: Is it Helping or Hindering Microfinance? MIF Working Paper, Washington, DC: Inter-American Development Bank.
Alliance for Financial Inclusion (AFI) (2011) Maya Declaration, The AFI Network Commitment for Financial Inclusion, Kuala Lumpur: AFI.
Association of Supervisors of Banks of the Americas (ASBA) (2010) Guía de principios para una efectiva regulación y supervisión de las operaciones de microfinanzas, México, D.F.: BID – FOMIN.
Basel Committee for Banking Supervision (BCBS) (2010) Microfinance Activities and the Core Principles for Effective Banking Supervision, Basel, Switzerland: Bank for International Settlements.
Consultative Group to Assist the Poor (CGAP) (2012) A Guide to Regulation and Supervision of Microfinance, Consensus Guidelines, October 2012, Washington, DC: CGAP – World Bank.
Economist Intelligence Unit (EIU) (2012) Microscopio global sobre el entorno para las microfinanzas 2012, Washington, DC: BID-FOMIN; Washington, DC: CAF; and Ministry of Foreign Affairs of the Netherlands.
Hulme, D. and Arun, T. (eds) (2009) Microfinance. A Reader, London and New York: Routledge Studies in Development Economics.
Lauer, K. and Staschen, S. (2013) ‘Regulation’, in J. Ledgerwood (ed.), The New Microfinance Handbook, Washington, DC: Banco Mundial.
Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: Banco Mundial.
Peck, R., Lyman, T. and Rosenberg, R. (2003) Microfinance Consensus Guidelines, Washington, DC: CGAP.
Rosengard, J.K. (2011) ‘Oversight is a many-splendored thing: choice and proportionality in regulating and supervising microfinance institutions’, in B. Armendariz and M. Labie (eds), The Handbook of Microfinance, Singapore: World Scientific Publishing Co.
Staschen, S. (2000) Regulación y supervisión de instituciones microfinancieras, Bonn, Germany: GTZ.
Sundaresan, S. (ed.) (2008) Microfinance: Emerging Trend and Challenges, Northampton, MA: Edward Elgar.
Trujillo, V., Rodríguez, F. and Muriel, V. (2014) ‘Microfinance Regulation and Market Development in Latin America’, B.E. Journal of Economic Analysis and Policy 14(4), 1615–44 <http://dx.doi.org/10.1515/bejeap-2013-0145>.
Vogel, R. (2012) Microfinance Regulation: Lessons from Bolivia, Peru and the Philippines, Washington, DC: MIF.
Vogel, R. and Schulz, G. (2011) Financial Regulation in the English-Speaking Caribbean: Is it Helping or Hindering Microfinance? MIF Working Paper, Washington, DC: Inter-American Development Bank.
Alliance for Financial Inclusion (AFI) (2011) Maya Declaration, The AFI Network Commitment for Financial Inclusion, Kuala Lumpur: AFI.
Association of Supervisors of Banks of the Americas (ASBA) (2010) Guía de principios para una efectiva regulación y supervisión de las operaciones de microfinanzas, México, D.F.: BID – FOMIN.
Basel Committee for Banking Supervision (BCBS) (2010) Microfinance Activities and the Core Principles for Effective Banking Supervision, Basel, Switzerland: Bank for International Settlements.
Consultative Group to Assist the Poor (CGAP) (2012) A Guide to Regulation and Supervision of Microfinance, Consensus Guidelines, October 2012, Washington, DC: CGAP – World Bank.
Economist Intelligence Unit (EIU) (2012) Microscopio global sobre el entorno para las microfinanzas 2012, Washington, DC: BID-FOMIN; Washington, DC: CAF; and Ministry of Foreign Affairs of the Netherlands.
Hulme, D. and Arun, T. (eds) (2009) Microfinance. A Reader, London and New York: Routledge Studies in Development Economics.
Lauer, K. and Staschen, S. (2013) ‘Regulation’, in J. Ledgerwood (ed.), The New Microfinance Handbook, Washington, DC: Banco Mundial.
Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: Banco Mundial.
Peck, R., Lyman, T. and Rosenberg, R. (2003) Microfinance Consensus Guidelines, Washington, DC: CGAP.
Rosengard, J.K. (2011) ‘Oversight is a many-splendored thing: choice and proportionality in regulating and supervising microfinance institutions’, in B. Armendariz and M. Labie (eds), The Handbook of Microfinance, Singapore: World Scientific Publishing Co.
Staschen, S. (2000) Regulación y supervisión de instituciones microfinancieras, Bonn, Germany: GTZ.
Sundaresan, S. (ed.) (2008) Microfinance: Emerging Trend and Challenges, Northampton, MA: Edward Elgar.
Trujillo, V., Rodríguez, F. and Muriel, V. (2014) ‘Microfinance Regulation and Market Development in Latin America’, B.E. Journal of Economic Analysis and Policy 14(4), 1615–44 <http://dx.doi.org/10.1515/bejeap-2013-0145>.
Vogel, R. (2012) Microfinance Regulation: Lessons from Bolivia, Peru and the Philippines, Washington, DC: MIF.
Vogel, R. and Schulz, G. (2011) Financial Regulation in the English-Speaking Caribbean: Is it Helping or Hindering Microfinance? MIF Working Paper, Washington, DC: Inter-American Development Bank.
Alliance for Financial Inclusion (AFI) (2011) Maya Declaration, The AFI Network Commitment for Financial Inclusion, Kuala Lumpur: AFI.
Association of Supervisors of Banks of the Americas (ASBA) (2010) Guía de principios para una efectiva regulación y supervisión de las operaciones de microfinanzas, México, D.F.: BID – FOMIN.
Basel Committee for Banking Supervision (BCBS) (2010) Microfinance Activities and the Core Principles for Effective Banking Supervision, Basel, Switzerland: Bank for International Settlements.
Consultative Group to Assist the Poor (CGAP) (2012) A Guide to Regulation and Supervision of Microfinance, Consensus Guidelines, October 2012, Washington, DC: CGAP – World Bank.
Economist Intelligence Unit (EIU) (2012) Microscopio global sobre el entorno para las microfinanzas 2012, Washington, DC: BID-FOMIN; Washington, DC: CAF; and Ministry of Foreign Affairs of the Netherlands.
Hulme, D. and Arun, T. (eds) (2009) Microfinance. A Reader, London and New York: Routledge Studies in Development Economics.
Lauer, K. and Staschen, S. (2013) ‘Regulation’, in J. Ledgerwood (ed.), The New Microfinance Handbook, Washington, DC: Banco Mundial.
Ledgerwood, J. and White, V. (2006) Transforming Microfinance Institutions: Providing Full Financial Services to the Poor, Washington, DC: Banco Mundial.
Peck, R., Lyman, T. and Rosenberg, R. (2003) Microfinance Consensus Guidelines, Washington, DC: CGAP.
Rosengard, J.K. (2011) ‘Oversight is a many-splendored thing: choice and proportionality in regulating and supervising microfinance institutions’, in B. Armendariz and M. Labie (eds), The Handbook of Microfinance, Singapore: World Scientific Publishing Co.
Staschen, S. (2000) Regulación y supervisión de instituciones microfinancieras, Bonn, Germany: GTZ.
Sundaresan, S. (ed.) (2008) Microfinance: Emerging Trend and Challenges, Northampton, MA: Edward Elgar.
Trujillo, V., Rodríguez, F. and Muriel, V. (2014) ‘Microfinance Regulation and Market Development in Latin America’, B.E. Journal of Economic Analysis and Policy 14(4), 1615–44 <http://dx.doi.org/10.1515/bejeap-2013-0145>.
Vogel, R. (2012) Microfinance Regulation: Lessons from Bolivia, Peru and the Philippines, Washington, DC: MIF.
Vogel, R. and Schulz, G. (2011) Financial Regulation in the English-Speaking Caribbean: Is it Helping or Hindering Microfinance? MIF Working Paper, Washington, DC: Inter-American Development Bank.
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