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Record Nr. |
UNINA9910822179303321 |
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Autore |
Carvajal Ana |
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Titolo |
Regulatory Lessons from the Crisis of Costa Rica’s Mutual Fund Industry / / Ana Carvajal |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-4575-1 |
1-4527-5215-X |
1-283-51802-3 |
1-4519-1001-0 |
9786613830470 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (28 p.) |
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Collana |
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Soggetti |
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Economic forecasting - Costa Rica |
Mutual funds - Costa Rica |
Banking |
Banks and Banking |
Banks and banking |
Banks |
Capital market |
Depository Institutions |
Finance |
Finance: General |
Financial Instruments |
Financial services industry |
General Financial Markets: General (includes Measurement and Data) |
Industries: Financial Services |
Institutional Investors |
Micro Finance Institutions |
Money market |
Money markets |
Mortgages |
Mutual funds |
Non-bank Financial Institutions |
Nonbank financial institutions |
Pension Funds |
Securities markets |
Costa Rica |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. THE MUTUAL FUND INDUSTRY""; ""III. THE CRISIS""; ""IV. LESSONS FROM A REGULATORY PERSPECTIVE""; ""APPENDIX I. THE STRUCTURE OF FINANCIAL REGULATION IN COSTA RICA""; ""APPENDIX II THE PRICING VECTOR DEVELOPED BY THE BOLSA NACIONAL DE VALORES"" |
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Sommario/riassunto |
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In 2004, the mutual fund industry of Costa Rica experienced a massive run by investors that reduced the industry to half its size in a month. This paper explores how weaknesses in the regulatory framework played a role in the crisis and draws lessons for developing countries. The analysis of events demonstrates the need for developing countries to design a multi-pillar framework for securities regulation as well as to strengthen financial literacy and capacity building. At the micro level it shows the importance of market conduct rules and the challenges that the implementation of mark-to-market poses for developing markets. |
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