04375oam 22010934 450 991078869430332120230828235746.01-4623-4575-11-4527-5215-X1-283-51802-31-4519-1001-09786613830470(CKB)3360000000443971(EBL)3012554(SSID)ssj0000948604(PQKBManifestationID)11531049(PQKBTitleCode)TC0000948604(PQKBWorkID)10951774(PQKB)11188511(OCoLC)535146959(MiAaPQ)EBC3012554(IMF)WPIEE2006288(EXLCZ)99336000000044397120020129d2006 uf 0engur|n|---|||||txtccrRegulatory Lessons from the Crisis of Costa Rica’s Mutual Fund Industry /Ana CarvajalWashington, D.C. :International Monetary Fund,2006.1 online resource (28 p.)IMF Working PapersDescription based upon print version of record.1-4518-6548-1 Includes bibliographical references.""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""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.IMF Working Papers; Working Paper ;No. 2006/288Economic forecastingCosta RicaMutual fundsCosta RicaBanks and BankingimfFinance: GeneralimfIndustries: Financial ServicesimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfGeneral Financial Markets: General (includes Measurement and Data)imfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfFinanceimfBankingimfMutual fundsimfSecurities marketsimfNonbank financial institutionsimfMoney marketsimfCapital marketimfFinancial services industryimfMoney marketimfBanks and bankingimfCosta RicaimfEconomic forecastingMutual fundsBanks and BankingFinance: GeneralIndustries: Financial ServicesPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsGeneral Financial Markets: General (includes Measurement and Data)BanksDepository InstitutionsMicro Finance InstitutionsMortgagesFinanceBankingMutual fundsSecurities marketsNonbank financial institutionsMoney marketsCapital marketFinancial services industryMoney marketBanks and bankingCarvajal Ana1472699DcWaIMFBOOK9910788694303321Regulatory Lessons from the Crisis of Costa Rica’s Mutual Fund Industry3823271UNINA