04429oam 22011174 450 991082217930332120200520144314.01-4623-4575-11-4527-5215-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(IMF)WPIEA2006288(EXLCZ)99336000000044397120020129d2006 uf 0engur|n|---|||||txtccrRegulatory Lessons from the Crisis of Costa Rica’s Mutual Fund Industry /Ana Carvajal1st ed.Washington, 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 RicaBankingimfBanks and BankingimfBanks and bankingimfBanksimfCapital marketimfDepository InstitutionsimfFinanceimfFinance: GeneralimfFinancial InstrumentsimfFinancial services industryimfGeneral Financial Markets: General (includes Measurement and Data)imfIndustries: Financial ServicesimfInstitutional InvestorsimfMicro Finance InstitutionsimfMoney marketimfMoney marketsimfMortgagesimfMutual fundsimfNon-bank Financial InstitutionsimfNonbank financial institutionsimfPension FundsimfSecurities marketsimfCosta RicaimfEconomic forecastingMutual fundsBankingBanks and BankingBanks and bankingBanksCapital marketDepository InstitutionsFinanceFinance: GeneralFinancial InstrumentsFinancial services industryGeneral Financial Markets: General (includes Measurement and Data)Industries: Financial ServicesInstitutional InvestorsMicro Finance InstitutionsMoney marketMoney marketsMortgagesMutual fundsNon-bank Financial InstitutionsNonbank financial institutionsPension FundsSecurities marketsCarvajal Ana1680582DcWaIMFBOOK9910822179303321Regulatory Lessons from the Crisis of Costa Rica’s Mutual Fund Industry4118737UNINA