Long gone are the days of default and hyperinflation. Today, the pressing challenge facing Latin America’s governments, financial regulators and central banks is no longer recovering from crisis, but managing prosperity.
As problems go, it’s not a bad one to have. But this does not diminish the task at hand: the scale of what the region’s financial leaders must confront is nevertheless immense.
As national incomes rise, small savings that were once squirreled away are becoming ever larger. Latin governments now sit on considerable wealth in central banks, sovereign wealth funds and institutional savings. In the private sector, retirement savings are many times what they were just a decade ago.
Those that administer the funds –...
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