Cross-Border Payments Integration in Latin America and the Caribbean
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Summary:
Cross-border payment inefficiencies are a significant barrier to trade both within Latin America and the Caribbean (LAC) and between LAC and other regions. This paper provides a comprehensive review of historical efforts undertaken by various countries within the LAC region to address these challenges. We also explore the potential of recent financial innovations, such as digital currencies and blockchain technology, to enhance cross-border payments. While new technologies do not substitute for prudent and credible macroeconomic policies, leveraging these technologies can help LAC countries reduce transaction costs and times, thus enhancing economic efficiency and fostering deeper regional and global trade relationships.
Series:
Working Paper No. 2024/119
Subject:
Economic integration Financial markets Payment systems
Frequency:
regular
English
Publication Date:
June 14, 2024
ISBN/ISSN:
9798400279584/1018-5941
Stock No:
WPIEA2024119
Format:
Paper
Pages:
27
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