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The Future of National Development Banks$
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Stephany Griffith-Jones and José Antonio Ocampo

Print publication date: 2018

Print ISBN-13: 9780198827948

Published to Oxford Scholarship Online: November 2018

DOI: 10.1093/oso/9780198827948.001.0001

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Changing Challenges in the Modernization of Nacional Financiera

Changing Challenges in the Modernization of Nacional Financiera

Mexico’s Key Development Bank

Chapter:
(p.112) 5 Changing Challenges in the Modernization of Nacional Financiera
Source:
The Future of National Development Banks
Author(s):

Juan Carlos Moreno-Brid

Esteban Pérez Caldentey

Laura Valdez

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198827948.003.0005

NAFINSA was essential to Mexico’s development process. It served as the financial agent of the Federal Government and provided preferential access to long-term finance favouring selected business interests and groups. With the Washington Consensus, its tasks were reduced to correcting for market failures, becoming a complement to commercial banks, and focusing on attending the market segments falling outside the scope of commercial bank activity (notably SMEs). Although it appears as a successful story of institutional transformation, on closer inspection, NAFINSA has not been able to overcome key obstacles and its success in alleviating credit restrictions is very limited. NAFINSA must recover some of its functions, prerogatives, and responsibilities as a policy bank to become relevant in strengthening financial intermediation for capital formation.

Keywords:   NAFINSA, Mexico, development bank, market failure, market-led reform, commercial bank, SME

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