01678cas a2200241 a 4500 AALejournalIMF004565 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451865486 1018-5941 BD-DhAAL BD-DhAAL Carvajal, Ana. Regulatory Lessons from the Crisis of Costa Rica's Mutual Fund Industry / Ana Carvajal. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2006/288 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/288/001.2006.issue-288-en.xml IMF e-Library