In particular, capital flight estimates between 1999 and 2004 are about $ billion, with more than $ billion recorded in 2003 in constant US dollars, the largest single annual outflow over the decades following independence.
No system of regulation can be perfect, but it is essential that we find a way to supervise nonbank credit. It is no coincidence that many of the companies affected by the crisis belonged to one industry, the real estate industry, and that tells us something. The Securities Authority is responsible for transparency, but it does not regulate due diligence in new issues.