The article discusses the financial development in Latin America since the 1990s, focusing on the challenges faced despite reforms. It compares Latin America's financial system to other countries, highlighting gaps in banking depth and equity liquidity. The research emphasizes the importance of long-term finance, state involvement in risk management, and the need for effective regulation and supervision. The findings suggest that Latin America's financial sector still lags behind in terms of development compared to other regions, pointing out key areas for improvement.