Publication: Whither Latin American Capital Markets?
Date
2004-10
ISSN
Published
2004-10
Author(s)
Abstract
In this study, the authors analyze where
we stand and where we are heading on capital market
development. More specifically, this study has three main
goals. First, the authors take stock of the state and
evolution of Latin American capital markets and related
reforms, over time and relative to other countries. Second,
authors analyze the factors driving the development of
capital markets, with particular interest on measuring the
impact of reforms. Third, in light of this analysis, authors
discuss the prospects for capital market development in
Latin America and emerging economies in general, and the
implications for the reform agenda going forward. To
understand the state and future of capital markets in
developing countries, the report consists of three
additional chapters. Chapter two documents the main
developments in international financial markets and the
increasing globalization process. The chapter also describes
the influence of these worldwide trends on Latin America,
with particular attention to the effects on the policies and
reforms adopted. Chapter three evaluates the factors behind
the development (or lack of development) of capital markets.
The chapter first studies how different macroeconomic and
institutional variables affect the development of domestic
stock and bond markets and their internationalization. The
second part of chapter three analyzes the effects of reforms
on capital markets. The chapter finishes by examining
whether the experience of Latin America is similar to that
of other regions. Finally, chapter four discusses the future
of capital markets in developing countries, the policy
implications, and the lessons for the reform agenda.
Citation
“De La Torre, Augusto; Schmukler, Sergio L.. 2004. Whither Latin American Capital Markets?. © World Bank, Washington, DC. http://hdl.handle.net/10986/25933 License: CC BY 3.0 IGO.”