de la Torre, AugustoSchmukler, Sergio L.2012-06-052012-06-052007978-0-8213-6543-4https://hdl.handle.net/10986/7187The book should stimulate a vigorous discussion on how to best revise the reform agenda for capital market development in emerging economies going forward. This effort should involve not only country authorities but also academics and advisers from multilateral agencies such as the World Bank. The complexities highlighted in the book invite intellectual modesty, eclecticism, and constant attention to country specificity. While it does not provide detailed policy prescriptions, the book does point to issues that cannot be ignored and puts forward provocative questions for the policy debate. The policy discussion in the book is particularly interesting with respect to the following aspects: internationalization of stock markets and local currency debt markets. This paper contains the following headings: whither capital market development; developments in capital markets; factors behind the development and internationalization of capital markets; and whither the reform agenda.en-USCC BY 3.0 IGOACCOUNTINGACQUISITION COSTSALLOCATION OF RESOURCESAUTONOMYBALANCE SHEETSBANK FOR INTERNATIONAL SETTLEMENTSBANKING SECTORBANKING SYSTEMSBANKSBENCHMARKBOND MARKETSCAPITAL ACCUMULATIONCAPITAL CONTROLSCAPITAL FLOWSCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCAPITAL MOBILITYCAPITALIZATIONCENTRAL BANKCONSUMER PRICECONSUMER PRICE INDEXCONTAGIONCONTRACT ENFORCEMENTCORPORATE GOVERNANCECOUNTRY VARIATIONSCREDIT MARKETDEBTDEMAND DEPOSITSDEPOSITSDEREGULATIONDEVELOPMENT BANKDEVELOPMENT ECONOMICSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC CAPITAL MARKETSDOMESTIC FINANCIAL SECTORDOMESTIC INVESTORSDOMESTIC MARKETDOMESTIC MARKETSECONOMIC EFFICIENCYECONOMIC GROWTHECONOMIES OF SCALEEMERGING MARKETSEQUITY MARKETSEXCHANGE RATEEXCHANGE RATE FLEXIBILITYEXCHANGE RATE REGIMEEXCHANGE RATE REGIMESEXCHANGE RATESEXTERNAL FINANCEFINANCIAL CRISESFINANCIAL DEPTHFINANCIAL DEVELOPMENTFINANCIAL GLOBALIZATIONFINANCIAL INSTITUTIONSFINANCIAL INTEGRATIONFINANCIAL INTERMEDIARIESFINANCIAL INTERNATIONALIZATIONFINANCIAL LIBERALIZATIONFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STRUCTUREFINANCIAL SUPPORTFINANCIAL SYSTEMFINANCIAL SYSTEMSFIXED COSTSFOREIGN ASSETSFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN INVESTORSFUTURES CONTRACTSGDPGDP PER CAPITAGLOBAL MARKETSGLOBALIZATIONGLOBALIZATION OF CAPITAL MARKETSGLOBALIZATION OF FINANCIAL MARKETSGOVERNMENT BONDSGOVERNMENT DEBTGROSS DOMESTIC PRODUCTGROWTH RATESHIGH EXPECTATIONSHIGH VOLATILITYINCOMEINCOME DISTRIBUTIONINCOME LEVELSINFLATIONINFLATION RATESINFLATION TARGETINGINFORMATION ACQUISITIONINTERNATIONAL CAPITALINTERNATIONAL CAPITAL MARKETSINTERNATIONAL FINANCEINTERNATIONAL FINANCIAL MARKETSINTERNATIONAL FINANCIAL SYSTEMINTERNATIONAL MARKETSIPOLATIN AMERICANLIQUID ASSETSLIQUIDITYLOCAL CAPITAL MARKETLOCAL CAPITAL MARKETSLOCAL CURRENCYLOCAL STOCK MARKETLOW INFLATIONMACROECONOMIC MANAGEMENTMACROECONOMIC VOLATILITYMARKET CAPITALIZATIONMARKET CONCENTRATIONMARKET DEVELOPMENTMARKET LIBERALIZATIONMARKET REFORMMARKET REFORMSMARKET SEGMENTATIONMATURITIESMERGERSMIGRATIONMONETARY POLICIESMONETARY POLICYPORTFOLIOSPOSITIVE EFFECTSPRIVATE BONDSPRIVATE SECTORPRIVATIZATIONPRODUCTIVITYPUBLIC DEBTREAL SECTORRESOURCE ALLOCATIONRETAILSAVINGSSAVINGS RATESSECURITIESSECURITIES MARKETSSECURITIES TRADINGSTOCK EXCHANGESTOCK MARKETSTOCK MARKET LIBERALIZATIONSTOCK MARKETSSTOCKSSUBSIDIARYTRADE FLOWSTRANSACTION COSTSVOLATILITYWEALTHWorld Bank10.1596/978-0-8213-6543-4