Emerging Capital Markets and Globalization

The Latin American Experience

Stanford University Press, Augusto de la Torre, Sergio Schmukler

• Publisher: World Bank Publications
• Year: 2006
• Topic: Economics
• eBook ISBN:
  9780821365441
• Subtopic: Banks & Banking
• Index: Economics

Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Table of contents

• Cover
• Title Page
• Contents
• Latin American Development Forum Series
• Foreword
• Acknowledgments
• About the Authors
• Abbreviations
• 1 Whither Capital Market Development?
• 2 Developments in Capital Markets
• 3 Factors behind the Development and Internationalization of Capital Markets
• 4 Whither the Reform Agenda?
• References
• Back Cover