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035    (Au-PeEL)EBL459417 
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050  4 HG5160.5.A3 -- T675 2007eb 
082 0  332/.0415098 
100 1  de la Torre, Augusto 
245 10 Emerging Capital Markets and Globalization :|bThe Latin 
       American Experience 
264  1 Herndon :|bWorld Bank Publications,|c2006 
264  4 |c©2007 
300    1 online resource (263 pages) 
336    text|btxt|2rdacontent 
337    computer|bc|2rdamedia 
338    online resource|bcr|2rdacarrier 
490 1  Latin American Development Forum 
505 0  Cover -- Title Page -- Contents -- Latin American 
       Development Forum Series -- Foreword -- Note -- 
       Acknowledgments -- About the Authors -- Abbreviations -- 1
       Whither Capital Market Development? -- Introduction -- Why
       Does Financial Development Matter? -- Evolution and 
       Globalization of Capital Markets -- Main Developments in 
       International Capital Markets -- Developing Countries and 
       the Globalization Process -- Main Developments in Domestic
       Capital Markets -- Factors behind the Development and 
       Internationalization of Capital Markets -- Policy 
       Implications -- Conclusions -- Endnotes -- 2 Developments 
       in Capital Markets -- Introduction -- The Global Context -
       - Developing Countries in the Global Context -- How Global
       Trends Have Affected Developing Countries -- The Policy 
       Response: Attract, Emulate, and Manage -- Attracting 
       International Capital Flows -- Emulating the Performance 
       of Capital Markets in Developed Countries -- Managing 
       Volatile Capital Flows -- The Reforms -- Developments in 
       Domestic Capital Markets -- Comparative Trends in Domestic
       Capital Markets -- Main Features of Domestic Capital 
       Market Development -- Country Experiences: Chile and 
       Mexico -- Chile -- Mexico -- Participation in 
       International Capital Markets -- Conclusions -- Endnotes -
       - Annex: When "Marking to Market" Becomes "Marking to 
       Model" -- Endnotes -- 3 Factors behind the Development and
       Internationalization of Capital Markets -- Introduction --
       Factors behind Capital Market Development -- The Role of 
       Economic and Institutional Fundamentals -- The Impact of 
       Reforms -- Stock Market Internationalization -- Factors 
       behind Internationalization -- The Role of Economic and 
       Institutional Fundamentals -- The Impact of Reforms -- The
       Impact of Internationalization on Local Stock Markets -- 
       Domestic Capital Market Development in Latin America -- 
       Conclusions -- Endnotes 
505 8  4 Whither the Reform Agenda? -- Introduction -- What Went 
       Wrong and What to Do Next? -- Be Patient and Redouble the 
       Effort -- Get the Sequence Right -- Revisit Basic Issues 
       and Reshape Expectations -- Back to Basics -- Financial 
       Globalization -- Liquidity -- Risk Diversification -- 
       Final Remarks -- Endnotes -- Annex: Regional Capital 
       Markets Integration-A Viable Alternative? -- Endnotes -- 
       References -- Index -- Back Cover 
520    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 
588    Description based on publisher supplied metadata and other
590    Electronic reproduction. Ann Arbor, Michigan : ProQuest 
       Ebook Central, 2020. Available via World Wide Web. Access 
       may be limited to ProQuest Ebook Central affiliated 
650  0 Capital market -- Latin America.;Globalization -- Economic
655  4 Electronic books 
700 1  Schumukler, Sergio 
776 08 |iPrint version:|ade la Torre, Augusto|tEmerging Capital 
       Markets and Globalization : The Latin American Experience
       |dHerndon : World Bank Publications,c2006|z9780821365434 
830  0 Latin American Development Forum 
856 40 |uhttps://ebookcentral.proquest.com/lib/sinciatw/
       detail.action?docID=459417|zClick to View