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Author de la Torre, Augusto
Title Emerging Capital Markets and Globalization : The Latin American Experience
Imprint Herndon : World Bank Publications, 2006
book jacket
Descript 1 online resource (263 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
Series Latin American Development Forum
Latin American Development Forum
Note 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
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
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
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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
Link Print version: de la Torre, Augusto Emerging Capital Markets and Globalization : The Latin American Experience Herndon : World Bank Publications,c2006 9780821365434
Subject Capital market -- Latin America.;Globalization -- Economic aspects
Electronic books
Alt Author Schumukler, Sergio
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