Emerging Capital Markets and Globalization: The Latin American Experience ebook de la Torre, Augusto,, Schmukler, Sergio, L. Diesel eBooks

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Emerging Capital Markets and Globalization: The Latin American Experience

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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Title of ebook: Emerging Capital Markets and Globalization: The Latin American Experience
ISBN: 9780821365441
Publisher: The World Bank
Internet download file size: 1546 kb
Released online for download: 10-20-2006
Author of eBook: de la Torre, Augusto,
Author of eBook: Schmukler, Sergio, L.,

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