| Emerging Capital Markets and Globalization: The Latin American Experience Contributor(s): Press, Stanford University (Author), De La Torre, Augusto (Author), Schmukler, Sergio (Author) |
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ISBN: 0821365436 ISBN-13: 9780821365434 Publisher: World Bank Publications OUR PRICE: $31.68 Product Type: Paperback - Other Formats Published: October 2006 Annotation: Over the last 15 years or so, countries in Latin America implemented significant reforms to foster domestic capital market development. Despite the intense reform efforts, the performance of capital markets in most countries has been disappointing. In this study, we document the main developments in capital markets in Latin America and analyze the factors that drive stock market development. In light of this analysis, we discuss whether and how to recast the capital market reform agenda going forward. |
| Additional Information |
| BISAC Categories: - Business & Economics | Banks & Banking - Business & Economics | Finance - General |
| Dewey: 332.041 |
| LCCN: 2006028046 |
| Series: Latin American Development Forums |
| Physical Information: 0.51" H x 6.04" W x 9.02" (0.71 lbs) 228 pages |
| Descriptions, Reviews, Etc. |
| Publisher Description: 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. |