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    Emerging Capital Markets and Globalization: The Latin American Experience
    Emerging Capital Markets and Globalization: The Latin American Experience
    Emerging Capital Markets and Globalization: The Latin American Experience
    Ebook232 pages5 hours

    Emerging Capital Markets and Globalization: The Latin American Experience

    By Augusto de la Torre and Sergio L. Schmukler

    ()

    About this ebook

    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.
    LanguageEnglish
    PublisherWorld Bank Publications
    Release dateOct 20, 2006
    ISBN9780821365434
    Emerging Capital Markets and Globalization: The Latin American Experience

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