Whither Latin American Capital Markets?

De La Torre, Augusto ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: capital flows;    capital markets;    market capitalization;    stock exchange;    economic reform;   

RP-ID  :  109977

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In this study, the authors analyze wherewe stand and where we are heading on capital marketdevelopment. More specifically, this study has three maingoals. First, the authors take stock of the state andevolution of Latin American capital markets and relatedreforms, over time and relative to other countries. Second,authors analyze the factors driving the development ofcapital markets, with particular interest on measuring theimpact of reforms. Third, in light of this analysis, authorsdiscuss the prospects for capital market development inLatin America and emerging economies in general, and theimplications for the reform agenda going forward. Tounderstand the state and future of capital markets indeveloping countries, the report consists of threeadditional chapters. Chapter two documents the maindevelopments in international financial markets and theincreasing globalization process. The chapter also describesthe influence of these worldwide trends on Latin America,with particular attention to the effects on the policies andreforms adopted. Chapter three evaluates the factors behindthe development (or lack of development) of capital markets.The chapter first studies how different macroeconomic andinstitutional variables affect the development of domesticstock and bond markets and their internationalization. Thesecond part of chapter three analyzes the effects of reformson capital markets. The chapter finishes by examiningwhether the experience of Latin America is similar to thatof other regions. Finally, chapter four discusses the futureof capital markets in developing countries, the policyimplications, and the lessons for the reform agenda.