Capital Market Development : Whither Latin America?

de la Torre, Augusto ; Gozzi, Juan Carlos ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: ACCOUNTING;    ADVERSE EFFECT;    BENCHMARK;    BOND MARKETS;    BONDS;   

DOI  :  10.1596/1813-9450-4156
RP-ID  :  WPS4156

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Over the past decades, many countrieshave implemented significant reforms to foster capitalmarket development. Latin American countries were at theforefront of this process. The authors analyze where LatinAmerican capital markets stand after these reforms. Theyfind that despite the intense reform effort, capital marketsin Latin America remain underdeveloped relative to marketsin other regions. Furthermore, stock markets are below whatcan be expected, given Latin America's economic andinstitutional fundamentals. The authors discuss alternativeways of interpreting this evidence. They argue that it isdifficult to pinpoint which policies Latin Americancountries should pursue to overcome their poor capitalmarket development. Moreover, they argue that expectationsabout the outcome of the reform process may need to berevisited to take into account intrinsic characteristics ofemerging economies. The latter may limit the scope fordeveloping deep domestic capital markets in a context ofinternational financial integration.