Capital Market Development : Whither Latin America?

Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after th...

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Main Authors:	de la Torre, Augusto, Gozzi, Juan Carlos, Schmukler, Sergio L.
Format:	Policy Research Working Paper
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCOUNTING ADVERSE EFFECT BENCHMARK BOND MARKETS BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CORPORATE GOVERNANCE COUNTRY RISK DOMESTIC BOND MARKETS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC FINANCIAL MARKETS DOMESTIC FINANCIAL SYSTEMS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK MARKETS ECONOMIC GROWTH ECONOMIES OF SCALE EMERGING MARKETS EQUITY CAPITAL EQUITY MARKETS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL GLOBALIZATION FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKET LIBERALIZATION FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL REGULATION FINANCIAL REPRESSION FINANCIAL SECTOR FINANCIAL SECTOR PERFORMANCE FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FORMAL ANALYSES FORMAL ANALYSIS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HIGH EXPECTATIONS INFLATION INFLATION RATE INITIAL PUBLIC OFFERINGS INTEREST RATE INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CAPITAL MOBILITY INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MARKETS IPOS LATIN AMERICAN LIBERALIZATION OF STOCK MARKETS LIQUIDITY LOCAL STOCK MARKET LOW LIQUIDITY MACROECONOMIC POLICIES MACROECONOMIC VOLATILITY MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET DISCIPLINE MARKET LIBERALIZATION MARKET REFORM MARKET REFORMS MARKET TRADING NETWORK EXTERNALITIES PARTIAL LIBERALIZATION PER CAPITA INCOME PORTFOLIOS PRIVATE SECTOR PROPERTY RIGHTS REAL INTEREST RATES REGULATORY FRAMEWORK SAVINGS SECURITIES SECURITIES MARKETS SECURITIES TRADING SETTLEMENT SYSTEMS STABILIZATION PROGRAMS STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET STOCK MARKET LIBERALIZATION STOCK MARKETS STOCKS TURNOVER VALUE ADDED VOLATILITY
Online Access:	http://documents.worldbank.org/curated/en/2007/03/7427484/capital-market-development-whither-latin-america http://hdl.handle.net/10986/7205

id	okr-10986-7205
recordtype	oai_dc
spelling	okr-10986-72052021-04-23T14:02:33Z Capital Market Development : Whither Latin America? de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L. ACCOUNTING ADVERSE EFFECT BENCHMARK BOND MARKETS BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CORPORATE GOVERNANCE COUNTRY RISK DOMESTIC BOND MARKETS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC FINANCIAL MARKETS DOMESTIC FINANCIAL SYSTEMS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK MARKETS ECONOMIC GROWTH ECONOMIES OF SCALE EMERGING MARKETS EQUITY CAPITAL EQUITY MARKETS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL GLOBALIZATION FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKET LIBERALIZATION FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL REGULATION FINANCIAL REPRESSION FINANCIAL SECTOR FINANCIAL SECTOR PERFORMANCE FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FORMAL ANALYSES FORMAL ANALYSIS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HIGH EXPECTATIONS INFLATION INFLATION RATE INITIAL PUBLIC OFFERINGS INTEREST RATE INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CAPITAL MOBILITY INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MARKETS IPOS LATIN AMERICAN LIBERALIZATION OF STOCK MARKETS LIQUIDITY LOCAL STOCK MARKET LOW LIQUIDITY MACROECONOMIC POLICIES MACROECONOMIC VOLATILITY MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET DISCIPLINE MARKET LIBERALIZATION MARKET REFORM MARKET REFORMS MARKET TRADING NETWORK EXTERNALITIES PARTIAL LIBERALIZATION PER CAPITA INCOME PORTFOLIOS PRIVATE SECTOR PROPERTY RIGHTS REAL INTEREST RATES REGULATORY FRAMEWORK SAVINGS SECURITIES SECURITIES MARKETS SECURITIES TRADING SETTLEMENT SYSTEMS STABILIZATION PROGRAMS STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET STOCK MARKET LIBERALIZATION STOCK MARKETS STOCKS TURNOVER VALUE ADDED VOLATILITY Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration. 2012-06-05T21:53:55Z 2012-06-05T21:53:55Z 2007-03 http://documents.worldbank.org/curated/en/2007/03/7427484/capital-market-development-whither-latin-america http://hdl.handle.net/10986/7205 English Policy Research Working Paper; No. 4156 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Latin America & Caribbean
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ADVERSE EFFECT BENCHMARK BOND MARKETS BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CORPORATE GOVERNANCE COUNTRY RISK DOMESTIC BOND MARKETS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC FINANCIAL MARKETS DOMESTIC FINANCIAL SYSTEMS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK MARKETS ECONOMIC GROWTH ECONOMIES OF SCALE EMERGING MARKETS EQUITY CAPITAL EQUITY MARKETS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL GLOBALIZATION FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKET LIBERALIZATION FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL REGULATION FINANCIAL REPRESSION FINANCIAL SECTOR FINANCIAL SECTOR PERFORMANCE FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FORMAL ANALYSES FORMAL ANALYSIS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HIGH EXPECTATIONS INFLATION INFLATION RATE INITIAL PUBLIC OFFERINGS INTEREST RATE INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CAPITAL MOBILITY INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MARKETS IPOS LATIN AMERICAN LIBERALIZATION OF STOCK MARKETS LIQUIDITY LOCAL STOCK MARKET LOW LIQUIDITY MACROECONOMIC POLICIES MACROECONOMIC VOLATILITY MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET DISCIPLINE MARKET LIBERALIZATION MARKET REFORM MARKET REFORMS MARKET TRADING NETWORK EXTERNALITIES PARTIAL LIBERALIZATION PER CAPITA INCOME PORTFOLIOS PRIVATE SECTOR PROPERTY RIGHTS REAL INTEREST RATES REGULATORY FRAMEWORK SAVINGS SECURITIES SECURITIES MARKETS SECURITIES TRADING SETTLEMENT SYSTEMS STABILIZATION PROGRAMS STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET STOCK MARKET LIBERALIZATION STOCK MARKETS STOCKS TURNOVER VALUE ADDED VOLATILITY
spellingShingle	ACCOUNTING ADVERSE EFFECT BENCHMARK BOND MARKETS BONDS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CORPORATE GOVERNANCE COUNTRY RISK DOMESTIC BOND MARKETS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC FINANCIAL MARKETS DOMESTIC FINANCIAL SYSTEMS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK MARKETS ECONOMIC GROWTH ECONOMIES OF SCALE EMERGING MARKETS EQUITY CAPITAL EQUITY MARKETS FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL GLOBALIZATION FINANCIAL INSTITUTIONS FINANCIAL LIBERALIZATION FINANCIAL MARKET FINANCIAL MARKET LIBERALIZATION FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL REGULATION FINANCIAL REPRESSION FINANCIAL SECTOR FINANCIAL SECTOR PERFORMANCE FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FORMAL ANALYSES FORMAL ANALYSIS FUTURE RESEARCH GDP GDP PER CAPITA GOVERNMENT BONDS GROSS DOMESTIC PRODUCT HIGH EXPECTATIONS INFLATION INFLATION RATE INITIAL PUBLIC OFFERINGS INTEREST RATE INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CAPITAL MOBILITY INTERNATIONAL COUNTRY RISK GUIDE INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MARKETS IPOS LATIN AMERICAN LIBERALIZATION OF STOCK MARKETS LIQUIDITY LOCAL STOCK MARKET LOW LIQUIDITY MACROECONOMIC POLICIES MACROECONOMIC VOLATILITY MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET DISCIPLINE MARKET LIBERALIZATION MARKET REFORM MARKET REFORMS MARKET TRADING NETWORK EXTERNALITIES PARTIAL LIBERALIZATION PER CAPITA INCOME PORTFOLIOS PRIVATE SECTOR PROPERTY RIGHTS REAL INTEREST RATES REGULATORY FRAMEWORK SAVINGS SECURITIES SECURITIES MARKETS SECURITIES TRADING SETTLEMENT SYSTEMS STABILIZATION PROGRAMS STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET STOCK MARKET LIBERALIZATION STOCK MARKETS STOCKS TURNOVER VALUE ADDED VOLATILITY de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L. Capital Market Development : Whither Latin America?
geographic_facet	Latin America & Caribbean
relation	Policy Research Working Paper; No. 4156
description	Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration.
format	Publications & Research :: Policy Research Working Paper
author	de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L.
author_facet	de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L.
author_sort	de la Torre, Augusto
title	Capital Market Development : Whither Latin America?
title_short	Capital Market Development : Whither Latin America?
title_full	Capital Market Development : Whither Latin America?
title_fullStr	Capital Market Development : Whither Latin America?
title_full_unstemmed	Capital Market Development : Whither Latin America?
title_sort	capital market development : whither latin america?
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2007/03/7427484/capital-market-development-whither-latin-america http://hdl.handle.net/10986/7205
_version_	1764401628621832192

Capital Market Development : Whither Latin America?

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