eBook

Emerging Capital Markets and Globalization

Sergio Schmukler, Augusto De la Torre

2006,2007

Overview

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.

• Publisher: The World Bank,Washington, DC: World Bank,Palo Alto, CA: Stanford University Press
• Subject: ACCOUNTING / ACQUISITION COSTS / ALLOCATION OF RESOURCES / AUTONOMY / BALANCE SHEETS / BANK FOR INTERNATIONAL SETTLEMENTS / BANKING SECTOR / BANKING SYSTEMS / BANKS / BENCHMARK / BOND MARKETS / CAPITAL ACCUMULATION / CAPITAL CONTROLS / CAPITAL FLOWS / CAPITAL MARKET / CAPITAL MARKET DEVELOPMENT / CAPITAL MARKETS / CAPITAL MOBILITY / CAPITALIZATION / CENTRAL BANK / CONSUMER PRICE / CONSUMER PRICE INDEX / CONTAGION / CONTRACT ENFORCEMENT / CORPORATE GOVERNANCE / COUNTRY VARIATIONS / CREDIT MARKET / DEBT / DEMAND DEPOSITS / DEPOSITS / DEREGULATION / DEVELOPMENT BANK / DEVELOPMENT ECONOMICS / DOMESTIC CAPITAL / DOMESTIC CAPITAL MARKET / DOMESTIC CAPITAL MARKETS / DOMESTIC FINANCIAL SECTOR / DOMESTIC INVESTORS / DOMESTIC MARKET / DOMESTIC MARKETS / ECONOMIC EFFICIENCY / ECONOMIC GROWTH / ECONOMIES OF SCALE / EMERGING MARKETS / EQUITY MARKETS / EXCHANGE RATE / EXCHANGE RATE FLEXIBILITY / EXCHANGE RATE REGIME / EXCHANGE RATE REGIMES / EXCHANGE RATES / EXTERNAL FINANCE / FINANCIAL CRISES / FINANCIAL DEPTH / FINANCIAL DEVELOPMENT / FINANCIAL GLOBALIZATION / FINANCIAL INSTITUTIONS / FINANCIAL INTEGRATION / FINANCIAL INTERMEDIARIES / FINANCIAL INTERNATIONALIZATION / FINANCIAL LIBERALIZATION / FINANCIAL MARKET / FINANCIAL MARKETS / FINANCIAL SECTOR / FINANCIAL SERVICES / FINANCIAL STRUCTURE / FINANCIAL SUPPORT / FINANCIAL SYSTEM / FINANCIAL SYSTEMS / FIXED COSTS / FOREIGN ASSETS / FOREIGN CURRENCY / FOREIGN DIRECT INVESTMENT / FOREIGN INVESTORS / FUTURES CONTRACTS / GDP / GDP PER CAPITA / GLOBAL MARKETS / GLOBALIZATION / GLOBALIZATION OF CAPITAL MARKETS / GLOBALIZATION OF FINANCIAL MARKETS / GOVERNMENT BONDS / GOVERNMENT DEBT / GROSS DOMESTIC PRODUCT / GROWTH RATES / HIGH EXPECTATIONS / HIGH VOLATILITY / INCOME / INCOME DISTRIBUTION / INCOME LEVELS / INFLATION / INFLATION RATES / INFLATION TARGETING / INFORMATION ACQUISITION / INTERNATIONAL CAPITAL / INTERNATIONAL CAPITAL MARKETS / INTERNATIONAL FINANCE / INTERNATIONAL FINANCIAL MARKETS / INTERNATIONAL FINANCIAL SYSTEM / INTERNATIONAL MARKETS / IPO / LATIN AMERICAN / LIQUID ASSETS / LIQUIDITY / LOCAL CAPITAL MARKET / LOCAL CAPITAL MARKETS / LOCAL CURRENCY / LOCAL STOCK MARKET / LOW INFLATION / MACROECONOMIC MANAGEMENT / MACROECONOMIC VOLATILITY / MARKET CAPITALIZATION / MARKET CONCENTRATION / MARKET DEVELOPMENT / MARKET LIBERALIZATION / MARKET REFORM / MARKET REFORMS / MARKET SEGMENTATION / MATURITIES / MERGERS / MIGRATION / MONETARY POLICIES / MONETARY POLICY / PORTFOLIOS / POSITIVE EFFECTS / PRIVATE BONDS / PRIVATE SECTOR / PRIVATIZATION / PRODUCTIVITY / PUBLIC DEBT / REAL SECTOR / RESOURCE ALLOCATION / RETAIL / SAVINGS / SAVINGS RATES / SECURITIES / SECURITIES MARKETS / SECURITIES TRADING / STOCK EXCHANGE / STOCK MARKET / STOCK MARKET LIBERALIZATION / STOCK MARKETS / STOCKS / SUBSIDIARY / TRADE FLOWS / TRANSACTION COSTS / VOLATILITY / WEALTH
• ISBN: 9780821365434, 0821365436