Focus on capital : new approaches to developing Latin American capital markets / Kenory Dowers, Pietro Masci, editors.

Format:

Book

Government document

Contributor:

Dowers, Kenroy.

Masci, Pietro.

Inter-American Development Bank.

Language:

English

Subjects (All):

Capital market--Latin America.

Capital market.

Latin America.

Physical Description:

xxiii, 544 pages : illustrations ; 23 cm

Place of Publication:

Washington, DC : Published by the Inter-American Development Bank ; [Baltimore] : Distributed by the Johns Hopkins University Press, 2003.

Summary:

Local capital market development responds to the need to reduce the risk of financial crises that result from an excessive reliance on external borrowing -- for example, to avoid foreign exchange risk, reduce contagion, and decrease short-term external borrowing. In fact, as financial crises dwarf the role of financial intermediation, the problems of asymmetric information become even more severe, leading to greater public mistrust of financial institutions.The contributors in "Focus on Capital" tackle various aspects of developing Latin American capital markets. Macroeconomic and structural policies, accounting practices and standards, bond market development, market infrastructure, derivatives markets, corporate governance, ethics, human capital, and regional integration all play a role. One of the shortcomings of many strategies for capital market development -- more important than getting the sequencing wrong -- is failing to understand the links between the various components and the needfor an overall strategy as well as plans for each component. "Focus on Capital" analyzes the status of the markets in Latin America and identifies the technical, political, and financial challenges to building vibrant capital markets and increasing the efficiency benefits of regional economic and financial integration.

Contents:

Chapter 1 Developing a Strategy for Reforming Capital Markets in Latin America and the Caribbean / Kenroy Dowers, Felipe Gomez-Acebo, Pietro Masci 3

Part II. Factors Affecting the Development of Capital Markets

Chapter 2 Globalization, Technology, and Regulation in Capital Markets: Strategies for Latin America and the Caribbean / Reena Aggarwal 37

Chapter 3 Internet Technology and the Development of Securities Markets / Georg Wittich, Ethiopis Tafara, Robert J. Peterson 65

Chapter 4 The Impact of the Macroeconomic Environment on Capital Markets in Emerging Latin American Economies / Valeriano F. Garcia, Luis Alberto Giorgio 91

Chapter 5 Institutional Investors and Capital Market Development / Karen Goldstein Rossotto 119

Part III. Issues in the Implementation of Capital Market Strategies

Chapter 6 Promoting Regional Capital Market Integration / Ruben Lee 159

Chapter 7 Accounting and Auditing Standards / Pietro Masci, Ivan Sotomayor 213

Chapter 8 Enhancing Market Infrastructure in Emerging Economies / Andrew Hook 239

Chapter 9 Demutualization of Exchanges as a Strategy for Capital Market Regulatory Reform / Roberta S. Karmel 269

Chapter 10 Developing Bond Markets: A Comprehensive View / Clemente del Valle 295

Chapter 11 Designing a Derivatives Complement to Cash Markets in Developing Countries / Andrea M. Corcoran, Ronald B. Hobson, Gregory J. Kuserk, Karen K. Wuertz, Derek West 335

Chapter 12 Access to Financing for Small and Medium Enterprises / Hannes Takacs, Kinga Korcsmaros 389

Chapter 13 Developing Capital Markets in Latin America and the Caribbean: Ethical Issues / Osvaldo R. Agatiello 415

Chapter 14 Corporate Governance and Capital Market Development: Recent Experiences in Latin America / Mike Lubrano 437

Chapter 15 Human Capacity Development for Capital Market Professionals in Latin America and the Caribbean / Catherine Chandler-Crichlow 463

Chapter 16 Pragmatic Issues in Capital Market Development in Emerging Economies / Kenroy Dowers, Ruben Lee, Antonio Vives 487.

Notes:

Includes bibliographical references and index.

ISBN:

1931003491

OCLC:

60682334