The Development of Local Capital Markets
Title | The Development of Local Capital Markets PDF eBook |
Author | Mr.Luc Laeven |
Publisher | International Monetary Fund |
Total Pages | 25 |
Release | 2014-12-19 |
Genre | Business & Economics |
ISBN | 149837297X |
Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.
Latin American Local Capital Markets: Challenges and Solutions
Title | Latin American Local Capital Markets: Challenges and Solutions PDF eBook |
Author | Mauro Miranda |
Publisher | CFA Institute Research Foundation |
Total Pages | 92 |
Release | 2018-06-15 |
Genre | Business & Economics |
ISBN | 194496049X |
Capital markets, both for debt and equity securities, have allowed firms to secure funding for productive uses while providing investors with opportunities for portfolio diversification. The importance of capital markets for the development of economies and for the betterment of society cannot be overstated. This is just as true in emerging economies with free markets, such as those found in Latin America, as it is in developed markets. However, capital markets in the region are not being utilized to the fullest. The idea behind this collection of articles is to offer a primer on the development of local capital markets in several select countries in Latin America. We discuss not only their history and current status but also their future. To this end, seven authors contributed to this project, each writing about one of seven countries: Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay. Each author decided which issues they believe matter most to the progress of their local capital markets. Some authors chose a qualitative and institutional description of local markets, whereas others adopted a more quantitative approach.
Emerging Capital Markets and Globalization
Title | Emerging Capital Markets and Globalization PDF eBook |
Author | Augusto de la Torre |
Publisher | World Bank Publications |
Total Pages | 232 |
Release | 2006-10-20 |
Genre | Business & Economics |
ISBN | 0821365444 |
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.
The Future of Domestic Capital Markets in Developing Countries
Title | The Future of Domestic Capital Markets in Developing Countries PDF eBook |
Author | Robert E. Litan |
Publisher | Rowman & Littlefield |
Total Pages | 548 |
Release | 2003-09-05 |
Genre | Business & Economics |
ISBN | 9780815796107 |
The Future of Domestic Capital Markets in Developing Countries addresses the challenges that countries face as they develop and strengthen capital markets. Based on input from the world's most prominent capital market experts and leading policymakers in developing countries, this volume represents the latest thinking in capital market development. It captures the views of a global gathering of experts, with perspectives from developing and developed countries, from all regions of the world, from the public and private sector. This volume should be of interest to senior financial sector policymakers from developed and developing countries in securities and exchange commissions, regulators, central banks, ministries of finance, and monetary authorities; private sector executives in stock exchanges, bond markets, venture capital markets, and investment funds; and researchers and academicians with an interest in capital market development in emerging markets. What are the key factors threatening the development and survival of stock exchanges in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Merging with, or buying up, other exchanges? Demutualization? The volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges, and sequencing reforms. The contributors address a variety of country experiences, and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets. Contributors include Reena Aggarwal (Georgetown University), Alexander S. Berg (World Bank), Alan Cameron (Sydney Futures Exchange), Olivier Fremond (PSACG), Amar Gill (Credit Lyonnais Securities Asia), Gerd Hausler (IMF), Jack Glen (International Finance Corporation), Peter Blair Henry (Stanf
Global Capital Markets
Title | Global Capital Markets PDF eBook |
Author | Maurice Obstfeld |
Publisher | Cambridge University Press |
Total Pages | 386 |
Release | 2004 |
Genre | Business & Economics |
ISBN | 9780521671798 |
This book is an economic survey of international capital mobility from the late nineteenth century to the present.
The Importance of Local Capital Markets for Financing Development
Title | The Importance of Local Capital Markets for Financing Development PDF eBook |
Author | |
Publisher | |
Total Pages | 0 |
Release | 2017 |
Genre | |
ISBN |
Focus on Capital
Title | Focus on Capital PDF eBook |
Author | Kenroy Dowers |
Publisher | IDB |
Total Pages | 572 |
Release | 2003 |
Genre | Business & Economics |
ISBN | 9781931003490 |
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 need for 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.