Emerging Capital Markets and Globalization : The Latin American Experience

The book should stimulate a vigorous discussion on how to best revise the reform agenda for capital market development in emerging economies going forward. This effort should involve not only country authorities but also academics and advisers from...

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Bibliographic Details
Main Authors:	de la Torre, Augusto, Schmukler, Sergio L.
Format:	Publication
Language:	English en_US
Published:	Washington, DC: World Bank 2012
Subjects:	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
Online Access:	http://documents.worldbank.org/curated/en/2006/06/7177103/emerging-capital-markets-globalization-latin-american-experience http://hdl.handle.net/10986/7187

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Summary:	The book should stimulate a vigorous discussion on how to best revise the reform agenda for capital market development in emerging economies going forward. This effort should involve not only country authorities but also academics and advisers from multilateral agencies such as the World Bank. The complexities highlighted in the book invite intellectual modesty, eclecticism, and constant attention to country specificity. While it does not provide detailed policy prescriptions, the book does point to issues that cannot be ignored and puts forward provocative questions for the policy debate. The policy discussion in the book is particularly interesting with respect to the following aspects: internationalization of stock markets and local currency debt markets. This paper contains the following headings: whither capital market development; developments in capital markets; factors behind the development and internationalization of capital markets; and whither the reform agenda.

Emerging Capital Markets and Globalization : The Latin American Experience

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