by: Augusto de la Torre, Sergio Schmukler
Customers in the US and Canada please order from Stanford
University Press at (800) 621-2736 or visit their website at www.sup.org.
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.
- Shipping Weight: 0.76 lbs (0.34 kgs)