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Emerging Capital Markets and Globalization : The Latin American Experience

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  • Augusto de la Torre
  • Sergio L. Schmukler

Abstract

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.

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Bibliographic Info

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This book is provided by The World Bank in its series World Bank Publications with number 7187 and published in 2007.

ISBN: 978-0-8213-6543-4
Handle: RePEc:wbk:wbpubs:7187

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Keywords: Finance and Financial Sector Development - Financial Intermediation Macroeconomics and Economic Growth - Financial Economics Banks and Banking Reform Macroeconomics and Economic Growth - Markets and Market Access Economic Theory and Research;

References

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Citations

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Cited by:
  1. Gary A. Dymski, 2010. "Three Futures for Postcrisis Banking in the Americas: The Financial Trilemma and the Wall Street Complex," Economics Working Paper Archive, Levy Economics Institute wp_604, Levy Economics Institute.
  2. Jamel Boukhatem, 2009. "Essai sur les déterminants empiriques de développement des marchés obligataires," EconomiX Working Papers, University of Paris West - Nanterre la Défense, EconomiX 2009-32, University of Paris West - Nanterre la Défense, EconomiX.
  3. Augusto de la Torre & Juan Carlos Gozzi & Sergio L. Schmukler, 2008. "Capital Market Development: Whither Latin America?," NBER Chapters, National Bureau of Economic Research, Inc, in: Financial Markets Volatility and Performance in Emerging Markets, pages 121-154 National Bureau of Economic Research, Inc.
  4. Raddatz, Claudio & Schmukler, Sergio L., 2011. "Deconstructing herding : evidence from pension fund investment behavior," Policy Research Working Paper Series, The World Bank 5700, The World Bank.
  5. de la Torre, Augusto & Soledad Martinez Peria, Maria & Schmukler , Sergio L., 2008. "Bank involvement with SMEs : beyond relationship lending," Policy Research Working Paper Series, The World Bank 4649, The World Bank.
  6. Endo, Tadashi, 2008. "Broadening the offering choice of corporate bonds in emerging markets : cost-effective access to debt capital," Policy Research Working Paper Series, The World Bank 4655, The World Bank.
  7. de la Torre, Augusto & Didier, Tatiana & Pinat, Magali, 2014. "Can Latin America tap the globalization upside ?," Policy Research Working Paper Series, The World Bank 6837, The World Bank.
  8. Claessens, Stijn & Schmukler, Sergio L., 2007. "International financial integration through equity markets : which firms from which countries go global ?," Policy Research Working Paper Series, The World Bank 4146, The World Bank.
  9. de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2007. "Stock market development under globalization : whither the gains from reforms ?," Policy Research Working Paper Series, The World Bank 4184, The World Bank.

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