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Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic

Author

Listed:
  • Hemant Shah
  • Jorge A Chan-Lau
  • Geoffrey J Bannister
  • Ana Carvajal
  • Ivan S Guerra

Abstract

This study focuses on equity, private debt, and asset-backed securities markets in Central America. These markets are generally under-developed throughout the region due to several structural problems, economic and political factors, and weaknesses in regulation and in institutional investor base. The paper identifies key country-specific recommendations to strengthen securities laws, regulatory oversight, market infrastructure, investor base, and new products such as asset-backed securities. Despite these efforts, developing seven viable private capital markets is a difficult goal. The paper thus also explores the benefits and difficulties of creating a single capital market in a region still short of full economic integration.

Suggested Citation

  • Hemant Shah & Jorge A Chan-Lau & Geoffrey J Bannister & Ana Carvajal & Ivan S Guerra, 2007. "Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic," IMF Working Papers 07/288, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:07/288
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    References listed on IDEAS

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    1. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
    2. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    3. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    4. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
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    Cited by:

    1. International Monetary Fund, 2008. "Can Regional Cross-listings Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa," IMF Working Papers 08/281, International Monetary Fund.
    2. Olatundun Janet Adelegan, 2009. "The Impact of the Regional Cross-Listing of Stocks on Firm Value in Sub-Saharan Africa," IMF Working Papers 09/99, International Monetary Fund.

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