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Books > Reference & Interdisciplinary > Interdisciplinary studies > Globalization
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Emerging Capital Markets and Globalization - The Latin American Experience (Paperback)
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Emerging Capital Markets and Globalization - The Latin American Experience (Paperback)
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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.
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