Latin American Financial Markets

Author : Mauro Miranda
Publisher : CFA Institute Research Foundation
Page : 92 pages
File Size : 51,6 Mb
Release : 2018-06-15
Category : Business & Economics
ISBN : 9781944960490

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Latin American Local Capital Markets: Challenges and Solutions by Mauro Miranda Pdf

Capital markets, both for debt and equity securities, have allowed firms to secure funding for productive uses while providing investors with opportunities for portfolio diversification. The importance of capital markets for the development of economies and for the betterment of society cannot be overstated. This is just as true in emerging economies with free markets, such as those found in Latin America, as it is in developed markets. However, capital markets in the region are not being utilized to the fullest. The idea behind this collection of articles is to offer a primer on the development of local capital markets in several select countries in Latin America. We discuss not only their history and current status but also their future. To this end, seven authors contributed to this project, each writing about one of seven countries: Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay. Each author decided which issues they believe matter most to the progress of their local capital markets. Some authors chose a qualitative and institutional description of local markets, whereas others adopted a more quantitative approach.

Author : Augusto de la Torre,Sergio Schmukler
Publisher : World Bank Publications
Page : 228 pages
File Size : 45,8 Mb
Release : 2006-10-20
Category : Business & Economics
ISBN : 0821365444

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Emerging Capital Markets and Globalization by Augusto de la Torre,Sergio Schmukler Pdf

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.

Author : Barbara Stallings
Publisher : Rowman & Littlefield
Page : 326 pages
File Size : 43,7 Mb
Release : 2006-03-08
Category : Business & Economics
ISBN : 9780815797913

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Finance for Development by Barbara Stallings Pdf

A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication Access to finance is critical in setting the course for development in emerging market economies. In this innovative study, which provides the first book-length analysis of the Latin American financial sector, Barbara Stallings and Rogerio Studart examine the dramatic changes resulting from financial liberalization in the region. The authors begin by discussing the critical transformations taking place in Latin America since 1990—a period marked by acceleration toward a new open, market-oriented development model, and away from a semi-closed model relying heavily on the state. Stallings and Studart examine changes in ownership of the financial sector and government regulation of banking, evaluate the role of capital markets as a source of finance, and compare Latin America's financial sector to that of East Asia. The second section of the book features case studies that demonstrate the changes occurring in Chile, Mexico, and Brazil with particular reference to finance for investment and access to credit. The authors conclude with a set of policy recommendations aimed at strengthening Latin American banks and capital markets so that they can play a greater role in supporting economic development.

Author : Pedro Aspe Armella,Rudiger Dornbusch,Maurice Obstfeld
Publisher : University of Chicago Press
Page : 305 pages
File Size : 46,6 Mb
Release : 2009-05-15
Category : Business & Economics
ISBN : 9780226029979

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Financial Policies and the World Capital Market by Pedro Aspe Armella,Rudiger Dornbusch,Maurice Obstfeld Pdf

The essays brought together in this volume share a common objective: To bring a unifying methodological approach to the analysis of financial problems in developing, open economies. While the primary focus is on contemporary Latin America, the methods employed and the lessons learned are of wider applicability. The papers address the financial integration issue from three different perspectives. In some cases, a country study is the vehicle for an econometric investigation of a particular external linkage. In other cases, an individual country's experience suggests an economic model in which the stylized facts may be analyzed and developed. A third direction is unabashedly theoretical and formulates more general principles which are broadly applicable rather than country-specific.

Author : Antonín Basch,Milic Kybal,Luis Sánchez-Masi,Inter-American Development Bank
Publisher : New York : Published for the Inter-American Development Bank [by] Praeger
Page : 192 pages
File Size : 54,6 Mb
Release : 1970
Category : Capital
ISBN : UCSD:31822003523958

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Capital Markets in Latin America by Antonín Basch,Milic Kybal,Luis Sánchez-Masi,Inter-American Development Bank Pdf

Comparison of the process of savings and investment in Latin American countries - examines the various types of financial aspects institutions (incl. Banks, stock exchanges, etc.) operating in the capital market, private sector financing and public finance, indicates some conditons that favour a more effective functioning of the capital markets in latin america, and includes 6 country reports (Argentina, Brazil, Colombia, Mexico, Peru and Venezuela). Bibliography pp. 159 to 163 and statistical tables.

Author : Mr.Charles Enoch,Wouter Bossu,Carlos Caceres,Ms.Diva Singh
Publisher : International Monetary Fund
Page : 226 pages
File Size : 43,5 Mb
Release : 2017-04-10
Category : Business & Economics
ISBN : 9781475577136

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Financial Integration in Latin America by Mr.Charles Enoch,Wouter Bossu,Carlos Caceres,Ms.Diva Singh Pdf

With growth slowing across much of the Latin America as a result of the end of the commodity supercycle and economic rebalancing in China, as well as fragmentation of the international banking system, policies to stimulate growth are needed. This book examines the financial landscapes of seven Latin American economies—Brazil, Chile, Colombia, Mexico, Panama, Peru, and Uruguay—and makes a case for them to pursue regional financial integration. Chapters set out the benefits to the region of financial integration, the barriers to cross-border activity in banks, insurance companies, pension funds, and capital markets, as well as recommendations to address these barriers. Finally, the volume makes the case that regional integration now could be a step toward global integration in the short term.

Author : Augusto de la Torre,Juan Carlos Gozzi
Publisher : World Bank Publications
Page : 43 pages
File Size : 45,7 Mb
Release : 2006
Category : Crisis financiera - America Latina
ISBN : 8210379456XXX

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Financial Development in Latin America by Augusto de la Torre,Juan Carlos Gozzi Pdf

"This paper argues that the dominant policy paradigm on financial development is increasingly insufficient to address big emerging issues that are particularly relevant for financial systems in Latin America. This paradigm was shaped over the past decades by a fundamental shift in thinking toward market-based financial development and a complex process of financial crises interpretation. The result has been a richly textured policy paradigm focused on promoting financial stability and the convergence to international standards. It argues, however, that there is a growing dissonance between the current paradigm and the emerging issues, which is illustrated by discussing challenges in three areas: stock markets, small and medium enterprise loans, and defined-contribution pension funds. The paper concludes that the dominant policy paradigm is ill-suited to provide significant guidance in relation to the big emerging issues. It emphasizes the need to take a fresh look at the evidence, improve the diagnoses, revisit expectations, and revise the paradigm. "--World Bank web site.

Author : Ms.Liliana Rojas-Suárez,Mr.Steven Riess Weisbrod
Publisher : International Monetary Fund
Page : 120 pages
File Size : 43,6 Mb
Release : 1994-10-01
Category : Business & Economics
ISBN : 9781451853971

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Financial Market Fragilities in Latin America by Ms.Liliana Rojas-Suárez,Mr.Steven Riess Weisbrod Pdf

This paper has two objectives: first, by reviewing the recent experience of five Latin American countries with the restructuring of their financial sectors, it derives lessons regarding the most effective ways to resolve banking difficulties in developing countries. Second, the paper analyzes current policy challenges associated with the health of financial systems in Latin America, including: (a) designing policies to respond to the recent large inflows of capital that maintain long-run macroeconomic stability and healthy financial systems; and (b) evaluating the impact of capital markets competition on the soundness of banking systems.

Author : Kim B. Staking
Publisher : IDB
Page : 200 pages
File Size : 41,5 Mb
Release : 1997
Category : Business & Economics
ISBN : 1886938237

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Policy-based Finance and Market Alternatives by Kim B. Staking Pdf

Author : Ricardo J. Caballero
Publisher : IDB
Page : 186 pages
File Size : 40,9 Mb
Release : 2001
Category : Business & Economics
ISBN : 1931003076

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Macroeconomic Volatility in Reformed Latin America by Ricardo J. Caballero Pdf

Author : Kenroy Dowers,Pietro Masci
Publisher : IDB
Page : 572 pages
File Size : 50,7 Mb
Release : 2003
Category : Business & Economics
ISBN : 1931003491

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Focus on Capital by Kenroy Dowers,Pietro Masci Pdf

Local capital market development responds to the need to reduce the risk of financial crises that result from an excessive reliance on external borrowing -- for example, to avoid foreign exchange risk, reduce contagion, and decrease short-term external borrowing. In fact, as financial crises dwarf the role of financial intermediation, the problems of asymmetric information become even more severe, leading to greater public mistrust of financial institutions. The contributors in Focus on Capital tackle various aspects of developing Latin American capital markets. Macroeconomic and structural policies, accounting practices and standards, bond market development, market infrastructure, derivatives markets, corporate governance, ethics, human capital, and regional integration all play a role. One of the shortcomings of many strategies for capital market development -- more important than getting the sequencing wrong -- is failing to understand the links between the various components and the need for an overall strategy as well as plans for each component. Focus on Capital analyzes the status of the markets in Latin America and identifies the technical, political, and financial challenges to building vibrant capital markets and increasing the efficiency benefits of regional economic and financial integration.

Author : OECD,Inter-American Development Bank
Publisher : OECD Publishing
Page : 136 pages
File Size : 50,5 Mb
Release : 2000-03-09
Category : Electronic
ISBN : 9264181091

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Development Centre Seminars Global Finance from a Latin American Viewpoint by OECD,Inter-American Development Bank Pdf

The Inter-American Development Bank and the OECD Development Centre created the International Forum on Latin American Perspectives as an annual meeting place of ideas and strategies from Latin America and from the OECD region. The tenth meeting of ...

Author : Luc Eyraud,Ms.Diva Singh,Mr.Bennett W Sutton
Publisher : International Monetary Fund
Page : 32 pages
File Size : 41,5 Mb
Release : 2017-01-18
Category : Business & Economics
ISBN : 9781475568684

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Benefits of Global and Regional Financial Integration in Latin America by Luc Eyraud,Ms.Diva Singh,Mr.Bennett W Sutton Pdf

The timing is ripe to pursue greater regional financial integration in Latin America given the withdrawal of some global banks from the region and the weakening of growth prospects. Important initiatives are ongoing to foster financial integration. Failure to capitalize on this would represent a significant missed opportunity. This paper examines the scope for further global and regional financial integration in Latin America, based on economic fundamentals and comparisons to other emerging regions, and quantifies the potential macroeconomic gains that such integration could bring. The analysis suggests that closing the financial integration gap could boost GDP growth be 1⁄4 - 3⁄4 percentage point in these countries, on average.

Author : Victor Silverio Posadas Hernandez
Publisher : Springer Science & Business Media
Page : 205 pages
File Size : 52,6 Mb
Release : 2007-11-03
Category : Business & Economics
ISBN : 9783835091030

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Stock Market Anomalies by Victor Silverio Posadas Hernandez Pdf

Victor Silverio Posadas Hernandez explores three sets of questions: What are the investment laws in the Latin American emerging markets (LAEM) and how do they compare to those of developed countries? How heterogeneous are the implicit trading costs in the LAEM and which factors are responsible for the heterogeneity? How does the predictability of stock returns in the LAEM differ from those documented for developed markets?

Author : Harvey Arbelaez,Reid W. Click
Publisher : JAI Press Incorporated
Page : 536 pages
File Size : 46,6 Mb
Release : 2005-01-25
Category : Business & Economics
ISBN : 0762311630

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Latin American Financial Markets by Harvey Arbelaez,Reid W. Click Pdf

Presents a collection of 21 original papers on Latin American finance by prominent researchers in and out of the region. This book attempts to bring them together so that the commonality Latin finance can be more easily discerned. While topics are diverse, the papers range from country-specific to comparative and international in perspectives.