Latin American Local Capital Markets

Author : Mauro Miranda
Publisher : CFA Institute Research Foundation
Page : 92 pages
File Size : 50,6 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 : Anonim
Publisher : Unknown
Page : 83 pages
File Size : 49,6 Mb
Release : 2018
Category : Capital market
ISBN : 1944960481

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Latin American Local Capital Markets by Anonim Pdf

Author : Augusto de la Torre,Sergio Schmukler
Publisher : World Bank Publications
Page : 228 pages
File Size : 55,6 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 : 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 : 46,9 Mb
Release : 1970
Category : Capital
ISBN : STANFORD:36105035148563

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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 : Kenroy Dowers,Pietro Masci
Publisher : IDB
Page : 572 pages
File Size : 40,9 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 : ANTONIN AUTOR BASCH
Publisher : Unknown
Page : 163 pages
File Size : 54,5 Mb
Release : 1970
Category : Electronic
ISBN : OCLC:859696327

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CAPITAL MARKETS IN LATIN AMERICA by ANTONIN AUTOR BASCH Pdf

Author : Pedro Aspe Armella,Rudiger Dornbusch,Maurice Obstfeld
Publisher : University of Chicago Press
Page : 305 pages
File Size : 43,7 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 : Eduardo Borensztein,Kevin Cowan,Ugo Panizza,Barry Eichengreen
Publisher : MIT Press
Page : 319 pages
File Size : 44,8 Mb
Release : 2008
Category : History
ISBN : 9780262026321

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Bond Markets in Latin America by Eduardo Borensztein,Kevin Cowan,Ugo Panizza,Barry Eichengreen Pdf

Developing local bond markets is high on the policy agenda of Latin America. This book's case studies of Argentina, Brazil Chile, Columbia, Mexico and Uruguay, written by country experts follow a common methodology, with each offering a history of that country's bond market development and data sets.

Author : Noemi Levy-Orlik,Jorge A. Bustamante-Torres,Louis-Philippe Rochon
Publisher : Edward Elgar Publishing
Page : 264 pages
File Size : 41,8 Mb
Release : 2021-06-25
Category : Business & Economics
ISBN : 9781800372146

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Capital Movements and Corporate Dominance in Latin America by Noemi Levy-Orlik,Jorge A. Bustamante-Torres,Louis-Philippe Rochon Pdf

This book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region.

Author : Ignacio Puente
Publisher : Springer Nature
Page : 263 pages
File Size : 54,8 Mb
Release : 2022-02-01
Category : Social Science
ISBN : 9783030889838

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Private Equity and Financial Development in Latin America by Ignacio Puente Pdf

Shallow capital markets are a key bottleneck for private sector development in Latin America. Still, there is not a large literature on capital markets and corporate governance, or on the politics of regulatory reform and business associations, focused on this region. To help address this gap, this new book introduces private equity into the financial development debate through a Latin American lens. The author looks at the cases of Brazil, Mexico, Chile, Colombia, and Argentina. And proposes a shift in the financial development discussion from institutional explanations focused only on rules to an actor-based argument centered on the role of institutional investors, in particular pension funds .

Author : Joseph C. Hill,Antonia Stolper,Anne Stetson
Publisher : Unknown
Page : 915 pages
File Size : 50,5 Mb
Release : 2004-01
Category : Electronic
ISBN : 1578231663

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Latin American Capital Markets by Joseph C. Hill,Antonia Stolper,Anne Stetson Pdf

This work provides lawyers, investment bankers, & other professionals with an overview of the laws & regulations governing local capital markets in Argentina, Brazil, Chile, Colombia, Mexico, Peru, Uruguay & Venezuela. The securities market of each country is examined in Part I of each chapter. Local laws affecting the market, structure & authority of local regulators & governance of the local securities markets are analyzed in Part II. Each chapter examines regulations, & covers disclosure requirements, the registration process, regulations aiming at market transparency, shareholders' rights, & enforcement measures. Section III of each country chapter assesses the progress that has been made through legal reform of the securities markets, & looks forward to what further changes & improvements will be necessary to protect investors adequately. By taking a close look at developments in the securities regimes of eight Latin American countries, this work provides a practical & useful overview of the topic, & a basis for a comparative look at recent trends in Latin American capital markets as a whole.

Author : Augusto de la Torre,Juan Carlos Gozzi
Publisher : World Bank Publications
Page : 43 pages
File Size : 41,7 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 : Hela Cheikhrouhou
Publisher : World Bank Publications
Page : 184 pages
File Size : 50,6 Mb
Release : 2007
Category : Law
ISBN : 9780821371404

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Structured Finance in Latin America by Hela Cheikhrouhou Pdf

Structured Finance in Latin America explores how structured finance mechanisms can channel pension savings to support projects in underserved sectors, deepen capital markets, and contribute to investment and economic growth. Private pension funds have been accumulating assets rapidly in the wake of pension system reforms in many Latin American countries. Strict investment regulations to protect workers' savings have limited their investment in highly creditworthy domestic securities, yet pension fund demand for new securities has outstripped issuance of eligible traditional corporate debt instruments. This has contributed to a high concentration of pension fund assets in public debt. Innovative structured finance mechanisms can help bring to the market a new set of creditworthy securities backed by pools of loans to small borrowers, mortgage loans or the expected proceeds of large infrastructure projects. These mechanisms create new investment opportunities for pension funds, while establishing additional sources of funding for underserved market segments. Policy makers and regulatory authorities have a catalytic role to play in the development of structured finance securities by establishing a conducive legal, regulatory, and tax framework. Structured Finance in Latin America serves as a practical guide for development practitioners, policy makers, and others working in government, international or nongovernmental organizations, and financial institutions, who focus on finance and investment; infrastructure, transport, and urban development; housing finance; small and medium-sized enterprise development; and pension reform.

Author : Svetlana Vtyurina,Adrian Robles,Mr.Bennett W Sutton
Publisher : International Monetary Fund
Page : 30 pages
File Size : 41,9 Mb
Release : 2017-07-12
Category : Business & Economics
ISBN : 9781484310502

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A License to Issue (Anywhere) by Svetlana Vtyurina,Adrian Robles,Mr.Bennett W Sutton Pdf

This paper overviews patterns in bond issuance in local and external markets by firms in six large Latin American countries. Data suggest that despite rising issuance, local markets remain small and shallow in several countries. Nevertheless, since greater funding is available to many firms in both markets, we investigate the factors that may explain the firm’s choice on where to issue a bond. Using an unbalanced panel of firm and market-level indicators for years 1995-2015, we control for variables representing several theories of capital structure, and the results show that firm characteristics such as size and liquidity increase the likelihood of firms to issue externally. With respect to market characteristics, the market completeness hypothesis generates the most support, where market scale and depth are most important for the issuer’s choice of the market, suggesting that local markets will have to become deeper to draw more firms and investment.

Author : Anonim
Publisher : Unknown
Page : 293 pages
File Size : 53,5 Mb
Release : 2024-06-23
Category : Electronic
ISBN : OCLC:1331029221

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Financial policies of the world capital market by Anonim Pdf