Latin American Capital Markets

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90 GEORG WITTICH, ETHIOPIS TAFARA, AND ROBERT J. PETERSON. 2001. Examinations of Broker-Dealers Offering Online Trading: Summary of Findingsand Recommendations.Washington, D.C., U.S. Securities and Exchange Commission,January 25. http://www.sec.gov/news/studies/online.htm.Weber, Joseph, and Peter Elstrom. 1999. Transforming the Art of the Deal. Bus/nessWeek 3639 (July 26):96.Yankee Group. 1999. An e-lnfrastructure for a Leading e-Economy: Report on the Enhancementof the Financial Infrastructure in Hong Kong. Boston, Mass., SeptemberCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
CHAPTER 4The Impact of the MacroeconomicEnvironment on Capital Marketsin Emerging Latin American EconomiesValeriano F. GarciaLuis Alberto GiorgioFrom the era when rich Florentine merchants risked their purse and life to financetheir princes until the current period of Internet banking, financial intermediation hasbeen cursed as responsible for the downfall of the rich or hailed as the solution forthe poor Both claims are indeed false, but recent history has shown that, when goneawry, financial intermediation may be the Achilles' heel of the modern economic system.Modern history has shown that there is no development without vibrant capitalmarkets.Macroeconomic variables and the design and implementation of macroeconomicpolicy influence the main functions of financial markets, which are the intermediationof risks and terms. Capital markets and banks have attracted the attentionof intellectuals and policymakers. In Latin America and the Caribbean, policymakershave placed great expectations in the power of banks.Thus, they have created largepublic sector development banks and myriad small specialty banks.The underlying assumptionhas been that public banks play not only a catalytic role but also a developmentfunction in correcting what some analysts assume are market failures.In the past decade, many public banks have been dismantled after they failedto stand up to challenges, created a large fiscal burden, and distributed subsidies in anontransparent way. More importantly, they did not provide medium- and long-termfinancing and did not allocate funds to competitive, export-oriented firms. By contrast,in some other regions, for example Europe, public sector financial intermediaries operatein the context of more open and integrated economies and allocate funds givingpriority to borrowing firms based on their competitiveness in external markets.Developed countries have used the same public sector approach in promoting theCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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Copyright © by the Inter-American
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FOCUS ON CAPITALNew Approaches to D
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ContentsForewordAcknowledgmentsAbou
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ForewordDuring the past two decades
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xFOCUS ON CAPITALlyst with Freddie
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ABOUTTHE AUTHORS xiiiDerek West is
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xviFOCUS ON CAPITALLocal capital ma
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xviiiFOCUS ON CAPITALTable IFinanci
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xxFOCUS ON CAPITALto investors to p
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xxii FOCUS ON CAPITALAlthough deriv
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4 KENROY DOWERS, FELIPE GOMEZ-ACEBO
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10 KENROY DOWERS, FELIPE GOMEZ-ACEB
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DEVELOPING A STRATEGY FOR REFORMING
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PART IIFACTORS AFFECTINGTHE DEVELOP
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•CHAPTER 2Globalization,Technolog
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INSTITUTIONAL INVESTORS AND CAPITAL
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PART IIIISSUES IN THE IMPLEMENTATIO
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CHAPTER 6Promoting Regional Capital
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PROMOTING REGIONAL CAPITAL MARKET I
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^CHAPTER 7Accounting andAuditing St
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ACCOUNTING AND AUDITING STANDARDS 2
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Puerto Rico Colegio de Contadores P
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Financial statement formats Specifi
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CHAPTER 8Enhancing Market Infrastru
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ENHANCING MARKET INFRASTRUCTURE IN
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•CHAPTER 9Demutualization of Exch
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DEMUTUALIZATION OF EXCHANGES 271int
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DEMUTUALIZATION OF EXCHANGES 273and
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DEMUTUALIZATION OF EXCHANGES 275as
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DEMUTUALIZATION OF EXCHANGES 277wou
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DEMUTUALIZATION OF EXCHANGES 279is
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DEMUTUALIZATION OF EXCHANGES 281tha
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DEMUTUALIZATION OF EXCHANGES 283sec
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DEMUTUALIZATION OF EXCHANGES 285the
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DEMUTUALIZATION OF EXCHANGES 287cro
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DEMUTUALIZATION OF EXCHANGES 289Ams
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DEMUTUALIZATION OF EXCHANGES 291to
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DEMUTUALIZATION OF EXCHANGES 293Kah
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CHAPTER 10Developing Bond Markets:A
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DEVELOPING BOND MARKETS: A COMPREHE
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322 CLEMENTE DELVALLEare generally
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•CHAPTER 11Designing a Derivative
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DESIGNING A DERIVATIVES COMPLEMENT
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DESIGNING A DERIVATIVES COMPLEMENTT
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•CHAPTER 12Access to Financing fo
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ACCESS TO FINANCING FOR SMALL AND M
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•CHAPTER 13Developing Capital Mar
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DEVELOPING CAPITAL MARKETS—ETHICA
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DEVELOPING CAPITAL MARKETS-ETHICAL
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•CHAPTER 14Corporate Governancean
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CORPORATE GOVERNANCE AND CAPITAL MA
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The company's historyof equitable t
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CHAPTER 15Human Capacity Developmen
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HUMAN CAPACITY DEVELOPMENT 465For t
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HUMAN CAPACITY DEVELOPMENT 467• W
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HUMAN CAPACITY DEVELOPMENT 469spect
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HUMAN CAPACITY DEVELOPMENT 471Table
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HUMAN CAPACITY DEVELOPMENT 479struc
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HUMAN CAPACITY DEVELOPMENT 481rapid
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HUMAN CAPACITY DEVELOPMENT 483tate
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PART IVCONCLUSIONCopyright © by th
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CHAPTER 16Pragmatic Issues in Capit
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PRAGMATIC ISSUES IN CAPITAL MARKET
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IndexIn this index, page numbers in
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INDEX 519Bolsa de Valores de Rio de
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INDEX 521Clearing and Depository Co
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INDEX 523costs, financial services
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INDEX 525developing economies (cont
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INDEX 527European Central Securitie
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INDEX 529Global Equity Market (GEM)
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INDEX 531institutional investorsbon
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INDEX 533Jensen, Michael, 216job cr
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INDEX 535margin requirements, 322,
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INDEX 537outsourcing and infrastruc
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INDEX 539prudent investor rule, 141
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INDEX 541Securities and Exchange Co
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INDEX 543technology (continued)self
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Latin American Capital Markets

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