Latin American Capital Markets

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154 KAREN GOLDSTEIN ROSSOTTOOrganisation for Economic Co-operation and Development (OECD). 1999. Principlesof Corporate Governance. Paris: OECD, April 16. http://www.oecd.org (under"corporate governance").. 2000. Institutional Investors Statistical Yearbook. Paris: OECD.Poser, Norman S. 1991. International Securities Regulation: London's "B/g Bong" and theEuropean Securities Markets. Boston, Mass.: Little, Brown and Company.Rea, John. 1996. U.S. Emerging Market Funds: Hot Money or Stable Source of InvestmentCapital? Investment Company Institute Perspective 2(6, December): 1-14.http://www.ici.org/pdf/per02-06.pdf.Rea, John, and Richard Marcis. 1996. Mutual Fund Shareholder Activity during U.S.Stock Market Cycles, 1944-95. Investment Company Institute Perspective 2(2,March): l-l 6. http://www.ici.org/pdf/per02-02.pdf.Reid, Brian. 2000. The 1990s: A Decade of Expansion and Change in the U.S. MutualFund Industry. Investment Company Institute Perspective 6(3, July): I-20.Rojas-Suarez, Liliana, and Steven Wiesbrod. 1996. Building Stability in Latin AmericanFinancial Markets. Working Paper 320. Inter-American Development Bank, Washington,DC., February.Schmidt-Hebbel, Klaus. 1999. Latin America's Pension Revolution: A Review of Approachesand Experience. Prepared for the Annual Bank Conference on DevelopmentEconomics, World Bank, Washington, DC., April 28-30.Securities Industry Association (SIA). 2000. Securities Industry Fact Book. New YorkStandard & Poor's (S&P). 2001 a. Emerging Markets Factbook. New York MacGraw-Hill.. 2001 b. Five Markets Dominate Developing Latin American Insurance Industry.New York July 25.Strahota, Robert D 1996. Securities Regulation in Emerging Markets: Some Issues andSuggested Answers. Paper prepared for the U.S. Securities and Exchange Commission,International Institute for Securities Market Development, Washington,DC., April 29.U.S. Securities and Exchange Commission (SEC). 1938-40. Investment Trusts and InvestmentCompanies. Report of the Securities and Exchange Commission to CongressPursuant to Section 30 of the Public Utility Holding Company Act of 1935,Washington, DC.. 1971. Institutional Investor Study. 92d Congress, I st Session, House Document92-64. Washington, DC., March 10.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
INSTITUTIONAL INVESTORS AND CAPITAL MARKET DEVELOPMENT 155. 1992. Protecting Investors: A Half-Century of Investment Company Regulation. Divisionof Investment Management, U.S. Securities and Exchange Commission,Washington, D.C., May.. 1994. Market 2000: An Examination of Current Equity Market Developments.Division of Market Regulation, U.S. Securities and Exchange Commission, Washington,D.C., January.U.S. Senate Finance Committee. !973.The Role of Institutional Investors in the StockMarket (Briefing Material prepared by Staff for the Use of the Subcommittee onFinancial Markets). U.S. Senate Finance Committee,Washington, D.C.July 24.Uthoff, Andras. 2000. Pension Reform in Chile. In Larry Sawers, Daniel Schydlowsky,and David Nickerson (eds.), Emerging Financial Markets in the Global Economy.World Scientific Publishing Co. http://www.wspc.com.sg/books/economics/4076.html.Vittas, Dimitri. 1996. Pension Funds and Capital Markets: Investment Regulation, FinancialInnovation, and Governance. Public Policy for the Private Sector. Viewpoint Note 71.Washington, DC.: World Bank. 1998. Institutional Investors and Securities Markets: Which Comes First? Paperpresented at the Annual Bank Conference on Development Economics, LatinAmerica and the Caribbean. World Bank, San Salvador, El Salvador; June 28-30.Vives, Antonio. 1999. Pension Funds in Infrastructure Project Finance: Regulations andInstrument Design. Sustainable Development Department Technical Paper SeriesIFM-1 19. Infrastructure and Financial Markets, Inter-American DevelopmentBank, Washington, DC.World Bank 2001. World Development Indicators. Washington, DC.: World BankWorld Bank and the Caribbean Centre for Monetary Studies (CGCED). 1998. WiderCaribbean Financial Sector Review, Increasing Competitiveness and Financial ResourceManagement for Economic Growth. FY98 Agenda Report. Washington,D.C.: World BankYermo.Juan. 2000. Institutional Investors in Latin America: Recent Trends and RegulatoryChallenges. Institutional Investors in Latin America, pp. 23-1 19 Paris: OECD.Zurstrassen, Patrick 1998. The European Investment Funds Industry in 1997. InstitutionalInvestors in the New Financial Landscape. Paris: OECD.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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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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GLOBALIZATION.TECHNOLOGY AND REGULA
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GLOBALIZATION.TECHNOLOGX AND REGULA
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GLOBALIZATION.TECHNOLOGY; AND REGUL
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GLOBALIZATION.TECHNOLOGY; AND REGUL
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GLOBALIZATION.TECHNOLOGY, AND REGUL
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•CHAPTER 3Internet Technology and
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INTERNETTECHNOLOGY AND THE DEVELOPM
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INTERNET TECHNOLOGY AND THE DEVELOP
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INTERNET TECHNOLOGY AND THE DEVELOP
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INTERNETTECHNOLOGY ANDTHE DEVELOPME
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CHAPTER 4The Impact of the Macroeco
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THE IMPACT OF THE MACROECONOMIC ENV
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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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