Latin American Capital Markets

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210 RUBEN LEEEuroclear 1999. The Hub and Spokes Clearance and Settlement Model: The Pan-European Settlement Solution for Efficient and Competitive Capital Markets.Brussels, May.Euronext. 2000. Comprehensive Paper.European Central Securities Depositories Association. 1999. Euro/inks: Delivering theFuture.European Economic Community Commission. 1966. The Development of a EuropeanCapital Market Report of a Group of Experts Appointed by the EEC Commission.(Segre Report). Brussels.Foerster, Stephen R., and G.Andrew Karolyi. 1998. MultimarketTrading and Liquidity:A Transaction Data Analysis of Canada-U.S. Interlistings. Working Paper 98-12.Charles A. Dice Center for Research in Financial Economics, Fisher College ofBusiness, Ohio State University.Hansmann, Henry B. 1980. The Role of Nonprofit Enterprise. Yale Law Journal 89:835-98.. 2000. The Ownership of Enterprise. Cambridge, Mass.: Harvard University Press.Hilton, Andrew, and David Lascelles. 2000. IX: Better or Just Bigger? Paper 46 Centerfor the Study of Financial Innovation, August.Hobson, Dominic. 2000. Market Infrastructure: Assertions versus Arithmetic GlobalCustodian (Winter): 66-78.International Organization of Securities Commissions (IOSCO). 1997. Guidance on InformationSharing. November. 1998. Objectives and Principles of Securities Regulation. SeptemberKatz, Sherman E. 1992. The Second Banking Directive, the General Good, and theUnited Kingdom Banking 1987 Act. Diploma in Law Thesis, University of Oxford,Oxford.Lee, Ruben M. G. 1993. Enforcement Issues in Securities Markets. IOSCO Annual Conference,Mexico City, October. 1996. Supervising EC Capital Markets: Do We Need a European SEC? InRichard M. Buxbaum, Gerard Hertig, Alain Hirsch, and Klaus J. Hopt (eds.),European Economic Business Law: Legal and Economic Analyses on Integration andHarmonization. Berlin and New York Walter de GruyterCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
PROMOTING REGIONAL CAPITAL MARKET INTEGRATION21 I. 1999. What Is an Exchange? The Automation, Management, and Regu/ot/on ofFinancial Markets. Oxford: Oxford University Press.. 2000. LSE's Catalogue of Errors. Financial News, September 4.Lemmen, Jan. 1998. Integrating Financial Markets in the European Union. Cheltenham,U.K.: Edward ElgarLevine, Ross. 1997. Financial Development and Economic Growth: Views and Agenda.Journal of Economic Literature 35(june):688-726.Levine, Ross, Norman Loayza, and Thorsten Beck 2000. Financial Intermediationand Growth: Causality and Causes. Journal of Monetary Economics 46(August):31-77.Levine, Ross, and Sara Zervos. 1996. Stock Markets Development and Long-RunGrowth. The World Bank Economic Review 10(2):323-39.. 1998. Stock Markets, Banks and Economic Growth. American Economic Review88(June):537-58.London Stock Exchange (LSE). 1999. Listing Shares in London.McGlaughlin, Grant E. 2000. The Virtual National Securities Commission: Reality orOxymoron? The Material Change Report 9(1 January).Miller; Darius. 1999.The Market Reaction to International Cross-listings: Evidence fromDepository Receipts, journal of Financial Economics 51:103-23.New York Stock Exchange (NYSE). 1999. An International Marketplace.Pagano, Marco. 1997.The Changing Microstructure of European Equity Markets. Centerfor Studies in Economics and Finance, Working Paper 4. Dipartimento diScienze Economiche, Universita degli Studi di Salerno, April.Pagano, Marco, and Ailsa Roell. 1990. Trading Systems in European Stock Exchanges:Current Performance and Policy Options. Economic Policy (October):65-l 15.Pagano, Marco, Ailsa Roell, and Josef Zechner. 2000. The Geography of Equity Listing:Why Do European Companies List Abroad? Center for Studies in Economics andFinance, Working Paper 28. Dipartimento di Scienze Economiche, Universitadegli Studi di Salerno, DecemberPieper, Paul B., and Robert C.Vogel. 1997. Stock Market Integration in Latin America.CAER Discussion Paper IMCC, OctoberCopyright © 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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CHAPTER 5Institutional Investorsand
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INSTITUTIONAL INVESTORS AND CAPITAL
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United KingdomPercentInsurance comp
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PART IIIISSUES IN THE IMPLEMENTATIO
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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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