Latin American Capital Markets

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294 ROBERTA S. KARMELSteil, Benn. 2002. Changes in the Ownership and Governance of Stock Exchanges:Causes and Consequences. In Broofa'ngs-VVhorton Papers on Financial Services.Washington, D.C.: Brookings Institution.Stockholm Stock Exchange. 1997. Annual Report.Stone, Rod. 1999. Swedish, Danish Bourse Link Starts Well; More Links Seen, DowJones International News Service. June 21, available at wl djinsplus.U.S. Congress. 1986. Ad Hoc Subcommittee on Merit Regulation of the State Regulationof Securities Committee. Report on State Merit Regulation of SecuritiesOfferings. Bus/ness Law (41)785, 787.The Wall Street Journal. 1999. Levitt Studies Plan for Single Market Regulator September2l,p.CI.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
CHAPTER 10Developing Bond Markets:A Comprehensive ViewClemente del ValleBond markets provide the means to fulfill mid- and long-term funding needs. Developedbond markets help to reduce financial risks in the overall economy, provide thegovernment with a noninflationary source of finance, create a well-balanced financialenvironment, and promote economic growth. Due to the importance of these markets,governments must take the lead in developing them by creating a domestic governmentsecurities market and providing an adequate framework for developing corporatebond markets. Indeed, government bond markets are the foundation fordomestic bond markets.From an inter-American perspective, the level of bond market developmentvaries across countries, which can be categorized in three groups.The first one, thedeveloped group, includes Canada and the United States; both countries have welldevelopedcapital and bond markets where the government obtains all its fundingneeds via the issuance of fixed-rate and local-denominated currency bonds. Second,the developing group includes Argentina, Brazil, Chile, Colombia, and Mexico; thesecountries have achieved substantial progress in developing bond markets, especiallygovernment securities markets, but the process is far from complete.Third, the predevelopinggroup includes the rest of the Latin American countries, which are mostlysmall economies where the size of the financial system does not support the infrastructurerequired to develop a bond market or countries that have not yet begunthe process of developing a bond market. Table 10-1 shows the relative size of thegovernment securities market with respect to the domestic and international bondmarkets in selected developed and emerging countries.Government bond markets form the base of the entire bond market. Table10-1 also shows that most of the developed countries fund their financial needs intheir domestic markets, while Latin American countries require access to internationalCopyright © 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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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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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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(Table continues on next page.)Copy
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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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DESIGNING A DERIVATIVES COMPLEMENTT
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DESIGNING A DERIVATIVES COMPLEMENT
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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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