Latin American Capital Markets

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10 KENROY DOWERS, FELIPE GOMEZ-ACEBO, AND PIETRO MASCIFigure I -3Market Capitalization in SelectedCountries, 1991-2000(Percentage of GDP)Figure 1-4 Value Traded in Selected Countries,1991-2000(Percentage of GDP)Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pubSource: IFC (Various years).
DEVELOPING A STRATEGY FOR REFORMING CAPITAL MARKETS11Figure 1-5Source: IFC (various years).Turnover Ratio for SelectedCountries, 1991-2000During the first half of the 1990s, these shortcomings were largely offset byinternational portfolio investment Fund managers and investors in industrial countriesinvested heavily in emerging countries through equities, bonds, and project financebased on the expectation that economic growth and market returns in those economieswould exceed growth in the United States and Europe. Furthermore, it washoped that international portfolio investments would provide opportunities for riskdiversification due to the low cross-correlation between rates of return in emergingmarkets and industrial countries. 3 Unfortunately, those expectations have not been realized.The U.S. stock market outperformed other markets in 1987-99—data returnsfor the Europe, Australia, and Far East index (EAFE); Standard and Poor's; and MorganStanley Capital International (MSCI) versus the National Association of SecuritiesDealers and Automated Quotations (NASDAQ)—as did the U.S. bond market 4Since the emerging market crises, access to international capital markets hasbeen more difficult for Latin American countries. In 2000, for the first time in a3 In general, by holding an asset whose returns are not correlated with the returns of another asset, investors canraise the overall return on their portfolios without equivalent increase in risk.4 Investors have not completely abandoned the companies of emerging countries, but only 8.5 percent of all globalCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pubfunds' assets are stocks classified as those of emerging countries, after a peak of 12.5 percent in 1994.
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Page 3 and 4: FOCUS ON CAPITALNew Approaches to D
Page 5 and 6: ContentsForewordAcknowledgmentsAbou
Page 7 and 8: ForewordDuring the past two decades
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Page 12: xFOCUS ON CAPITALlyst with Freddie
Page 15 and 16: ABOUTTHE AUTHORS xiiiDerek West is
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Page 43 and 44: DEVELOPING A STRATEGY FOR REFORMING
Page 61 and 62: PART IIFACTORS AFFECTINGTHE DEVELOP
Page 63 and 64: •CHAPTER 2Globalization,Technolog
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GLOBALIZATION.TECHNOLOGY AND REGULA
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GLOBALIZATION.TECHNOLOGY AND REGULA
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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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Copyright © by the Inter-American
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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 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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Copyright © by the Inter-American
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Latin American Capital Markets

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