Latin American Capital Markets

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462 MIKE LUBRANOBibliographyBeck,Thorsten, Ross Levine, and Norman Loayza. 2000. Finance and the Sources ofGrowth. Journal of Financial Economics 58, 261-300.Jordan, Cally. 2000. "Experimentation in Capital Markets Regulation." InternationalOrganization of Securities Commissions, Montreal.Jordan, Cally, and Mike Lubrano. 2002. How Effective Are Capital Markets in ExertingCorporate Governance on Corporations? Financial Sector Governance: The Roles ofthe Public and Private Sectors. Washington, D.C.: Brookings Press.La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny.2000. Investor Protection and Corporate Valuation. Journal of Financial Economics(Netherlands). Issue 1-2 (October/November).La Porta, Rafael, Florencio Lopez-de-Silanes, Robert W. Vishny, and Andrei Shleifer2002. Investor Protection and Corporate Valuation. Journal of Finance.McKinsey & Company. 2002. Global Investor Opinion Survey: Key Findings, July 2002(accessible from the Global Corporate Governance Forum: www.www.gcgf.org/docs).Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
CHAPTER 15Human Capacity Developmentfor Capital Market Professionalsin Latin America and the CaribbeanCatherine Chandler-CrichlowThe process of financial sector development involves a complex mix of a number offactors, such as institutional strengthening, identification of the products and servicesbest suited to a domestic market, and a culture of savings and asset accumulation. Butno single factor is as vital to this process as the development of the human capitalbase needed for sustained growth in the sector Outreville (1999) shows that there isa positive correlation between human capital development and growth in financialsectors. Furthermore, there is increasing recognition internationally that, for sustainedgrowth in domestic economies, greater focus needs to be placed on developing thehuman resource base to ensure that workers and professionals have the skills, knowledge,and critical thinking abilities to be productive in the workplace (Becker 1993;OECD 1998; UNDP 1996).Considering the diversity of natural resources, cultural groupings, politicalregimes, and educational systems in Latin America and the Caribbean, it is imperativethat a human capital agenda be implemented that provides professionals with theskills, knowledge, and competencies they need to help achieve sustained economicgrowth. Capital markets in Latin America and the Caribbean span a wide spectrum,from sophisticated systems with multiple stock exchanges and active trading volumesto others that are still in an embryonic phase. In addition to the structural nuance ofthese capital markets, there continues to be tremendous interest by foreign investorswho wish to be part of the exploration of the natural resources in Latin America andthe Caribbean.Models of human capital development in the region seem to follow a similarpattern of capital market development, with differences in the level of sophisticationin approaches. In her paper on human capital development, Hunter (2000) finds thatCopyright © 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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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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Page 513 and 514: CHAPTER 16Pragmatic Issues in Capit
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PRAGMATIC ISSUES IN CAPITAL MARKET
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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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