Latin American Capital Markets

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© 2003 Inter-American Development Bank1300 New York Avenue, N.W.Washington, D.C. 20577Produced by the IDB Publications Section.To order this book, contactIDB BookstoreTel: l-877-PUBS IDB/(202) 623-1753Fax:(202)623-1709E-mail: idb-books@iadb.orgwww.iadb.org/pubThe views and opinions expressed in this publication are those of the authors and do not necessarilyreflect the official position of the Inter-American Development BankCataloging-in-Publication data provided by theInter-American Development BankFelipe Herrera LibraryFocus on capital: new approaches to developing Latin American capital markets / Kenroy Dowers andPietro Masci, editors.p. cm. Includes bibliographical references and index.ISBN 1931003491I. Capital market—Latin America I. Dowers, Kenroy. II. Masci, Pietro. III. Inter-American DevelopmentBankCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub332.673 F597—dc2l LCCN 2003102343
ContentsForewordAcknowledgmentsAbout the AuthorsOverviewPart I. IntroductionChapter IDeveloping a Strategy for Reforming Capital Marketsin Latin America and the Caribbean 3Kenroy Dowers, Felipe Gomez-Acebo, and Pietro MasdPart II. Factors Affecting the Development of Capital MarketsChapter 2Globalization.Technology, and Regulation in Capital Markets:Strategies for Latin America and the Caribbean 37Reeno AggarwalChapter 3Internet Technology and the Development of Securities Markets 65Georg Wittich, Eth/op/s Tafara, and Robert]. PetersonChapter 4The Impact of the Macroeconomic Environment on Capital Marketsin Emerging Latin American Economies 91Valeriano F. Garcia and Luis Alberto GiorgioChapter 5Institutional Investors and Capital Market Development I 19Karen Goldstein RossottoPart III.Issues in the Implementation of Capital Market StrategiesChapter 6Promoting Regional Capital Market Integration 159Ruben LeeChapter 7Accounting and Auditing Standards 213Pietro Masd and Ivan SotomayorvviiixxvCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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Page 3: FOCUS ON CAPITALNew Approaches to D
Page 7 and 8: ForewordDuring the past two decades
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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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•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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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 279is
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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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•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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