Latin American Capital Markets

HUMAN CAPACITY DEVELOPMENT 477Table 15-6Human Capacity Development Components in CapitalMarkets in OceaniaStock Industry TrainingRegulators exchanges associations institutions• Australian Securities • Australian • Asian Securities • Corporationand Investments Derivatives Analysts Federation BuildersCommission Exchange Inc. • Institute of Financial• Securities • Australian Stock • Australasian Professionals ofCommission, Exchange Investor Relations New ZealandNew Zealand • New Zealand Association • Securities Institute• Securities Futures and Options • Securities and of AustraliaCommission of Exchange Derivatives Industry • ShareChatPapua New Guinea • New Zealand Stock Association EducationExchange • Securities Registrars • Standard and Poor's• Sydney Futures Association ofExchangeAustralia Inc.• Securities IndustryResearch Centrefor Asia-Pacific(SIRCA)compare the region to developed countries.To determine whether there are majordifferences between comparable regions, an empirical examination of human capitaldevelopment in an equally diverse region was done. Using the human developmentindex produced by the United Nations Development Programme (1996), countriesclose to those of Latin America and the Caribbean were identified (for example, thehuman development for New Zealand is 0.927; Barbados, 0.906; Fiji, 0.853; Mexico,0.845; Nicaragua, 0.569; and Vanuatu, 0.562). Based on these ratings, Oceania was chosenfor comparison, and data on human capital development in this region are summarizedin table 15-6.Oceania comprises of fewer countries than Latin America and the Caribbean.In two countries in Oceania—Australia and New Zealand—employees in the workplacehave high levels of literacy (OECD 1998). Oceania has five stock exchanges, sixprofessional associations, and five organizations specializing in training and developmentprograms for professionals in capital markets (table 15-6).The data suggest thatthere is a balanced approach to investing in the physical and human infrastructure forcapital markets in Oceania.In comparing Latin America and the Caribbean, the three developed markets,and the countries of Oceania, a key area of similarity is the role played by regulatoryagencies in their proactive approach to investor education. However, all of the loca-Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub