Latin American Capital Markets

HUMAN CAPACITY DEVELOPMENT 481rapid technological change on capital flows at regional and international levels. Suchmaterials must be developed in English, Spanish, and Portuguese to meet the needsof all countries across the region.Third, the approach would examine the accessibility of training programs. Herean analysis would be done to identify the factors that facilitate or hinder access to trainingprograms for members of the sector It would also identify the training approachescurrently used, including seminars, workshops, lectures, or self-study materials. A humancapital development approach that provides an effective mix of program delivery strategiesthat include classroom and modular self-study alternatives could increase bothoverall access to ongoing professional development and cost efficiencies.Fourth, the approach would require determining the sector's use of information.Never before in history has there been access to so much information from somany different media forms and on such a broad range of topics. Some proponentsin the field of information management suggest that this plethora of facts is at timesreceived with an amazing absence of analysis by the recipients of such information.Professionals need help in the process of seeking relevant information, analyzing clearand ambiguous information, and determining the potential impact of market andglobal trends on local markets. Assessing the information used by market participantsand the strategies for making them more effective in analyzing such information wouldbe another key step in developing a human capital approach for the sectorBarriersWhile there is a clear need for implementing a human capital development approachfor Latin America and the Caribbean, three challenges need to be addressed. First isthe funding process. Setting up training and development curricula for capital marketsrequires seed financing. A funding approach that involves a partnership among internationalagencies, regional governments, and the regional private sector needs to beestablished.The second challenge is to strengthen regional associations. Although COSRAprovides a forum for dialogue among regulators in Latin America and the Caribbean,such associations need to be strengthened to assume a more pivotal role in developingthe human resource base in the region.This is a challenge because the membershipdoes not have the financial resources needed to support the infrastructureneeded by the association. In comparing the region to the developed countries orOceania, this membership model provides a knowledgeable pool of resources throughfocused investment in professional groups.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub