Latin American Capital Markets

HUMAN CAPACITY DEVELOPMENT 483tate an expedient introduction of training programs without the extensive developmenttime required to produce new training applications.A multilingual scope would further enable human capital development.Thelinguistic differences across Latin America and the Caribbean make it imperative thatall training courses and seminars, professional development materials, and lectures bemade available in the main languages of the region. It might be perceived that the costof such an approach would be exorbitant. However, if a database of trainers, educators,and translators in the region were produced, these resources could be used inthe development of such materials. While associations such as COSRA, the Centrade Estudios Monetarios Latinoamericanos (CEMLA), and the Asociacion de SupervisoresBancarias de las Americas (ASBA) exist to provide training for specific sectionsof the financial sector there appears to be merit in the need for a financial sector curriculumdevelopment committee focused on advancing the development of all aspectsof financial sector development in the region.hhhWith the untapped natural resources in Latin America and the Caribbean, the regionmaintains the potential to develop vibrant capital markets. However, this promise offinancial sector growth is contingent on the design, delivery, and implementation of aholistic approach to human capital development in this area.The sector in the regionis characterized by rapid advancements in the establishment of domestic capital markets,gaps in human resource infrastructure, a need to introduce standards of practicefor different professional groups, and wide disparity in financial resources available toeach country to develop the professionals in the sector Thus, it is essential to implementa coordinated approach to developing the human dimension of the capital marketsof Latin America and the Caribbean in order to realize their latent strength.BibliographyBaldwin, J.R. 1995. Human Capital Development and Innovation: The Case of Training inSmall and Medium Sized Firms. Ottawa, Canada: Statistics Canada.Becker; G. 1993. Human Capital. Chicago: University of Chicago Press.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pubBusiness 2.0. 2002. Web Guide to Stock Exchanges in the Caribbean. Business 2.0Media Inc. http://www.business2.eom/webguide/0,1660,9470,00.html.