Latin American Capital Markets

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514 KENROY DOWERS, RUBEN LEE, AND ANTONIO VIVESInternational Monetary Fund (IMF). 2000a. International Capital Markets: Developments,Prospects, and Key Policy Issues. World Economic and Financial Surveys,International Monetary Fund, Washington, D.C.. 2000b. Progress in Strengthening the Architecture of the International FinancialSystem:A Fact Sheet. International Monetary Fund, Washington, D.C.. 2001. International Standards and Codes. IMF Survey. Vol. 30, No. 7.International Monetary Fund and World Bank 2001. Assessing the Implementation ofStandards: A Review of Experience and Next Steps. International Monetary Fund,Washington, D.C.International Organization of Securities Commissions. 1998. Objectives and Principlesof Securities Regulation. Conference Series Proceedings. Federal Reserve Bank ofBoston.Johnson, Simon. Undated. Coose and the Reform of Securities Markets, pp. 187-204.Kenen, Peter 2000. Financial-Sector Reform in Emerging-Market Countries: Gettingthe Incentives Right Strengthening the Resilience of Global Financial Markets. PerJacobsson Foundation. Lucerne.Kohler, Horst. 2001. Standards and Codes—A Tool for Growth and Financial Stability.IMF/World Bank Conference on International Standards and Codes, Washington,D.C. (July 3).La Porta, Rafael, Florencio L6pez-de-Silanes, Andrei Shleifer, and Robert W. Vishny.2002. Investor Protection: Origins, Consequences, Reform. http://www.worldbankorg/finance/html/investorprotection.html.Lee, Ruben. 1998. What Is an Exchange? The Automation, Management, and Regulationof Financial Markets. Oxford: Oxford University Press.. 2002.The Future of Securities Exchanges. Ch. I in Robert Litan and RichardHerring (eds.), Brookings-Wharton Papers on Financial Services.Lee, Ruben, and Duo Qin. 2002. Securities Trading Systems in the Netherlands. Reportprepared by Oxford Finance Group for the Financial Markets Policy Directorate,Ministry of Finance.The Netherlands.Levich, Richard M. 2000. Financial Innovations in International Financial Markets. NewYork University Working Paper Series, New York http://www.ssrn.com/.Levine, Ross. 1997. Financial Development and Economic Growth: Views and Agenda.journal of Economic Literature,Vo\. 35, (June) pp. 688-726.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
PRAGMATIC ISSUES IN CAPITAL MARKET DEVELOPMENT IN EMERGING ECONOMIES 515_. 1998. Napoleon, Bourses, and Growth in Latin America. Working Paper No. 365,Office of the Chief Economist, Inter-American Development Bank, Washington,D.C.Levine, Ross, and Sara Zervos. 1996. Stock Market Development and Long-RunGrowth. The World Bank Economic Review 10: 323-39.. 1998. Stock Markets, Banks, and Economic Growth. American Economic Review88:537-58.Mathieson, Donald J., and Garry J. Schinasi. 2001. International Capital Markets: Developments,Prospects, and Key Policy Issues. IMF World Economic and FinancialSurveys. http://\A/ww.imf.org/external/pubs/ft/icm/2001 /02/eng/pdf/chap I .pdf.Megginson, W. L, and j. R. Netter. 2001. From State to Market: A Survey of EmpiricalStudies on Privatization.Journo/ of Economic L/terature.Vol. 39, (June) pp. 321-89.Mortlock, Geof. Undated. Reforms to Global Financial Architecture. Reserve Bonk ofNew Zealand Bulletin, Vol. 63, No. 3, pp. 45-58.Rajan, Raghuram G., and Luigi Zingales. 1998. Financial Dependence and Growth.American Economic Review, Vol. 88, (June) pp. 559-586.Sanvicente. 2000.The Market for ADRs and the Quality of the Brazilian Stock Market.Sarkissian, Sergei, and Michael J. Schill. 2001. The Overseas Listing Decision: New Evidenceof Proximity Preference. Working Paper Series, http://www.ssrn.com/.Schuler, Kurt A, Dennis R. Sheets, and David W. Weig. 1997. Money Markets in SelectedSouthern African Countries. IMCC—Consulting Assistance for EconomicReform II (CAER II), Directed by Harvard Institute for International Development(HID), Sponsored by USAID Contract PCE-Q-00-95-00016-00. http://www.cid. harvard.edu/caer2/htm/content/papers/bns/dp20bn.htm.Securities Commission of Malaysia. 2000. Capital Market Masterplan (February). KualaLumpur.Smith, Katherine, and George Sofianos. 1997. The Impact of a NYSE Listing on theGlobal Trading ofNon U.S. Stocks. NYSE Working Paper 97-02. New York StockExchange, New YorkTask Force on the Future of the Canadian Financial Services Sector 1998a. CompetitionCompetitiveness and the Public Interest Change, Challenge, Opportunity. BackgroundPaper No. I.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub. 199 8 b. Report of the Task Force: Change, Challenge, Opportunity.
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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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•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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Page 513 and 514: CHAPTER 16Pragmatic Issues in Capit
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Page 543 and 544: IndexIn this index, page numbers in
Page 545 and 546: INDEX 519Bolsa de Valores de Rio de
Page 547 and 548: INDEX 521Clearing and Depository Co
Page 549 and 550: INDEX 523costs, financial services
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Page 553 and 554: INDEX 527European Central Securitie
Page 555 and 556: INDEX 529Global Equity Market (GEM)
Page 557 and 558: INDEX 531institutional investorsbon
Page 559 and 560: INDEX 533Jensen, Michael, 216job cr
Page 561 and 562: INDEX 535margin requirements, 322,
Page 563 and 564: INDEX 537outsourcing and infrastruc
Page 565 and 566: INDEX 539prudent investor rule, 141
Page 567 and 568: INDEX 541Securities and Exchange Co
Page 569 and 570: INDEX 543technology (continued)self
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Latin American Capital Markets

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