Latin American Capital Markets

INDEX 533Jensen, Michael, 216job creation, SME role in, 392joint ventures, 192,202, 392Jordanian stock exchange, I I 1-12judicial system, role of, 18, 102,448jurisdiction issues, securities exchanges, 54,76-77Karolyi, G. Andrew, 497Know-how Fund, 490Kohlberg,L,4l8n3Korea, corporate governance development, 140Kothari,S.,2l5Kray.A., 104Kuala Lumpur Stock Exchange, 252La Porta, R., 6,7, 102,493-94Lamfalussy, Alexandre, 140languagescoordination of software, 249-50,425and regional market training, 483large vs. small enterprises, benefits fromglobalization, 109. See also small and mediumenterprises (SMEs)Latibex, 495Latin America and Caribbeanaccounting and auditing standards, 225,226-27,228, 229,230,234,235-36banking industry dependence, 91, I 12-13,114,272,315bond markets, 295-97, 301, 304-5, 311,313-17,320,331-32capital market trends, 7-17capitalization changes, 41 -43,45constraints on capital markets, 92-107corporate governance reforms, 441 -59cross-border trading, 495demutualization of exchanges, 273,283,284,290-92derivatives markets, 338, 340, 344, 346,352, 353-54, 382-86developmental strategies, 17-28ethical issues, 425-31globalization, 39,44-^5human capital development, 463-65,472-83infrastructure development, 252-67institutional investing, 120, 121-23,124-25, 126-29, 135, 143-51, 150international investment dependence, 4,307,472Internet use, 16, 87investment in foreign exchanges, 43,497macroeconomic environment, I 12-16market reform progress, 3mortgate markets, 325political instability, 415-16,426,427regional integration strategy, 203-8and SMEs, 412stock market developments, 38, 109, III,264,490See also individual countries and regionsLatin America Integration Association (LAIA),146leadership knowledge and human capitaldevelopment, 480leasing companies and SMEs, 397Lee, Ruben, 497legal issuesbankruptcy law, 326corporate governance reforms, 441 -45derivatives markets, 355, 356, 357-58,364, 368ethical standards in markets, 419,423-25first-generation market reforms, 488importance for market liquidity, 102instability of Latin America, 426oversight of markets, 378policy role in law and enforcement, 6,7,493-94public sector issuance of voluntary codesof practice, 452-53risk and efficient markets, 241and SROs, 375See also regulation; self-regulation; taxissueslender of last resort in Latin America, 100-102Levich, Richard M., 488Levine, Ross, 5-6, 102, 128, 164-65Ley de Oferta Publicas de Adquisicion deAcciones, 21liabilities vs. assets, 100. See also debt marketsliability issues for issuers in websites, 77-78,80-81LIFFE (London International Financial FuturesExchange), 193liquidity, marketbanking management of, 100, 309-10Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub