Latin American Capital Markets

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30 KENROY DOWERS, FELIPE GOMEZ-ACEBO, AND PIETRO MASCIDemaestri, E., and R Moreno. 2001. Financial Market Development in Latin Americaand the Caribbean—Support from the IDB Group (1990-2000). Inter-AmericanDevelopment Bank, Infrastructure and Financial Markets Review. March.Demirguc-Kunt, AsIT, and Ross Levine. 1996. Stock Markets, Corporate Finance, andEconomic Growth: An Overview. The World Bank Economic Review 10(2).Demirguc-Kunt, AsIT, and Vojislav Maksimovic. 1998. Law, Finance and Firm Growth.The Journal of Finance.Dowers, K., F. Gomez-Acebo, and Masci, R 2000. Making Capital Markets Viable in LatinAmerica and the Caribbean. Inter-American Development Bank, Infrastructureand Financial Markets Review. DecemberEconomic Commission for Latin America and the Caribbean (ECLAC).Various years.Economic Survey of Latin America and the Caribbean. Santiago, Chile: ECLAC.Financial Stability Forum. 2000. Report of the Follow-up Group on Incentives to FosterImplementation of Standards, Meeting of the Financial Stability Forum. 7-8SeptemberFischer; Bernhard. 1998. Institutional Investors, Saving and Capital Markets in EmergingEconomies. NomosVerlagsgeselleschaft Baden-Baden.Gompers, Paul A, and Andrew Metrick 1998. Institutional Investor and Equity Prices.Working Paper 6723. National Bureau of Economic Research.Guadamillas, M., and R. Keppler 2000. Securities Clearance and Settlement Systems: AGuide to Best Practices. Washington, D.C.: World BankHaque, Nadeem U., Robert B.H. Hauswald, and Lemma W. Senbet 1999. FinancialMarket Development in Emerging Economies: A Functional View. Unpublished.Harwood, A., ed. 2000. Building Local Bond Markets: An Asian Perspective. Washington,DC.: International Finance Corporation.Ho-Hahm.Joon, and Frederic S. Milshkin. 2000. Causes of the Korean Financial Crisis:Lesson for Policy. Working Paper 7483. National Bureau of Economic Research.January.Howard, Alison, Robert Litan, and Michael Pomerleano. 1999. Financial Markets &Development The Crisis in Emerging Markets. Washington, DC.: The BrookingsInstitution.Impavido, Gregorio, Alberto R. Musalem, and Thierry Tressel. 2001. Contractual Savings,Capital Markets and Firms' Financing Choices. Financial Sector DevelopmentDepartment, World Bank Washington, D.C.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
DEVELOPING A STRATEGY FOR REFORMING CAPITAL MARKETS 31Institute of International Finance. 2000. Comparative Statistics for Emerging MarketEconomies. Institute of International Finance, Washington D.C. April.. 2001. Capital Flows to Emerging Market Economies. Institute of InternationalFinance,Washington, D.C.January.Inter-American Development Bank 2001 a. Proceedings of the Roundtable A NewFocus for Capital Market Development in Latin American and the Caribbean. Washington,D.C., February 5-6.. 2001 b. Summit of the Americas. Strategic Programs. Washington, D.C.International Finance Corporation (IFC). Various years. Emerging Stock Market FactBook. New York, NY: Standard and Poor's.International Monetary Fund (IMF). 2001 a. Global Economic Outlook. Washington, D.C.:International Monetary Fund.. 2001 b. International Capital Markets. Washington, DC.: International MonetaryFund.. 2002. Global Economic Outlook.Washington, DC.: International Monetary Fund.International Monetary Fund and World Bank 2001. Guidelines for Public Debt Management.Washington, D.C.: International Monetary Fund and World Bankjacome H.LI. 2001. Legal Central Bank Independence and Inflation in Latin America duringthe 1990s. IMF Working Paper Monetary and Exchange Affairs. DecemberLa Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny.1997. Legal Determinants of External Finance. The Journal of Finance.. 1998. Law and Finance. Journal of Political Economy.. 2000. Investor Protection and Corporate Governance. Journal of FinancialEconomics.Lamfalussy, Alexandre. 2000. Financial Crises In Emerging Markets. New Haven, CT:Yale University Press.Lee, j. Y 2000. The Role of Foreign Investors in Debt Market Development ConceptualFramework and Policy Issues. Washington, D.C.: World BankLee, Ruben. 1998. What Is an Exchange? New York NY: Oxford University Press.. 2001. Promoting Regional Capital Market Integration. Prepared for the Roundtable"A New Focus for Capital Market Development in Latin American and theCaribbean," February 5-6, Inter-American Development Bank Washington, DC.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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Copyright © by the Inter-American
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FOCUS ON CAPITALNew Approaches to D
Page 5 and 6: ContentsForewordAcknowledgmentsAbou
Page 7 and 8: ForewordDuring the past two decades
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Page 12: xFOCUS ON CAPITALlyst with Freddie
Page 15 and 16: ABOUTTHE AUTHORS xiiiDerek West is
Page 18 and 19: xviFOCUS ON CAPITALLocal capital ma
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Page 22 and 23: xxFOCUS ON CAPITALto investors to p
Page 24 and 25: xxii FOCUS ON CAPITALAlthough deriv
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Page 43 and 44: DEVELOPING A STRATEGY FOR REFORMING
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Page 61 and 62: PART IIFACTORS AFFECTINGTHE DEVELOP
Page 63 and 64: •CHAPTER 2Globalization,Technolog
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Page 91 and 92: •CHAPTER 3Internet Technology and
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INTERNETTECHNOLOGY AND THE DEVELOPM
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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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CHAPTER 15Human Capacity Developmen
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HUMAN CAPACITY DEVELOPMENT 465For t
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HUMAN CAPACITY DEVELOPMENT 467• W
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HUMAN CAPACITY DEVELOPMENT 469spect
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HUMAN CAPACITY DEVELOPMENT 471Table
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HUMAN CAPACITY DEVELOPMENT 479struc
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HUMAN CAPACITY DEVELOPMENT 481rapid
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HUMAN CAPACITY DEVELOPMENT 483tate
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PART IVCONCLUSIONCopyright © by th
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CHAPTER 16Pragmatic Issues in Capit
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PRAGMATIC ISSUES IN CAPITAL MARKET
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IndexIn this index, page numbers in
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INDEX 519Bolsa de Valores de Rio de
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INDEX 521Clearing and Depository Co
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INDEX 523costs, financial services
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INDEX 525developing economies (cont
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INDEX 527European Central Securitie
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INDEX 529Global Equity Market (GEM)
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INDEX 531institutional investorsbon
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INDEX 533Jensen, Michael, 216job cr
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INDEX 535margin requirements, 322,
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INDEX 537outsourcing and infrastruc
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INDEX 539prudent investor rule, 141
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INDEX 541Securities and Exchange Co
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INDEX 543technology (continued)self
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Latin American Capital Markets

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