Latin American Capital Markets

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iv FOCUS ON CAPITALChapter 8Enhancing Market Infrastructure in Emerging Economies 239Andrew HookChapter 9Demutualization of Exchanges as a Strategyfor Capital Market Regulatory Reform 269Roberta S. KarmelChapter 10Developing Bond Markets: A Comprehensive View 295C/emente del VoileChapter 11Designing a Derivatives Complement to Cash Marketsin Developing Countries 335Andrea M. Corcoran, Ronald 6. Hobson, Gregory]. Kuserk,Karen K. Wuertz, and Derek WestChapter 12Access to Financing for Small and Medium Enterprises 389Hannes Takacs and Kinga KorcsmarosChapter 13Developing Capital Markets in Latin America and the Caribbean:Ethical Issues 415Osvaldo RAgatielloChapter 14Corporate Governance and Capital Market Development-Recent Experiences in Latin America 437Mike LubranoChapter 15Human Capacity Development for Capital MarketProfessionals in Latin America and the Caribbean 463Catherine Chandler-CrichlowPart IV. ConclusionChapter 16Pragmatic Issues in Capital Market Development in Emerging Economies 487Kenroy Dowers, Ruben Lee, and Antonio VivesCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pubIndex 517
ForewordDuring the past two decades, despite suffering damaging financial crises, the countriesof Latin America and the Caribbean have introduced important reforms in their financialmarkets, encompassing changes in the legal and regulatory framework, ownershippatterns, and market infrastructure.The regulatory frameworks have evolvedfrom monopoly and public ownership settings lacking specific regulations, toward scenarioswhere private participation prevails, with supervision, regulation, and competitionplaying complementary roles. However although legal reforms, regulation, andsupervision are pivotal features in reform processes, financial and capital markets inthe region have fallen behind, and have not provided necessary financing to enhancecompetitiveness and spur economic growth.Without effective legislation and enforcement to promote reform and politicalvision accompanied by strong leadership, the situation could become worse, restrainingmarket discipline and further reducing the capability of the economies of theregion to operate effectively in an increasingly global economy. Moreover, several factors—theregion's poor performance compared with other parts of the world; thediversity of experience across countries; the complexity of public policy dynamics; andthe scarcity of human, financial, and institutional resources—complicate the ability ofcountries to implement adequate policies.The Inter-American Development Bank Group, which includes the Bank aswell as the Multilateral Investment Fund (MIF) and the Inter-American InvestmentCorporation (IIC), has actively promoted financial sector reform and recently hasconcentrated efforts on domestic capital market reform. A large number of specificand diverse operations have been approved during the past decade for capital marketdevelopment in the region, amounting to more than US$9 billion. This includesprojects that impact capital markets, such as pension reform, support for nationalsecurities commissions, development of primary and secondary mortgage markets,and insurance.In February 2001, a roundtable on capital markets offered an additional pushto the activities of the Bank in the area of capital market development. Almost at thesame time, the Private Sector Department of the Bank was authorized to enter intospecific financing operations aimed at developing local capital markets in the region.In addition, the MIF has been providing financial support for specific technical cooperationin various countries, including a continental training program for securitiessupervisors. Recently, the MIF launched a program, as part of its Cluster Action Plan,aimed at supporting the competitiveness of countries in Latin America and the Caribbeanthrough the adoption of internationally accepted standards, particularly in thearea of accounting and auditing.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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DEVELOPING A STRATEGY FOR REFORMING
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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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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 279is
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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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Copyright © by the Inter-American
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