Emerging Capital Markets and Globalization: The Latin American Experience

By Augusto De La Torre; Sergio L. Schmukler | Go to book overview

Foreword

In the early 1990s, most of Latin America enthusiastically embraced the pro-market reforms associated with the “Washington Consensus”: market liberalization, deregulation, and privatization.* Much was expected from these reforms, but now we are keenly aware that, relative to their outcome, those expectations often suffered from excess optimism. Views differ widely, however, on the extent and nature of the excess and reasons behind it. For some analysts, the initial optimism was groundless because the reforms themselves were the problem. The pro-market reforms of the early 1990s, they would say, were based on faulty theory and hypotheses and, hence, they did little to alleviate (and may have even helped accentuate) the Latin American problems of low growth, high volatility, and high inequality. In the view of such analysts, countries would have been better off with less reforms of the Washington Consensus type. At the opposite extreme are those who contend that there was nothing wrong with the direction of the reform process itself and that the problem was likely in the poor and incomplete implementation of reforms. In their view, Washington Consensus-type reforms were part of the solution and countries would have been clearly better off with more and better-implemented reforms, particularly if the initial reforms that focused on liberalization and privatization were complemented to a greater extent with the building of market-supportive institutions.

This book is a timely and important contribution to such policy debates. While it focuses on capital markets in emerging economies, particularly Latin America, its empirical results and policy insights are also pertinent to the broader debate on economic development and pro-market reforms.

As for its specific focus, the book is a unique and thorough “stock taking” of securities markets in Latin America. It takes the reader on a grand

* The term “Washington Consensus” was coined by Williamson (1990). See World Bank
(2005) for a review of the reforms during the 1990s and a discussion of their policy lessons.

-xi-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Emerging Capital Markets and Globalization: The Latin American Experience
Table of contents

Table of contents

  • Title Page iii
  • Latin American Development Forum Series v
  • Contents vii
  • Foreword xi
  • Acknowledgments xv
  • About the Authors xvii
  • Abbreviations xviii
  • 1: Whither Capital Market Development? 1
  • 2: Developments in Capital Markets 25
  • 3: Factors Behind the Development and Internationalization of Capital Markets 83
  • 4: Whither the Reform Agenda? 139
  • Endnotes 167
  • References 185
  • Index 203
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 209

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.