Emerging Capital Markets and Globalization: The Latin American Experience

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

2
Developments in Capital Markets

THE WORLD'S FINANCIAL LANDSCAPE UNDERWENT significant changes during the past few decades. The global financial system grew substantially after the early 1970s and boomed during the 1990s. Financial intermediation through both financial institutions and securities markets expanded at a remarkable pace, and the spectrum of financial services and instruments reached new dimensions.

Developing countries were not immune to these global developments, and what happened in domestic capital markets across regions was to a large extent a reaction to global forces linked to financial globalization and innovation. Latin America is a clear example of this. Nevertheless, capital markets in the region today are not simply a smaller-scale replica of markets in developed countries. In fact, domestic capital market developments in Latin America have differed in some major aspects from developments not only in industrialized countries, but also in other emerging markets, most notably East Asia.

To provide a better understanding of the current state of domestic capital markets, this chapter first documents the developments in international financial markets and the increasing globalization process. The chapter then describes how developing countries, and in particular Latin American economies, responded to these worldwide changes. We describe the extensive reform agenda that policy makers pursued in an effort to match developments in international markets and to turn their domestic capital markets into an attractive destination for international capital flows.

To assess the development of domestic capital markets, this chapter documents the evolution of Latin American markets over time and compares them with other regions, especially East Asia and developed countries. Because capital markets across the region show a high degree of heterogeneity, we also highlight country differences and provide a closer look at Chile and Mexico, which are often perceived as regional success stories in terms of domestic securities market development.

This chapter does not attempt to quantify the impact of specific policy choices or market trends on capital market development, nor does it

-25-

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.