Chapter

Capital Market Development

Augusto de la Torre, Juan Carlos Gozzi and Sergio L. Schmukler

in Financial Markets Volatility and Performance in Emerging Markets

Published by University of Chicago Press

Published in print March 2008 | ISBN: 9780226184951
Published online February 2013 | e-ISBN: 9780226185040 | DOI: http://dx.doi.org/10.7208/chicago/9780226185040.003.0005
Capital Market Development

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This chapter, which analyzes the state of capital market in Latin America and how to rethink the reform agenda going forward in light of this evidence, focuses on Latin American countries at the forefront of the capital market reform process over the last decades. Analyzing the experience of Latin American countries may provide significant lessons for the capital market reform agenda going forward, which may also apply to emerging economies in other regions. The chapter, which starts by documenting the extent of capital market development in Latin America and comparing it to other regions, uses formal analyses to further understand how the state of stock markets in the region differs from that in other regions. In particular, it is interested in assessing whether there is a gap between fundamentals and policies, on the one hand, and actual stock market development, on the other.

Keywords: capital market; Latin America; market reform; emerging economies; stock markets

Chapter.  13474 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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