Capital Market Development

Abstract

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.

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