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Capital Market Roundtable - Papers

- "Promoting Regional Capital Market Integration" by Ruben Lee
Washington, February 5, 2001 (report: Acrobat Adobe)

This report examines the topic of promoting regional capital market integration. It has five broad aims:
(1) To discuss the costs and benefits of regional capital market integration; (2) To examine typical barriers to regional capital market integration; (3) To discuss the different principles and methods that might be employed to promote regional capital market integration (including regulatory standardization and harmonization, multi listing, links and mergers between stock exchanges and other types of market institutions, technical interfaces, information sharing and other capital market innovations); (4) To provide some illustrations of attempts to promote capital market integration in different regions, and discuss their success or failure; and (5) To provide the elements of a strategy to promote capital market integration that includes a discussion of the optimal role and function of the key agents - including private sector entities, government agencies, regional bodies, and international financial institutions.

- "Globalization, Technology, and Regulation in Capital Markets. Strategies for Latin America and the Caribbean" by Reena Aggarwal
Washington, February 5, 2001 (report: Acrobat Adobe)

This discussion paper first examines the current status of emerging markets with respect to the progress that has been made during the last decade. It then analyzes key factors impacting the development of securities markets in both developed and developing markets. These include: (1) Globalization and regionalization of financial markets and the increased competition; (2) Role of technology in creating new types of trading platforms and the widespread use of the Internet in providing financial services; and (3) The changing regulatory structure to deal with globalization, technological innovation, and the changing structure of securities markets.
After obtaining an understanding of the current status and future trends in securities market, key policy questions are raised and some strategies offered for capital market development in Latin America and the Caribbean.

- "A Strategy for Emerging Capital Markets" by Juan A. Ketterer
Washington, February 5, 2001 (report: Acrobat Adobe)

This paper attempts to specify and isolate the critical issues faced by Emerging Capital Markets (ECM). The critical issues to explore are the following: (1) Overleverage of firms; (2) Market liquidity and financial infrastructure; (3) institutional investors; (4) private investors; (5) the role of Government; and (6) the role of the Central Bank. These are the issues that are critical for the development of ECMs, although there are others, such as financial infrastructure and so forth that in some ECMs need also to be addressed.

For any comments please contact Kenroy Dowers at kenroyd@iadb.org

Last updated: 10/06/05

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