Capital Market Development : Taking Stock
نویسنده
چکیده
The state of capital markets looks particularly poor when we consider the efforts already undertaken to improve the macroeconomic environment and reform the institutions believed to foster financial development. In the case of Latin America, the results appear even more discouraging in light of the better evolution of capital markets in East Asia and their rapid growth in developed economies (especially in international financial centers). This disappointing performance has made the conventional policy recommendations for capital market development questionable, at best. Policymakers have no clear guidance on 1 Augusto de la Torre (Lead Economist World Bank) Sergio Schmukler (Senior Economist World Bank)
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