Prospects for Latin American Bond Markets: A Cross-Country View
Prospects for Latin American Bond Markets: A Cross-Country View
This chapter documents the underdevelopment of Latin American financial markets, and Latin American corporate bond markets in particular. Statistical analysis shows that a limited number of observable policy variables and country characteristics explain eighty percent of the difference in private bond market capitalization between Latin America and the advanced economies. This same set of observable variables also explains seventy percent of the difference in the development of the financial institutions bond market and the entirety of the difference in the bonds of corporations between the two regions.
Keywords: bond markets, domestic market capitalization, corporate debt
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