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Determinantes del desarrollo de Mercados de Capitales. Estudios de casos de Chile, Colombia y Perú

Author

Listed:
  • Magdalena Borges
  • María Victoria Landaberry
  • Gerardo Licandro

    (Banco Central del Uruguay)

Abstract

This paper tries to elicit lessons on the development of domestic financial markets based on case studies of Chile, Colombia and Perú. The three cases show a succesful development of domestic financial markets in the last decades, and are particularly relevant for the case of Uruguay due to the region they belong to, and, particularly in the case of Perú, their structural similarities in the financial sector. We find that factors such as economy size, inflation, macroeconomic environment, institutional quality and financial investors play an important role in the striking development of these countries financial markets.

Suggested Citation

  • Magdalena Borges & María Victoria Landaberry & Gerardo Licandro, 2012. "Determinantes del desarrollo de Mercados de Capitales. Estudios de casos de Chile, Colombia y Perú," Documentos de trabajo 2012008, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2012008
    as

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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/8.2012.pdf
    File Function: First version, 2012
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    More about this item

    Keywords

    debt markets; development; financial market; Stocks; Bonds; Determinants;
    All these keywords.

    JEL classification:

    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • L70 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - General

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