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

Magdalena Borges, María Landaberry () and Gerardo Licandro ()

No 2012008, Documentos de trabajo from 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.

Keywords: debt markets; development; financial market; Stocks; Bonds; Determinants; Mercado de deuda; Desarrollo; Mercado de Capitales; Acciones; Bonos; Determinantes (search for similar items in EconPapers)
JEL-codes: C18 C82 E23 E24 J21 L16 L70 (search for similar items in EconPapers)
Pages: 54 pages
Date: 2012
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