Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic

Hemant Shah, Jorge Chan-Lau, Geoffrey Bannister, Ana Carvajal and Ivan Guerra

No 2007/288, IMF Working Papers from International Monetary Fund

Abstract: This study focuses on equity, private debt, and asset-backed securities markets in Central America. These markets are generally under-developed throughout the region due to several structural problems, economic and political factors, and weaknesses in regulation and in institutional investor base. The paper identifies key country-specific recommendations to strengthen securities laws, regulatory oversight, market infrastructure, investor base, and new products such as asset-backed securities. Despite these efforts, developing seven viable private capital markets is a difficult goal. The paper thus also explores the benefits and difficulties of creating a single capital market in a region still short of full economic integration.

Keywords: WP; capital market; securities regulator; securities exchange; private sector; mutual fund; Central America; equity; debt; securitization; financial integration; capital market development; securities regulation; Costa Rica; Dominican Republic; El Salvador; Guatemala; Honduras; Nicaragua; Panama; commercial paper; market participant; insider trading; securities issuance; market maker; Securities; Stock markets; Securities markets; Capital markets; Mutual funds; Baltics; Global (search for similar items in EconPapers)
Pages: 130
Date: 2007-12-01
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Citations: View citations in EconPapers (3)

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