Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic, Issues 2007-2288This 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. |
Contents
Executive Summary | 5 |
Market Infrastructure | 14 |
Business Environment and the Framework for Public Issuance | 20 |
Copyright | |
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2006 Costa Rica addition AFPs asset-backed securities assets invested Assets under Management auditing Banco bankruptcy Bolsa brokerage houses brokers capital markets Central America central bank CNBS companies that requested corporate bond Corporate Bond Markets corporate debt corporate governance countries delisting dematerialized depository Disclosure requirements Dominican Republic El Salvador equity issuance equity issuers financial sector financial statements foreign securities Guatemala Honduras IFRS IMF/MCM survey incentives income institutional investors insurance companies investor base lack legal framework limited liquidity listed companies mandatory market capitalization Market Infrastructure market participants million mortgage mutual funds Nicaragua Number of authorized Number of companies Panama pension funds percent of GDP portfolios private securities problems public debt rating agencies regional integration registration Salvador secondary market securities exchange securities laws securities market securities regulator securitization settlement standards stock exchange SUGEVAL Supervalores Total Trading systems transactions Valores Yes Yes Yes