Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic, Issues 2007-2288
International Monetary Fund, 2007 - Business & Economics - 130 pages
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.
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Securities Markets Basic Legal and Regulatory Framework
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2006 Costa Rica addition AFPs approval asset-backed securities assets invested Assets under Management auditing Banco brokerage houses brokers capital markets Central America central bank CNBS companies that requested corporate bond Corporate Bond Markets corporate debt corporate debt markets corporate governance countries dematerialized depository Disclosure requirements Dominican Republic equity issuance equity issuers equity market financial sector financial statements foreign securities Guatemala Honduras IFRS IMF/MCM survey incentives institutional investors insurance companies intermediaries investor base lack legal framework limited liquidity listed companies mandatory market capitalization Market Infrastructure market participants Markets Key indicators 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 market securities regulator securitization standards stock exchange SUGEVAL Supervalores supervision Total Trading systems transactions Yes Yes Yes