The Future of Domestic Capital Markets in Developing Countries

Foreword

1 Introduction by Robert E. Litan, Michael Pomerleano, and V. Sundararajan

PART ONE Capital Market Development around the World

2 Trends in Developing-Country Capital Markets around the World by Gerd Hausler, Donald J. Mathieson, and Jorge Roldos

3 The Development of Domestic Markets for Government Bonds by Clemente Del Valle and Piero Ugolini

4 Bond Market Development: What Are the Policy Issues? by Philip Turner

PANEL SUMMARY Country Experiences with Capital Market Development

PART TWO Integrated Supervision

5 Market Discipline and Financial Stability by Glenn Hoggarth, Patricia Jackson, and Erlend Nier

6 Supervision at the Micro Level: Do Disclosure-Based Regimes Work? by Alan Cameron

7 Domestic Capital Market Reform and Access to Global Finance: Making Markets Work by Peter Blair Henry and Peter Lombard Lorentzen

8 Capital Market Development and Nurturing the IPO Market by Reena Aggarwal

9 Managing Risks in Financial Market Development: The Role of Sequencing by Cem Karacadag, V. Sundararajan and Jennifer Ellliot

PANEL SUMMARY Does Integrated Supervision Work in Emerging Markets?

PART THREE Securities Trading

10 Changing Market Structures, Demutualization, and the Future of Securities Trading by Ruben Lee

11 Corporate Governance Issues and Returns in Emerging Markets by Amar Gill

12 Capital Structures and Control Rights: Patterns, Trade-Offs, and Policy Implications by Olivier Fremond and Mierta Capaul

13 Identifying Vulnerabilities, Promoting Financial Stability, and Other Challenges by Patrick K. Conroy and Arne B. Petersen

PANEL SUMMARY Approaches to Securities Trading

PART FOUR Private Equity

14 Capital Structure, Rates of Return, and Financing Corporate Growth: Comparing Developed and Emerging Markets, 1994-2000 by Jack Glen and Ajit Singh

15 Corporate Financing Patterns and Performance in Emerging Markets by Dilip Ratha, Philip Suttle, and Sanket Mohaparta

PANEL SUMMARY The Role of Private Equity in the Development of Capital Markets

PART FIVE Looking Forward

16 Institutional Savings and Financial Markets: The Role of Contractual Savings Institutions by Alberto R. Musalem and Thierry Tressel

PANEL SUMMARY The Future of Domestic Capital Markets in Developing Countries