CHAPTER I LOCAL SECURITIES AND DERIVATIVES MARKETS IN EMERGING MARKETS: SELECTED POLICY ISSUES
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Mr. Jorge Roldos
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Mr. Donald J Mathieson
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Abstract

The development of local securities and derivatives markets is just one response of many emerging markets to global volatility since the mid-1990s, particularly the sudden losses of access to international capital markets and periods of high global asset price volatility. This chapter analyzes key policy issues related to the role of these markets as an alternative source of funding for sovereign and corporate entities and a means of attracting foreign capital inflows. Subsequent chapters examine the development of local bond, equity, and derivatives markets in emerging markets.

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