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

International Monetary Fund Working Paper No. WP/07/2008

132 Pages Posted: 20 Dec 2007

See all articles by Hemant C. Shah

Hemant C. Shah

International Monetary Fund (IMF)

Ana Carvajal

International Monetary Fund (IMF)

Geoffrey J. Bannister

International Monetary Fund

Jorge A. Chan-Lau

International Monetary Fund (IMF) - International Capital Markets Department

Ivan Guerra

International Monetary Fund (IMF)

Multiple version iconThere are 2 versions of this paper

Date Written: December 19, 2007

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: Central America, equity, debt, securitization, financial integration, capital market development, securities regulation, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Panama

JEL Classification: G21, G23, G28, K22, N26

Suggested Citation

Shah, Hemant C. and Carvajal, Ana and Bannister, Geoffrey J. and Chan-Lau, Jorge Antonio and Guerra, Ivan, Equity and Private Debt Markets in Central America, Panama, and the Dominican Republic (December 19, 2007). International Monetary Fund Working Paper No. WP/07/2008, Available at SSRN: https://ssrn.com/abstract=1077559 or http://dx.doi.org/10.2139/ssrn.1077559

Hemant C. Shah

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States
202-623-9831 (Phone)

Ana Carvajal

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Geoffrey J. Bannister

International Monetary Fund ( email )

700 19th St. NW
Washington, DC 20431
United States
202-623-9421 (Phone)
202-623-4237 (Fax)

Jorge Antonio Chan-Lau

International Monetary Fund (IMF) - International Capital Markets Department ( email )

700 19th Street NW
Washington, DC 20431
United States

Ivan Guerra (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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