《LATIN AMERICAN FINANCIAL MARKETS: DEVELOPMENTS IN FINANCIAL INNOVATIONS》

Part I An Overvies1

Latin finance : evolution or revolution?3

The flow of capital to Latin America, 1973-200015

FDI and stock market development in selected Latin American countries35

Capital budgeting decisions : a survey of Latin American practices45

Part II The foreign Exchange Markets and Interaction With Other Markets63

How sensitive is volatility to exchange rate regimes? - the case of Chile65

Brazilian real futures trading and volatility in the Brazilian equity market99

Part III Dollarization113

Dollarization in Cuba115

Dollarization and political risk : is there a forum for debate?135

Lending of last resort, bank monitoring and endogenous financial dollarization163

Part IV Banking in Latin America189

Concentration and internationalization of the Mexican banking sector191

Bankruptcy in banks from Ecuador : solvency versus panic theories231

Political distortions and spread of banking crises across the Pacific Rim249

Part V Latin American Equity Markets271

Day of the week and month of the year effects at the Latin American emerging markets273

Proximity preference and market liquidity : evidence from Latin American ADRS305

Alternative beta risk estimators in emerging markets : the Latin American case329

Open market stock repurchases at Sao Paulo stock exchange – Bovespa345

An empirical analysis of U.S. equity market spillover effects into the equity and labor markets of Brazil365

Part VI Latin American Bond Markets383

Negative liquidity premia and the shape of the term structure of interest rates : evidence from Chile385

Embedded governance in corporate bond indentures : evidence from Brazil, 1998-2001415

Part VII Pension Punds439

Is the Latin American pension reform model transferable? : an assessment utilizing the Venezuelan social security system441

Optimal portfolio allocations and funded pension systems : the case of Chile461