On January 25, the Bretton Woods Committee in partnership with The Fletcher School Center for Emerging Market Enterprises held its meeting on Strengthening Capital Markets in Emerging Market Countries.
Capital markets in most emerging market economies (EMEs) have grown rapidly in recent years. Recently, EME's have been taking advantage of improved economic fundamentals and liquid international markets to restructure balance sheets and deepen local capital markets. Their success in these efforts will have a strong influence on their future growth potential and financial stability. The G8 in its May 2007 "Action Plan for Developing Local Bond Markets" called upon EMEs to work together with the IMF and World Bank to promote even greater local capital market development.
During the meeting various experts in the field assessed how far we have come and considered ways in which the private sector can play a bigger role.
Three specific issues explored included:
- Global Financial Conditions and Local Capital Markets
- Local Capital Markets and Private Sector Access
- Coordination between IFIs and Private Sector
- John Lipsky, First Deputy Managing Director, IMF
- Jaime Caruana, Director, Monetary and Capital Markets Department, IMF
- Alison Harwood, Head, Capital Markets Advisory Group, IFC/World Bank
- John Chambers, Managing Director, Standard and Poor's
- Ceyla Pazarbasioglu, Division Chief, Monetary and Capital Markets Department, IMF
- Eliot Kalter, Senior Fellow, Center for Emerging Market Enterprises, The Fletcher School
- Thomas Glaesner, Managing Director and Head of EM Trading Strategy at Citigroup
- Dr. Vladimir Kvint, President of the International Academy of Emerging Markets