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Mexico : Capital Market Development

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dc.contributor.author International Monetary Fund
dc.contributor.author World Bank
dc.date.accessioned 2014-01-30T19:55:24Z
dc.date.available 2014-01-30T19:55:24Z
dc.date.issued 2013-03
dc.identifier.uri http://hdl.handle.net/10986/16747
dc.description.abstract Securities markets in Mexico are orderly and relatively innovative; however, corporate markets lag behind those in comparator countries. The government bond market accounts for the bulk of the fixed-income segment, and is well developed and active. While financial savings rates have been growing, little has been transformed into long-term investments. Most of the savings remain in traditional savings accounts. Institutional investors still hold the bulk of their assets in government bonds. Mexico will need to find solutions to further develop its capital market to fund its development needs. In the infrastructure sector alone, the country needs approximately US$230 billion of new investments. In the corporate sector, provision of financing by banks fare well below peers, especially for small and medium enterprises. Meanwhile, the pension fund industry, growing at about US$20-US$30 billion annually, requires sound investment outlets. The large concentration in the control of financial intermediaries raises complex issues and may stunt market development. The investor base in the equity market lacks diversity, with limited development of the retail segment. Mutual funds could play a key role in mobilizing long-term finance. Most funds are used by banks as alternative ways of tapping clients' savings. Mutual funds (particularly open ones) are much more sensitive to liquidity risks than institutional investors with long-term horizon. The independent distribution vehicle created under the 2002 reform has not been very successful in fostering sustainable entry. Restrictions placed on institutional investors limiting investment to only publicly offered securities keep them away from more specialized investments. en
dc.language English
dc.language.iso en_US
dc.publisher World Bank, Washington, DC
dc.rights CC BY 3.0 IGO
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject LIQUIDITY
dc.subject BANK DEBT
dc.subject MUTUAL FUND INVESTMENTS
dc.subject PRIMARY DEALERS
dc.subject HOUSING FINANCE
dc.subject SECURITIES DEALERS
dc.subject PRIVATE DEBT
dc.subject LONG-TERM FINANCE
dc.subject BROKERAGE ACTIVITIES
dc.subject LOCAL MARKET
dc.subject BOND ISSUANCES
dc.subject EQUITY FUNDS
dc.subject INCOME INSTRUMENTS
dc.subject DEBT SECURITIES
dc.subject ASSET VALUE
dc.subject PUBLIC DEBT MANAGEMENT
dc.subject CENTRAL BANK
dc.subject MUTUAL FUNDS
dc.subject PUBLIC DEBT SECURITIES
dc.subject DOMESTIC DEBT
dc.subject CONFLICT OF INTEREST
dc.subject RISK AVERSION
dc.subject INDEXED BONDS
dc.subject PRIVATE CREDIT
dc.subject PRIVATE LENDERS
dc.subject GROSS DOMESTIC PRODUCT
dc.subject BANK CREDIT
dc.subject PRIVATE INVESTMENTS
dc.subject INVESTMENT PORTFOLIO
dc.subject CASH MARKET
dc.subject VALUATION
dc.subject LONG-TERM INTEREST
dc.subject TREASURY BILLS
dc.subject GOVERNMENT DEBT MARKET
dc.subject PENSION FUND
dc.subject SHORT-TERM DEBTS
dc.subject PRIMARY DEALER SYSTEM
dc.subject BACKED SECURITIES
dc.subject EQUITY MARKETS
dc.subject MUTUAL FUND INDUSTRY
dc.subject SECONDARY MARKETS
dc.subject MARKET PRICE
dc.subject UNDERWRITERS
dc.subject TOTAL DEBT
dc.subject EQUITY INVESTMENTS
dc.subject BOND MARKET
dc.subject INVESTMENT REGIME
dc.subject INTERNATIONAL FINANCIAL MARKETS
dc.subject CAPITAL MARKETS
dc.subject MATURITY
dc.subject CORPORATE DEBT
dc.subject INVESTMENT BEHAVIOR
dc.subject PENSION
dc.subject DEPOSIT
dc.subject FINANCIAL MARKET
dc.subject PUBLIC DEBT MARKET
dc.subject INVESTOR BASE
dc.subject GOVERNMENT BOND MARKET
dc.subject MARKET PLAYERS
dc.subject BOND
dc.subject HOLDING
dc.subject BANK LENDING
dc.subject BONDS
dc.subject FOREIGN INVESTORS
dc.subject FINANCING REQUIREMENTS
dc.subject LIQUIDITY RISKS
dc.subject GOVERNMENT SECURITIES
dc.subject INITIAL PUBLIC OFFERINGS
dc.subject INTEREST RATE SWAPS
dc.subject PORTFOLIO
dc.subject ASSET CLASS
dc.subject INVESTMENT FUNDS
dc.subject MUTUAL FUND ASSET
dc.subject LEGAL FRAMEWORK
dc.subject DEBT COMPOSITION
dc.subject HOLDINGS
dc.subject MARKET PARTICIPANTS
dc.subject CREDIT RATINGS
dc.subject NOMINAL YIELD
dc.subject ASSET MANAGEMENT
dc.subject INVESTMENT STRATEGIES
dc.subject MUTUAL FUND MANAGERS
dc.subject ISSUANCE
dc.subject PORTFOLIO DIVERSIFICATION
dc.subject DEBT INSTRUMENTS
dc.subject OUTSTANDING AMOUNT
dc.subject TURNOVER
dc.subject REAL ESTATE INVESTMENT
dc.subject GOVERNMENT BONDS
dc.subject BOND MARKETS
dc.subject MORTGAGE-BACKED SECURITIES
dc.subject DUE DILIGENCE
dc.subject SECONDARY MARKET
dc.subject REGULATORY CONSTRAINTS
dc.subject FOREIGN EQUITIES
dc.subject CREDIT SOURCES
dc.subject ACCOUNTING
dc.subject INSURANCE PENETRATION
dc.subject FINANCIAL CRISIS
dc.subject POTENTIAL INVESTORS
dc.subject CORPORATE MARKETS
dc.subject PRIMARY MARKETS
dc.subject INSURANCE
dc.subject TRADING
dc.subject PUBLIC MARKET
dc.subject CORPORATE BOND
dc.subject GROSS SETTLEMENT SYSTEM
dc.subject INFRASTRUCTURE FINANCING
dc.subject IPO
dc.subject INVESTMENT OUTLETS
dc.subject LONG-TERM INTEREST RATES
dc.subject MONETARY POLICY
dc.subject MARKET BENCHMARKS
dc.subject PRIVATE EQUITY
dc.subject CORPORATE DEBT SECURITIES
dc.subject FINANCIAL SECTOR DEVELOPMENT
dc.subject SAVINGS RATES
dc.subject DOMESTIC INSTITUTIONAL INVESTORS
dc.subject BROKERAGE
dc.subject DERIVATIVES MARKET
dc.subject INFRASTRUCTURE INVESTMENT
dc.subject SECURITIES
dc.subject EXTERNAL DEBT
dc.subject EQUITY MARKET
dc.subject INVESTMENT BANKS
dc.subject FINANCIAL SAVINGS
dc.subject EQUITIES
dc.subject LIQUID INSTRUMENTS
dc.subject QUOTATION SYSTEM
dc.subject COLLATERAL
dc.subject CAPITAL MARKET DEVELOPMENT
dc.subject MUTUAL FUND
dc.subject CREDIT INSTITUTIONS
dc.subject DOMESTIC MARKET
dc.subject OUTSTANDING DEBT
dc.subject PROFESSIONAL INVESTORS
dc.subject EQUITY SECURITIES
dc.subject EMERGING MARKET
dc.subject MUTUAL FUND ASSETS
dc.subject SHORT-TERM DEBT
dc.subject LONG-TERM INVESTMENTS
dc.subject PRIMARY DEALER
dc.subject EQUITY INVESTMENT
dc.subject INITIAL PUBLIC OFFERING
dc.subject SECURITIES MARKETS
dc.subject MARKET ACCESS
dc.subject DIRECT INVESTMENT
dc.subject CORPORATE GOVERNANCE
dc.subject PENSION FUNDS
dc.subject PUBLIC MARKETS
dc.subject ACCESS TO BANK
dc.subject BANKING CRISIS
dc.subject STOCK MARKET CAPITALIZATION
dc.subject SECURITIES MARKET
dc.subject BOND INDEX
dc.subject INSURANCE COMPANIES
dc.subject INVESTING
dc.subject SETTLEMENT
dc.subject STOCK MARKET
dc.subject MATURITIES
dc.subject CORPORATE BONDS
dc.subject PUBLIC DEBT
dc.subject MORTGAGE
dc.subject STOCK MARKETS
dc.subject DEVELOPMENT BANK
dc.subject AUCTIONS
dc.subject CAPITAL MARKET
dc.subject GOVERNMENT DEBT
dc.subject ASSET CLASSES
dc.subject PRIMARY MARKET
dc.subject BANK FINANCING
dc.subject EMERGING MARKETS
dc.subject DEBT MANAGEMENT POLICIES
dc.subject MARK TO MARKET
dc.subject CONFLICTS OF INTEREST
dc.subject BROKERS
dc.subject FUTURES EXCHANGE
dc.subject STOCK EXCHANGE
dc.subject TREASURY
dc.subject TREASURY BONDS
dc.subject SUBORDINATED DEBT
dc.subject MARKET SHARE
dc.subject COMMERCIAL BANKS
dc.subject LOAN
dc.subject INTERNATIONAL DEBT
dc.subject COMPOSITION OF GOVERNMENT DEBT
dc.subject GOVERNMENT BOND
dc.subject DIRECT INVESTMENTS
dc.subject INVESTOR PROTECTION
dc.subject MARKET EQUITY
dc.subject PENSION FUND INVESTMENTS
dc.subject CONSUMER LOANS
dc.subject MONETARY FUND
dc.subject FINANCIAL INSTITUTIONS
dc.subject INFLATION
dc.subject REGULATORY FRAMEWORK
dc.subject MORTGAGES
dc.subject FINANCIAL SYSTEM
dc.subject SAVINGS ACCOUNTS
dc.subject INSTITUTIONAL INVESTORS
dc.subject RETAIL INVESTORS
dc.subject DEBT MARKETS
dc.subject BANKING SECTORS
dc.subject YIELD CURVE
dc.subject LACK OF TRANSPARENCY
dc.subject GOVERNMENT DEBT SECURITIES
dc.subject INTEREST RATE
dc.subject DEBT ISSUERS
dc.subject DOMESTIC MARKETS
dc.subject ISSUER OF DEBT
dc.subject DERIVATIVES
dc.subject RETURN
dc.subject EQUITY INDEX
dc.subject FUTURES
dc.subject MARKET INFRASTRUCTURE
dc.subject CENTRAL SECURITIES DEPOSITORY
dc.subject STOCKS
dc.title Mexico : Capital Market Development en
dc.rights.holder World Bank


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