World Economic Forum What is Needed to Advance Infrastructure

World Economic ForumWhat is Needed to Advance Infrastructure

Needed Steps to Advance Infrastructure Finance in Latin American and the Caribbean (LAC)Diagnosis and Challenges of Economic Infrastructure in Lac

Pietro MasciInter-American Development BankNew York, June 22, 2005

ContentsInfrastructure and GrowthPrivate Sector and GrowthReforms and public discontentRecurrent dissatisfaction, diminished expectationsLAC falls behindInvestment needsCan reforms be made sustainable?Challenges for governments and IFIs

Infrastructure and Economic Growth

Good infrastructure promotes economic growth (as opposed to White Elephants)

Private sector is the engine of growth

What Happened?

Source: Calderon and Serven (2004)Public retrenchment never fully offset by private entry

Infrastructure Investment in LAC 9

Grfico1

0.0302292210.0021981234

0.0317310950.0021209738

0.02745672550.0029562461

0.02655362150.0034238636

0.0252493010.0028983544

0.02591108560.0020461749

0.03160247290.0023491129

0.02799052710.0042646022

0.01947372930.003601116

0.01807629130.0037442561

0.01598147580.006315656

0.01641655490.0088267172

0.01282020330.0116462611

0.01119747560.0129095805

0.00885036170.0094207231

0.00959600630.010995204

0.0100328780.0120009776

0.01125673860.0146067989

0.00845428070.0145718236

0.00823127440.014262217

0.00761982240.0136813567

Public

Private

(As percentage of GDP)

Hoja1

cnumccodecnameyearinv_total_tinv_total_uinv_total_rgdp_usd_m

1ARGArgentina19802559.22559.20.076962.0

2BOLBolivia1980188.8167.121.82781.4

3BRABrazil198010869.08994.11874.9235020.0

4CHLChile1980609.9609.90.027572.0

5COLColombia19801317.61317.60.033400.0

6ECUEcuador1980.........11901.0

7MEXMexico19803698.53698.50.0194360.0

8PERPeru1980307.4296.510.920658.0

9VENVenezuela1980402.4312.989.569377.0

1ARGArgentina19812596.82596.80.078677.0

2BOLBolivia1981157.5133.124.32889.2

3BRABrazil198112988.311432.31556.0263560.0

4CHLChile1981676.6676.60.032645.0

5COLColombia19811440.01440.00.036388.0

6ECUEcuador1981516.7496.420.313975.0

7MEXMexico19815788.05788.00.0250080.0

8PERPeru1981603.0587.915.224968.0

9VENVenezuela1981565.1463.7101.478011.0

1ARGArgentina19822415.62415.60.084307.0

2BOLBolivia1982156.9131.725.22983.3

3BRABrazil198213187.911819.61368.3281680.0

4CHLChile1982623.3623.30.024340.0

5COLColombia19821563.41563.40.038969.0

6ECUEcuador1982519.6490.029.613194.0

7MEXMexico19824756.84756.80.0173720.0

8PERPeru1982603.1589.613.624816.0

9VENVenezuela1982657.0559.797.379245.0

1ARGArgentina19832588.32588.30.0103980.0

2BOLBolivia1983138.7117.721.02672.3

3BRABrazil19838847.67087.11760.4203300.0

4CHLChile1983815.7815.70.019771.0

5COLColombia19831511.01511.00.038732.0

6ECUEcuador1983372.7339.133.711188.0

7MEXMexico19833956.63956.60.0148870.0

8PERPeru1983425.9419.46.419130.0

9VENVenezuela1983467.9430.537.481182.0

1ARGArgentina19842668.62668.60.079092.0

2BOLBolivia1984166.7146.220.52709.5

3BRABrazil19847759.45764.21995.2209020.0

4CHLChile1984837.4837.40.019233.0

5COLColombia19841281.51281.50.038252.0

6ECUEcuador1984441.4397.044.311386.0

7MEXMexico19844728.34728.30.0175630.0

8PERPeru1984344.0338.75.319846.0

9VENVenezuela1984209.7169.240.559855.0

1ARGArgentina19852157.52157.50.089662.0

2BOLBolivia1985184.9168.616.33122.7

3BRABrazil19858006.46253.61752.8222940.0

4CHLChile1985679.1679.10.016486.0

5COLColombia19851646.51646.50.034895.0

6ECUEcuador1985485.3444.740.611841.0

7MEXMexico19854401.24401.20.0184470.0

8PERPeru1985301.2296.34.818838.0

9VENVenezuela1985271.1218.552.761960.0

1ARGArgentina19862742.92742.90.0101530.0

2BOLBolivia1986149.9129.320.63959.4

3BRABrazil19868337.87186.41151.5268140.0

4CHLChile1986605.1605.10.017723.0

5COLColombia19861408.91408.90.034943.0

6ECUEcuador1986450.5391.259.310310.0

7MEXMexico19863549.23549.20.0129440.0

8PERPeru1986407.9402.05.917977.0

9VENVenezuela1986367.1285.681.560510.0

1ARGArgentina19874411.74411.70.0109370.0

2BOLBolivia1987155.2134.620.54348.0

3BRABrazil198711694.510284.61409.9294080.0

4CHLChile1987797.7797.70.020694.0

5COLColombia19871341.61341.60.036373.0

6ECUEcuador1987452.5404.947.69099.4

7MEXMexico19873710.43710.40.0140260.0

8PERPeru1987309.2300.88.323905.0

9VENVenezuela1987423.3297.8125.448028.0

1ARGArgentina19884461.34461.30.0127050.0

2BOLBolivia1988181.3142.438.94597.6

3BRABrazil198813117.910105.53012.4329910.0

4CHLChile1988702.7602.999.824154.0

5COLColombia19881889.81889.80.039213.0

6ECUEcuador1988364.8268.296.69098.4

7MEXMexico19884070.24070.20.0183140.0

8PERPeru198881.474.57.012376.0

9VENVenezuela1988604.3491.0113.360221.0

1ARGArgentina19892055.32055.30.076628.0

2BOLBolivia1989187.7130.757.04716.0

3BRABrazil198912328.19988.62339.5448760.0

4CHLChile1989916.9513.0403.927547.0

5COLColombia19891412.91412.90.039540.0

6ECUEcuador1989365.0307.457.69527.6

7MEXMexico19893019.62753.6266.0222980.0

8PERPeru1989118.6108.79.920577.0

9VENVenezuela1989220.9136.084.943551.0

1ARGArgentina19902018.72018.70.0141350.0

2BOLBolivia1990203.8135.768.14867.6

3BRABrazil199011908.510501.91406.7464990.0

4CHLChile19901274.6474.1800.530323.0

5COLColombia19901220.01220.00.040274.0

6ECUEcuador1990388.4297.790.710356.0

7MEXMexico19905232.13879.11353.0262710.0

8PERPeru199064.823.041.826294.0

9VENVenezuela1990159.164.195.048593.0

1ARGArgentina19911752.61190.9561.7189710.0

2BOLBolivia1991270.5168.7101.85343.3

3BRABrazil199111766.79130.12636.6407730.0

4CHLChile1991959.6424.0535.734650.0

5COLColombia19911388.51293.295.341240.0

6ECUEcuador1991462.6343.5119.111348.0

7MEXMexico19917243.24622.02621.2314450.0

8PERPeru199177.945.032.823804.0

9VENVenezuela1991197.870.2127.653453.0

1ARGArgentina19923861.82300.41561.4228780.0

2BOLBolivia1992384.5230.8153.65643.9

3BRABrazil199212083.18998.43084.7390570.0

4CHLChile19921244.0569.9674.141882.0

5COLColombia19922354.22185.8168.449214.0

6ECUEcuador1992503.4407.695.811997.0

7MEXMexico19928672.94546.64126.3363610.0

8PERPeru1992125.0100.724.336084.0

9VENVenezuela1992773.9171.6602.360765.0

1ARGArgentina19935654.61360.94293.6236750.0

2BOLBolivia1993470.6208.8261.85734.7

3BRABrazil199310714.07593.63120.4438300.0

4CHLChile19931489.8528.0961.744474.0

5COLColombia19931952.91841.4111.555798.0

6ECUEcuador1993584.1498.285.915063.0

7MEXMexico19939693.24330.65362.6403200.0

8PERPeru1993237.2164.073.234835.0

9VENVenezuela1993868.266.3801.960049.0

1ARGArgentina19945813.8850.94962.9257700.0

2BOLBolivia1994513.6198.5315.15981.2

3BRABrazil199411342.67516.93825.7546230.0

4CHLChile19941998.6890.71107.950919.0

5COLColombia19943034.22561.5472.781709.0

6ECUEcuador1994594.2487.9106.318582.0

7MEXMexico199411355.93722.77633.2420780.0

8PERPeru1994519.6361.8157.744910.0

9VENVenezuela1994631.639.7591.858403.0

1ARGArgentina19955472.3678.84793.5258100.0

2BOLBolivia1995604.1219.8384.26715.2

3BRABrazil19959965.06639.33325.7704170.0

4CHLChile19952327.0995.01332.065216.0

5COLColombia19953790.12803.4986.792506.0

6ECUEcuador1995726.9623.5103.420206.0

7MEXMexico19953987.51360.82626.6286170.0

8PERPeru19951091.0427.9663.153636.0

9VENVenezuela1995614.094.3519.777389.0

1ARGArgentina19964496.2605.03891.2272240.0

2BOLBolivia1996770.7231.8538.97396.9

3BRABrazil199614010.08682.35327.7774930.0

4CHLChile19963076.4995.52080.868568.0

5COLColombia19965758.23653.32104.997146.0

6ECUEcuador1996800.6610.7189.921278.0

7MEXMexico19964290.91046.63244.3332340.0

8PERPeru19961265.5432.8832.755814.0

9VENVenezuela1996541.957.7484.170543.0

1ARGArgentina19974271.9745.33526.6293010.0

2BOLBolivia1997643.0197.7445.37925.7

3BRABrazil199717431.29600.07831.2807750.0

4CHLChile19974101.81391.22710.675286.0

5COLColombia19977556.84558.92997.9106670.0

6ECUEcuador1997920.3611.5308.923647.0

7MEXMexico19973777.1943.82833.2400870.0

8PERPeru19971418.6528.4890.259126.0

9VENVenezuela1997928.2114.4813.888704.0

1ARGArgentina19984574.1685.93888.2299100.0

2BOLBolivia1998662.0176.6485.48497.5

3BRABrazil199822809.812384.710425.1787740.0

4CHLChile19984542.61441.33101.373063.0

5COLColombia19986318.23696.52621.798811.0

6ECUEcuador19981177.4916.5260.923266.0

7MEXMexico19985335.41168.24167.1421010.0

8PERPeru19981457.3390.71066.656831.0

9VENVenezuela19981337.3124.01213.395849.0

1ARGArgentina19994309.3687.93621.4283660.0

2BOLBolivia1999669.1177.5491.68285.1

3BRABrazil199913808.46383.57424.9536630.0

4CHLChile19994119.1993.23125.973046.0

5COLColombia19994546.62834.21712.484847.0

6ECUEcuador19991266.0949.8316.216682.0

7MEXMexico19996326.01269.05057.0480490.0

8PERPeru19991363.4394.7968.751597.0

9VENVenezuela19991321.6162.91158.6103310.0

1ARGArgentina20004158.5557.43601.1284350.0

2BOLBolivia2000623.4203.1420.28355.7

3BRABrazil200015996.87140.18856.7601730.0

4CHLChile20004049.51174.42875.175515.0

5COLColombia20004561.32711.41608.783220.0

6ECUEcuador20001351.81000.9350.915942.0

7MEXMexico20007694.21543.86150.4580750.0

8PERPeru20001283.0313.8969.153466.0

9VENVenezuela20001564.1373.81190.3121260.0

1ARGArgentina20012955.6416.42539.2268830.0

2BOLBolivia2001602.6229.8372.87969.3

3BRABrazil200113207.15497.07710.1508990.0

4CHLChile20014209.81430.32779.566450.0

5COLColombia20014787.92473.51728.082411.0

6ECUEcuador20011428.41041.1387.321024.0

7MEXMexico20018211.61520.46691.1623890.0

8PERPeru2001772.9215.0557.954218.0

9VENVenezuela20011900.2587.21313.0126200.0

yearinv_total_tinv_total_uinv_total_rgdp_usd_myearinv_total_tinv_total_uinv_total_r

198125,332.023,614.91,717.2781,193.219813.2%3.0%0.2%

198224,483.722,949.71,534.0723,254.319823.4%3.2%0.2%

198319,124.417,265.51,859.0628,825.319833.0%2.7%0.3%

198418,436.916,331.12,105.8615,023.519843.0%2.7%0.3%

198518,133.116,266.01,867.2644,214.719852.8%2.5%0.3%

198618,019.416,700.51,318.8644,532.419862.8%2.6%0.2%

198723,296.121,684.31,611.9686,157.419873.4%3.2%0.2%

198825,473.822,105.83,368.0789,760.019883.2%2.8%0.4%

198920,624.917,406.13,218.8893,826.619892.3%1.9%0.4%

199022,469.918,614.23,855.71,029,757.619902.2%1.8%0.4%

199124,119.417,287.66,831.81,081,728.319912.2%1.6%0.6%

199230,002.819,511.810,491.01,188,545.919922.5%1.6%0.9%

199331,664.616,592.015,072.61,294,203.719932.4%1.3%1.2%

199435,804.116,630.619,173.51,485,214.219942.4%1.1%1.3%

199528,578.013,842.914,735.01,564,108.219951.8%0.9%0.9%

199635,010.316,315.718,694.71,700,255.919962.1%1.0%1.1%

199741,048.818,691.122,357.71,862,988.719972.2%1.0%1.2%

199848,214.020,984.427,229.51,864,167.519982.6%1.1%1.5%

199937,729.413,852.723,876.61,638,547.119992.3%0.8%1.5%

200041,282.515,018.726,022.71,824,588.720002.3%0.8%1.4%

200138,076.113,410.824,078.91,759,982.320012.2%0.8%1.4%

Hoja2

PublicPrivate

19810.0302292210.0021981234

19820.0317310950.0021209738

19830.02745672550.0029562461

19840.02655362150.0034238636

19850.0252493010.0028983544

19860.02591108560.0020461749

19870.03160247290.0023491129

19880.02799052710.0042646022

19890.01947372930.003601116

19900.01807629130.0037442561

19910.01598147580.006315656

19920.01641655490.0088267172

19930.01282020330.0116462611

19940.01119747560.0129095805

19950.00885036170.0094207231

19960.00959600630.010995204

19970.0100328780.0120009776

19980.01125673860.0146067989

19990.00845428070.0145718236

20000.00823127440.014262217

20010.00761982240.0136813567

Hoja2

Public

Private

(As percentage of GDP)

Hoja3

The State of the Opinion

Infrastructure reforms and privatizations do not go well with the Latin American opinion.

According to Latinobarometro, a high and growing % of L.A. people disagree that privatization was beneficial for their country:As of 2003, in the 17 countries surveyed, negative views of privatizations ranged from 53% in Honduras to 83% in Argentina, for Latin American average above 67%

The State of the Opinion: A Privatization Paradox?Strong public discontent contrasts with rather favourable evaluations of the privatization process in terms of operating efficiency / profitability / output / investment / service coverage / fiscal results / some social indicators (e.g., child mortality) / poverty / income distribution.

Discontent occurs even in countries where unequivocal welfare gains (more access, lower prices, improved quality) have materialized

This parallels a generic discontent with reforms / free markets / democracy, etc.

(La Porta & Lopz-de-Silanes 99, Megginson & Netter 2001, McKenzie & Mookherjee 2003, Chong & Lopz-de-Silanes 2004, Galiani et al. 2005).

Percentage of respondents who (strongly) disagree that privatization has been beneficial for their country

Chart1

33.552.98

4455.59

40.8357.42

50.0860.17

35.8462.5

38.6765.25

35.665.61

43.7267.74

46.367.83

39.3468.28

35.3471.5

54.9271.75

48.1472.83

43.574.7

38.0675.25

76.781.98

48.1782.82

1998

2003

Privatization opinion

Country199819992000200120022003200498-0398-04

Argentina48.1767.983.8382.8275.0834.6526.91

Bolivia38.0658.3375.2575.4437.1937.38

Brazil4460.755.5965.2811.5921.28

Colombia50.086260.1772.3310.0922.25

Costa Rica27.548.52

Chile40.8357.6557.4280.3316.5939.5

Ecuador39.3452.7568.2874.1628.9434.82

El Salvador43.555.7452.1774.77831.234.5

Guatemala35.663.663.465.6198.230.0162.6

Honduras33.551.9552.9819.48

Mexico38.6755.6665.2563.6726.5825

Nicaragua46.3515.667.8378.721.5332.4

Panama76.775.9358.7181.9887.65.2810.9

Paraguay35.3459.6374.6671.536.16

Peru48.1456.9872.8371.5924.6923.45

Uruguay54.9256.7570.571.7516.83

Venezuela35.8433.9262.559.5826.6623.74

L.A.43.7256.8567.7474.8624.0231.14

Country19982003CountryHondurasBrazilChileColombiaVenezuelaMexicoGuatemalaL.A.NicaraguaEcuadorParaguayUruguayPeruEl SalvadorBoliviaPanamaArgentina

Honduras33.552.98199833.54440.8350.0835.8438.6735.643.7246.339.3435.3454.9248.1443.538.0676.748.17

Brazil4455.59200352.9855.5957.4260.1762.565.2565.6167.7467.8368.2871.571.7572.8374.775.2581.9882.82

Chile40.8357.42

Colombia50.0860.17

Venezuela35.8462.5

Mexico38.6765.25

Guatemala35.665.61

L.A.43.7267.74

Nicaragua46.367.83

Ecuador39.3468.28

Paraguay35.3471.5

Uruguay54.9271.75

Peru48.1472.83

El Salvador43.574.7

Bolivia38.0675.25

Panama76.781.98

Argentina48.1782.82

Costa Rica27.5

Privatization opinion

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

00

1998

2003

Sheet3

Countrycorr98-03priv98-03Countrycorr98-04priv98-04

Argentina0.416666666734.65Argentina0.526.91

Bolivia-137.19Bolivia-137.38

Brazil111.59Brazil-0.666666666721.28

Colombia1.510.09Colombia1.522.25

Costa RicaCosta Rica-2.5

Chile-1.291666666716.59Chile-1.539.5

Ecuador028.94Ecuador034.82

El Salvador-1.531.2El Salvador-1.534.5

Guatemala-2.530.01Guatemala-2.562.6

Honduras0.519.48Honduras0.4166666667

Mexico-126.58Mexico-125

Nicaragua-1.521.53Nicaragua-1.532.4

Panama05.28Panama010.9

Paraguay-136.16Paraguay-1

Peru-0.583333333324.69Peru-0.523.45

Uruguay016.83Uruguay0

Venezuela-1.526.66Venezuela-1.523.74

-0.5134914457-0.6325105441

Countrycorr03priv98-03Countrycorr04priv98-04


Bolivia237.19Bolivia237.38

Brazil411.59Brazil2.333333333321.28

Colombia310.09Colombia322.25

Costa Rica2.5Costa Rica2.5

Chile2.708333333316.59Chile2.539.5


El Salvador2.531.2El Salvador2.534.5

Guatemala1.530.01Guatemala1.562.6


Mexico226.58Mexico225

Nicaragua2.521.53Nicaragua2.532.4


Paraguay136.16Paraguay1

Peru2.416666666724.69Peru2.523.45


Venezuela1.526.66Venezuela1.523.74

-0.5315394787-0.2380328618

Countrycorr03priv03Countrycorr04priv98-04


Bolivia275.25Bolivia275.44

Brazil455.59Brazil2.333333333365.28

Colombia360.17Colombia372.33

Costa Rica2.5Costa Rica2.5

Chile2.708333333357.42Chile2.580.33


El Salvador2.574.7El Salvador2.578

Guatemala1.565.61Guatemala1.598.2


Mexico265.25Mexico263.67

Nicaragua2.567.83Nicaragua2.578.7


Paraguay171.5Paraguay1

Peru2.416666666772.83Peru2.571.59


Venezuela1.562.5Venezuela1.559.58

-0.3272690943-0.1339585289

Sheet3

00000000000000000

Argentina

Bolivia

Brazil

Colombia

Costa Rica

Chile

Ecuador

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Paraguay

Peru

Uruguay

Venezuela

Change in corruption index 1998-2003

Change in dissatisfaction with privatizations 1998-2003

Corruption

0000000000000

Argentina

Bolivia

Brazil

Colombia

Chile

Ecuador

El Salvador

Guatemala

Mexico

Nicaragua

Panama

Peru

Venezuela



000000000000

Argentina

Bolivia

Brazil

Colombia

Chile

Ecuador

El Salvador

Mexico

Nicaragua

Panama

Peru

Venezuela



00000000000000000

Argentina

Bolivia

Brazil

Colombia

Costa Rica

Chile

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Paraguay

Peru

Uruguay

Venezuela

Ecuador

Corruption index 2003


00000000000000000

Argentina

Bolivia

Brazil

Colombia

Costa Rica

Chile

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Paraguay

Peru

Uruguay

Venezuela

Ecuador


Dissatisfaction with privatizations 2003

00000000000000000

Argentina

Bolivia

Brazil

Colombia

Costa Rica

Chile

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Paraguay

Peru

Uruguay

Venezuela

Ecuador



00000000000000000

Argentina

Bolivia

Brazil

Colombia

Costa Rica

Chile

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Panama

Paraguay

Peru

Uruguay

Venezuela

Ecuador


Dissatisfaction with privatizations 2004

Country19841985198619871988198919901991199219931994199519961997199819992000200120022003200498-0398-04

Argentina3.6666666667444444443.25333222.083333333332.91666666672.04166666672.41666666672.50.41666666670.5

Bolivia1.1666666667111.16666666672222222.91666666673333332.9166666667222-1-1

Brazil3.416666666744444443.7543.08333333333333332.83333333332.166666666742.33333333331-0.6666666667

Colombia3333333333332.41666666671.58333333331.52222.5833333333331.51.5

Costa Rica555555555555555554.52.95833333332.52.5-2.5-2.5

Chile3.3333333333333333333333.83333333334444442.70833333332.5-1.2916666667-1.5

Ecuador3333333333333.41666666673.41666666673332.751.6253300

El Salvador222222222.166666666733333.66666666674443.752.52.52.5-1.5-1.5

Guatemala222222222222344443.83333333331.83333333331.51.5-2.5-2.5

Honduras222222222222222221.91666666672.41666666672.52.41666666670.50.4166666667

Mexico3333333333332.52.4166666667322.83333333333.4166666667222-1-1

Nicaragua34.416666666755555555554.916666666744443.66666666672.6252.52.5-1.5-1.5

Panama22222222222222222222200

Paraguay1.7510.08333333330000132.166666666722222221.8333333333111-1-1

Peru2.66666666673333333333333333.08333333333.666666666722.41666666672.5-0.5833333333-0.5

Uruguay33333333333333333333300

Venezuela2.416666666733333333333333332.83333333331.66666666671.51.5-1.5-1.5

0.4166666667

Why is this Happening?What are some of the causes del rechazo social? Various studies point to different factors:

Unequal income distribution, Graham (2005)Perception that benefits accrue always to the same people, Boix (2005)Perception of Corruption, Martimort y Straub (2005)Political and economic shocks, property rights, beliefs, Di Tella (2005)Lack of deepening of reforms, Kucinsky and Williamson (2003)Privatization, deregulation and capital market development

Recurrent dissatisfaction, diminished expectationsDistrust in governments makes privatization look as the same recipe once again if things go wrongDistrust leads to expect that current gains will be expropriated or will reinforce the status quo Recalcitrant expectations form when property rights can only be defended by those who have the means and skills Advance in economic progress, property rights enforcement and inequality reduction needed to develop trust

LAC is falling behind

Various measures of gaps between LAC and other areas (e.g., Asia)Caveat: geography and GDP composition (Singapore figures cannot be compared with Brazils)

LAC has fallen behind China and Middle Income Countries Source: World Development Indicators

Latin American firms see infrastructure as a bottleneck Businesses that see infrastructure as a serious problem for the growth of their business:Source: World Bank Investment Climate Surveys

Investments Needs

Various estimations of investment needs for infrastructure in the years ahead

How much is needed depends on the goal Universal coverage of water and sanitation? ~ 0.25% over 10 years To maintain and rehabilitate existing assets?~1% of GDP for adequate maintenanceImpossible to estimate rehabilitation needsFor business as usual?~ 2% of GDP to satisfy consumer and firm demand based on modest growth assumptions To grow and take off? ~4 to 6% of GDP to catch up with Korea and keep up with China

Brasil: Expected Investments by Sector

Investimentos Totais (2000-2007)

EnergiaUS$ 28,5 bilhes

US$ 164,9 bilhes

Informao & ConhecimentoUS$ 1,6 bilho

Meio AmbienteUS$ 12,4 bilhes

TransportesUS$ 29,3 bilhes

Desenvolvimento SocialUS$ 52,5 bilhes

TelecomunicaesUS$ 40,6 bilhes

Where is the Funding Coming from?

Foreign Borrowing

Domestic Markets

A growing attention to Project Finance occurs when international financial markets become unavailable. Role of Domestic markets and Public sector banks/Funds Legal and regulatory environment are not enough to mitigate risksInvestments

ConstructorsSuppliersOperatorsFinancial InstitutionsTrustee$$$Sponsors and InvestorsGovernment RegulationCash Flow / ServicesSpecial Purpose CompanyExample of Project Finance

Example of PPPAchievement of Contractual GoalsLoans Sponsors and InvestorsDB, BID,and other

Liquidity FundTreasury/ Fiscal FundOperatorsSuppliers

SPE

Constructors

Fiduciary AgentGovernment Regulation

Domestic Capital Market Development

Trade off: Capital market Public sector financing

Chart3

19.96.722

27.59.525.6

26.519.724.9

30.344.332.5

33.166.244.1

37.182.748.8

39.5103.850.1

38.1129.350.3

41.4151.551.4

47.4163.545.4

58.3187.845.7

61.5205.739.7

Financial

Government

Corporate

US Billions

Latin America: BOND MARKET (By type of issuer)

NUMBER COMPANIES

ASIALACOECDEast Europe

ChinaIndiaKoreaThailandMalaysiaIndonesiaTOTALColombiaPeruVenezuelaArgentinaBrazilChileMexicoTOTALItalySpainSwedenUnited StatesUnited KingdomFranceGermanyCanadaTOTALPolandHungaryRomaniaCzech RepublicTOTAL

1980022653527726941980010302784262652591,3311980134496103625100006,984198000000

1981021143438025371981013302634772422291,3441981132490130686600007,618198100000

1982033583348137731982193144982484932122061,5941982138448138683400007,558198200000

19830311832888353419831961501072385052141631,5731983138394145772200008,399198300000

19840288233696331419841801571162365222081601,5791984143375159797700008,654198400000

198504344342100478619851021591082275412281571,5221985147334164802200008,667198500000

1986047443559851971986991771082175922311551,5791986184312154840300009,053198600000

19870556038912560741987961971102065902091901,5981987204327157718100007,869198700000

1988058415021416484198886236601865892052031,5651988211368142668000007,401198800000

1989059686261756769198982265601785922132031,5931989217423135672700007,502198900000

1990064306692147313199080294761795812151991,6241990220427258659900007,504199000000

1991065006862767462199183298871745702212091,6421991224433230674200007,629199190009

19925227816883053826199280287911755652451951,6381992228399205669900007,531199216230039

199318332636933474101745070199389233931805502631901,598199321037620572461646472426112411,705199322280050

1994291441369938947821664861994113218901565442792061,606199422337922876922070459417118512,65319944440410241112

1995323539872141652923876251995190246901495432841851,687199525036222376712078450678119612,90819956542716351749

1996540599976045462125386271996189231871475512911931,689199624435722984792171686681126514,112199683451715881733

1997764584377643170828288041997189248911365362971981,695199723938424588512157683700136214,62119971434976276544

1998853586074841873628789021998163257941305272771941,642199824348425884502087711741138414,35819981985557532616267

199995058631,17839275727794171999145242871294782851881,554199927071827776511945968933145514,21719992216658251646276

20001,08659371,30838179529097972000126230851274592581791,46420002911019292752419048081022141814,27820002256055551315971

20011,16057951,40944980931699382001123207631114282491681,3492001288145828563551923791988129913,3872001230575140945521

2002123556501,52646686533110073200211420259833992541661,2772002295298627856851701772715375616,1882002216484870785212

NUMBER COMPANIES

01030278426265259

01330263477242229

19314498248493212206

196150107238505214163

180157116236522208160

102159108227541228157

99177108217592231155

96197110206590209190

8623660186589205203

8226560178592213203

8029476179581215199

8329887174570221209

8028791175565245195

8923393180550263190

11321890156544279206

19024690149543284185

18923187147551291193

18924891136536297198

16325794130527277194

14524287129478285188

12623085127459258179

12320763111428249168

1142025983399254166

Colombia

Peru

Venezuela

Argentina

Brazil

Chile

Mexico

LAC Number of Listed Companies

MARKET CAPITALIZATION

ASIALACOECDEAST EUROPE

ChinaIndiaKoreaThailandMalaysiaIndonesiaTOTAL ASIAColombiaPeruVenezuelaArgentinaBrazilChileMexicoTOTAL LACItalySpainSwedenUnited StatesUnited KingdomFranceGermanyCanadaTOTAL OECDHungaryPolandRomaniaCzech RepublicTOTAL

19803,8291,2065,03519801,60502,6573,8649,1609,40012,99439,680198025,30016,60012,9001,448,1201,502,920198000000

19814,2241,0035,22719811,3991,3712,4412,05612,5987,05010,10037,015198124,00016,70017,2001,333,3851,391,285198100000

19824,4081,2605,66819821,3226852,41597410,2494,3951,71921,759198219,90011,10018,6001,520,1671,569,767198200000

19834,3871,4885,87519838575462,7921,38615,1022,5993,00426,286198320,90010,90030,2001,898,0631,960,063198300000

19846,2231,7207,943198476239701,17128,9952,1062,19735,628198425,70013,20025,7001,862,9451,927,545198400000

19857,3811,8569,23719854167601,1282,03742,7682,0123,81552,936198558,50219,00037,2962,324,6462,439,444198500000

198613,9242,87816,80219868222,3221,5101,59142,0964,0625,95258,3551986140,24948,92263,3542,636,5982,889,123198600000

198732,9055,48538,39019871,2558312,2781,51916,9005,3418,37136,4951987119,55971,18870,5642,588,8902,850,201198700000

198894,2388,811103,04919881,14501,8162,02532,1496,84913,78457,7681988125,428174,869100,0832,793,8163,194,196198800000

1989140,94625,648166,59419891,13601,1564,22544,3689,58722,55083,0221989169,417122,652119,2853,505,6863,917,040198900000

1990110,59423,896134,49019901,4168128,3613,26816,35413,64532,72576,5811990148,766111,40497,9293,059,4343,417,533199000000

199196,37335,815132,18819914,0361,11811,21418,50942,75927,98498,178203,7981991158,865147,928100,9134,087,6604,495,366199100000

1992107,44858,259165,70719925,6812,6307,60018,66345,26129,644139,061248,5401992129,19198,96978,3764,485,0404,791,5761992022200222

199340,56797976139,420130,510220,32832,953661,75419939,2375,1138,01043,96799,43044,622200,671411,0501993136,153119,264107,3765,136,1991,151,646456,111463,476326,5247,896,74919938122,706003518

199443,521127515191,778131,479199,27647,241740,810199414,0288,1784,11136,864189,28168,195130,246450,9031994180,135154,858130,9395,067,0161,210,245451,263470,519315,0097,979,984199416043,05752593810651

199542,055127199181,955141,507222,72966,585782,030199517,89311,7953,65537,783147,63673,86090,694383,3161995209,522197,788178,0496,857,6221,407,737522,053577,365366,34410,316,480199523994,5641001566422727

1996113,755122605138,81799,828307,17991,016873,200199617,13712,29110,05544,679216,99065,940106,540473,6321996258,160242,779247,2178,484,4331,740,246591,123670,997486,26812,721,223199652738,390571807731797

1997206,36612846646,05223,53893,60829,105527,135199719,52917,58614,58159,252255,47872,046156,595595,0671997344,665290,383272,73011,308,7791,996,225674,368825,233567,63516,280,01819971497512,1356271278640523

1998231,322105188121,15734,90398,55722,104613,231199813,35711,6457,58745,332160,88751,86691,746382,4201998569,731402,180278,70713,451,3522,374,273991,4841,093,962543,39419,705,08319981402820,46110161204547550

1999330,703184605395,66758,365145,44564,0871,178,872199911,59013,3927,47183,887227,96268,228154,044566,5741999728,273431,668373,27816,653,1142,933,2801,475,4571,432,190800,91424,828,17419991631729,5778731179658563

2000580,991148064148,64929,489116,93526,8341,050,96220009,56010,5628,128166,068226,15260,401125,204606,0752000768,364504,219328,33915,104,0372,576,9921,446,6341,270,243841,38522,840,21320001202131,27910691100255371

2001523,952110396220,04636,340120,00723,0061,033,747200113,21711,1346,216192,499186,23856,310126,258591,8722001527,396468,203232,56113,810,4292,217,3241,174,4281,071,749700,75120,202,84120011036726,0172124933147839

2002463080.000131011.0000249,63946,084123,87229,9911,043,6772002966413363396210343412380747584103137404,9512002477,075461,55917706511052403186413496696268597057531616,260,484200213110.0028,75045611589362314


16050265738649160940012994

139913712441205612598705010100

132268524159741024943951719

857546279213861510225993004

762397011712899521062197

416760112820374276820123815

8222322151015914209640625952

1255831227815191690053418371

114501816202532149684913784

113601156422544368958722550

141681283613268163541364532725

403611181121418509427592798498178

568126307600186634526129644139061

923751138010439679943044622200671

14028817841113686418928168195130246

17893117953655377831476367386090694

1713712291100554467921699065940106540

1952917586145815925225547872046156595

13357116457587453321608875186691746

115901339274718388722796268228154044

956010562812816606822615260401125204

1321711134621619249918623856310126258

966413363396210343412380747584103137

Colombia

Peru

Venezuela

Argentina

Brazil

Chile

Mexico

LAC: Stock Market Capitalization (1980-2002)

TOTALES Companies


19917462164276299

199238261638753139

1993507015981170550

199464861606126531112

199576251687129081749

199686271689141121733

19978804169514621544

199889021642143586267

199994171554142176276

200097971464142785971

200199381349133875521

2002100731277161885212

TOTALES Companies

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

NUMBER OF LISTED COMPANIES (1991-2002)

TOTALES Capitalization

TOTALTOTALTOTAL


199113218820379844953660

19921657072485404791576222

199366175441105078967493518

1994740810450903797998410651

19957820303833161031648022727

19968732004736321272122331797

19975271355950671628001840523

19986132313824201970508347550

199911788725665742482817458563

200010509626060752284021355371

200110337475918722020284147839

200210436774049511626048462314


0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

Stock Market Capitalization (1980-2002)

BOND MARKET K Government



19800198001980019800

19810198101981019810

19820198201982019820

19830198301983019830

19840198401984019840

19850198501985019850

19860198601986019860

19870198701987019870

19880198801988019880

19890198901989019890

19900199001990019900

19910199101991019910

19920199201992019920

19930.60.20.83.90.35.819930.41.82.600.31.67199329.313.233.20.213.31.31.671.4164199301000.610.6

19942.30.61.22.50.36.919940.71.74.900.31.910199440.616.250.80.213.91.82.886.22131994013.400.914.3

19952.60.31.320.36.5199511.610.51.50.34.820199548.419.657.90.214.52.43.494.924119950.315.500.916.7

19963.90.41.71.70.78.419962.21.419.42.7018.64419965121.758.71.1142.23.295.324719960.413.110.615.1

19974.70.921.50.79.819973.15.527.96.702366199751.622.650.64.11023.292.223619970.811.21.20.613.8

19985.54.92.110.714.219984.75.739.39.1023.983199858.327.747.54122.55.7101.525919980.811.91.30.614.6

19995.34.9220.714.919996.15.647.3150.529.3104199955.726.437.43.811.34.99.699.324819990.812.10.70.614.2

20005.54.922.90.716.020007.55.85726.50.532129200066.625.4293.611.14.515.187.624320001.110.10.90.212.3

20016.14.82.13.80.417.2200110.97.072.530.91.229152200172.524.5243.33.47.736.284.525620011.89.51.20.212.7

20025.45.12.750.418.620021117.475.735.22.230.7164200295.834.126.63.10.412.979.187.634020024.99.71.80.416.8

20036.55.12.74.60.419.3200311.72.310.681.440.23.238.41882003144.445.627.433.515.5140.791.3471200311.711.22.90.726.5

20047.25.73.44.61.422.3200412.63.614.884.144.23.942.52062004198.854.529.53.13.522.6186.890.8590200417.214.73.12.937.9


19935.86.7163.510.6

19946.99.5212.514.3

19956.519.7241.316.7

19968.444.3247.215.1

19979.866.2236.313.8

199814.282.7259.214.6

199914.9103.8248.414.2

200016.0129.3242.912.3

200117.2151.5256.112.7

200218.6163.5339.616.8

200319.3187.8471.426.5

200422.3205.7589.637.9


0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

BOND MARKET CAPITALIZATION (Issuers: Governments) 1993-2004

BOND MARKET K Corporate



19800198001980019800

19810198101981019810

19820198201982019820

19830198301983019830

19840198401984019840

19850198501985019850

19860198601986019860

19870198701987019870

19880198801988019880

19890198901989019890

19900199001990019900

19910199101991019910

19920199201992019920

199301.78.11.30.91.11319930.22.33.64.10.411.42219938.63.05.746.639.644.56.553.720819930

19940.22.19.822.61.71819940.22.34.74.10.413.92619949.53.15.250.744.553.28.054.822919940

19950.52.411.12.44.51.32219950.21.95.14.60.412.72519959.23.05.857.849.557.89.155.724819950

19961.33.313.94.472.33219960.31.66.210.22.012.23319968.43.04.468.457.558.98.653.226219960

19971.74.418.24.88.92.84119970.50.11.29.213.52.617.04419977.03.74.494.171.255.611.154.230119970.20.20.4

19981.74.217.75.18.93.34119980.30.11.010.913.52.920.14919988.25.06.5123.191.669.013.062.037819980.20.20.20.6

19992.23.217.94.89.91.64019990.30.11.010.812.43.621.95019999.39.510.3188.2121.088.518.365.651119990.10.20.20.5

20002.62.818.64.39.91.13920000.30.10.710.712.53.922.150200011.516.011.2234.4150.4112.839.865.164120000.10.30.20.6

20012.32.520.93.39.90.94020010.30.10.710.012.44.923.051200122.119.114.9328.1151.6158.640.978.281420010.30.50.21

20022.22.321.33.39.60.84020020.30.58.210.66.019.845200230.720.217.5365.0177.4193.053.882.794020020.31.00.21.5

20032.22.221.62.68.30.23720030.90.06.213.96.718.046200343.827.319.2403.8207.1251.476.193.61,12220030.31.10.21.6

20041.64.723.52.47.40.14020040.90.34.611.06.816.140200467.427.620.2420.5220.1271.095.9100.61,22320040.40.90.41.7


199313.122.02080

199418.425.62290

199522.224.92480

199632.232.52620

199740.844.13010.4

199840.948.83780.6

199939.650.15110.5

200039.350.36410.6

200139.851.48141

200239.545.49401.5

200337.145.71,1221.6

200439.739.71,2231.7


0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

BOND MARKET CAPITALIZATION (Corporate Issuers) 1993-2004

BOND MARKET K Financial I



19800198001980019800

19810198101981019810

19820198201982019820

19830198301983019830

19840198401984019840

19850198501985019850

19860198601986019860

19874.10.930.1819870.10.40.11.3219878.618.8103.648.33835.118.126219870.10.1

19884.91.12.40.1919880.00.20.11.01198812.21.512.8105.665.742.34322.930619880.10.1

19894.71.32.20.1819890.00.10.10.91198915.8217.5104.58046.652.526.8346198900.2

19904.91.42.10.10.6919900.00.10.01.11199019.54.222.8112.8101.756.864.326.7409199000.20.2

19915.31.540.10.61219910.10.10.00.01.92199120.94.624.5113.6114.168.371.523.4441199100.20.2

19925.91.450.211419920.10.51.50.03.05199221.24.527.4105.9105.87279.418.8435199200.20.2

19937.71.36.61.211819930.20.22.05.70.011.720199328.41138.2127.313385.4113.220.4557199300.20.2

199410.41.49.12.70.12.32619940.20.10.13.28.50.015.228199430.913.144152.4154.3100175.921.2692199400.20.20.4

19959.61.4163.70.42.83419950.40.10.12.810.70.011.727199530.420.743.2203.3165.3107249.922842199500.20.20.4

19968.61.329.36.50.77.95419961.10.10.33.214.50.111.030199631.128.348.3314202.6113.3329.228.61,09519960.20.20.61

1997111.832.27.82.314.26919971.20.01.63.616.50.59.533199734.535.149.2446.9231.5122.9380.335.21,33619971.30.20.112.7

199810.21.830.57.32.413.26519981.20.24.14.017.80.59.237199843.855.850.6707.3269.6149.5493.242.91,81319982.40.30.11.74.6

199910.21.826.98.12.910.86119991.30.25.33.717.30.611.340199989.489.560.31109.1356.1172.2669.853.32,60019993.80.40.11.55.6

20009.51.7267.53.29.35720001.10.24.33.216.90.612.1382000131.4114.866.71510.6426.9198.7843.349.73,342200040.21.46

20019.61.622.85.63.67.95120010.80.24.82.119.50.613.4412001185138.667.21993.3501227.799154.94,15920015.50.61.27.3

20029.61.228.24.98.87.86120020.80.24.61.524.30.615.2472002244.9192.586.92348.7647.1310.51316.564.95,21220025.80.61.48

200311.21.337.24.610.68.47320031.00.24.21.334.20.417.2582003338.8328.2111.82666.6923.5476.21721.285.86,65220036.60.81.18.8

200415.82.445.34.216.78.69320040.80.21.81.935.10.422.3622004416.9460.8131.72935.21222.8632.42055.81067,96220045.91.11.77.6


1987822620.1

1988913060.1

1989813460.2

1990914090.2

19911224410.2

19921454350.2

199318205570.2

199426286920.4

199534278420.4

199654301,0951

199769331,3362.7

199865371,8134.6

199961402,6005.6

200057383,3426

200151414,1597.3

200261475,2128

200373586,6528.8

200493627,9627.6


0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

BOND MARKET CAPITALIZATION (Issuer: Financial Institutions) 1987-2004

TOTAL BOND MARKET K

FinancialCorporateGovernmentTOTAL BOND (Billions)TOTAL STOCK

ASIALACOECDEAST EUROPEASIALACOECDEAST EUROPEASIALACOECDEAST EUROPEAsia BondLAC BondOECD BondEast Europe BondAsia StockLAC StockOECD StockEast Europe Stock

1987822620.100000000199111.52.1440.90.2132.188203.7984495.3660

1988913060.100000000199213.55.3435.00.2165.707248.544791.5760.222

1989813460.200000000199336.748.6928.610.8661.754411.057896.7493.518

1990914090.200000000199451.362.61133.314.7740.81450.9037979.98410.651

19911224410.200000000199562.671.11331.017.1782.03383.31610316.4822.727

19921454350.200000000199694.9107.11605.016.1873.2473.63212721.22331.797

199318205570.213.122.020805.86.7163.510.61997119.9143.41873.216.9527.135595.06716280.01840.523

199426286920.418.425.622906.99.5212.514.31998120.5168.62450.319.8613.231382.4219705.08347.55

199534278420.422.224.924806.519.7241.316.71999115.2193.43358.820.31178.872566.57424828.17458.563

199654301,095132.232.526208.444.3247.215.12000112.5217.74226.218.91050.962606.07522840.21355.371

199769331,3362.740.844.13010.49.866.2236.313.82001108.1244.35228.321.01033.747591.87220202.84147.839

199865371,8134.640.948.83780.614.282.7259.214.62002118.6256.36491.926.31043.677404.95116260.48462.314

199961402,6005.639.650.15110.514.9103.8248.414.22003129.7291.88245.836.90000

200057383,342639.350.36410.616.0129.3242.912.32004155.0306.99774.547.20000

200151414,1597.339.851.4814117.2151.5256.112.7

200261475,212839.545.49401.518.6163.5339.616.8

200373586,6528.837.145.71,1221.619.3187.8471.426.5

200493627,9627.639.739.71,2231.722.3205.7589.637.9

LACFinancialCorporateGovernmentTOTAL

ColombiaPeruVenezuelaArgentinaBrazilChileMexicoColombiaPeruVenezuelaArgentinaBrazilChileMexicoColombiaPeruVenezuelaArgentinaBrazilChileMexicoColombiaPeruVenezuelaArgentinaBrazilChileMexico

19801991000.10.1001.9

19811992000.10.51.503

198219930.804.38.29.80.724.7

198319941.10.14.112.812.60.731

198419951.60.13.618.416.80.729.2

198519963.60.13.328.827.42.141.8

198619974.80.18.340.736.73.149.5

19870.10.40.11.319986.20.310.854.240.43.453.2

19880.00.20.11.019997.70.311.961.844.74.762.5

19890.00.10.10.920008.90.310.870.955.9566.2

19900.00.10.01.12001120.312.584.662.86.765.4

19910.10.10.00.01.9200212.41.212.585.470.18.865.7

19920.10.51.50.03.0200313.62.514.888.988.310.373.6

19930.20.22.05.70.011.70.22.33.64.10.411.40.41.82.600.31.6200414.33.816.990.690.311.180.9

19940.20.10.13.28.50.015.20.22.34.74.10.413.90.71.74.900.31.9

19950.40.10.12.810.70.011.70.21.95.14.60.412.711.610.51.50.34.8

19961.10.10.33.214.50.111.00.31.66.210.22.012.22.21.419.42.7018.6

19971.20.01.63.616.50.59.50.50.11.29.213.52.617.03.15.527.96.7023

19981.20.24.14.017.80.59.20.30.11.010.913.52.920.14.75.739.39.1023.9

19991.30.25.33.717.30.611.30.30.11.010.812.43.621.96.15.647.3150.529.3

20001.10.24.33.216.90.612.10.30.10.710.712.53.922.17.55.85726.50.532

20010.80.24.82.119.50.613.40.30.10.710.012.44.923.010.97.072.530.91.229

20020.80.24.61.524.30.615.20.30.58.210.66.019.81117.475.735.22.230.7

20031.00.24.21.334.20.417.20.90.06.213.96.718.011.72.310.681.440.23.238.4

20040.80.21.81.935.10.422.30.90.34.611.06.816.112.63.614.884.144.23.942.5

CREDIT TO PRIVATE SECTORLAC

LACBond MarketStock MarketCredit to Private SectorLAC

198716619912.1203.798387FinancialGovernmentCorporate

198855519925.3248.545531993206.722.0

1989584199348.6411.057421994289.525.6

1990349199462.6450.90361019952719.724.9

1991387199571.1383.31646419963044.332.5

19925531996107.1473.63240919973366.244.1

19937421997143.4595.06749019983782.748.8

19946101998168.6382.42512199940103.850.1

19954641999193.4566.574494200038129.350.3

19964092000217.7606.075482200141151.551.4

19974902001244.3591.872458200247163.545.4

19985122002256.3404.951461200358187.845.7

19994942003291.80446200462205.739.7

20004822004306.900

2001458

2002461

2003446

TOTAL BOND MARKET K

11.52.1440.90.2132.188203.7984495.3660

13.55.34350.2165.707248.544791.5760.222

36.748.6928.610.8661.754411.057896.7493.518

51.362.61133.314.7740.81450.9037979.98410.651

62.671.1133117.1782.03383.31610316.4822.727

94.9107.1160516.1873.2473.63212721.22331.797

119.9143.41873.216.9527.135595.06716280.01840.523

120.5168.62450.319.8613.231382.4219705.08347.55

115.2193.43358.820.31178.872566.57424828.17458.563

112.5217.74226.218.91050.962606.07522840.21355.371

108.1244.35228.3211033.747591.87220202.84147.839

118.6256.36491.926.31043.677404.95116260.48462.314

Asia Bond

LAC Bond

OECD Bond

East Europe Bond

Asia Stock

LAC Stock

OECD Stock

East Europe Stock

STOCK AND BOND MARKET CAPITALIZATION (1987-2002)

Credit to Private Sector

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

Colombia

Peru

Venezuela

Argentina

Brazil

Chile

Mexico

US Billions

Latin American Bond Market (All issuers) 1991-2004

2.1203.798386.963371713

5.3248.54553.2615878672

48.6411.05742.2410539846

62.6450.903610.4389747376

71.1383.316463.521822547

107.1473.632409.2390399429

143.4595.067490.167309735

168.6382.42511.5426904421

193.4566.574493.9404614997

217.7606.075481.979525576

244.3591.872458.4769189187

256.3404.951460.6910495815

Bond Market

Stock Market


Latin America (1991-2002)

000

000

000

000

000

000

000

000

000

000

000

000

Financial

Government

Corporate

US Billions




198090.7636.6262.3315.2112.47217.3814.015.0344.1653.87168.1413.0367.05365.29410.70247.24119.566,081.15241.84869.96963.88272.799,207.120.000.000.000.000.00

1981101.5840.6666.2616.5615.43240.5015.436.4744.5867.12165.5715.4873.60388.26399.99258.15129.315,915.04283.20888.45993.29300.029,167.460.000.000.000.000.00

1982112.3745.3077.0918.590.00253.3516.227.2648.9164.47167.3721.9657.34383.53386.18269.95135.696,047.87318.55912.99999.30283.659,354.180.0019.730.000.0019.73

1983124.9849.2784.8923.2921.18303.6117.717.5647.9155.54173.1218.9245.12365.87375.47257.69137.596,585.06360.08940.001,034.48270.449,960.820.0020.070.000.0020.07

1984153.4754.6491.0226.3824.27349.7818.607.7545.7650.47175.7422.3552.50373.16396.16240.15144.877,079.40421.83974.591,076.86285.4110,619.270.0020.680.000.0020.68

1985189.8958.69102.8628.3528.25408.040.005.9845.2232.39174.8520.1549.66328.25402.87238.08150.317,981.45456.10707.891,122.67302.5511,361.920.0021.630.000.0021.63

1986237.6164.95110.9929.1632.88475.590.005.6952.1434.030.0019.2447.85158.95413.43241.13173.288,788.02839.61749.351,129.94311.7812,646.550.0023.330.000.0023.33

1987272.5667.53125.5433.4231.16530.200.006.1748.9144.110.0018.9748.34166.50430.45266.52154.399,354.27945.38816.571,145.07331.6813,444.320.0023.620.000.0023.62

1988287.3674.19132.7040.7933.06568.100.008.1248.8741.04395.7218.8542.08554.68468.11306.80179.969,921.441,103.72884.671,179.34358.2014,402.250.0020.800.000.0020.80

1989311.6068.34156.5351.360.00587.830.005.1529.5074.15394.0319.5461.36583.73484.98337.87197.3710,622.841,278.42963.501,231.16386.3315,502.470.0021.070.000.0021.07

1990362.0167.66178.0666.160.00673.8920.124.2525.1828.43179.5618.9872.31348.82518.13346.28250.8310,469.991,315.111,044.911,400.26405.7915,751.2924.5620.130.000.0044.69

1991405.3965.33193.8676.760.00741.3418.673.4029.6025.84199.5819.4890.40386.96549.47361.96241.2110,898.371,267.351,063.251,492.78408.4016,282.7925.9214.910.000.0040.84

1992453.8571.52201.1891.6958.85877.0921.023.9531.0435.49312.8623.42125.48553.26582.45357.24240.9911,299.411,255.901,084.631,547.24421.2516,789.1124.0512.330.000.0036.39

1993583.0772.55214.25112.2563.441,045.5625.114.6825.9544.50469.7027.56144.74742.24579.02345.41214.2912,086.981,264.051,026.801,628.26426.2117,571.0224.6410.430.0035.0570.11

1994587.6276.98235.50140.3471.081,111.5224.256.0614.6652.24300.1328.73184.36610.44565.25337.49207.3012,549.421,312.30991.241,709.76441.8418,114.5922.7110.010.0037.4670.18

1995642.0178.90253.09167.8088.931,230.7327.707.7113.8849.95200.6533.19130.43463.52563.41343.45202.9514,132.631,422.12998.391,762.83448.5819,874.3622.428.650.0036.6967.77

1996753.8888.50287.46187.06111.361,428.2629.6910.3111.1453.31177.4939.1988.10409.24550.77355.94202.5115,658.801,513.30972.471,874.43485.4521,613.6626.968.574.7937.6978.01

1997897.5092.65336.44207.72133.651,667.9631.7612.6417.8262.62188.9143.68132.74490.17569.93395.56210.1117,736.141,569.65979.261,975.46524.8123,960.9331.289.883.2738.2182.64

19981,068.8199.01346.14174.87123.911,812.7431.2114.3516.7571.61206.4546.38124.78511.54604.69450.04219.5620,111.281,607.010.002,111.60535.5725,639.7535.4010.314.3133.0783.08

19991,218.96114.84402.73154.56123.752,014.8427.3114.7715.1771.31209.6844.49111.21493.94748.84495.34232.0022,793.731,687.951,034.592,138.00545.6029,676.0541.7211.562.9730.4686.71

20001,346.08132.74466.38132.87126.622,204.6922.3613.8414.6167.91208.6948.10106.47481.98833.69567.42104.6423,065.321,910.891,129.292,253.24551.0430,415.5345.5215.052.6627.7991.01

20011,456.49139.64503.09121.51135.222,355.9621.5413.0314.7956.60208.8350.5193.19458.48873.42608.83245.1922,490.542,031.251,190.102,271.21580.0130,290.5447.0316.403.0223.6490.09

20021,710.52163.24572.90135.54137.512,719.7121.8712.8811.0337.11216.2951.42110.09460.69902.21652.78254.7021,611.382,130.761,174.052,243.46608.0929,577.4348.5017.953.4018.2588.09

20032,024.92173.98608.61145.22140.403,093.1321.0512.028.8228.36214.7651.85109.44446.30944.32720.19260.9424,688.142,265.971,224.442,214.00622.7732,940.7851.4122.254.0619.3697.08


1987530.2016613,44423.6170256069

1988568.1055514,40220.8036282792

1989587.8358415,50221.0733619666

1990673.8934915,75144.688964021

1991741.3438716,28340.8361269696

1992877.0955316,78936.3855295414

19931,045.5674217,57170.107988806

19941,111.5261018,11570.1844021925

19951,230.7346419,87467.767767444

19961,428.2640921,61478.0091591634

19971,667.9649023,96182.6397765048

19981,812.7451225,64083.0826337482

19992,014.8449429,67686.7099670201

20002,204.6948230,41691.009855818

20012,355.9645830,29190.0872257746

20022,719.7146129,57788.0890514838

20033,093.1344632,94197.0783807451

Chart9

5.74.10

8.54.10

10.74.61.5

14.510.22.7

16.513.56.7

17.813.59.1

17.312.415

16.912.526.5

19.512.430.9

24.310.635.2

34.213.940.2

35.11144.2

Financial

Corporate

Government

US Billions

BRAZIL: Bond Market (By type of issuer) (1993-2004)

NUMBER COMPANIES



1980022653527726941980010302784262652591,3311980134496103625100006,984198000000

1981021143438025371981013302634772422291,3441981132490130686600007,618198100000

1982033583348137731982193144982484932122061,5941982138448138683400007,558198200000

19830311832888353419831961501072385052141631,5731983138394145772200008,399198300000

19840288233696331419841801571162365222081601,5791984143375159797700008,654198400000

198504344342100478619851021591082275412281571,5221985147334164802200008,667198500000

1986047443559851971986991771082175922311551,5791986184312154840300009,053198600000

19870556038912560741987961971102065902091901,5981987204327157718100007,869198700000

1988058415021416484198886236601865892052031,5651988211368142668000007,401198800000

1989059686261756769198982265601785922132031,5931989217423135672700007,502198900000

1990064306692147313199080294761795812151991,6241990220427258659900007,504199000000

1991065006862767462199183298871745702212091,6421991224433230674200007,629199190009

19925227816883053826199280287911755652451951,6381992228399205669900007,531199216230039

199318332636933474101745070199389233931805502631901,598199321037620572461646472426112411,705199322280050

1994291441369938947821664861994113218901565442792061,606199422337922876922070459417118512,65319944440410241112

1995323539872141652923876251995190246901495432841851,687199525036222376712078450678119612,90819956542716351749

1996540599976045462125386271996189231871475512911931,689199624435722984792171686681126514,112199683451715881733

1997764584377643170828288041997189248911365362971981,695199723938424588512157683700136214,62119971434976276544

1998853586074841873628789021998163257941305272771941,642199824348425884502087711741138414,35819981985557532616267

199995058631,17839275727794171999145242871294782851881,554199927071827776511945968933145514,21719992216658251646276

20001,08659371,30838179529097972000126230851274592581791,46420002911019292752419048081022141814,27820002256055551315971

20011,16057951,40944980931699382001123207631114282491681,3492001288145828563551923791988129913,3872001230575140945521

2002123556501,52646686533110073200211420259833992541661,2772002295298627856851701772715375616,1882002216484870785212

PeruChileMexico

1980103265259

1981133242229

1982144212206

1983150214163

1984157208160

1985159228157

1986177231155

1987197209190

1988236205203

1989265213203

1990294215199

1991298221209

1992287245195

1993233263190

1994218279206

1995246284185

1996231291193

1997248297198

1998257277194

1999242285188

2000230258179

2001207249168

2002202254166

NUMBER COMPANIES

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

Colombia

Peru

Venezuela

Argentina

Brazil

Chile

Mexico

LAC Number of Listed Companies


000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

000

Peru

Chile

Mexico

Number of Listed Companies: Peru, Chile and Mexico

TOTALES Companies


ChinaIndiaKoreaThailandMalaysiaIndonesiaTOTAL ASIAColombiaPeruVenezuelaArgentinaBrazilChileMexicoTOTAL LACItalySpainSwedenUnited StatesUnited KingdomFranceGermanyCanadaTOTAL OECDHungaryPolandRomaniaCzech RepublicTOTAL

19803,8291,2065,03519801,60502,6573,8649,1609,40012,99439,680198025,30016,60012,9001,448,1201,502,920198000000

19814,2241,0035,22719811,3991,3712,4412,05612,5987,05010,10037,015198124,00016,70017,2001,333,3851,391,285198100000

19824,4081,2605,66819821,3226852,41597410,2494,3951,71921,759198219,90011,10018,6001,520,1671,569,767198200000

19834,3871,4885,87519838575462,7921,38615,1022,5993,00426,286198320,90010,90030,2001,898,0631,960,063198300000

19846,2231,7207,943198476239701,17128,9952,1062,19735,628198425,70013,20025,7001,862,9451,927,545198400000

19857,3811,8569,23719854167601,1282,03742,7682,0123,81552,936198558,50219,00037,2962,324,6462,439,444198500000

198613,9242,87816,80219868222,3221,5101,59142,0964,0625,95258,3551986140,24948,92263,3542,636,5982,889,123198600000

198732,9055,48538,39019871,2558312,2781,51916,9005,3418,37136,4951987119,55971,18870,5642,588,8902,850,201198700000

198894,2388,811103,04919881,14501,8162,02532,1496,84913,78457,7681988125,428174,869100,0832,793,8163,194,196198800000

1989140,94625,648166,59419891,13601,1564,22544,3689,58722,55083,0221989169,417122,652119,2853,505,6863,917,040198900000

1990110,59423,896134,49019901,4168128,3613,26816,35413,64532,72576,5811990148,766111,40497,9293,059,4343,417,533199000000

199196,37335,815132,18819914,0361,11811,21418,50942,75927,98498,178203,7981991158,865147,928100,9134,087,6604,495,366199100000

1992107,44858,259165,70719925,6812,6307,60018,66345,26129,644139,061248,5401992129,19198,96978,3764,485,0404,791,5761992022200222

199340,56797976139,420130,510220,32832,953661,75419939,2375,1138,01043,96799,43044,622200,671411,0501993136,153119,264107,3765,136,1991,151,646456,111463,476326,5247,896,74919938122,706003518

199443,521127515191,778131,479199,27647,241740,810199414,0288,1784,11136,864189,28168,195130,246450,9031994180,135154,858130,9395,067,0161,210,245451,263470,519315,0097,979,984199416043,05752593810651

199542,055127199181,955141,507222,72966,585782,030199517,89311,7953,65537,783147,63673,86090,694383,3161995209,522197,788178,0496,857,6221,407,737522,053577,365366,34410,316,480199523994,5641001566422727

1996113,755122605138,81799,828307,17991,016873,200199617,13712,29110,05544,679216,99065,940106,540473,6321996258,160242,779247,2178,484,4331,740,246591,123670,997486,26812,721,223199652738,390571807731797

1997206,36612846646,05223,53893,60829,105527,135199719,52917,58614,58159,252255,47872,046156,595595,0671997344,665290,383272,73011,308,7791,996,225674,368825,233567,63516,280,01819971497512,1356271278640523

1998231,322105188121,15734,90398,55722,104613,231199813,35711,6457,58745,332160,88751,86691,746382,4201998569,731402,180278,70713,451,3522,374,273991,4841,093,962543,39419,705,08319981402820,46110161204547550

1999330,703184605395,66758,365145,44564,0871,178,872199911,59013,3927,47183,887227,96268,228154,044566,5741999728,273431,668373,27816,653,1142,933,2801,475,4571,432,190800,91424,828,17419991631729,5778731179658563

2000580,991148064148,64929,489116,93526,8341,050,96220009,56010,5628,128166,068226,15260,401125,204606,0752000768,364504,219328,33915,104,0372,576,9921,446,6341,270,243841,38522,840,21320001202131,27910691100255371

2001523,952110396220,04636,340120,00723,0061,033,747200113,21711,1346,216192,499186,23856,310126,258591,8722001527,396468,203232,56113,810,4292,217,3241,174,4281,071,749700,75120,202,84120011036726,0172124933147839

2002463080.000131011.0000249,63946,084123,87229,9911,043,6772002966413363396210343412380747584103137404,9512002477,075461,55917706511052403186413496696268597057531616,260,484200213110.0028,75045611589362314

PERUCHILEMEXICO

19911,11827,98498,178

19922,63029,644139,061

19935,11344,622200,671

19948,17868,195130,246

199511,79573,86090,694

199612,29165,940106,540

199717,58672,046156,595

199811,64551,86691,746

199913,39268,228154,044

200010,56260,401125,204

200111,13456,310126,258

20021336347584103137

TOTALES Companies

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

0000000

Colombia

Peru

Venezuela

Argentina

Brazil

Chile

Mexico

LAC: Stock Market Capitalization (1980-2002)


000

000

000

000

000

000

000

000

000

000

000

000

PERU

CHILE

MEXICO

US millions

Peru, Chile and Mexico: Stock Market Capitalization (1991-2002)



19917462164276299

199238261638753139

1993507015981170550

199464861606126531112

199576251687129081749

199686271689141121733

19978804169514621544

199889021642143586267

199994171554142176276

200097971464142785971

200199381349133875521

2002100731277161885212


0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

NUMBER OF LISTED COMPANIES (1991-2002)


TOTALTOTALTOTAL


199113218820379844953660

19921657072485404791576222

199366175441105078967493518

1994740810450903797998410651

19957820303833161031648022727

19968732004736321272122331797

19975271355950671628001840523

19986132313824201970508347550

199911788725665742482817458563

200010509626060752284021355371

200110337475918722020284147839

200210436774049511626048462314


0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

Stock Market Capitalization (1980-2002)




19800198001980019800

19810198101981019810

19820198201982019820

19830198301983019830

19840198401984019840

19850198501985019850

19860198601986019860

19870198701987019870

19880198801988019880

19890198901989019890

19900199001990019900

19910199101991019910

19920199201992019920

19930.60.20.83.90.35.819930.41.82.600.31.67199329.313.233.20.213.31.31.671.4164199301000.610.6

19942.30.61.22.50.36.919940.71.74.900.31.910199440.616.250.80.213.91.82.886.22131994013.400.914.3

19952.60.31.320.36.5199511.610.51.50.34.820199548.419.657.90.214.52.43.494.924119950.315.500.916.7

19963.90.41.71.70.78.419962.21.419.42.7018.64419965121.758.71.1142.23.295.324719960.413.110.615.1

19974.70.921.50.79.819973.15.527.96.702366199751.622.650.64.11023.292.223619970.811.21.20.613.8

19985.54.92.110.714.219984.75.739.39.1023.983199858.327.747.54122.55.7101.525919980.811.91.30.614.6

19995.34.9220.714.919996.15.647.3150.529.3104199955.726.437.43.811.34.99.699.324819990.812.10.70.614.2

20005.54.922.90.716.020007.55.85726.50.532129200066.625.4293.611.14.515.187.624320001.110.10.90.212.3

20016.14.82.13.80.417.2200110.97.072.530.91.229152200172.524.5243.33.47.736.284.525620011.89.51.20.212.7

20025.45.12.750.418.620021117.475.735.22.230.7164200295.834.126.63.10.412.979.187.634020024.99.71.80.416.8

20036.55.12.74.60.419.3200311.72.310.681.440.23.238.41882003144.445.627.433.515.5140.791.3471200311.711.22.90.726.5

20047.25.73.44.61.422.3200412.63.614.884.144.23.942.52062004198.854.529.53.13.522.6186.890.8590200417.214.73.12.937.9


19935.86.7163.510.6

19946.99.5212.514.3

19956.519.7241.316.7

19968.444.3247.215.1

19979.866.2236.313.8

199814.282.7259.214.6

199914.9103.8248.414.2

200016.0129.3242.912.3

200117.2151.5256.112.7

200218.6163.5339.616.8

200319.3187.8471.426.5

200422.3205.7589.637.9


0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

BOND MARKET CAPITALIZATION (Issuers: Governments) 1993-2004

TOTAL BOND MARKET K



19800198001980019800

19810198101981019810

19820198201982019820

19830198301983019830

19840198401984019840

19850198501985019850

19860198601986019860

19870198701987019870

19880198801988019880

19890198901989019890

19900199001990019900

19910199101991019910

19920199201992019920

199301.78.11.30.91.11319930.22.33.64.10.411.42219938.63.05.746.639.644.56.553.720819930

19940.22.19.822.61.71819940.22.34.74.10.413.92619949.53.15.250.744.553.28.054.822919940

19950.52.411.12.44.51.32219950.21.95.14.60.412.72519959.23.05.857.849.557.89.155.724819950

19961.33.313.94.472.33219960.31.66.210.22.012.23319968.43.04.468.457.558.98.653.226219960

19971.74.418.24.88.92.84119970.50.11.29.213.52.617.04419977.03.74.494.171.255.611.154.230119970.20.20.4

19981.74.217.75.18.93.34119980.30.11.010.913.52.920.14919988.25.06.5123.191.669.013.062.037819980.20.20.20.6

19992.23.217.94.89.91.64019990.30.11.010.812.43.621.95019999.39.510.3188.2121.088.518.365.651119990.10.20.20.5

20002.62.818.64.39.91.13920000.30.10.710.712.53.922.150200011.516.011.2234.4150.4112.839.865.164120000.10.30.20.6

20012.32.520.93.39.90.94020010.30.10.710.012.44.923.051200122.119.114.9328.1151.6158.640.978.281420010.30.50.21

20022.22.321.33.39.60.84020020.30.58.210.66.019.845200230.720.217.5365.0177.4193.053.882.794020020.31.00.21.5

20032.22.221.62.68.30.23720030.90.06.213.96.718.046200343.827.319.2403.8207.1251.476.193.61,12220030.31.10.21.6

20041.64.723.52.47.40.14020040.90.34.611.06.816.140200467.427.620.2420.5220.1271.095.9100.61,22320040.40.90.41.7


199313.122.02080

199418.425.62290

199522.224.92480

199632.232.52620

199740.844.13010.4

199840.948.83780.6

199939.650.15110.5

200039.350.36410.6

200139.851.48141

200239.545.49401.5

200337.145.71,1221.6

200439.739.71,2231.7

TOTAL BOND MARKET K

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

BOND MARKET CAPITALIZATION (Corporate Issuers) 1993-2004




19800198001980019800

19810198101981019810

19820198201982019820

19830198301983019830

19840198401984019840

19850198501985019850

19860198601986019860

19874.10.930.1819870.10.40.11.3219878.618.8103.648.33835.118.126219870.10.1

19884.91.12.40.1919880.00.20.11.01198812.21.512.8105.665.742.34322.930619880.10.1

19894.71.32.20.1819890.00.10.10.91198915.8217.5104.58046.652.526.8346198900.2

19904.91.42.10.10.6919900.00.10.01.11199019.54.222.8112.8101.756.864.326.7409199000.20.2

19915.31.540.10.61219910.10.10.00.01.92199120.94.624.5113.6114.168.371.523.4441199100.20.2

19925.91.450.211419920.10.51.50.03.05199221.24.527.4105.9105.87279.418.8435199200.20.2

19937.71.36.61.211819930.20.22.05.70.011.720199328.41138.2127.313385.4113.220.4557199300.20.2

199410.41.49.12.70.12.32619940.20.10.13.28.50.015.228199430.913.144152.4154.3100175.921.2692199400.20.20.4

19959.61.4163.70.42.83419950.40.10.12.810.70.011.727199530.420.743.2203.3165.3107249.922842199500.20.20.4

19968.61.329.36.50.77.95419961.10.10.33.214.50.111.030199631.128.348.3314202.6113.3329.228.61,09519960.20.20.61

1997111.832.27.82.314.26919971.20.01.63.616.50.59.533199734.535.149.2446.9231.5122.9380.335.21,33619971.30.20.112.7

199810.21.830.57.32.413.26519981.20.24.14.017.80.59.237199843.855.850.6707.3269.6149.5493.242.91,81319982.40.30.11.74.6

199910.21.826.98.12.910.86119991.30.25.33.717.30.611.340199989.489.560.31109.1356.1172.2669.853.32,60019993.80.40.11.55.6

20009.51.7267.53.29.35720001.10.24.33.216.90.612.1382000131.4114.866.71510.6426.9198.7843.349.73,342200040.21.46

20019.61.622.85.63.67.95120010.80.24.82.119.50.613.4412001185138.667.21993.3501227.799154.94,15920015.50.61.27.3

20029.61.228.24.98.87.86120020.80.24.61.524.30.615.2472002244.9192.586.92348.7647.1310.51316.564.95,21220025.80.61.48

200311.21.337.24.610.68.47320031.00.24.21.334.20.417.2582003338.8328.2111.82666.6923.5476.21721.285.86,65220036.60.81.18.8

200415.82.445.34.216.78.69320040.80.21.81.935.10.422.3622004416.9460.8131.72935.21222.8632.42055.81067,96220045.91.11.77.6


1987822620.1

1988913060.1

1989813460.2

1990914090.2

19911224410.2

19921454350.2

199318205570.2

199426286920.4

199534278420.4

199654301,0951

199769331,3362.7

199865371,8134.6

199961402,6005.6

200057383,3426

200151414,1597.3

200261475,2128

200373586,6528.8

200493627,9627.6


0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

0000

ASIA

LAC

OECD

EAST EUROPE

BOND MARKET CAPITALIZATION (Issuer: Financial Institutions) 1987-2004

FinancialCorporateGovernmentTOTAL BOND (Billions)TOTAL STOCKTOTAL BOND (Billions)TOTAL STOCKTOTAL CREDIT

ASIALACOECDEAST EUROPEASIALACOECDEAST EUROPEASIALACOECDEAST EUROPEAsia BondLAC BondOECD BondEast Europe BondAsia StockLAC StockOECD StockEast Europe StockPeru BondMexico BondChile BondPeru StockMexico StockChile StockPeru Credit to PSMexico Credit to PSChile Credit to PS

1987822620.100000000199111.52.1440.90.2132.188203.7984495.3660199101.901.1298.1827.981.9364.6714.13

1988913060.100000000199213.55.3435.00.2165.707248.544791.5760.22219920302.63139.0629.642.50101.2718.68

1989813460.200000000199336.748.6928.610.8661.754411.057896.7493.5181993024.70.75.11200.6744.623.56128.3121.63

1990914090.200000000199451.362.61133.314.7740.81450.9037979.98410.65119940.1310.78.18130.2568.206.01103.3227.11

19911224410.200000000199562.671.11331.017.1782.03383.31610316.4822.72719950.129.20.711.8090.6973.868.2670.3434.07

19921454350.200000000199694.9107.11605.016.1873.2473.63212721.22331.79719960.141.82.112.29106.5465.9410.9760.4739.24

199318205570.213.122.020805.86.7163.510.61997119.9143.41873.216.9527.135595.06716280.01840.52319970.149.53.117.59156.6072.0513.8599.2142.62

199426286920.418.425.622906.99.5212.514.31998120.5168.62450.319.8613.231382.4219705.08347.5519980.353.23.411.6591.7551.8714.5087.8743.21

199534278420.422.224.924806.519.7241.316.71999115.2193.43358.820.31178.872566.57424828.17458.56319990.362.54.713.39154.0468.2314.0292.8241.50

199654301,095132.232.526208.444.3247.215.12000112.5217.74226.218.91050.962606.07522840.21355.37120000.366.2510.56125.2060.4013.4998.5543.44

199769331,3362.740.844.13010.49.866.2236.313.82001108.1244.35228.321.01033.747591.87220202.84147.83920010.365.46.711.13126.2656.3113.2093.0040.49

199865371,8134.640.948.83780.614.282.7259.214.62002118.6256.36491.926.31043.677404.95116260.48462.31420021.265.78.813.36103.1447.5812.87102.7740.97

199961402,6005.639.650.15110.514.9103.8248.414.22003129.7291.88245.836.9000020032.573.610.3

200057383,342639.350.36410.616.0129.3242.912.32004155.0306.99774.547.2000020043.880.911.1

200151414,1597.339.851.4814117.2151.5256.112.7

200261475,212839.545.49401.518.6163.5339.616.8

200373586,6528.837.145.71,1221.619.3187.8471.426.5

200493627,9627.639.739.71,2231.722.3205.7589.637.9

LACFinancialCorporateGovernmentTOTAL

ColombiaPeruVenezuelaArgentinaBrazilChileMexicoColombiaPeruVenezuelaArgentinaBrazilChileMexicoColombiaPeruVenezuelaArgentinaBrazilChileMexicoColombiaPeruVenezuelaArgentinaBrazilChileMexico

19801991000.10.1001.9

19811992000.10.51.503

198219930.804.38.29.80.724.7

198319941.10.14.112.812.60.731

198419951.60.13.618.416.80.729.2

198519963.60.13.328.827.42.141.8

198619974.80.18.340.736.73.149.5

19870.10.40.11.319986.20.310.854.240.43.453.2

19880.00.20.11.019997.70.311.961.844.74.762.5

19890.00.10.10.920008.90.310.870.955.9566.2

19900.00.10.01.12001120.312.584.662.86.765.4

19910.10.10.00.01.9200212.41.212.585.470.18.865.7

19920.10.51.50.03.0200313.62.514.888.988.310.373.6

19930.20.22.05.70.011.70.22.33.64.10.411.40.41.82.600.31.6200414.33.816.990.690.311.180.9

19940.20.10.13.28.50.015.20.22.34.74.10.413.90.71.74.900.31.9

19950.40.10.12.810.70.011.70.21.95.14.60.412.711.610.51.50.34.8

19961.10.10.33.214.50.111.00.31.66.210.22.012.22.21.419.42.7018.6

19971.20.01.63.616.50.59.50.50.11.29.213.52.617.03.15.527.96.7023

19981.20.24.14.017.80.59.20.30.11.010.913.52.920.14.75.739.39.1023.9

19991.30.25.33.717.30.611.30.30.11.010.812.43.621.96.15.647.3150.529.3

20001.10.24.33.216.90.612.10.30.10.710.712.53.922.17.55.85726.50.532

20010.80.24.82.119.50.613.40.30.10.710.012.44.923.010.97.072.530.91.229

20020.80.24.61.524.30.615.20.30.58.210.66.019.81117.475.735.22.230.7

20031.00.24.21.334.20.417.20.90.06.213.96.718.011.72.310.681.440.23.238.4

20040.80.21.81.935.10.422.30.90.34.611.06.816.112.63.614.884.144.23.942.5

CREDIT TO PRIVATE SECTORLAC

LACBond MarketStock MarketCredit to Private SectorLAC

198716619912.1203.798387Bond MarketStock MarketCredit to Private SectorFinancialGovernmentCorporate

198855519925.3248.5455319912.1203.798168.741993206.722.0

1989584199348.6411.0574219925.3248.54250.361994289.525.6

1990349199462.6450.903610199348.6411.05310.4319952719.724.9

1991387199571.1383.316464199462.6450.903412.5919963044.332.5

19925531996107.1473.632409199571.1383.316399.2019973366.244.1

19937421997143.4595.0674901996107.1473.632400.5819983782.748.8

19946101998168.6382.425121997143.4595.067477.59199940103.850.1

19954641999193.4566.5744941998168.6382.42479.38200038129.350.3

19964092000217.7606.0754821999193.4566.574404.29200141151.551.4

19974902001244.3591.8724582000217.7606.075407.42200247163.545.4

19985122002256.3404.9514612001244.3591.872377.59200358187.845.7

19994942003291.804462002256.3404.951300.41200462205.739.7

20004822004306.9002003291.80342.16

20014582004306.90405.10

2002461

2003446

BRAZILFinancialCorporateGovernment

19935.74.10

19948.54.10

199510.74.61.5

199614.510.22.7

199716.513.56.7

199817.813.59.1

199917.312.415

200016.912.526.5

200119.512.430.9

200224.310.635.2

200334.213.940.2

200435.111.044.2

CHILEFinancialCorporateGovernment

19930.00.40.3

19940.00.40.3

19950.00.40.3

19960.12.00

19970.52.60

19980.52.90

19990.63.60.5

20000.63.90.5

20010.64.91.2

20020.66.02.2

20030.46.73.2

20040.46.83.9

MEXICOFinancialCorporateGovernment

199311.711.41.6

199415.213.91.9

199511.712.74.8

199611.012.218.6

19979.517.023

19989.220.123.9

199911.321.929.3

200012.122.132

200113.423.029

200215.219.830.7

200317.218.038.4

200422.316.142.5

PERUFinancialCorporateGovernment

19940.1

19950.1

19960.1

19970.00.1

19980.20.1

19990.20.1

20000.20.1

20010.20.1

20020.21

20030.22.3

20040.23.6

11.52.1440.90.2132.188203.7984495.3660

13.55.34350.2165.707248.544791.5760.222

36.748.6928.610.8661.754411.057896.7493.518

51.362.61133.314.7740.81450.9037979.98410.651

62.671.1133117.1782.03383.31610316.4822.727

94.9107.1160516.1873.2473.63212721.22331.797

119.9143.41873.216.9527.135595.06716280.01840.523

120.5168.62450.319.8613.231382.4219705.08347.55

115.2193.43358.820.31178.872566.57424828.17458.563

112.5217.74226.218.91050.962606.07522840.21355.371

108.1244.35228.3211033.747591.87220202.84147.839

118.6256.36491.926.31043.677404.95116260.48462.314

Asia Bond

LAC Bond

OECD Bond

East Europe Bond

Asia Stock

LAC Stock

OECD Stock

East Europe Stock

STOCK AND BOND MARKET CAPITALIZATION (1987-2002)

000.10.1001.9

000.10.51.503

0.804.38.29.80.724.7

1.10.14.112.812.60.731

1.60.13.618.416.80.729.2

3.60.13.328.827.42.141.8

4.80.18.340.736.73.149.5

6.20.310.854.240.43.453.2

7.70.311.961.844.74.762.5

8.90.310.870.955.9566.2

120.312.584.662.86.765.4

12.41.212.585.470.18.865.7

13.62.514.888.988.310.373.6

14.33.816.990.690.311.180.9

Colombia

Peru

Venezuela

Argentina

Brazil

Chile

Mexico

US Billions

Latin American Bond Market (All issuers) 1991-2004

2.1203.798386.963371713

5.3248.54553.2615878672

48.6411.05742.2410539846

62.6450.903610.4389747376

71.1383.316463.521822547

107.1473.632409.2390399429

143.4595.067490.167309735

168.6382.42511.5426904421

193.4566.574493.9404614997

217.7606.075481.979525576

244.3591.872458.4769189187

256.3404.951460.6910495815

Bond Market

Stock Market


US Billions

LATIN AMERICA: Bond Market, Stock Market Capitalization and Credit to Private Sector 1991-2002

19.96.722

27.59.525.6

26.519.724.9

30.344.332.5

33.166.244.1

37.182.748.8

39.5103.850.1

38.1129.350.3

41.4151.551.4

47.4163.545.4

58.3187.845.7

61.5205.739.7

Financial

Government

Corporate

US Billions


000

000

000

000

000

000

000

000

000

000

000

000

Bond Market

Stock Market


US Billions

LATIN AMERICA: Bond Market, Stock Market Capitalization and Credit to Private Sector 1991-2002

01.901.11898.17827.9841.934166666764.672093780514.1303918692

0302.63139.06129.6442.5003067485101.274314694718.6800408024

024.70.75.113200.67144.6223.5620833333128.310312630821.6317511136

0.1310.78.178130.24668.1956.0067889908103.324694835727.1055952882

0.129.20.711.79590.69473.868.264242424270.344913313734.071426817

0.141.82.112.291106.5465.9410.96660.471665668939.2382991741

0.149.53.117.586156.59572.04613.850549450599.213316343642.6213592233

0.353.23.411.64591.74651.86614.504651898787.870653826743.2072524643

0.362.54.713.392154.04468.22814.02296296392.816707482441.4952742091

0.366.2510.562125.20460.40113.487071165398.548713984243.4392680031

0.365.46.711.134126.25856.3113.200783972192.996401343240.489180128

1.265.78.813.363103.13747.58412.8711155378102.768484848540.9698475533

Peru Bond

Mexico Bond

Chile Bond

Peru Stock

Mexico Stock

Chile Stock

Peru Credit to PS

Mexico Credit to PS

Chile Credit to PS

US Billions

Peru, Chile and Mexico: Bond Market and Stock Market Capitalization and Credit to Public Sector (PS)1991-2002

000

000

000

000

000

000

000

000

000

000

000

000

Financial

Corporate

Government

US Billions

BRAZIL: Bond Market (By type of issuer) (1993-2004)

000

000

000

000

000

000

000

000

000

000

000

000

Financial

Corporate

Government

US Billions

CHILE: Bond Market (By type of issuer)(1993-2004)

000

000

000

000

000

000

000

000

000

000

000

000

Financial

Corporate

Government

US Billions

Mexico: Bond Market (By type of issuer)(1993-2004)

000

000

000

000

000

000

000

000

000

000

000

Financial

Corporate

Government

US Billions

Peru: Bond Market (By type of issuer)(1994-2004)



198090.7636.6262.3315.2112.47217.3814.015.0344.1653.87168.1413.0367.05365.29410.70247.24119.566,081.15241.84869.96963.88272.799,207.120.000.000.000.000.00

1981101.5840.6666.2616.5615.43240.5015.436.4744.5867.12165.5715.4873.60388.26399.99258.15129.315,915.04283.20888.45993.29300.029,167.460.000.000.000.000.00

1982112.3745.3077.0918.590.00253.3516.227.2648.9164.47167.3721.9657.34383.53386.18269.95135.696,047.87318.55912.99999.30283.659,354.180.0019.730.000.0019.73

1983124.9849.2784.8923.2921.18303.6117.717.5647.9155.54173.1218.9245.12365.87375.47257.69137.596,585.06360.08940.001,034.48270.449,960.820.0020.070.000.0020.07

1984153.4754.6491.0226.3824.27349.7818.607.7545.7650.47175.7422.3552.50373.16396.16240.15144.877,079.40421.83974.591,076.86285.4110,619.270.0020.680.000.0020.68

1985189.8958.69102.8628.3528.25408.040.005.9845.2232.39174.8520.1549.66328.25402.87238.08150.317,981.45456.10707.891,122.67302.5511,361.920.0021.630.000.0021.63

1986237.6164.95110.9929.1632.88475.590.005.6952.1434.030.0019.2447.85158.95413.43241.13173.288,788.02839.61749.351,129.94311.7812,646.550.0023.330.000.0023.33

1987272.5667.53125.5433.4231.16530.200.006.1748.9144.110.0018.9748.34166.50430.45266.52154.399,354.27945.38816.571,145.07331.6813,444.320.0023.620.000.0023.62

1988287.3674.19132.7040.7933.06568.100.008.1248.8741.04395.7218.8542.08554.68468.11306.80179.969,921.441,103.72884.671,179.34358.2014,402.250.0020.800.000.0020.80

1989311.6068.34156.5351.360.00587.830.005.1529.5074.15394.0319.5461.36583.73484.98337.87197.3710,622.841,278.42963.501,231.16386.3315,502.470.0021.070.000.0021.07

1990362.0167.66178.0666.160.00673.8920.124.2525.1828.43179.5618.9872.31348.82518.13346.28250.8310,469.991,315.111,044.911,400.26405.7915,751.2924.5620.130.000.0044.69

1991405.3965.33193.8676.760.00741.3418.673.4029.6025.84199.5819.4890.40386.96549.47361.96241.2110,898.371,267.351,063.251,492.78408.4016,282.7925.9214.910.000.0040.84

1992453.8571.52201.1891.6958.85877.0921.023.9531.0435.49312.8623.42125.48553.26582.45357.24240.9911,299.411,255.901,084.631,547.24421.2516,789.1124.0512.330.000.0036.39

1993583.0772.55214.25112.2563.441,045.5625.114.6825.9544.50469.7027.56144.74742.24579.02345.41214.2912,086.981,264.051,026.801,628.26426.2117,571.0224.6410.430.0035.0570.11

1994587.6276.98235.50140.3471.081,111.5224.256.0614.6652.24300.1328.73184.36610.44565.25337.49207.3012,549.421,312.30991.241,709.76441.8418,114.5922.7110.010.0037.4670.18

1995642.0178.90253.09167.8088.931,230.7327.707.7113.8849.95200.6533.19130.43463.52563.41343.45202.9514,132.631,422.12998.391,762.83448.5819,874.3622.428.650.0036.6967.77

1996753.8888.50287.46187.06111.361,428.2629.6910.3111.1453.31177.4939.1988.10409.24550.77355.94202.5115,658.801,513.30972.471,874.43485.4521,613.6626.968.574.7937.6978.01

1997897.5092.65336.44207.72133.651,667.9631.7612.6417.8262.62188.9143.68132.74490.17569.93395.56210.1117,736.141,569.65979.261,975.46524.8123,960.9331.289.883.2738.2182.64

19981,068.8199.01346.14174.87123.911,812.7431.2114.3516.7571.61206.4546.38124.78511.54604.69450.04219.5620,111.281,607.010.002,111.60535.5725,639.7535.4010.314.3133.0783.08

19991,218.96114.84402.73154.56123.752,014.8427.3114.7715.1771.31209.6844.49111.21493.94748.84495.34232.0022,793.731,687.951,034.592,138.00545.6029,676.0541.7211.562.9730.4686.71

20001,346.08132.74466.38132.87126.622,204.6922.3613.8414.6167.91208.6948.10106.47481.98833.69567.42104.6423,065.321,910.891,129.292,253.24551.0430,415.5345.5215.052.6627.7991.01

20011,456.49139.64503.09121.51135.222,355.9621.5413.0314.7956.60208.8350.5193.19458.48873.42608.83245.1922,490.542,031.251,190.102,271.21580.0130,290.5447.0316.403.0223.6490.09

20021,710.52163.24572.90135.54137.512,719.7121.8712.8811.0337.11216.2951.42110.09460.69902.21652.78254.7021,611.382,130.761,174.052,243.46608.0929,577.4348.5017.953.4018.2588.09

20032,024.92173.98608.61145.22140.403,093.1321.0512.028.8228.36214.7651.85109.44446.30944.32720.19260.9424,688.142,265.971,224.442,214.00622.7732,940.7851.4122.254.0619.3697.08


1987530.2016613,44423.6170256069

1988568.1055514,40220.8036282792

1989587.8358415,50221.07336196

Documents

World Economic Forum What is Needed to Advance Infrastructure