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Integrating the Central American Stock Exchanges: Lessons from the Nordic Countries.

0100	Macroeconomía
182	Integrating the Central American Stock Exchanges: Lessons from the Nordic Countries.	- Arnoldo Camacho - Allan Rodríguez
Improvement in the world economic environment and developing countries' opening and reform processes have favored reactivating the international flow of capital. Some of the more important changes are: (1) private flow is significantly greater than the official flow; (2) developing countries receive more than forty percent of the private capital flow; (3) the host of financed projects has broadened; (4) the relative importance of private capital flow has increased from four to twenty percent of developing countries' gross domestic product from 1990 to 1996; and (5) financial capital flow is channeled through financing corporate bonds and direct capital shares instead of financing through commercial banks.
June, 1999