Perry and Auvert demonstrate that, despite the partial integration of the stock exchanges of the Alliance’s four member countries (Chile, Colombia, Mexico, and Peru), actual operations through the Mercado Integrado Latinoamericano (MILA) remain marginal. The paper lays out the case for why further financial integration—and in particular capital market integration—can provide significant long-term benefits to the PA’s members, especially in the current global and regional environment. It then focuses on the potential for the integration of capital markets within the region and on how a significant push toward regulatory harmonization could contribute to this goal.
The paper offers concrete recommendations for advancing the harmonization of market and tax regulations within the PA over the short, medium, and long term. It emphasizes the need for strong political leadership to articulate and realize a broad and ambitious financial integration agenda.
FUENTE: Wilson Center