Informed InvestorsWhen CompaÒÌa de Telecomunicaciones de Chile SA (CTC) became the first Latin American company to post an equity listing on the New York Stock Exchange in July 1990, the firm opened itself up to a new and previously unknown investor base. Its listing of American depositary receipts also gave rise to a variety of […]
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One Step Back, Two Steps Forward
A Newsweek correspondent years ago once described Brazil as having a rather “willy nilly” character. The nation’s status at any particular moment may be precisely what is willed by elected officials, the financial community and the people at large, or in fact could be the opposite. In a country as large, as politically divergent and […]
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Review of 1997
Review of 1997Economic reforms in Argentina over the past few years have led to fast economic growth-a process that was interrupted in 1995 by a crisis in confidence fueled by Mexico’s currency devaluation in December 1994. But when economic agents realized that the convertibility system and economic reforms could be maintained, and that Argentine macroeconomic […]
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Riding out the storm
It seems as if Brazil’s capital markets are fending off attacks on all fronts these days. A recession at home and investor aversion to risky emerging markets are taking their toll. Meanwhile, an adverse tax regime, dwindling liquidity and a rash of companies leaving the stock exchange are sapping the confidence of markets and investors. […]
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Rocky Rebound
Yearly inflation rates of 80%, the currency down in value to 2.5 or even lower against the dollar, negative GDP, and noncompliance with International Monetary Fund goals. Such were the doomsday predictions for Brazil in 1999 following mid-January’s sharp devaluation of the real, which lost nearly 40% of its value. But eight months later, inflation […]
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Vaulting the Bluffs
Brazil’s big banks have developed an extraordinary ability to thrive in almost any environment.They have lived through inflation, government debt defaults and over half a dozen new currencies in the past 10 years. Even so, many international analysts and economists worried that January’s devaluation would devastate the country’s banks. After all, a brace of banks […]
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Visible Hand
Francisco da Costa e Silva, chairman of Brazil’s capital markets watchdog the Comissão de Valores Mobiliarios (CVM), has established himself as a leading promoter of regulatory changes and a modernizer of the capital market’s legal framework. But in this role he has clashed with powerful local and international groups. He has angered multinationals operating in […]
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Man of the Year: On the Brink
For Larry Summers, Deputy Secretary of the US Treasury, the first two months of 1995 passed as a blur of tense cross-border telephone calls, White House briefings and Capitol Hill negotiations. “(Mexican Finance Minister) Guillermo Ortiz and I spent so much time together that we came to recognize not just our wives’ voices but also our children’s voices,” said Summers, a key architect of the $50 billion rescue package that saved the Mexican economy. Summers’ role in the saga earned him LatinFinance’s 1996 Man of the Year title
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Man of the Year- On the Brink pt2
For Larry Summers, Deputy Secretary of the US Treasury, the first two months of 1995 passed as a blur of tense cross-border telephone calls, White House briefings and Capitol Hill negotiations. “(Mexican Finance Minister) Guillermo Ortiz and I spent so much time together that we came to recognize not just our wives’ voices but also our children’s voices,” said Summers, a key architect of the $50 billion rescue package that saved the Mexican economy. Summers’ role in the saga earned him LatinFinance’s 1996 Man of the Year title.
March 1996
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Archive, 1995: Man of the Year: Fernando Henrique Cardoso
The year 1994 was a chaotic one for Latin American financial markets. Rising US interest rates, plunging global bond markets and regional difficulties in countries such as Mexico and Venezuela put a tight clamp on capital flows to the region