"Almost all independent countries choose to assert their nationality by having, to their own inconvenience and that of their neighbours, a peculiar currency of their own".
This phrase by John Stuart Mill is the header of an analysis on the subject published by the Central American Monetary Council.
In it, they attempt to answer the following questions: It there justification for Central American countries to have their own currencies? Which monetary options do these countries have? Wouldn't it be more convenient for them to use a unified currency, either a proprietary one or an existing like the U.S. dollar, Euro or Yen? What are the required steps towards a monetary union?
Although recent public opinion has focused on what went wrong with securitization, it is important to recognize the many benefits associated with sound securitization.
Global Financial Stability Report (GFSR), October 2009 - Chapter 2
Key points:
Sound securitization provides important benefits—to allocate credit more efficiently, transfer credit risk away from banking sector to more diversified investors, and more finely tailor risks and returns to potential end investors.
An analysis suggests that the lack of a stock market is not the fault of businesses or investors, but of the system.
In his blog in Elfinancierocr.com, Allan Rodriguez, Founding Member and General Manager of Group CFS, analyzes in two successive posts how much costs are implied by the productive economy not having a stock market from which to obtain financing as several causes of the problem.