Abstract
The underdevelopment of Latin American capital markets has been tied to the dominance of grupos, family-controlled business groups that extract significant rents from existing institutional arrangements. Although the grupos have driven economic development in the region, they also have powerful incentives to block reforms that could enhance access to capital markets. This chapter describes how a burgeoning trade union and stock exchange integration under the Latin American Integrated Market may help to overcome this political economy challenge and create the space for serious institutional reform.
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