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CAIRO BOOKS's Description
Structured Finance in Latin America explores how structured finance mechanisms
can channel pension savings to support projects in underserved sectors, deepen
capital markets, and contribute to investment and economic growth. Private
pension funds have been accumulating assets rapidly in the wake of pension
system reforms in many Latin American countries. Strict investment regulations
to protect workers' savings have limited their investment in highly
creditworthy domestic securities, yet pension fund demand for new securities
has outstripped issuance of eligible traditional corporate debt instruments.
This has contributed to a high concentration of pension fund assets in public
debt. Innovative structured finance mechanisms can help bring to the market a
new set of creditworthy securities backed by pools of loans to small borrowers,
mortgage loans or the expected proceeds of large infrastructure projects. These
mechanisms create new investment opportunities for pension funds, while
establishing additional sources of funding for underserved market segments.
Policy makers and regulatory authorities have a catalytic role to play in the
development of structured finance securities by establishing a conducive legal,
regulatory, and tax framework. Structured Finance in Latin America serves as a
practical guide for development practitioners, policy makers, and others
working in government, international or nongovernmental organizations, and
financial institutions, who focus on finance and investment; infrastructure,
transport, and urban development; housing finance; small and medium-sized
enterprise development; and pension reform.