Art Original
International Accounting Standards
Financial markets are critical to economic growth. They allow the allocation
of resources at lowest cost, and promote progress and innovation. Globalization, which
increases the speed and extent of financial transactions in foreign markets, has made
their role even more important. In spite of the efforts the countries of Latin America and
the Caribbean have made to foster the development of financial markets, financing and
credit is still unavailable to large segments of the population and the cost of capital is too
high to boost competitiveness.
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