LatinFinance - Special Edition - August 2013 - 4

SPECIAL
ISSUE:
A QUARTER
CENTURY OF
LATIN
FINANCE
EDITORIAL

wenty-five years ago, LatinFinance was launched with one simple, if well-worn, belief: that crisis
inevitably gives way to opportunity.
the founding intuition was that nowhere would benefit from this simple truth as much as an economically resurgent latin america. But the problem was that in 1987 – when the idea first arose for a
publication of record for the region’s financial and investment communities – latin america was still in
the grip of crisis.
although lDc debt was actively traded by a brave few, it would be another two years until opportunity would present itself through the Brady plan, and, thereafter, the advent of the emerging markets as
a distinct investment class.
Yet certainty in the belief that the region’s “lost decade” of the 1980s would give way unavoidably
to rebounding economies and financial markets is what led to LatinFinance’s birth at the 1988 World
Bank/imf meetings.
as we described in our inaugural editorial, the region’s economic revival would also “require new
sources and methods of financing” that “overtook conventional market lending” and offered a “more
creative exploitation” of investment and savings.
needless to say, the rise of latin america’s capital markets in the quarter century since is testament
to the prescience of that early belief. in the pages that follow, we present a detailed account of that
history as well as views on the evolution of that marketplace and the economies that have fueled its
growth.
the past decade in particular – though punctuated by the global financial crisis of 2008, from which
latin america escaped relatively unscathed – saw the transformation of the region’s capital markets
into the mainstream of global finance, as investment in the region soared. all this took place against the
backdrop one of the most transformative eras of growth the region has ever seen.
in 2013, however, that picture is once again changing as the global economy – so supportive of latin
america’s formidable advance in recent years – loses steam, and as financial markets brace for an inevitable adjustment. as LatinFinance turns 25, we offer a series of sober reflections on latin america’s
future, through the voices of a number of the key figures in the region’s financial history, including
former US treasury Secretary nicholas Brady, Pimco chief executive mohamed el erian and former
Brazilian president f. H.
cardoso.
Such reflections are
also an attempt to present
an agenda for the next
quarter century of latin
finance – to identify the
opportunities that exist in
these impending challenges. and we do so in a
magazine whose look we
have refreshed expressly
for the occasion.
Taimur Ahmad
Editor

4 l atinfina nce.com - 25 Years - August 2013

eDITOr-IN-CHIeF taimur ahmad
NeWs eDITOr Ben miller
FeaTUres eDITOr Katie llanos-Small
rePOrTers mariana Santibáñez,
Karen Schwartz
CONTrIbUTOrs Girish Gupta, thierry ogier
arT DIreCTOr Rosa matamoros-Sense
DesIgN DIreCTOr tom Brown
PHOTO researCHer mariana alzate
COVer ILLUsTraTION fredrik Broden
CarTOON ILLUsTraTION christopher Weyant

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DePUTY PUbLIsHer
teresa aguilar, t +1 212 224 3051
regIONaL DIreCTOr
J. albert negrón, t +1 305 428 6275
regIONaL DIreCTOr
arielle Schrader, t +1 305 428 6274
seNIOr MaNager
nicolas cano t +1 212 224 3499
VeNezUeLa rePreseNTaTIVe
matthew Perks, t +1 718 260 8970

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CeO CONFereNCes michael Brosgart
eVeNTs eDITOrIaL DIreCTOr teddy Ward
seNIOr eVeNTs MaNager omar Suarez
eVeNTs PrOgraMMer aarti Bhatnagar
eVeNTs CaMPaIgN MaNager Kalel Dias
MarKeTINg aND 1-1 MeeTINg
MaNager lily costa

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MarKeTINg MaNager marina carbone
CIrCULaTION MarKeTINg MaNager
Patricia arcic

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OFFICe MaNager teresa Romero
assIsTaNT TO THe CeO Vicky maqueira

—

LaTINFINaNCe bOarD OF DIreCTOrs
PresIDeNT christopher Garnett
DIreCTOrs taimur ahmad, Stuart allen,
colin Jones, Giuliana moreyra

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CHIeF eXeCUTIVe OFFICer
Stuart allen
CHIeF OPeraTINg OFFICer
Giuliana moreyra

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Telephone: +1 305 416-5261
Fax: +1 305 416-5286
e-mail: editorial@latinfinance.com
www.latinfinance.com

—

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U.K. +44 207 779 8999
e-mail address:
hotline@latinfinance.com
Subscriptions customer Service:
+1 212 224 3455

—

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LatinFinance - Special Edition - August 2013

Table of Contents for the Digital Edition of LatinFinance - Special Edition - August 2013