Cambios en la estructura financiera en América Latina: Brasil, México y Argentina

This article analyzes the structural reform stages in Latin American countries, the so call Washington Consensus agenda and the behaviour of the foreign investment flows. It was studied the results of the third generation reforms and the changes in the structure of the financial markets, in particular the cases of Argentine, Brazil and Mexico, that concentrated main part of the foreign direct investment flows, as well portfolio investment, public debt securities, and they are the main regional market for the institutional investors. The propose is to understand the structural changes in the financial systems in front the expansion of the foreign institutional investors as new agents in less development capital markets. The business of the institutional investors has been determinant in the path of the last financial reforms and they are still one of the main powers in the financial markets in the last years.