"There is widespread concern across Latin America that the provision of infrastructure services has suffered as a consequence of the retrenchment of the public sector and the insufficient response of the private sector to the opening up of infrastructure industries to private participation in...

The authors examine if observed asset prices in Latin America depart significantly from fundamentals-determined levels. These departures, or bubbles, are found to be equally determined by both country-specific and common external variables, contrary to previous studies that found that local...