Capital Markets Integration in Latin America: Where the future is? by Ernani Teixeira Torres Filho, Luiz Macahyba, Norberto Montani Martins (5/2016).
The integration of the Latin American countries to the global financial system followeda center-periphery rational in the 1990s. Each country connected its financial marketdirectly to the global centers, particularly New York. The rules adopted by eachgovernment in terms of taxation, financial regulation and foreign exchange were verydifferent from each other. There was no purpose at that time on developing aregionally integrated financial market.