Determinantes del Desarrollo de mercados financieros privados: ¿qué pueden decirnos los datos?

This essay surveys the results of a wide set of empirical methodologies on the issue of domestic debt market development determinants with data covering 46 countries from 2005 to 2010. We find that the wide dispersion in results in previous research on the field arises from the huge differences between the databases used by different researchers. Given the limitations of the data we concentrate on a meta analysis of the different methodological approaches used, which cover cross section and panel estimation techniques. We find that economy size, inflation, macroeconomic stability, financial openess, institutional quality and institutional investors play a relevant role in domestic market development.