Financiarización subordinada y emisión de títulos de deuda en América Latina: las experiencias de Argentina, México y Brasil

This paper analyzes debt securitization in underdeveloped countries, using the case of Argentina, Mexico, and Brazil. We argue that the three countries have had a significant increase in the issuance of debt securities. However, the nature of the securities issued is different in each nation. In the case of Argentina, the increase in international debt securities in circulation has to do with the issuance of govern­ ment securities. In Mexico, the increase is more related to the new financing needs of Mexican non­financial corporations. While in Brazil, the increase in the issu­ ance of debt securities is due to a combination of both factors.