Análisis del Mercado Integrado Latinoamericano (MILA): evolución histórica, indicadores y retos

Abstract

The Pacific Alliance (AP) is the greatest and protective economic and integration bloc in Latin America, among others, due to its free capital mobility that has been taking place in the Latin American Integrated Market (MILA its acronym in Spanish). The main objective to this research is to identify institutional, economic and financial factors that are boosting up the market creation of the PA and/or possible obstacles to the consolidation of MILA operations, therefore, this document will let you know the main milestones of this market, its business structures, a flow chart with the generality of the operations, and an analysis of the evolution of the main stock indexes related to this market. Finally, it will present a comparison between PA countries in institutional aspects such as regulatory framework for the entering to the capital markets and actions such as the Alternative Securities Market (MAV its acronym in Spanish) in the Peruvian economy are highlighted as a reference for an increase in the registration of issuers. It is concluded that MILA has had a positive impact on the countries belonging to MILA. Along the time MILAs business structure has been diversified and it is presented as an economic factor that contributes to the positioning of some assets in this market to different economy sectors; The evolution of the stock indexes was satisfactory until 2019 with the COVID-19 advent which changed the trend of these markets. Finally, as an institutional factor, the measure of creation of the MAV and its positive result in attracting small and medium-sized companies to the capital market.