What has the growth of Latin American stock exchanges such as Brazil’s Bovespa meant for the region?
Chang: I wouldn’t just limit it to the Bovespa. I think that you’ve got growth of Latin American markets more broadly, including the local currency markets where if you look since the beginning of the year, there are some $16 billions of outflows from emerging markets equities and the emerging markets fixed income has enjoyed about $4 billion of inflows. So I think that more countries in Latin America are now borrowing in the local currency market and they’ve really reduced the amount of borrowing that they’re doing externally in the international capital markets. The growth of the equity markets has meant that there’s more foreign direct investment [FDI] that’s coming in overall. In the month of January, for example, in Brazil there was about $5 billion that went into Brazil and Brazil has not traditionally attracted that much FDI. AS/COA: You’re going to be joining us at a Latin American Cities Conference in Mexico. Can you talk about Mexico compared to other Latin American emerging
