While it's something that certain countries have the luxury of taking for granted, a well-developed and viable capital market can have a significant impact on a country's economy. It is not an easy task to develop a capital market, but there are numerous resources that are available to regulators and supervisors, as well as for other market participants.

In this podcast, Ilana Singer, Chair of the Toronto Centre Securities Advisory Board, is speaking with Ana Fiorella Carvajal. Ana has more than 25 years of experience in financial sector issues with a focus on capital market development, regulation, and supervision. Ana is currently the lead securities market specialist at the World Bank Group. In this role, she advises countries on issues relating to capital market development and has led technical assistance missions in a wide range of the emerging markets and other countries. Prior to joining the World Bank Group, Ana worked as a senior financial sector expert at the International Monetary Fund.