Profundización financiera y desarrollo del mercado de capitales en Paraguay: Análisis del período 2022-2024

Juan Moreno-Mareco

doi:10.54753/rve.v14i1.2652

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Published: Feb 19, 2026

DOI: https://doi.org/10.54753/rve.v14i1.2652

Keywords:

Capital markets, Diversification, Financial deepening, Paraguay, Trading volume

Juan Moreno-Mareco

Facultad de Ciencias Económicas, Universidad Nacional de Asunción, Paraguay

Abstract

This study analyzes the financial deepening process in Paraguay's capital market during 2022-2024. Using official data from the Central Bank of Paraguay, we examined the evolution of trading volumes in stock and OTC markets, the diversification of financial instruments, and the relationship with macroeconomic indicators. Results reveal an extraordinary growth in total trading volume, from PYG 43 trillion to PYG 106.2 trillion, representing a compound annual growth rate of 57.1%, significantly exceeding nominal GDP growth. Instrument diversification is evidenced by the incorporation of derivatives, structured products, and international investment vehicles. The repo market grew 157%, reflecting greater depth in liquidity management.

How to Cite

Moreno-Mareco, J. (2026). Financial deepening and capital market development in Paraguay: Analysis of the 2022-2024 period. Revista Económica, 14(1), 56–61. https://doi.org/10.54753/rve.v14i1.2652

Issue

Vol. 14 No. 1 (2026): RVE vol 13 (January-June 2026)

Section

RESEARCH ARTICLES

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References

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[6] Fondo Monetario Internacional. (2023). Paraguay: First review under the Policy Coordination Instrument (IMF Country Report). https://www.imf.org/en/news/articles/2023/06/08/pr232023-imf-executive-board-concludes-first-review-under-the-pci-for-paraguay

[7] King, R. G. y Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717-737. https://doi.org/10.2307/2118406

[8] Levine, R. y Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 88(3), 537-558. https://ssrn.com/abstract=236909

[9] McKinsey Global Institute. (2017). Deepening capital markets in emerging economies. McKinsey & Company. https://www.mckinsey.com/industries/financial-services/our-insights/deepening-capital-markets-in-emerging-economies

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