The relevance of this project is twofold. On one hand, from the economic policy perspective, the promotion of capital markets has been at the top of the agenda at least for the last five years.Despite all the actions taken and the implemented reforms, the increase in financing of firms via domestic capital markets has been moderate and limited to very large firms. Hence, in order to be able to continue in this direction it is important to establish where the efforts need to be focused. In addition, the recent reform of the pension funds implies that financial savings will be growing very fast during the next decade. So to get the most benefits from these savings it is urgent to establish appropriate bond market conditions. On the other hand, this project contributes to the academic literature by complementing the studies that analyze the determinants of capital markets’development. These studies usually consider cross-country analysis to determine the institutional factors or economic conditions that favor the development of financial markets. However, there are few studies that go deeper into the specific country conditions that have contributed to foster growth in these markets, despite their weak protection to debtors and investors.