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A Few Lessons for the Future

Paolo Mauro, Nathan Sussman, and Yishay Yafeh

in Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199272693
eISBN:
9780191603488
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199272697.003.0008
Subject:
Economics and Finance, Financial Economics

This concluding chapter reiterates three main themes emphasized in the book. The first is that institutional and political reforms seldom reduce the cost of capital quickly; other types of events, ... More


Stochastic Optimal Control, International Finance, and Debt Crises

Jerome L. Stein

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.001.0001
Subject:
Economics and Finance, Financial Economics

This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical ... More


The London Market for Sovereign Debt, 1870–1913 versus Today's Markets

Paolo Mauro, Nathan Sussman, and Yishay Yafeh

in Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199272693
eISBN:
9780191603488
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199272697.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter describes the pre-World War I London market for sovereign bonds issued by emerging countries, and compares it with the corresponding market today. It shows that the London market was ... More


Global Strategy: Creating and Sustaining Advantage across Borders

Andrew Inkpen and Kannan Ramaswamy

Published in print:
2005
Published Online:
September 2007
ISBN:
9780195167207
eISBN:
9780199789825
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195167207.001.0001
Subject:
Business and Management, Strategy

This book examines the issues central to the study of strategic management in a global context. The key premise of this book is that developing an understanding of global strategic management ... More


Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today

Paolo Mauro, Nathan Sussman, and Yishay Yafeh

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199272693
eISBN:
9780191603488
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199272697.001.0001
Subject:
Economics and Finance, Financial Economics

This book provides the first comparative analysis of the determinants of sovereign bond spreads in the first era of financial globalization and bond finance (1870-1913) and today (1994-2002). Drawing ... More


Country default risk in emerging markets 1

Jerome L. Stein

in Stochastic Optimal Control, International Finance, and Debt Crises

Published in print:
2006
Published Online:
May 2006
ISBN:
9780199280575
eISBN:
9780191603501
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199280576.003.0007
Subject:
Economics and Finance, Financial Economics

Early Warning Signals of a default or debt crisis are derived by drawing upon the stochastic optimal control model of an optimal and excessive short-term debt developed in chapter 2. Operational ... More


Politics and the Extension of Equity Finance to Emerging Markets

Kathryn C. Lavelle

in The Politics of Equity Finance in Emerging Markets

Published in print:
2004
Published Online:
April 2005
ISBN:
9780195174090
eISBN:
9780199835287
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195174097.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter sets forth an explanation for international convergence in state behavior in creating and promoting emerging stock markets. Focusing on the commanding heights of privatized industry, it ... More


Capital Market Liberalization: Summary and Remaining Debates

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0013
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines some of the other outstanding debates on capital market liberalization (CML). In particular, it focuses on when a country is sufficiently developed to risk capital market ... More


Investing in Emerging and Developing Markets

JENNY BERRILL and COLM KEARNEY

in International Finance: A Survey

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199754656
eISBN:
9780199979462
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199754656.003.0016
Subject:
Economics and Finance, Financial Economics, International

This chapter outlines the characteristics of investing in emerging and developing markets. It first clarifies the different definitions and interpretations of emerging markets and then provides a ... More


Privatization and Share Supply in Emerging Markets

Kathryn C. Lavelle

in The Politics of Equity Finance in Emerging Markets

Published in print:
2004
Published Online:
April 2005
ISBN:
9780195174090
eISBN:
9780199835287
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195174097.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

The chapter considers domestic politics and share supply on emerging market stock exchanges. It argues that since the 1980s, states have created new exchanges not as vehicles to raise capital, but to ... More


Emerging Markets: Inside the Black Box

Javier Santiso

in Banking on Democracy: Financial Markets and Elections in Emerging Countries

Published in print:
2013
Published Online:
January 2014
ISBN:
9780262019002
eISBN:
9780262313704
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262019002.003.0001
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter puts into perspective the massive global rebalancing and shift in the wealth of nations that the world is experiencing. The emerging markets are characterised by diversity rather than ... More


The Politics of Equity Finance in Emerging Markets

Kathryn C. Lavelle

Published in print:
2004
Published Online:
April 2005
ISBN:
9780195174090
eISBN:
9780199835287
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0195174097.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

When evaluating emerging stock markets, analysts usually fit them into a model of corporate governance derived from Western industrial experience, one where shares are dispersed and shareholders ... More


Stock Markets in the Global Political Economy

Kathryn C. Lavelle

in The Politics of Equity Finance in Emerging Markets

Published in print:
2004
Published Online:
April 2005
ISBN:
9780195174090
eISBN:
9780199835287
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195174097.003.0010
Subject:
Economics and Finance, Development, Growth, and Environmental

This concluding chapter sums up the argument of the book and considers contending views on stock exchanges as an independent variable where economic growth, financial contagion, and democracy in the ... More


Integrated versus Segmented Capital Markets: Implications for Financial Decision-Making

LUC SOENEN and ROBERT JOHNSON

in International Finance: A Survey

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199754656
eISBN:
9780199979462
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199754656.003.0018
Subject:
Economics and Finance, Financial Economics, International

The market risk premium (MRP) remains one of the most debated issues in corporate finance. The MRP is a critical input when measuring a company’s cost of equity and weighted cost of capital. Thus, a ... More


The Management of Capital Flows and Financial Vulnerability in Asia 1

Yılmaz Akyüz

in Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Published in print:
2010
Published Online:
February 2010
ISBN:
9780199578801
eISBN:
9780191723285
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578801.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

The author deals with the management of capital flows and financial vulnerability in Asia by focusing on the crisis and developing countries. There is a growing consensus that vulnerability of ... More


Endogeneizing Volatility: Pecuniary Externalities and the Credit Channel

Phillippe Aghion and Abhijit Banerjee

in Volatility and Growth

Published in print:
2005
Published Online:
January 2007
ISBN:
9780199248612
eISBN:
9780191714719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199248612.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter shows how volatility can emerge endogenously, in a world where credit constraints sometimes bind. An elementary theoretical framework is developed, which generates endogenous and ... More


Excess Returns on Emerging Market Bonds and the Framework for Sovereign Debt Restructuring

Shari Spiegel

in Overcoming Developing Country Debt Crises

Published in print:
2010
Published Online:
May 2010
ISBN:
9780199578788
eISBN:
9780191723049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578788.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics, Development, Growth, and Environmental

This chapter looks at the debt restructurings during the period in the context of the development of the overall international market for bonds issued by developing (or emerging market) countries. It ... More


 Effects of Foreign Direct Investment on Less Developed Countries: Vagaries, Variables, Negatives, and Positives

Stephen D. Cohen

in Multinational Corporations and Foreign Direct Investment: Avoiding Simplicity, Embracing Complexity

Published in print:
2007
Published Online:
May 2007
ISBN:
9780195179354
eISBN:
9780199783779
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195179354.003.0009
Subject:
Economics and Finance, International

One of the most sensitive issues regarding FDI and MNCs is their impact on relatively less developed countries (LDCs). This chapter makes no effort to “prove” net harm or benefits to LDCs. Instead, ... More


Estimating the Balance Sheet of the Personal Sector in an Emerging Market Country: South Africa, 1975–2005

Janine Aron, John Muellbauer, and Johan Prinsloo

in Personal Wealth from a Global Perspective

Published in print:
2008
Published Online:
January 2009
ISBN:
9780199548880
eISBN:
9780191720765
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199548880.003.0010
Subject:
Economics and Finance, Development, Growth, and Environmental, International

Official balance‐sheet estimates for the household sector are not currently available in South Africa, yet, with the country's well‐developed financial sector and deep capital markets, asset market ... More


Assessing Contractual and Statutory Approaches: Policy Proposals for Restructuring Unsustainable Sovereign Debt

Inge Kaul and Pedro Conceiçāo

in The New Public Finance: Responding to Global Challenges

Published in print:
2006
Published Online:
October 2011
ISBN:
9780195179972
eISBN:
9780199850709
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195179972.003.0018
Subject:
Economics and Finance, International

This chapter discusses the rationale behind efforts to make sovereign debt restructuring more efficient, orderly and predictable. It compares the contractual and statutory approaches to debt ... More


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