Emerging Capital Markets And Globalization

Author : Augusto de la Torre,Sergio Schmukler
Publisher : World Bank Publications
Page : 228 pages
File Size : 48,7 Mb
Release : 2006-10-20
Category : Business & Economics
ISBN : 0821365444

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Emerging Capital Markets and Globalization by Augusto de la Torre,Sergio Schmukler Pdf

Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Author : Larry Sawers,Daniel M. Schydlowsky,David Nickerson
Publisher : World Scientific
Page : 290 pages
File Size : 46,7 Mb
Release : 2000
Category : Business & Economics
ISBN : 9810238452

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Emerging Financial Markets in the Global Economy by Larry Sawers,Daniel M. Schydlowsky,David Nickerson Pdf

This collection of papers considers many of the important issues raised by these dramatic changes in emerging financial markets, including: the nature of this systemic risk and how governments can go about reducing it: how to increase the supply of capital that can be invested in development; aspects of foreign direct investment; informal credit markets; the impact of informal finance on development; how lessons learned from microfinance in developing countries can be applied to credit markets in the United States; and how to create institutions that can effectively deal with the problems inherent in lending to poor people in developing countries. The book is intended for policy makers and scholars interested in capital markets in developing and transition economies. It is also suitable for use as a supplementary text in upper level undergraduate courses on development finance.

Author : Leonardo E. Stanley
Publisher : Anthem Press
Page : 260 pages
File Size : 44,8 Mb
Release : 2018-03-15
Category : Business & Economics
ISBN : 9781783086757

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Emerging Market Economies and Financial Globalization by Leonardo E. Stanley Pdf

In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.

Author : David Nickerson,Larry Sawers,Daniel Schydlowsky
Publisher : World Scientific
Page : 288 pages
File Size : 55,5 Mb
Release : 2000-03-24
Category : Business & Economics
ISBN : 9789814495066

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Emerging Financial Markets In The Global Economy by David Nickerson,Larry Sawers,Daniel Schydlowsky Pdf

The rapid emergence of active financial markets in a number of developing and transition countries during the 1990s is a momentous phenomenon. Until recently, most developing countries severely manipulated and repressed their financial markets. The dramatic increase in the influence of neo-liberal thinking and laissez-faire governance in developing countries has recently led to serious capital market reform in scores of countries. Most countries without financial market reform are anxiously studying their successful neighbors in order to adopt policies, programs, and regulations that have a proven track record.This collection of papers addresses many of the important issues raised by these dramatic changes, including restructuring pension systems, organizing new equity markets, designing financial systems to deal with systemic risk, dealing with the overhang and bad debts, and attracting foreign direct investments. Several papers deal with informal credit markets, examining the effect of informal finance on economic development and the exponential growth in microfinance by private financial institutions in Latin America and in the United States.The book is intended for policy makers and scholars interested in capital markets in developing and transition economies. It is also suitable for use as a supplementary text in upper level undergraduate and graduate courses in development finance.

Author : Paolo Mauro,Nathan Sussman,Yishay Yafeh
Publisher : Oxford University Press
Page : 204 pages
File Size : 45,7 Mb
Release : 2006-03-16
Category : Business & Economics
ISBN : 9780199272693

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Emerging Markets and Financial Globalization by Paolo Mauro,Nathan Sussman,Yishay Yafeh Pdf

The frequency and virulence of recent financial crises have led to calls for reform of the current international financial architecture. In an effort to learn more about today's international financial environment, the authors turn to an earlier era of financial globalization between 1870 and 1913. By examining data on sovereign bonds issued by borrowing developing countries in this earlier period and in the present day, the authors are able to identify the characteristics ofsuccessful borrowers in the two periods. They are then able to show that global crises or contagion are a feature of the 1990s which was hardly known in the previous era of globalization. Finally, the authors draw lessons for today from archival data on mechanisms used by British investors in the 19thcentury to address sovereign defaults. Using new qualitative and quantitative data, the authors skilfully apply a variety of approaches in order to better understand how problems of volatility and debt crises are dealt with in international financial markets.

Author : L. Armijo
Publisher : Springer
Page : 348 pages
File Size : 40,8 Mb
Release : 1999-01-13
Category : Business & Economics
ISBN : 9780333994894

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Financial Globalization and Democracy in Emerging Markets by L. Armijo Pdf

When Mexico's peso crisis occurred in December 1994, all of Latin America experienced the 'tequila effect'. In January 1998, after seven months of financial turmoil in East Asia, Alan Greenspan, the usually reticent Chairman of the US Federal Reserve Bank, noted that such 'vicious cycles...may, in fact, be a defining characteristic of the new high-tech international financial system'. This book examines the impact of the new, highly liquid portfolio capital flows on governments, opposition, politicians, business and the workforce in such emerging market countries as Mexico, Brazil, Russia, Indonesia, Vietnam, Thailand and Indonesia. Hailed as 'exemplary and innovative', 'fine-grained and accessible' and 'a must read', this collection of original essays in newly available in paperback.

Author : Mohammed El Hedi Arouri,Sabri Boubaker,Duc Khuong Nguyen
Publisher : Academic Press
Page : 927 pages
File Size : 46,8 Mb
Release : 2013-12-26
Category : Business & Economics
ISBN : 9780124115637

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Emerging Markets and the Global Economy by Mohammed El Hedi Arouri,Sabri Boubaker,Duc Khuong Nguyen Pdf

Emerging Markets and the Global Economy investigates analytical techniques suited to emerging market economies, which are typically prone to policy shocks. Despite the large body of emerging market finance literature, their underlying dynamics and interactions with other economies remain challenging and mysterious because standard financial models measure them imprecisely. Describing the linkages between emerging and developed markets, this collection systematically explores several crucial issues in asset valuation and risk management. Contributors present new theoretical constructions and empirical methods for handling cross-country volatility and sudden regime shifts. Usually attractive for investors because of the superior growth they can deliver, emerging markets can have a low correlation with developed markets. This collection advances your knowledge about their inherent characteristics. Foreword by Ali M. Kutan Concentrates on post-crisis roles of emerging markets in the global economy Reports on key theoretical and technical developments in emerging financial markets Forecasts future developments in linkages among developed and emerging economies

Author : United Nations. Economic Commission for Latin America and the Caribbean
Publisher : ECLAC
Page : 354 pages
File Size : 46,7 Mb
Release : 2000
Category : Capital market
ISBN : UCSD:31822031566615

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Financial Globalization and the Emerging Economies by United Nations. Economic Commission for Latin America and the Caribbean Pdf

Financial globalisation has been a dynamic element in recent years, with large capital flows to a number of emerging economies in Latin America and Asia often being followed by financial crises.

Author : Lowell Bryan,Diana Farrell
Publisher : John Wiley & Sons
Page : 300 pages
File Size : 53,5 Mb
Release : 1996-04-12
Category : Business & Economics
ISBN : 0471144460

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Market Unbound by Lowell Bryan,Diana Farrell Pdf

A road map for the future of the world market "Bryan has emerged as an influential voice on regulatory issues. "--The New York Times The world is on the verge of the most sweeping economic changes since the Industrial Revolution. National economies are transforming from government-controlled market systems into an open international marketplace under no one's control. The consequences will be both exhilarating and terrifying. Market Unbound is the first compelling blueprint for adapting to this new global market. According to McKinsey and Company authors Lowell Bryan and Diana Farrell, this revolution will have a profound effect on all sectors of business and finance. The global economic scene has already undergone profound and irreversible changes, but most of the transformation still lies ahead of us. Those who learn to operate under the new system will have the opportunity for tremendous profit. Those who don't face the specter of catastrophic loss. Market Unbound outlines how the global market came into being and why it is so powerful, and why it is so rapidly accelerating the globalization of the world's entire economy. The authors explore the implications of this evolving market force and examine the consequences and the opportunities for governments, investors, corporations, and financial organizations. Market Unbound is a must read for anyone who hopes to thrive or even survive into the 21st century. * Based on extensive research conducted at McKinsey &Co--the world's premiere consulting firm * Case studies and relevant examples illustrate the patterns of market change currently taking place * Reveals how a government's ability to exercise control over its own financial system is being undermined by the global capital market LOWELL BRYAN and DIANA FARRELL (New York, New York) are consultants at McKinsey & Co. He is the author of three previous business books and a leading authority on financial regulatory issues and global capital markets. She led the research efforts underpinning the book's conclusions.

Author : Irina Ivashkovskaya,Svetlana Grigorieva,Eugene Nivorozhkin
Publisher : Springer Nature
Page : 279 pages
File Size : 53,9 Mb
Release : 2019-12-09
Category : Business & Economics
ISBN : 9783030238506

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Strategic Deals in Emerging Capital Markets by Irina Ivashkovskaya,Svetlana Grigorieva,Eugene Nivorozhkin Pdf

The industrial development of emerging markets has been a powerful driver for mergers and acquisitions. The contributions collected in this book assess major M&A deals in the largest emerging capital markets (Brazil, Russia, India, China) and their role in shareholder value creation in the markets’ specific business environments. In addition, the book explores various dimensions of M&A deals in order to summarize the main trends in corporate control markets in the largest emerging countries, and how they differ from those in developed countries; to identify deal-performance relationships and the determinants of success or failure; to reveal the drivers for the premium in M&A deals; and to capture market responses to different M&A strategies. By doing so, the book makes a significant contribution to the literature, which has to date largely focused on developed markets.

Author : Mohamed El Hedi Arouri,Sabri Boubaker,Duc Khuong Nguyen
Publisher : Unknown
Page : 875 pages
File Size : 53,8 Mb
Release : 2014
Category : Developing countries
ISBN : OCLC:1065675943

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Emerging Markets and the Global Economy by Mohamed El Hedi Arouri,Sabri Boubaker,Duc Khuong Nguyen Pdf

Author : Harinder S Kohli
Publisher : SAGE Publications Pvt. Limited
Page : 380 pages
File Size : 51,5 Mb
Release : 2008-05-09
Category : Business & Economics
ISBN : UCSD:31822035338607

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Growth and Development in Emerging Market Economies by Harinder S Kohli Pdf

This compilation helps understand the basic forces that are now determining the performance and prospects of emerging market economies (EMEs) around the world. In the past few years, there has been a sharp rise in private capital flows to well performing developing countries, commonly referred to as EMEs. With a drop in net transfers from official sources, the private capital flows in these countries now dwarf official flows. Growth and Development in Emerging Market Economies: International Private Capital Flows, Financial Markets and Globalization encapsulates in one volume the understanding of the inter-related topics of global imbalances, finance, investment, trade, and infrastructure. Such assemblage is difficult to find in the existing literature in this field. Many chapters discuss the situations in Asia and Latin America, drawing parallels and pointing out contrasts. The papers in this collection were discussed at the Emerging Markets Forum meeting held in Jakarta, Indonesia in September 2006. The contributors include highly experienced former policy makers and senior officials of multilateral institutions who have lifelong experience in policy formulation at the highest level. The collection would be of value to policy makers in developing countries, officials of multilateral development institutions and researchers and academicians in the field of EMEs.

Author : Peter Cornelius,Bruce Mitchel Kogut
Publisher : Oxford University Press, USA
Page : 532 pages
File Size : 47,7 Mb
Release : 2003
Category : Business & Economics
ISBN : 0195167058

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Corporate Governance and Capital Flows in a Global Economy by Peter Cornelius,Bruce Mitchel Kogut Pdf

With global financial markets having become more integrated, the book pays particular attention to the role of corporate governance in emerging-market economies and international capital flows. Rich in facts and ideas, the book is for anyone interested in financial crises, international risk management and global competitiveness.

Author : Maurice Obstfeld,Alan M. Taylor
Publisher : Cambridge University Press
Page : 386 pages
File Size : 41,7 Mb
Release : 2004
Category : Business & Economics
ISBN : 0521671795

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Global Capital Markets by Maurice Obstfeld,Alan M. Taylor Pdf

This book is an economic survey of international capital mobility from the late nineteenth century to the present.

Author : Douglas Darrell Evanoff,David S. Hoelscher,George G. Kaufman
Publisher : World Scientific
Page : 455 pages
File Size : 49,9 Mb
Release : 2009
Category : Business & Economics
ISBN : 9789812833372

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Globalization and Systemic Risk by Douglas Darrell Evanoff,David S. Hoelscher,George G. Kaufman Pdf

The impact of globalization of financial markets is a highly debated topic, particularly in recent months when the issue of globalization and contagion of financial distress has become a focus of intense policy debate. The papers in this volume provide an up-to-date overview of the key issues in this debate. While most of the contributions were prepared after the initial outbreak of the current global turmoil and financial crisis, they identify the relative strengths of the risk diversification and risk transmission processes and examine the empirical evidence to date. The book considers the relative roles of banks, nonbank financial institutions and capital markets in both risk diversification and risk transmission. It then evaluates the current status of crisis resolution in a global context, and speculates where to go from here in terms of understanding, resolution, prevention and public policy.