The Volatility Machine: Emerging Economics and the Threat of Financial CollapseOxford University Press, 17 mei 2001 - 272 pagina's This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years. |
Inhoudsopgave
1 | |
Global Liquidity and Capital Flows | 33 |
The Corporate Finance of Crises | 89 |
Conclusion | 187 |
The Option Characteristics of Sovereign Debt | 201 |
217 | |
229 | |
Overige edities - Alles bekijken
The Volatility Machine: Emerging Economies and the Threat of Financial Collapse Michael Pettis Gedeeltelijke weergave - 2001 |
The Volatility Machine: Emerging Economies and the Threat of Financial Collapse Michael Pettis Gedeeltelijke weergave - 2001 |
The Volatility Machine: Emerging Economics and the Threat of Financial Collapse Michael Pettis Gedeeltelijke weergave - 2001 |
Veelvoorkomende woorden en zinsdelen
American Argentina argue Asian asset value banking system bankruptcy borrower's borrowing costs Brady bonds Brazil British call option capital flows capital structure capital structure trap caused central bank changes chapter Charles Kindleberger collapse commodity prices corporate finance correlated countries country's coupon credibility credit spreads creditors creditworthiness crisis currency debt crises debt restructuring debt servicing costs decline default delta devaluation discuss distress costs dollar domestic effect emerging market equity export external debt external shocks financial crises financial distress floating-rate forced foreign investment framework funding global liquidity gold growth hedge impact important increase indexed inflows interest rates international lending investors kappa Kindleberger Korea Laffer curve Latin America lenders lending boom liability management liquidity expansion loan long-term Mexican Mexico million mismatch monetary outflows payments period peso put option reduce reforms revenues rich-country risk sector short-term South Korea sovereign borrowers strategy trade U.S. dollars underlying asset volatility