Emerging markets and financial globalization : sovereign bond spreads in 1870-1913 and today / Paolo Mauro, Nathan Sussman, Yishay Yafeh.

Includes bibliographical references (p. 174-182) and index.

International capital flows in the previous era of globalization : an overview and outline of the book and its objectives -- The London market for sovereign debt, 1870-1913 versus today's markets -- The determinants of the cost of capital : case study evidence -- News and sharp changes in bond spreads -- Spreads, news, and macroeconomics : a multivariate regression analysis -- Co-movement of spreads : fundamentals or investor behavior? -- Sovereign defaults and the corporation of foreign bondholders -- A few lessons for the future.

Emerging markets have become increasingly important for global international investors, and bond markets have been prone to frequent and virulent crises, leading to calls for possible reforms of the international financial architecture. The authors turn to an earlier era of financial globalization to identify the characteristics of successful borrowers in time past and then are able to show that global crises or contagion are a feature of the 1990s. The use of new qualitative and quantitative data, in order to better understand how problems of volatility and debt crises are dealt with in international financial markets.

nmn 08/05/13

Loans