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

Overview

The frequency and virulence of recent financial crises have led to calls for reform of the current international financial architecture. To learn more about today's international financial environment, the authors turn to an earlier era of financial globalization to help us understand the characteristics of global crises by learning from the past.
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Overview

The frequency and virulence of recent financial crises have led to calls for reform of the current international financial architecture. To learn more about today's international financial environment, the authors turn to an earlier era of financial globalization to help us understand the characteristics of global crises by learning from the past.
Read More Show Less

Editorial Reviews

From the Publisher
'This meticulous and imaginative study represents a real breakthrough for our understanding of pre-First World War financial "globalization" ... essential reading for anyone who wants to understand how internationally integrated bond markets functioned in what is sometimes called (perhaps misleadingly) the world economy's "golden age".' -Niall Ferguson, Laurence A. Tisch Professor of History, Harvard University

'The great economic histories, for example by Bairoch, Braudel, Cipolla, de Vries, and Pirenne, are full of detailed facts and broad ideas. Emerging Markets and Financial Globalization belongs in the same category (and on the same bookshelf) for a simple reason - like the classics, you cannot pick up this volume without learning or thinking something new. Sovereign bond spreads shed great light on both how the world used to operate and where it may now be headed.' -Simon Johnson, Kurtz Professor, Sloan School of Management, MIT

"Accessible writing, elegant analysis, and profound insights - a must read for those interested in financial globalization." -Jeffrey G. Williamson, Laird Bell Professor of Economics, Harvard University

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Product Details

  • ISBN-13: 9780199226139
  • Publisher: Oxford University Press
  • Publication date: 2/9/2008
  • Pages: 208
  • Product dimensions: 8.40 (w) x 5.40 (h) x 0.60 (d)

Meet the Author

Paolo Mauro Chief of the Strategic Issues Division in the International Monetary Fund's Research Department. Nathan Sussman is Assistant Professor in the Department of Economics at the Hebrew University of Jerusalem and Research Fellow of the Centre for Economic Policy Research (CEPR). Yishay Yafeh is Senior Lecturer in the School of Business Administration and Department of East Asian Studies at the Hebrew University of Jerusalem and Research Fellow of the Centre for Economic Policy Research (CEPR) and the European Corporate Governance Institute (ECGI).

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Table of Contents

1 International capital flows in the previous era of globalization : an overview and outline of the book and its objectives 1
2 The London market for sovereign debt, 1870-1913 versus today's markets 10
3 The determinants of the cost of capital : case study evidence 46
4 News and sharp changes in bond spreads 59
5 Spreads, news, and macroeconomics : a multivariate regression analysis 86
6 Co-movement of spreads : fundamentals or investor behavior? 108
7 Sovereign defaults and the corporation of foreign bondholders 128
8 A few lessons for the future 163
App. 1 Bonds used in computation of historical spreads 167
App. 2 Macroeconomic data sources 172
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