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The Volatility Machine: Emerging Economics and the Threat of Financial Collapse / Edition 1

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Overview

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.

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Product Details

  • ISBN-13: 9780195143300
  • Publisher: Oxford University Press, USA
  • Publication date: 5/28/2001
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 272
  • Lexile: 1580L (what's this?)
  • Product dimensions: 9.10 (w) x 6.00 (h) x 1.00 (d)

Meet the Author

Michael Pettis is a Managing Director at Bear Stearns, a New York investment bank and an adjunct professor at Columbia University where he teaches courses in international finance. He has been involved in emerging markets, both as an investment banker and as a sovereign adviser, since 1987. In addition, he has written extensively on the subject, on specialized financial topics, and on policy.

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Table of Contents

Introduction
Part I. The Structure of Financial Crises
1. Capital Structure and Policy Collapse: The Financial Crisis of the Late 1990s
2. Market Structure Issues
Part II. Global Liquidity and Capital Flows
3. Why Does Ric-Country Capital Flow to Poor Countries?
4. 180 Years of Liquidity Expansion and International Lending
5. The Contraction of International Lending
Part III. The Corporate Finance of Crises
6. The Theory of Capital Structure and Financial Risk
7. The Capital Structure Trap
8. Toward a Theory of Sovereign Capital Structure Management
9. Debt Restructurings within a Corporate Finance Framework
Part IV. Conclusion
10. Conclusion: The New Financial Architecture
Appendix: The Option Characteristics of Sovereign Debt
Bibliography
Index

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Sort by: Showing 1 Customer Reviews
  • Anonymous

    Posted May 7, 2001

    The Volatility Machine is a required reading!

    Robert Solow once claimed that economics faces a dilemma: 'Whether to have more and more to say about less and less, or... less and less to say about more and more', but Professor Pettis has more and more to say about more and more in his newly published book 'The Volatility Machine Emerging Economies and the Threat of Their Financial Collapse'. If you cannot afford attending his classes at Columbia University, this is a real bargain! It is a required reading for policy makers, financiers, graduate students and professors, not only in emerging markets but in developed countries as well, especially Wall Street and Washington D.C.

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