Emerging Markets and Financial Globalization
Sovereign Bond Spreads in 1870-1913 and Today
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Product details:
- Publisher OUP Oxford
- Date of Publication 13 December 2007
- ISBN 9780199226139
- Binding Paperback
- No. of pages208 pages
- Size 215x140x10 mm
- Weight 274 g
- Language English
- Illustrations tables and figures 0
Categories
Short description:
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.
MoreLong description:
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 of successful 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 19th century to address sovereign defaults. Using new qualitative and quantitative data, the authors skillfully apply a variety of approaches in order to better understand how problems of volatility and debt crises are dealt with in international financial markets.
'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".
Table of Contents:
Table of Contents
List of Tables
List of Figures
Preface and Acknowledgements
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
Appendix 1: Emerging Market Bonds and Spreads, 1870-1913
Appendix 2: Macroeconomic Data Sources, 1870-1913
Bibliography
