Overview

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.

Full Product Details

Author:   Paolo Mauro (International Monetary Fund) ,  Nathan Sussman (The Hebrew University, and (CEPR)) ,  Yishay Yafeh (The Hebrew University, and (CEPR))
Publisher:   Oxford University Press
Imprint:   Oxford University Press
Dimensions:   Width: 14.00cm , Height: 1.00cm , Length: 21.50cm
Weight:   0.274kg
ISBN:  

9780199226139

ISBN 10:   019922613
Pages:   208
Publication Date:   13 December 2007
Audience:   Professional and scholarly ,  Professional and scholarly ,  Professional & Vocational ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   To order  
Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us.

Table of Contents

Table of Contents List of Tables List of Figures Preface and Acknowledgements 1: International Capital Flows in the Previous Era of Globalization: An Overview and Outline of the Book and its Objectives 2: The London Market for Sovereign Debt, 1870-1913 versus Today's Markets 3: The Determinants of the Cost of Capital: Case Study Evidence 4: News and Sharp Changes in Bond Spreads 5: Spreads, News, and Macroeconomics: A Multivariate Regression Analysis 6: Co-movement of Spreads: Fundamentals or Investor Behavior? 7: Sovereign Defaults and the Corporation of Foreign Bondholders 8: A Few Lessons for the Future Appendix 1: Emerging Market Bonds and Spreads, 1870-1913 Appendix 2: Macroeconomic Data Sources, 1870-1913 Bibliography

Reviews

'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 '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 '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. The historical research of Sidney Homer on interest rates fundamentally changed how people think about bonds. The work of Mauro, Sussman, and Yafeh is likely to do the same.' Simon Johnson, Kurtz Professor, Sloan School of Management, MIT An important contribution to the study of financial globalisation Masters' programs in economics and international affairs should use this book to introduce their students to the intricacies of globalisation. It is certainly a must read for everybody interested in the field of international economics. Journal of International Economics

"`'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 `'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 `'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. The historical research of Sidney Homer on interest rates fundamentally changed how people think about bonds. The work of Mauro, Sussman, and Yafeh is likely to do the same.' ' Simon Johnson, Kurtz Professor, Sloan School of Management, MIT `An important contribution to the study of financial globalisation Masters' programs in economics and international affairs should use this book to introduce their students to the intricacies of globalisation. It is certainly a must read for everybody interested in the field of international economics.' Journal of International Economics"

`'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 `'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 `'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. The historical research of Sidney Homer on interest rates fundamentally changed how people think about bonds. The work of Mauro, Sussman, and Yafeh is likely to do the same.' ' Simon Johnson, Kurtz Professor, Sloan School of Management, MIT `An important contribution to the study of financial globalisation Masters' programs in economics and international affairs should use this book to introduce their students to the intricacies of globalisation. It is certainly a must read for everybody interested in the field of international economics.' Journal of International Economics

<br> '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 <br> misleadingly) the world economy's golden age, ' -Niall Ferguson, Laurence A. Tisch Professor of History, Harvard University <br> '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 <br> 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 <br> 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 <br>

Author Information

Paolo Mauro is a Senior Economist in the Strategic Issues Division, Research Department at the IMF. He received his PhD from Harvard University in 1994 and is Editor of the quarterly IMF Research Bulletin. Nathan Sussman is Senior Lecturer in the Department of Economics at the Hebrew University of Jerusalem and Co-director of the Minerva Center. He received his PhD from the University of California, Berkeley in 1990. Yishay Yafeh is Senior Lecturer in the School of Business Administration and Department of East Asian Studies at the Hebrew University of Jerusalem. He was Associate Professor at the Department of Economics, University of Montreal and was Alon Lecturer of Economics and East Asian Studies, the Hebrew University. He is an Academic Consultant to the Bank of Israel Research Department.

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