EBOOK Volatility Machine:Emerging Economics and the Threat of Financial Collapse -

EBOOK Volatility Machine:Emerging Economics and the Threat of Financial Collapse
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Wydawnictwo: Oxford University Press
ISBN: 9780199881710
EAN: F3BA8B5CEB
Format: 0,0 x 0,0 x 0,0
Oprawa: ...
Stron: 272
Data wydania: 2001
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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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