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Emerging Markets and Financial Globalization
Sovereign Bond Spreads in 1870-1913 and Today
Paolo Mauro, Nathan Sussman, and Yishay Yafeh
208 pages
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Numerous figures and tables
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216x138mm
978-0-19-927269-3
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Hardback
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16 March 2006
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- Uses historical evidence to shed light on current global financial crises
- Applies a variety of approaches to new qualitative and quantitative data
- Engaging and original book which bridges the fields of economic history and international finance exceptionally well
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 skilfully apply a variety of approaches in order to better understand how problems of volatility and debt crises are dealt with in international financial markets.Readership: Academics and students studying economics and economic history, international organizations and investors in emerging markets.
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Paolo Mauro, International Monetary Fund, Nathan Sussman, The Hebrew University, and (CEPR), and Yishay Yafeh, The Hebrew University, and (CEPR)
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"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 to 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 "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
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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
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The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.
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