Emerging Markets and Financial Globalization

Sovereign Bond Spreads in 1870-1913 and Today

Paolo Mauro author Nathan Sussman author Yishay Yafeh author

Format:Hardback

Publisher:Oxford University Press

Published:16th Mar '06

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Emerging Markets and Financial Globalization cover

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.

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 *

ISBN: 9780199272693

Dimensions: 224mm x 145mm x 18mm

Weight: 379g

208 pages