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Emerging Markets and Financial Globalization - Sovereign Bond Spreads in 1870-1913 and Today (Paperback)
Loot Price: R1,973
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Emerging Markets and Financial Globalization - Sovereign Bond Spreads in 1870-1913 and Today (Paperback)
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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.
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