The Volatility Machine (inbunden)
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Format
Inbunden (Hardback)
Språk
Engelska
Antal sidor
272
Utgivningsdatum
2001-06-01
Upplaga
illustrated ed
Förlag
OUP Oxford
Illustratör/Fotograf
29 illustrations
Illustrationer
figs.
Dimensioner
240 x 163 x 21 mm
Vikt
554 g
Antal komponenter
1
Komponenter
WORKBOOK
ISBN
9780195143300

The Volatility Machine

Emerging Economies and the Threat of Financial Collapse

av Michael Pettis
Inbunden,  Engelska, 2001-06-01
626
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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. The book asserts that while Wall Street is keenly aware of the implications of capital structure for stability and predictability, it has all but ignored these implications for emerging economies. The book explains how capital structures in emerging markets can be either "correlated" or "inverted" and how they systematically act to dampen or exacerbate volatility. it explains how a "capital structure trap" can force a system into a very mehanical process of collapse.
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Fler böcker av Michael Pettis

Recensioner i media

The Financial Regulator A source of new and enlightening perspectives for a wide range of the subjects of financial analysis and policy making for emerging financial markets.

The Business Economist A cogent and compelling essay on the dynamics of emerging market crises ... Pettis's book offers invaluable insights into the dynamics of emerging market crises and provides important lessons for emerging market policy makers, investors, rating agencies, international institutions and anyone interested in emerging market finance. Moreover he has succeeded in delivering a punchy and highly readable volume

Institutional Investor The Volatility Machine provides a welcome departure from the sterile academic debate on the subject of financial crisis. Economists may quibble ... but would be wise not to ignore [Pettis's] insights into how they can exacerbate external risks.

Övrig information

Michael Pettis is a Managing Director at Bear Stearns, a New York investment bank and an adjunct professor at Columbia University where he teaches courses in international finance. He has been involved in emerging markets, both as an investment banker and as a sovereign adviser, since 1987. In addition, he has written extensively on the subject, on specialized financial topics, and on policy.

Innehållsförteckning

Introduction Part I. The Structure of Financial Crises 1: Capital Structure and Policy Collapse: The Financial Crisis of the Late 1990s 2: Market Structure Issues Part II. Global Liquidity and Capital Flows 3: Why Does Ric-Country Capital Flow to Poor Countries? 4: 180 Years of Liquidity Expansion and International Lending 5: The Contraction of International Lending Part III. The Corporate Finance of Crises 6: The Theory of Capital Structure and Financial Risk 7: The Capital Structure Trap 8: Toward a Theory of Sovereign Capital Structure Management 9: Debt Restructurings within a Corporate Finance Framework Part IV. Conclusion 10: Conclusion: The New Financial Architecture Appendix: The Option Characteristics of Sovereign Debt Bibliography Index

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