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Volatility Machine : Emerging Economics and the Threat of Financial Collapse by Michael Pettis (2001, Hardcover)

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Informazioni su questo prodotto

Product Identifiers

PublisherOxford University Press, Incorporated

ISBN-100195143302

ISBN-139780195143300

eBay Product ID (ePID)1881622

Product Key Features

Number of Pages272 Pages

Publication NameVolatility Machine : Emerging Economics and the Threat of Financial Collapse

LanguageEnglish

SubjectEconomic History, Finance / General, International / General, Money & Monetary Policy

Publication Year2001

TypeTextbook

Subject AreaBusiness & Economics

AuthorMichael Pettis

FormatHardcover

Dimensions

Item Height0.8 in

Item Weight19.5 Oz

Item Length9.4 in

Item Width6.4 in

Additional Product Features

Intended AudienceCollege Audience

LCCN00-049180

Dewey Edition21

ReviewsThe 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., A source of new and enlightening perspectives for a wide range of the subjects of financial analysis and policy making for emerging financial markets., 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, 'The Volitility 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'Institutional Investor

TitleLeadingThe

IllustratedYes

Dewey Decimal336.3435

Table Of ContentIntroductionPart I. The Structure of Financial Crises1. Capital Structure and Policy Collapse: The Financial Crisis of the Late 1990s2. Market Structure IssuesPart II. Global Liquidity and Capital Flows3. Why Does Ric-Country Capital Flow to Poor Countries?4. 180 Years of Liquidity Expansion and International Lending5. The Contraction of International LendingPart III. The Corporate Finance of Crises6. The Theory of Capital Structure and Financial Risk7. The Capital Structure Trap8. Toward a Theory of Sovereign Capital Structure Management9. Debt Restructurings within a Corporate Finance FrameworkPart IV. Conclusion10. Conclusion: The New Financial ArchitectureAppendix: The Option Characteristics of Sovereign DebtBibliographyIndex

SynopsisThis 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., 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.

LC Classification NumberHB3722.P47 2001