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Volatility Machine Emerging Economics and the Threat of Financial Collapse

ISBN-10: 0195143302
ISBN-13: 9780195143300
Edition: 2001
Authors: Michael Pettis
List price: $74.00 Buy it from $29.97
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Description: 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  More...

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Book details

List price: $74.00
Copyright year: 2001
Publisher: Oxford University Press, Incorporated
Publication date: 5/17/2001
Binding: Hardcover
Pages: 272
Size: 6.25" wide x 9.25" long x 0.75" tall
Weight: 2.002
Language: English

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 arguethat 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.

Introduction
The Structure of Financial Crises
Capital Structure and Policy Collapse: The Financial Crisis of the Late 1990s
Market Structure Issues
Global Liquidity and Capital Flows
Why Does Ric-Country Capital Flow to Poor Countries?
180 Years of Liquidity Expansion and International Lending
The Contraction of International Lending
The Corporate Finance of Crises
The Theory of Capital Structure and Financial Risk
The Capital Structure Trap
Toward a Theory of Sovereign Capital Structure Management
Debt Restructurings within a Corporate Finance Framework
Conclusion
Conclusion: The New Financial Architecture
Appendix: The Option Characteristics of Sovereign Debt
Bibliography
Index

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