Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today

Paperback | January 16, 2008

byPaolo Mauro, Nathan Sussman, Yishay Yafeh

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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 and1913. 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 featureof 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 skillfullyapply 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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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 and1913. By examining data on sovereign bonds i...

Paolo Mauro is a Senior Economist in the Strategic Issues Division, Research Department at the IMF. He received his PhD from Harvard University in 1994 and is Editor of the quarterly IMF Research Bulletin. Nathan Sussman is Senior Lecturer in the Department of Economics at the Hebrew University of Jerusalem and Co-director of the Miner...

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Format:PaperbackDimensions:208 pages, 8.5 × 5.43 × 0.39 inPublished:January 16, 2008Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:019922613X

ISBN - 13:9780199226139

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Table of Contents

Table of ContentsList of TablesList of FiguresPreface and Acknowledgements1. International Capital Flows in the Previous Era of Globalization: An Overview and Outline of the Book and its Objectives2. The London Market for Sovereign Debt, 1870-1913 versus Today's Markets3. The Determinants of the Cost of Capital: Case Study Evidence4. News and Sharp Changes in Bond Spreads5. Spreads, News, and Macroeconomics: A Multivariate Regression Analysis6. Co-movement of Spreads: Fundamentals or Investor Behavior?7. Sovereign Defaults and the Corporation of Foreign Bondholders8. A Few Lessons for the FutureAppendix 1: Emerging Market Bonds and Spreads, 1870-1913Appendix 2: Macroeconomic Data Sources, 1870-1913Bibliography

Editorial Reviews

`An important contribution to the study of financial globalisation Masters' programs in economics and international affairs should use this book to introduce their students to the intricacies of globalisation. It is certainly a must read for everybody interested in the field of internationaleconomics.'Journal of International Economics