Emerging Market Capital Flows

1. Front Matter

   Pages i-xiii

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2. The history of emerging markets: What have we learned?

   1. Front Matter

      Pages 1-1

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   2. Can debt crises be prevented?

      • Timothy J. Kehoe

      Pages 3-22

   3. Dealing with capital inflows: Mexico and Chile compared

      • Andrés Velasco, Pablo Cabezas

      Pages 23-47

   4. International lending in the long run: motives and management

      • Barry Eichengreen

      Pages 49-74

   5. Comments on ‘International lending in the long-run: motives and management’ by Barry Eichengreen

      • Philip Suttle

      Pages 75-78

   6. Comments on ‘International lending in the long run: motives and management’ by Barry Eichengreen

      • Michael P. Dooley

      Pages 79-81

3. Returns on emerging market equities

   1. Front Matter

      Pages 83-83

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   2. Rethinking emerging market equities

      • Roy C. Smith, Ingo Walter

      Pages 85-105

   3. The behavior of emerging market returns

      • Geert Bekaert, Claude B. Erb, Campbell R. Harvey, Tadas E. Viskanta

      Pages 107-173

   4. Cross-listing, segmentation and foreign ownership restrictions

      • Ian Domowitz, Jack Glen, Ananth Madhavan

      Pages 175-192

   5. Risk in emerging markets revisited

      • William N. Goetzmann, Philippe Jorion

      Pages 193-197

   6. Comments on the paper ‘Rethinking emerging market equities’ by Roy C. Smith and Ingo Walter

      • Stijn Claessens

      Pages 199-205

   7. Comment on ‘Cross-listing, segmentation and foreign ownership restrictions’ by Ian Domowitz, Jack Glen and Ananth Madhavan

      • René Garcia

      Pages 207-210

   8. Comments on ‘Rethinking emerging market equities’ by Roy C. Smith and Ingo Walter

      • Vihang R. Errunza

      Pages 211-215

4. Integration of emerging markets and international equity markets

   1. Front Matter

      Pages 217-217

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   2. Determinants of emerging market correlations

      • Holger C. Wolf

      Pages 219-235

   3. A Markov switching model of market integration

      • Robert E. Cumby, Anya Khanthavit

      Pages 237-257

   4. External financing in emerging markets: an analysis of market responses

      • Kishore Tandon

      Pages 259-275

   5. Political risk in emerging and developed markets

      • Robin L. Diamonte, John M. Liew, Ross L. Stevens

      Pages 277-289

In a little over one decade, the spread of market-oriented policies has turned the once so-called lesser developed countries into emerging markets. Many forces have been responsible for the tremendous growth in emerging markets. Trends toward market-oriented policies that permit private ownership of economic activities, such as public utilities and telecommunications, are part of the explanation. Corporate restructuring, following the debt crisis of the early 1980's has permitted many emerging market companies to gain international competitiveness. And an essential condition, a basic sea-change in economic policy, has opened up many emerging markets to international investors.
This growth in emerging markets has been accompanied by volatility in individual markets, and a sector-wide shock after the meltdown in the Mexican Bolsa and Mexican peso, resulting in heated debate over the nature of these markets. Emerging market capital flows continue to be the subject of intense discussion around the world among investors, academics, and policymakers. Emerging Market Capital Flows examines the issues of emerging market capital flows from several distinct perspectives, addressing a number of related questions about emerging markets.

• Bank
• Financing
• Hedging
• economic policy
• growth
• rating

• Stern School of Business, New York University, USA

  Richard M. Levich

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