Emerging Financial Markets

Book Description

This is the first text to be written on Emerging Financial Markets. The book is partially the result of a grant given by Citibank to Columbia Business School for the purpose of designing a new course in emerging financial markets for their MBA program. The text reflects the tremendous research in recent years seeking to explain the financial crises in Latin America and Asia during the mid to late 1990's and related issues such as capital flows, currency regimes, legal and regulatory matters, corporate governance, and the functions and structure of financial systems. Emerging Financial Markets suggests and explores three key foundations that explain why emerging markets behave differently than developed markets: (1) law, (2) institutions of information and control, and (3) inflation and currency stability.

Customer Reviews:

very good intro to emerging financial markets.......2006-04-08

I used this book as a secondary book in an MBA class in international financial institutions. The students liked the book (not the price) and I enjoyed teaching from these very well edited teaching notes. Actually, teaching notes is not the right way to describe the book - as each well-researched and well-written chapter focuses on a very specific area. It was easy to integrate the material across different institutions books. Warmly recommended. Only suggestion: needs updating.

Bailouts or Bail-Ins: Responding to Financial Crises in Emerging Markets

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One of the best....

Bailouts or Bail-Ins: Responding to Financial Crises in Emerging Markets
Nouriel Roubini , and Brad Setser
Manufacturer: Peterson Institute
ProductGroup: Book
Binding: Paperback

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The Chastening: Inside the Crisis That Rocked the Global Financial System and Humbled the Imf
And The Money Kept Rolling In (And Out): Wall Street, The IMF, and The Bankrupting of Argentina
The Volatility Machine: Emerging Economics and the Threat of Financial Collapse
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The Euro at Five: Ready for a Global Role

ASIN: 0881323713

Book Description

Roughly once a year, the managing director of the International Monetary Fund, the U.S. treasury secretary and in some cases the finance ministers of other G-7 countries will get a call from the finance minister of a large emerging market economy. The emerging market finance minister will indicate that the country is rapidly running out of foreign reserves, that it has lost access to international capital markets and, perhaps, that is has lost the confidence of its own citizens. Without a rescue loan, it will be forced to devalue its currency and default either on its government debt or on loans to the country's banks that the government has guaranteed. This book looks at these situations and the options available to alleviate the problem. It argues for a policy that recognizes that every crisis is different and that different cases need to be handled within a framework that provides consistency and predictability to borrowing countries as well as those who invest in their debt.

Customer Reviews:

One of the best...........2007-02-24

I don't know where to begin with this review, but I just wanted to say this is one of the best books on the subject and anyone interested in global economics and markets should read this book.

Valuation of Companies in Emerging Markets

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Valuation of Companies in Emerging Markets
Luis E. Pereiro
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Emerging Markets: A Practical Guide for Corporations, Lenders, and Investors
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Valuation: Measuring and Managing the Value of Companies, Fourth Edition
Global Bargain Hunting: The Investor's Guide to Profits in Emerging Markets

ASIN: 0471220787

Book Description

A comprehensive guide focusing on the valuation issues for emerging markets
Valuation of Companies in Emerging Economies takes a practical, step-by-step approach to valuing both public and closely held companies in emerging economies for merger or acquisition purposes. These extremely volatile markets present their own special set of challenges, which often differ from country to country. The author provides real world, best valuation practices in both developed and emerging markets and offers links to relevant Internet resources to provide CEOs, CFOs, venture capitalists, and financial analysts with the information they need to accurately value companies around the world.
Luis E. Pereiro (Buenos Aires, Argentina) is a consultant who has steered several strategic change projects in multinational corporations such as Bank of America, Union Carbide, and Nissho Iwai. He is Interim Dean of the Universidad Tocuato Di Tella, Buenos Aires, as well as Director of its MBA program and Director of the Center for Entrepreneurship and Business Venturing. His numerous articles have appeared in many prestigious business journals and books.
Over the years, financial professionals around the world have looked to the Wiley Finance series and its wide array of bestselling books for the knowledge, insights, and techniques that are essential to success in financial markets. As the pace of change in financial markets and instruments quickens, Wiley Finance continues to respond. With critically acclaimed books by leading thinkers on value investing, risk management, asset allocation, and many other critical subjects, the Wiley Finance series provides the financial community with information they want. Written to provide professionals and individuals with the most current thinking from the best minds in the industry, it is no wonder that the Wiley Finance series is the first and last stop for financial professionals looking to increase their financial expertise.

Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies

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Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies

Manufacturer: University Of Chicago Press
ProductGroup: Book
Binding: Hardcover

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Emerging Capital Markets in Turmoil: Bad Luck or Bad Policy?
Controlling Currency Mismatches In Emerging Markets

ASIN: 0226194558

Book Description

Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better.

Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.

Mobius on Emerging Markets (Financial Times)

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Deadly dull, with little insights
More interesting in the context of increasing globalization
An Interesting & Enlightening Insight to Emerging Markets

Mobius on Emerging Markets (Financial Times)
Mark Mobius
Manufacturer: Financial Times/Prentice Hall
ProductGroup: Book
Binding: Hardcover

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Equities: An Introduction to the Core Concepts (Mark Mobius Masterclass Series)

ASIN: 0273622846

Amazon.com

J. Mark Mobius is the globetrotting manager of emerging-markets portfolios for the Templeton group of mutual funds. He has gained celebrity for his legendary success in uncovering investment opportunities in obscure corners of the world--for that and for his shaved head. In Mobius on Emerging Markets, he gracefully describes the demographic, technological, and ideological trends that have been accelerating growth in what was once known as the Third World. Mobius provides country-by-country reviews of many emerging markets and explores various methods of evaluating both markets and individual stocks. His book is a worthwhile, sober introduction to one of the investment world's most exciting topics. --Barry Mitzman

Book Description

Fund Manager of the Year --Daily Telegraph, 1993

Customer Reviews:

Deadly dull, with little insights.......2003-08-30

I guess I'm in the minority here. I was extremely dissapointed with this book. The writing is plodding, and I kept waiting for some good war stories, insights, or ideas and never got them.

Sure, there are words on the page, so he must be saying something. It wasn't anything particularly new, original or really useful. Or memorable for that matter. He does include some personal stories, but they elicit a shoulder shrugging, "So what?".

Invest your money elsewhere.

More interesting in the context of increasing globalization.......2001-07-23

Mobius is certainly a guru for people like me who do analysis on emerging markets. People were questioning the viability of emerging markets investing as an asset class just a couple of years ago due to contrast between the boom of US equity market and the gloomy performance of MSCI. Doubts also come from the debate on the "high alpha or just high beta". Some even go further to say that "either the companies (in emerging markets) have been integrated into global markets or the companies are not worthy at taking a look at all". So what's the virtue of investment market as an asset class? Does it matter? What kind of investors are the fit for this asset class? How?

I am a firm believer in what Charles Ellis as well as David Swensen have said about the alternative investments philosphy. In "winning the loser's game", Ellis eloquently, humorously while ruthlessly concluded that "it is harder and harder to beat the market" for market is yourself or people like yourself. It is a pity that he didn't talk about emerging markets. Mobius went on to explore the markets to share the knowledge on this young while dynamite asset class. It is still too early to draw a conclusion on this-we'll wait and see. Nevertheless, It is great that somebody is there waving to you and say "hay, you might want to try this and it is fine".

An Interesting & Enlightening Insight to Emerging Markets.......1998-12-22

Mobius on Emerging Markets demonstrates that the author is more than just a fashion guru. The book is a well-written and compelling read; I read nearly all the 364 pages in one day. It is logically structured and gives the reader an enlightening introduction to emerging markets; this is supported with clear graphical and tabulated statistics.

The book is divided into three Parts:

1) Emerging Markets

Origins of Emerging Markets Macro Economic Trends in Emerging Markets

2) Country Reviews

Emerging Market Overview (Africa, Asia, Latin America, Middle East, Southern Europe)

3) Investment

Investment Strategies and Investments Evaluating Stock Picks Stock Exchange Characteristics Risks My View on Emerging Markets

Although I was initially sceptical of Mark Mobius I must thoroughly recommend this book and congratulate Mark Mobius on his well-deserved success.

If you are considering investing in emerging markets `Mobius on Emerging Markets' is his best advertisement yet.

The Investors Guide to Emerging Markets: Financial Times Series
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The Investors Guide to Emerging Markets: Financial Times Series
Mark Mobius
Manufacturer: McGraw-Hill Companies
ProductGroup: Book
Binding: Hardcover

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Mobius on Emerging Markets (Financial Times)

The Only Three Questions That Count: Investing by Knowing What Others Don't

ASIN: 0786303204

Book Description

The Investors Guide to Emerging Markets, written by an experienced emerging markets investment manager, Mark Mobius, provides a rationale for investing in emerging markets and shows the reader how to assess the opportunities and analyze the different investment strategies available. This guide will: Show investors how to tap this market by examining the market characteristics of emerging market companies; Highlight the risk associated with emerging markets to help investors maximize investment returns; Examine the future of emerging markets to help an investor determine the best investment strategy.

Empirical Finance: Modelling and Analysis of Emerging Financial and Stock Markets (Contributions to Economics)

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Empirical Finance: Modelling and Analysis of Emerging Financial and Stock Markets (Contributions to Economics)
Sardar M.N. Islam , and Sethapong Watanapalachaikul
Manufacturer: Physica-Verlag Heidelberg
ProductGroup: Book
Binding: Paperback

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Financial Econometrics: From Basics to Advanced Modeling Techniques (Frank J. Fabozzi Series)
Analysis of Financial Time Series, 2nd Edition (Wiley Series in Probability and Statistics)
Introductory Econometrics for Finance
The Econometrics of Financial Markets

ASIN: 3790815519

Book Description

The emphasis of this book is on understanding special characteristics of the financial systems of emerging markets, where the existence of market imperfections such as asymmetric information, adverse selection and moral hazard can cause financial market failures. Considering the Thai stock market as an example, this book provides an econometric study of a typical Asian financial system. Many contemporary techniques and models are used in this study, including simple multivariate regression, multi-factor model, exponential smoothing, Holt Winter’s models, and GARCH type models. The findings of the existence of rational bubbles, anomalies, volatility and other characteristics reveal evidence of inefficiency in the Thai stock market. Based on these results, the book includes justifications for public policies in such economies and makes suggestions for further research areas.

Emerging Markets Debt:An Analysis of the Secondary Market (International Banking, Finance and Economic Law, 8)

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Emerging Markets Debt:An Analysis of the Secondary Market (International Banking, Finance and Economic Law, 8)
Ross Buckley
Manufacturer: Springer
ProductGroup: Book
Binding: Hardcover

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ASIN: 9041197168

Book Description

The emerging markets have attained prominence of late as the recent troubles in the principal emerging markets in Asia, Russia and Latin America have threatened global stability. This book is the first detailed study of emerging markets debt and offers a unique insight into one of the world's more significant, and less understood, financial markets. It offers a comprehensive analysis of the evolution of the market in emerging markets debt from 1983 to date. In the aftermath of the debt crisis of the 1980s the banking community discovered the first disposal technique for the sovereign debt of less developed countries -- a secondary market in that debt. This market played a major role in the history and amelioration of the debt crisis, the Mexican problems in the mid-1990s, and the recent Asian economic crisis. The market focus of this study is on the indebtedness of Latin American nations, which has fanned the backbone of secondary market activity, and the recent developments in Asia. The regulatory focus is on U.S. banks and banking regulation. This book is essential reading for anyone involved with emerging markets debt: bankers, traders, investors, corporate and sovereign issuers, finance lawyers and banking regulators.

Financial Markets and Development: The Crisis in Emerging Markets

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A view on this book from an on location expert...
Helping Hand

Financial Markets and Development: The Crisis in Emerging Markets

Manufacturer: Brookings Institution Press
ProductGroup: Book
Binding: Paperback

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Book Description

This volume brings together market practitioners, policymakers, development specialists, and academics from developed and emerging market countries to examine the underlying causes of the Asian financial crisis and ways of preventing future crises in emerging markets.

Contents include: "The Asian Crisis: Causes and Consequences" by Richard Cooper, Harvard University "A Closer Look at Equity Flows to Emerging Markets" by Michael Barth, Capital Markets Development Department, The World Bank, and Konstantinos Tsatsaronis, Monetary and Economic Department, Bank for International Settlements "Corporate Governance and the Treatment of Minority Shareholders," by Kenneth Scott, Stanford Law School "Foreign Investment in Asia" by Jarrod Wilcox, PanAgora Asset Management "The Future of Emerging Markets Investing" by Michael Adler, Columbia Graduate School of Business "Lessons of the Asian Crisis for Latin America" by Sebastian Edwards, University of California at Los Angeles "Global Capital Markets: What Do They Mean?" by Ian Giddy, Stern School of Business, New York University

Customer Reviews:

A view on this book from an on location expert..........2000-04-23

A near excellent review of the Asian Crisis. Chapter 2 by Richard Cooper is especially good. Here in some 12 pages you can get a clear overview of what went wrong. Chapter 3 is a rather lengthy tedious study; the conclusions are clear however: mostly Asian corporate managers are to blame for the crisis. As they took on more and more financial leverage even while net profit margins kept sinking during the boom period of 1992 to 1996. Or at the very least "deficiencies in their risk managment practices greeatly exacerbated it" (the crisis).

What most of these type of books miss however is how large global institutional investors ignored values in SE Asia's stock markets. This in the fanatic pursuit of liquidity. It helped create ignoring of values and incredible overpricing of liquid equities here, until it all crashed.

Even while profitability of Asian companies deteriorated, p/e ratios on most stock exchanges kept rising due to foreign money coming in masses. If Asian managers are to fault, what does this say about global institutional investors? Why is this left out?

Paul A. Renaud.

Helping Hand.......2000-04-02

This book was a wonder for me. It really showed me what to do when a certain crisis strickes. It also told me how to react. Overall, it made some things much clearer for me.

Financial Risk Management: A Practical Approach for Emerging Markets (Inter-American Development Bank)

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Financial Risk Management: A Practical Approach for Emerging Markets (Inter-American Development Bank)
José A. Soler Ramos
Manufacturer: Inter-American Development Bank
ProductGroup: Book
Binding: Paperback

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Financial Risk Management: A Practitioner's Guide to Managing Market and Credit Risk (with CD-ROM)
The Fundamentals of Risk Measurement

ASIN: 1886938717

Book Description

This comprehensive guide is designed to help businesses and financial institutions operating in emerging markets incorporate modern risk management techniques into their decisionmaking. It looks at market, credit, operational and legal risks and proposes solutions to risk management issues as they apply specifically to emerging markets.

Based on a value-at-risk approach, the book examines the role of senior management in setting risk guidelines, the use of information systems for monitoring and communicating risk, and the tools for measuring and managing risk. It also outlines how to the implement an objective and systematic risk management program that allows for effective control and evaluation of operations. Drawing on practical methods used by successful risk managers throughout the world, the book provides specific guidance on establishing a modern risk management framework and on efficient approaches to increasing the profitability of risk management activities in emerging market settings.

Originally published in Spanish, Financial Risk Management is already widely used throughout Latin America. But with its emphasis on emerging markets, the book is an invaluable resource for financial risk professionals as well as for all those interested in both the theory and practice of risk management.

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