Emerging Market Capital Flows »

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.

Booknews

Collects 16 papers from the May 1996 conference. Topics include the recent history of emerging markets, returns on emerging market equities, integration of emerging markets and international equity markets, lending on "fixed" terms in emerging markets, sovereign debt and bank lending, and corporate debt and emerging markets. The papers address questions about the international cross-listing of securities, political risks involved in emerging markets, and credit ratings of emerging market corporate debt. Annotation c. by Book News, Inc., Portland, Or.