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The Volatility Machine: Emerging Economies and the Threat of Financial Collapse

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  • Pettis, Michael

    (Columbia University)

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    Abstract

    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 argue that 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.

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    Bibliographic Info

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    This book is provided by Oxford University Press in its series OUP Catalogue with number 9780195143300 and published in 2001.

    ISBN: 9780195143300
    Order: http://ukcatalogue.oup.com/product/9780195143300.do
    Handle: RePEc:oxp:obooks:9780195143300

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    Web page: http://www.oup.com/

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    Cited by:
    1. Chang Woon Nam, 2008. "What Happened to Korea Ten Years Ago?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 69-73, December.
    2. Ross P. Buckley & Peter Dirou, 2006. "How to Strengthen the International Financial System by Restructuring Sovereign Balance Sheets," Annals of Economics and Finance, Society for AEF, vol. 7(2), pages 257-269, November.
    3. Willis, Geoff, 2011. "Why money trickles up – wealth & income distributions," MPRA Paper 30851, University Library of Munich, Germany.
    4. Chirathep Senivongs na Ayudhya & Pornvipa Tangcharoenmonkong & Thitima Chucherd, 2003. "Balance Sheets and Economic Recovery," Working Papers 2003-01, Economic Research Department, Bank of Thailand.
    5. Sergio Godoy, 2005. "Emerging Market Spreads at the Turn of The Century: A Roller Coaster Sergio Godoy," Working Papers Central Bank of Chile 339, Central Bank of Chile.

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