Financial Markets and Development: The Crisis in Emerging Markets

Alison Harwood, Robert E. Litan, Michael Pomerleano

Brookings Institution Press, 01.12.2010 - 420 Seiten

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 of the volume 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 Copublished with the World Bank

Inhalt

• Introduction: 1
• The Asian Crises Causes and Consequences: 17
• The Asian Bet: 29
• Corporate Fundamentals and the Behavior of Capital Markets in Asia: 117
• Corporate Ownership and Valuation Evidence from East Asia: 159
• Foreign Equity Flows and the Asian Financial Crisis: 179
• Global Capital Markets What Do They Mean?: 219
• An Investors Perspective on the Asian Crisis: 243
• On Crisis Prevention Lessons from Mexico and East Asia: 269
• Corporate Governance and East Asia Korea Indonesia Malaysia and Thailand: 335
• Emerging Market Investing Problems and Prospects: 367
• Roundtable Prospects for the Future: 397
• Conclusion An Asian Perspective on the Asian Crisis: 413
• Contributors: 421

Beliebte Passagen

Seite 243 - IT was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair...‎

Seite 175 - To avoid disctepancies in the ctnss-country comparison due to different sample coverage, we have scaled down the control holdings of each family group by assuming that the firms missing from our sample are not controlled by any family group.‎

Seite 224 - Exchange, but they can be and are listed on other exchanges and may be quoted for trading on the National Association of Securities Dealers Automated Quotation system (NASDAQ), the NASD's over-the-counter market.‎

Seite 167 - Of these, the most important among the very large companies is the device of "pyramiding." This involves the owning of a majority of the stock of one corporation which in turn holds a majority of the stock of another — a process which can be repeated a number of times. An interest equal to slightly more than a quarter or an eighth or a sixteenth or an even smaller proportion of the ultimate property to be controlled is by this method legally entrenched. By issuing bonds and non-voting preferred...‎

Seite 279 - Mexican peso was overvalued by at least 30 percent and that the authorities should rapidly find a way to solve the problem. In that same meeting, Stanley Fischer, soon to become the IMF's first deputy managing director, expressed his concerns regarding the external sustainability of the Mexican experiment. Internal US government communications released to the US Senate Banking Committee during 1995 also reflect a mounting concern among some US officials. Several staff members of the Federal Reserve...‎

Seite 279 - Dornbusch argued that the Mexican peso was overvalued by at least 30 percent, and that the authorities should rapidly find a way to solve the problem. In that same meeting, Stanley Fischer, soon to become the IMF's first deputy managing director, expressed his concerns regarding the external sustainability of the Mexican experiment. Internal US government communications released to the US Senate Banking Committee during 1995 also reflect a mounting concern among some US officials. Several staff members...‎

Seite 286 - In addition, regulation that limits the exposure of banks to the volatility in equity and real-estate markets would further insulate the banking system from the bubbles associated with sizable capital inflows. To summarize, there are grounds to support a policy intervention mix based on the imposition of a tax on short-term capital imports, on enhancing the flexibility of exchange rates, and on raising marginal reserve requirements on short-term bank deposits. Given the likely fiscal costs it is...‎

Seite 162 - A, which owns 3 1 percent of the stock of firm B. In looking at control rights, we would say that the family controls 15 percent of firm B — the weakest link in the chain of voting rights. But we would say that the family owns about 5 percent of the cash-flow rights of firm B — the product of the two ownership stakes along the chain. Corporations are divided into widely held corporations and corporations with ultimate owners. In widely...‎

Über den Autor

Alison Harwood is a director with the Barents Group of KPMG Peat Marwick, where she designs and directs projects to develop capital markets, particularly in Eastern Europe. Previously, she worked at the Harvard Institute for International Development and at the Federal Reserve Bank of New York. Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kauffman Foundation. Michael Pomerleano is lead financial specialist in the Financial Sector Operations and Policy Department of the World Bank.

Bibliografische Informationen

• Titel: Financial Markets and Development: The Crisis in Emerging Markets
• Herausgeber: Alison Harwood, Robert E. Litan, Michael Pomerleano
• Verlag: Brookings Institution Press, 2010
• ISBN: 0815716206, 9780815716204
• Länge: 420 Seiten