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: law, institutions of information and control, and inflation and currency stability.
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The text considers institutional foundations of all financial markets. It emphasizes three fundamental elements that any financial market needs to function well: sound law and regulation, reliable systems of information and control, and thoughtful management of the national government's fiscal balance and the value of its currency.
The text is complemented by seven original cases that are available through Primis Online. The cases are: Hungarian Telephone and Cable Corporation (for the subject of privatization); Champacoal (American banker opening a large international bank in Hanoi covers subject of information); Gazprom (international oil company doing business in Russia covers subject of information); Banco Itau and the Real Plan (Brazilian bank covers subject of inflation); Yuval Ran and Israel Credit Lines (covers subject of building financial institutions); BancoSol (Bolivian Bank covers subject of building financial institutions); Peregrine Investments (crash of hot securities firm in East Asia covers subject of building financial institutions). In addition to obtaining cases, faculty can also easily build a custom version of the text at mhhe.com/primis/online.
The authors provide a large amount of recent academic research, as well as practical experience in emerging financial markets. They quantify characteristics of countries so that comparisons and conclusions can be as well grounded as possible. They not only report research results, but also show some of the country-level data that underlies the studies. Thus, chapters often have appendices that list or quantify various attributes country by country.
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