9781137450654

Emerging Markets and Sovereign Risk

by
  • ISBN13:

    9781137450654

  • ISBN10:

    1137450657

  • Format: Hardcover
  • Copyright: 2014-12-05
  • Publisher: Palgrave Macmillan

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Summary

Emerging markets are an increasingly important area of corporate strategy and fast becoming the driver of global growth. Today, emerging markets account for 40% of global GDP and are experiencing growth rates two or three times faster than developed economies. Not surprisingly, investment activity in emerging market jurisdictions has been frenetic with developed-world firms having invested more than $3 trillion, making it one of the biggest corporate investment cycles since the railway boom of the 19th century.

Emerging Markets and Sovereign Risk provides case studies, commentary and analysis of investment and financial aspects of emerging market investment from international experts inside Standard & Poor's, Moody's, global investment funds, corporations and academia, and covers keys issues such as credit rating agencies and the rating process, risk assessment and pricing of sovereign debt, challenges related to foreign direct investment in emerging countries, capital flows in frontier, emerging and less-mature economies, structuring debt and equity investments in 'non-investment grade' countries, key value drivers in emerging market asset classes, sovereign wealth funds and emerging market investment, and considerations in the management of sovereign credit ratings.

Author Biography

Nigel Finch is Associate Dean (Undergraduate) at the University of Sydney Business School. His academic qualifications include degrees in accounting, business and law and a doctorate in business law. His professional qualifications include membership of CPA Australia and the Institute of Chartered Accountants in Australia. He is also a fellow of the Financial Services Institute of Australasia, the Taxation Institute of Australia, the Australian Institute of Company Directors and CPA Australia, and Associate Professor in Accounting at the University of Sydney Business School. His principal areas of research and teaching include financial reporting, financial performance measurement and the valuation and impairment of assets. He is the editor of the Journal of Applied Research in Accounting and Finance, and a member of the editorial board of the Journal of Intellectual Capital and Managerial Finance.

Table of Contents

PART I: RISK AND EMERGING MARKET INVESTMENT
1. Economic Growth Vs. Equity Returns in Emerging Markets; R. McFall Lamm
2. Default Risk of Sovereign Debt in Central America; Astrid Ayala, Szabolcs Blazsek, Raúl B. González
3. Contagion in Emerging Markets ; Serge Darolles, Jérémy Dudek and Gaëlle Le Fol
4. Aspects of Volatility and Correlations in European Emerging Economies ; A. Golab, D.E. Allen and R. Powell
5. The Political Risk of Offshore Financial Centres: The Cyprus Bail-Out; David Chaikin
PART II: RATING AGENCIES AND THE SOVEREIGN RATING PROCESS
6. Travels in the Ratings Space: Developed and Developing Countries Sovereign Ratings; Lúcio Vinhas de Souza
7. The Sovereign Rating Regulatory Dilemma; Jeffrey Manns
8. A Framework for Understanding the Acceptability of Rating Agency Methodologies; Nigel Finch
9. Sovereign Wealth Funds and Investment Law; Mauro Megliani
10. Common Characteristics of Rated Sovereigns Prior to Default; Marie Cavanaugh, John B Chambers and Maximillian McGraw
PART III: MANAGEMENT OF SOVEREIGN RISK AND RATINGS
11. Big Projects in Small Economies: The Determinants of Sovereign Risk and its Control; Sean J. Hinton, Brian S. Fisher and Anna M. Fisher
12. Monetary Policy and International Reserves in Emerging Economies: Theory and Empirics; Prakash Kumar Shrestha and Willi Semmler
13. Stock Market Impact of Sovereign Rating Changes: Alternative Benchmark Models; Emawtee Bissoondoyal-Bheenick and Robert Brooks
14. Reserve Adequacy Measures for Emerging Market Economies; Willi Semmler and Lebogang Mateane
15. The Price Impact of Sovereign Rating Announcements; Albert Metz

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