The objectives in this article, beyond a brief exploration of the history of emerging market lending, are to examine the recent performance of emerging market bonds and note the unique statistical properties of emerging market bond returns, including their correlation with other asset classes. It shows the importance of country...
This paper explores issues in emerging market countries to make inflation targeting work for them. It starts by outlining why emerging market economies are so different from advanced economies and then discuss why developing strong fiscal, financial and monetary institutions is so critical to the success of inflation targeting in...
In conjunction with the Committee on the Global Financial System work group project on foreign direct investment in emerging market financial sectors, this report reviews in some detail the market for emerging market credit derivatives ("EMCD") and their use by banks to hedge emerging market credit risks. This paper provides...
Emerging market bond debt has become an increasingly important asset class for portfolio managers and, over the last decade, emerged as a key source of funds for emerging market governments. This article investigates the extent to which spreads on emerging market sovereign debt react to forces that are common across...
Emerging markets have long posed a challenge for finance. Standard models are often ill suited to deal with the specific circumstances arising in these markets. However, the interest in emerging markets has provided impetus for the adaptation of current models to new circumstances and the development of new models. The...
Investing in emerging markets doesn't mean that you have lost faith in the U.S. market. The U.S. market could go on from here to an even new high, baffling the experts much as it has done for the last several years. But diversification into emerging markets, though it hasn't proved...
The expansion of the global mutual funds industry has been characterized by growth in mature as well as emerging markets. This has clearly contributed to the development of local securities markets in emerging market economies, which in turn, has been key in attracting investment inflows from overseas funds. Our estimates...
This article evaluates the potential role of mandatory subordinated debt MSD in enhancing market discipline in emerging markets. The conceptual merits and key preconditions of MSD are first reviewed. Then the extent to which emerging market satisfies these pre-conditioned--among them the monitor ability of bank assets, the presence of non-bank...
This paper uses a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market. The empirical analysis for 30 emerging markets shows that there...
This paper focuses on the foreign exchange market intervention. The paper fundamentally discusses that while few developed countries have actively intervened within the last decade, the outstanding exception being Japan, intervention has been commonplace in the emerging market community. There are several reasons why developed countries no longer actively intervene....
The article encapsulates information regarding the Emerging Markets. Coined in 1981 by Antoine W. van Agtmael of the International Finance Corporation IFC of the World Bank WB, an emerging, or developing, market economy EME is defined as an economy with low-to-middle per capita income. Such countries constitute approximately 80% of...
This paper directs analytical focus to the roles that emerging economies can and do play in global digital innovation. In doing this, it challenges the conventional wisdom that developing countries are merely market places for digital products innovated in the industrialized world, sketches out some key patterns in the roles...
This article focuses on the claims U.S. banks held on emerging-market counterparties during the two year period from June 1997 to June 1999 and discusses the different ways that emerging-market claims can be analyzed. In addition, the article provides a short analysis of the claims held by other developed country...
This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in developed countries. Second, it assesses how pension funds in emerging markets have contributed to the development of local...
Bankers in emerging markets often view treasury activities that are common in the developed worldùsecurities trading or the development of derivatives contracts, for exampleùas casino finance. As a result, these banks have lagged behind developed-market competitors in managing risk and creating profitable treasury units. High-performing treasuries seek out and profit...
Tom Lydon ETF Trends submits: One of the most efficient ways to access emerging market countries is through exchange traded funds ETFs. The ETF that reigns supreme in assets is iShares MSCI Emerging Markets ETF EEM which has garnered $20 billion in assets, and has heavy trading volume....
NEW YORK--BUSINESS WIRE--July 3, 1996--The J.P. Morgan Emerging Markets Bond Index (EMBI+) rose 3.52% in June, increasing its year-to-date gain to 15.47%. "The favorable performance was driven by Yeltsin's strong showing in the first round of the Russian presidential election, market anticipation of debt buybacks in emerging market...
This paper estimates ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970 - 2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the...
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