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Emerging Markets
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. During recent years, much new research has been devoted to emerging markets. This important collection presents key articles in this literature.
More Information
Contributors
Contents
More Information
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. During recent years, much new research has been devoted to emerging markets. This important collection presents key articles in this literature.
Topics include: the properties of emerging market equity returns; diversification benefits; market integration and segmentation of emerging markets; the financial and real effects of the financial liberalization process that many countries embarked upon; the late nineties crises and the debate regarding contagion; and microstructure in emerging markets.
The collection will be of interest to academics in international finance, international economics and development economics and to practitioners and policymakers alike.
Topics include: the properties of emerging market equity returns; diversification benefits; market integration and segmentation of emerging markets; the financial and real effects of the financial liberalization process that many countries embarked upon; the late nineties crises and the debate regarding contagion; and microstructure in emerging markets.
The collection will be of interest to academics in international finance, international economics and development economics and to practitioners and policymakers alike.
Contributors
21 articles, dating from 1981 to 2002
Contributors include: V. Errunza, P.B. Henry, A. Karolyi, E.H. Kim, R. Levine, A. Madhavan, M. Obstfeld, R.M. Stulz
Contributors include: V. Errunza, P.B. Henry, A. Karolyi, E.H. Kim, R. Levine, A. Madhavan, M. Obstfeld, R.M. Stulz
Contents
Contents:
Acknowledgements
Foreword Richard Roll
Introduction Geert Bekaert and Campbell R. Harvey (2003), ‘Emerging Markets Finance’
PART I MARKET INTEGRATION AND LIBERALIZATION
A Theoretical Effects of Market Integration
1. René M. Stulz (1981), ‘On the Effects of Barriers to International Investment’
2. Vihang Errunza and Etienne Losq (1985), ‘International Asset Pricing under Mild Segmentation: Theory and Test’
B Measuring Market Integration
3. Geert Bekaert (1995), ‘Market Integration and Investment Barriers in Emerging Equity Markets’
4. Campbell R. Harvey (1995), ‘Predictable Risk and Returns in Emerging Markets’
5. Geert Bekaert and Campbell R. Harvey (1995), ‘Time-Varying World Market Integration’
PART II FINANCIAL EFFECTS OF MARKET INTEGRATION
A Liberalization and Returns
6. Geert Bekaert and Campbell R. Harvey (2000), ‘Foreign Speculators and Emerging Equity Markets’
7. Peter Blair Henry (2000), ‘Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices’
8. E. Han Kim and Vijay Singal (2000), ‘Stock Market Openings: Experience of Emerging Economies’
9. William N. Goetzmann and Philippe Jorion (1999), ‘Re-Emerging Markets’
10. Stephen R. Foerster and G. Andrew Karolyi (1999), ‘The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States’
B Liberalization and Political Risk
11. Enrico C. Perotti and Pieter van Oijen (2001), ‘Privatization, Political Risk and Stock Market Development in Emerging Economies’
C Liberalization and Capital Flows
12. René M. Stulz (1999), ‘International Portfolio Flows and Security Markets’
D Liberalization and Diversification Benefits
13. Frans A. De Roon, Theo E. Nijman and Bas J.M. Werker (2001), ‘Testing for Mean-Variance Spanning with Short Sales Constraints and Transaction Costs: The Case of Emerging Markets’
PART III REAL EFFECTS OF FINANCIAL MARKET INTEGRATION
A Why Would Financial Liberalization Affect Economic Growth?
14. Maurice Obstfeld (1994), ‘Risk-Taking, Global Diversification, and Growth’
B Measuring the Liberalization Effect on Economic Growth
15. Geert Bekaert, Campbell R. Harvey and Christian Lundblad (2001), ‘Emerging Equity Markets and Economic Development’
C The Channels of Growth
16. Thorsten Beck, Ross Levine and Norman Loayza (2000), ‘Finance and the Sources of Growth’
D Income Distribution
17. Mitali Das and Sanket Mohapatra (2003), ‘Income Inequality: The Aftermath of Stock Market Liberalization in Emerging Markets’
PART IV CONTAGION
18. Graciela L. Kaminsky and Carmen M. Reinhart (2000), ‘On Crises, Contagion, and Confusion’
PART V OTHER ISSUES
A Corporate Finance
19. Raghuram G. Rajan and Luigi Zingales (1998), ‘Financial Dependence and Growth’
B Microstructure of Equity Markets
20. Ian Domowitz, Jack Glen and Ananth Madhavan (1998), ‘International Cross-Listing and Order Flow Migration: Evidence from an Emerging Market’
C Stock Selection of Equity Markets
21. K. Geert Rouwenhorst (1999), ‘Local Return Factors and Turnover in Emerging Stock Markets’
Name Index
Acknowledgements
Foreword Richard Roll
Introduction Geert Bekaert and Campbell R. Harvey (2003), ‘Emerging Markets Finance’
PART I MARKET INTEGRATION AND LIBERALIZATION
A Theoretical Effects of Market Integration
1. René M. Stulz (1981), ‘On the Effects of Barriers to International Investment’
2. Vihang Errunza and Etienne Losq (1985), ‘International Asset Pricing under Mild Segmentation: Theory and Test’
B Measuring Market Integration
3. Geert Bekaert (1995), ‘Market Integration and Investment Barriers in Emerging Equity Markets’
4. Campbell R. Harvey (1995), ‘Predictable Risk and Returns in Emerging Markets’
5. Geert Bekaert and Campbell R. Harvey (1995), ‘Time-Varying World Market Integration’
PART II FINANCIAL EFFECTS OF MARKET INTEGRATION
A Liberalization and Returns
6. Geert Bekaert and Campbell R. Harvey (2000), ‘Foreign Speculators and Emerging Equity Markets’
7. Peter Blair Henry (2000), ‘Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices’
8. E. Han Kim and Vijay Singal (2000), ‘Stock Market Openings: Experience of Emerging Economies’
9. William N. Goetzmann and Philippe Jorion (1999), ‘Re-Emerging Markets’
10. Stephen R. Foerster and G. Andrew Karolyi (1999), ‘The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the United States’
B Liberalization and Political Risk
11. Enrico C. Perotti and Pieter van Oijen (2001), ‘Privatization, Political Risk and Stock Market Development in Emerging Economies’
C Liberalization and Capital Flows
12. René M. Stulz (1999), ‘International Portfolio Flows and Security Markets’
D Liberalization and Diversification Benefits
13. Frans A. De Roon, Theo E. Nijman and Bas J.M. Werker (2001), ‘Testing for Mean-Variance Spanning with Short Sales Constraints and Transaction Costs: The Case of Emerging Markets’
PART III REAL EFFECTS OF FINANCIAL MARKET INTEGRATION
A Why Would Financial Liberalization Affect Economic Growth?
14. Maurice Obstfeld (1994), ‘Risk-Taking, Global Diversification, and Growth’
B Measuring the Liberalization Effect on Economic Growth
15. Geert Bekaert, Campbell R. Harvey and Christian Lundblad (2001), ‘Emerging Equity Markets and Economic Development’
C The Channels of Growth
16. Thorsten Beck, Ross Levine and Norman Loayza (2000), ‘Finance and the Sources of Growth’
D Income Distribution
17. Mitali Das and Sanket Mohapatra (2003), ‘Income Inequality: The Aftermath of Stock Market Liberalization in Emerging Markets’
PART IV CONTAGION
18. Graciela L. Kaminsky and Carmen M. Reinhart (2000), ‘On Crises, Contagion, and Confusion’
PART V OTHER ISSUES
A Corporate Finance
19. Raghuram G. Rajan and Luigi Zingales (1998), ‘Financial Dependence and Growth’
B Microstructure of Equity Markets
20. Ian Domowitz, Jack Glen and Ananth Madhavan (1998), ‘International Cross-Listing and Order Flow Migration: Evidence from an Emerging Market’
C Stock Selection of Equity Markets
21. K. Geert Rouwenhorst (1999), ‘Local Return Factors and Turnover in Emerging Stock Markets’
Name Index
