TY  - BOOK
AU  - Mauro,Paolo
AU  - Sussman, Nathan
AU  - Yafeh, Yishay
TI  - Emerging markets and financial globalization: sovereign bond spreads in 1870 - 1913 and today 
SN  - 199272697
U1  - 336.3435 
PY  - 2006///
CY  - London
PB  - Oxford University Press
KW  - Capital movements
KW  - History
KW  - 19th century
KW  - Debts, External
KW  - Developing countries
KW  - Globalization
N1  - Emerging markets have become increasingly important for global international investors, and bond markets in particular have gained prominence. At the same time, emerging markets have been prone to frequent and virulent crises, leading to calls for possible reforms of the international financial architecture. ln an effort to learn more about today's international financial environment, the authors turn to an earlier era of financial globalization between 1870 and 1913.By examining data on sovereign bonds issued by borrowing developing countries in this earlier period and in the present day, the authors arc able toidentify the characteristics of successful borrowers in the two periods. They are then able to show that global crises or contagion are a feature of the1990S which was hardly known in the previous era of globalization
ER  -