Emerging Market Finance

For Professionals, Researchers and Students


Prof. J. P. Mei

The Links are organized by Subject Area

Recent Market Development

General Reading   1: Marco-Foundamental Analysis   2: Capital Market Developments

3: Measuring Volatility and Contagion  4: Currency Risks   5: Political Risks

6: Top-Down and Diversification   7: Corporate Finance    8: The Index Approach

9: Mutual Funds     10: Emerging Market Derivatives    11: Fix Income Securities

12: Real Estate    13: Financial Institutions   14: Risk Management

15: Asia Financial Crisis    16: Latin America   17: Africa, Eastern Europe, and Middle East

18: Major Newsites     19. Finance Supersites      20. Privatization and Project Finance

General Reading

"Global Bargain Hunting" by Burton Makiel and J.P. Mei (Simon & Schuster, 1998)

Mark Mobius on Emerging Markets

Prof.  Paul Krugman's Web Page: In depth and easy to read analysis on current market events.

Prof. Roubini's page on Asian Crisis: Extensive coverage of the Asian Financial Crisis

Morgan Stanley's Global Economic Forum: Stephen Roach and other analysts' in-depth analysis of the global economy and financial markets--updated daily!

Jokes about economists and economics: Economists are funny people.

Brazil Devaluation
  The Brazil Effect on Commodities: Forget the New Tractor Jan. 27, 1999, NYT

Brazil's Economic Crisis Pits President Against Governors Jan. 25, 1999, NYT

TURMOIL IN BRAZIL: THE HISTORY; It Started From a Spark Set Off in the Political Powder Room,  By DIANA JEAN SCHEMO, New York Times

U.S. financial industry may already have fortified itself against the latest emerging-market crisis, Timothy L. O'Brien and Joseph Kahn, New York Times

As an Economy Sinks, U.S. Sees Painful Choices, DAVID E. SANGER, New York Times

Brazil goes through the floor: Stephen Fidler and Geoff Dyer, Financial Times


Currency devaluation sends Brazil reeling,  Elliot Blair Smith; Rich Miller, US Today

Brazil Devalues Currency; Wider Crisis Feared; Global Markets Fall,  Paul Blustein, Washington Post

A Crisis With Global Implications,  Steven Mufson, Washington Post

Brazil Letter of Intent to the IMF (11/98)

IMF Press Conference on the Brazil Package (11/98)

Brazil and the IMF, Dornbusch  [November, 1998]

1: Marco-Foundamental Analysis World Bank Annual Report 1999

Quarterly Review: International Banking and Financial Market Developments

World Bank: 1998/99 World Economic Outlook

IMF: World Economic Outlook (10/98)

Private Capital Flows Sustained to Leading Emerging Markets (IIF) 5/6/98

Emerging Economies: How Long Will The Low-Wage Advantage Last? Background paper for a speech by Jannik Lindbaek, IFC

How Not to Lose One's Shirt Investing In Emerging Markets? Keynote Speech by Guy Pfeffermann, IFC Chief Economist.

Perspectives on East Asian Growth by Jeffrey Frankel (6/97)

World Bank Paper 1535. Financial History: Lessons of the Past for Reformers of the Present Gerard Caprio, Jr. and Dimitri Vittas

Recovery and Growth in Transition Economies 1990-97--A Stylized Regression Analysis, IMF:Havrylyshyn, Oleh; Izvorski, Ivailo; van Rooden, Ron;

TFPG Controversies, Institutions, and Economic Performance in East Asia by Dani Rodrik  NBER Working Paper No. 5914, February 1997

BIS working paper47, Frank Smets: Financial asset prices and monetary policy: theory and evidence, September 1997

Asset Prices and Monetary Policy: Four Views, August 1998,

BIS working paper45, Steven B. Kamin: A multi-country comparison of the linkages between inflation and exchange rate competitiveness, August 1997

BIS working paper37, Henri Bernard and Stefan Gerlach: Does the term structure predict recessions? The international evidence, September 1996

2: Capital Market Developments

International Capital Markets: Developments, Prospects, and Key Policy Issues by IMF (9/98)

World Bank Paper 1482. A Measure of Stock Market Integration for Developed and Emerging Markets Robert A. Korajczyk

Soros' plea, Krugman  (Fortune, 11/12/98)

Curfews on capital: what are the options? (10/12/98 - why dollar debt is not the problem)

World Bank Paper 1462. Stock Market Development and Financial Intermediaries: Stylized Facts Asli Demirg-Kunt and Ross Levine

After Asia: New Directions For The International Financial System, Dornbusch, [July, 1998]

Capital Controls An Idea Whose Time is Gone, Dornbusch, [March, 1998]

The Challenges of Emerging Markets Data by Campbell Harvey

A Quick Guide To foreign Investment In The Taiwan Stock Exchange: A little messy but informative

Paper Tigers, the IMF and the World Capital Market, Dornbusch, [January,1998]

"Re-Emerging Markets" W. Goetzman and P. Jorion

An Emerging Market, The NYSE From 1815 to 1871, W. Goetzman and R. Ibbotson

Trends in Venture Capital Finance in Developing Countries. Anthony Aylward

World Bank Paper 1456. Equity Markets, Transaction Costs, and Capital Accumulation: An Illustration Valerie R. Bencivenga, Bruce D. Smith, and Ross M. Starr

International Banking and Financial Market Developments

World Bank Paper 1946. Estonia: The Challenge of Financial Integration Carlos Cavalcanti and Daniel Oks

World Bank Paper 1917. Financial Liberalization and Financial Fragility Asli Demirg-Kunt and Enrica Detragiache

World Bank Paper 1903. Taxing Capital Income in Hungary and the European UnionJean-Jacques Dethier and Christoph John

Can the Neoclassical Model Explain the Distribution of Foreign Direct Investment Across Developing Countries? IMF:Zebregs, Harm;

Can short-Term Capital Controls Promote Capital Inflows? IMF:Cordella, Tito;

Developing Countries and the Globalization of Financial Markets IMF:Knight, Malcolm;

Sequencing Capital Account Liberalizations and Financial Sector Reform IMF: Johnston, R Barry;

World Bank Paper 1690. Stock Markets, Banks, and Economic Growth Ross Levine and Sara Zervos

World Bank Paper 1678. Financial Development and Economic Growth: Views and AgendaRoss Levine

World Bank Paper 1582. Stock Market Development and Long-Run Growth Ross Levine and Sara Zervos

World Bank Paper 1578. Stock Market and Investment: The Governance Role of the Market Cherian Samuel

World Bank Paper 1539. The Rise of Securities Markets: What Can Government Do?Richard Sylla

World Bank Paper 1505. The Cross-Section of Stock Returns: Evidence from Emerging Markets Stijn Claessens, Susmita Dasgupta, and Jack Glen

World Bank Paper 1504. Savings and Education: A Life-Cycle Model Applied to a Panel of 74 Countries Jacques Morisset and C?sar Revoredo

Financial Liberalization and Financial Fragility, IMF:Demirguc-Kunt, Asli; Detragiache, Enrica;

Responses of the Stock Market to Macroeconomic Announcements Across Economic States, IMF:Li Li; Hu, Zuliu;

Stocks, Bills, Bonds And Inflation Total International Investment Returns, 1694-1995

3: Measuring Volatility and Contagion (For detailed coverage, see Prof. Roubini's Asia Home page)

"Global Bargain Hunting" by Burton Makiel and J.P. Mei (Simon & Schuster): Chapter 5

Why Markets Tumble Together ? (CSM 9/98)

Globalized Financial Markets and Financial Crises by Charles Wyplosz (3/98)

Rational Herd Behavior and the Globalization of Securities Markets by Guillermo A. Calvo and Enrique G. Mendoza

BIS paper Changing financial systems in small open economies, December 1996

BIS paper Financial stability in emerging market economies , April 1997

Exploratory Investigation of Country Returns, by Campbell Harvey

The Behavior of Emerging Market Returns, by Campbell Harvey

Stock Market Crises in Developed and Emerging Markets by Sandeep Patel and Asani Sarkar (4/98)

Trade and Contagious Devaluations: A Welfare-Based Approach by Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini and Cedric Tille (10/98)

Measuring Stock Market Contagion: Conceptual Issues and Empirical Tests by Kristin Forbes and Roberto Rigobon (8/98)

The Twin Crises: The Causes of Banking and  Balance-of-Payments Problems by Graciela L. Kaminsky and Carmen M. Reinhart

Local Return Factors and Turnover in Emerging Stock Markets by K. GEERT ROUWENHORST

"Contagion and Risk" Campbell Harvey and Claude Erb and Tadas Viskanta

Volatility and Contagion in a Financially-Integrated World: Lessons from East Asia's Recent Experienceby Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Ghosh, and Leonardo Hernandez (8/98)

"The Global Capital Market: Benefactor or Menace?" by Maurice Obstfeld NBER Working Paper No. 6559, May, 1998

Volatility and Contagion in a Financially-Integrated World: Lessons from East Asia's Recent Experience by Pedro Alba, Amar Bhattacharya, Stijn Claessens, Swati Ghosh, and Leonardo Hernandez (8/98)

Hedge Funds and the Asian Currency Crisis of 1997 by William N. Goetzmann, Stephen J. Brown and James Park

Do foreign investors destabilize stock markets? The Korean experience in 1997  by Hyuk Choe, Bong-Chan Kho, and Ren? M. Stulz, June 1998


4: Currency Risks (For detailed coverage, see Prof. Roubini's Asia Home page) "Contain the Financial Chernobyl" by Burton Malkiel and J.P. Mei, FT (10/7/98)New!

Prof. Roubini's page on Asian Crisis: Extensive coverage of the Asian Financial Crisis

Introduction to Currency Boards by Kurt Schuler


"The Case Against Currency Boards: Debunking 10 Myths about the Benefits of Currency Boards" by Nouriel Roubini

What Role for Currency Boards? by John Williamson

"Rupiah Rasputin" by Paul Krugman (Fortune, 4/98)

"Inflation Stabilization and BOP Crises in Developing Countries"  by G. A. Calvo and Carlos Vegh

"Explaining Currency Crises" by Gerardo Esquivel and Felipe Larrain (6/98)

Domestic Causes of Currency Crises: Policy Lessons for Crisis Avoidance by Helmut Reisen (OECD 6/98)

Leading Indicators of Currency Crises by Graciella Kaminsky, Saul Lizondo and Carmen Reinhart

"Arbitrage mechanism leading to currency crises: a theoretical perspective" by Lilia Cavallari and Giancarlo Corsetti

Before the Fall: Were East Asian Currencies Overvalued? by Menzie Chinn

Are Currency Crises Predictable? by Goldfajn, Ilan and Valdes, Rodrigo O; IMF Working Paper

BIS working paper36, William R. Melick: Estimation of speculative attack models: Mexico yet again, August 1996

"Balance of Payment Crises In Emerging Markets" by Guillermo A. Calvo

Crises, Contagion, and the Closed-End Country Fund Puzzle IMF:Yeyati, Eduardo Levy; Ubide, Angel

Why Do Different Countries Use Different Currencies? IMF:Kocherlakota, Narayana; Krueger, Thomas

Contagion-Monsoonal Effects, Spillovers, and Jumps Between Multiple Equilibria, IMF:Masson, Paul R

Current Account Reversals and Currency Crisis-Empirical Regularities, IMF:Milesi-Ferretti, Gian Maria; Razin, Assaf

Transparency in Central Bank Operations in the Foreign Exchange Market IMF: Enoch, Charles;

Bank Soundness and Currency Board Arrangements: Issues and Experience IMF: Santiprabhob, Veerathai;

Making a Currency Board Operational IMF: Enoch, Charles; Gulde, Anne-Marie;

"Varieties of Capital-Market Crises" by Guillermo A. Calvo

Measuring International Economic Linkage with Stock Market Data, J. Ammer and J.P. Mei, Journal of Finance

Merrill Lynch's Currency & Bond Market Revew:  Analysis and forecasts of currency & bond market behavior. Updated biweekly.

World Bank Paper 1648. The Lender of Last Resort Function Under a Currency Board: The Case of Argentina Gerard Caprio, Jr., Michael Dooley, Danny Leipziger, and Carl Walsh

World Bank Paper 1913. The 1994 Currency Crisis in Turkey Oya Celasun

Perspectives on the Recent Currency Crisis Literature, IMF:Flood, Robert P; Marion, Nancy Peregrim;

Self-Fulfilling Risk Predictions - An Application to Speculative Attacks, IMF:Flood, Robert P; Marion, Nancy Peregrim

BIS Banking paper26, Reducing foreign exchange settlement risk: a progress report, July 1998

BIS Banking paper17, Settlement risk in foreign exchange transactions, March 1996

BIS Banking paper24, Statistics on Payment Systems in the Group of Ten Countries: Figures for 1996, December 1997

BIS Banking paper22, Real-time gross settlement systems, March 1997

BIS Banking paper20, Disclosure framework for securities settlement systems, February 1997

BIS Banking paper18, Security of electronic money, August 1996

The resolution of sovereign liquidity crises, May 1996

Reports of the working groups of 1) Transparency and Accountability; 2) Strengthening Financial Systems; 3) International Financial Crises, October 1998

5:  Political Risks

"Fighthing Corruption Worldwide": a series of papers from the IMF and World Bank publication Finance and Development, March 1998

Law and Order in Emerging Markets: An Asset Pricing Perspective, H.H. Liao and J.P. Mei

Institutional factors and Real Estate Returns, H. Liao and J. P. Mei

Political Risk, Economic Risk and Financial Risk, by Campbell Harvey

What Makes the Stock Market Jump?---An Analysis of Political Risk on the Hong Kong Stock Returns, Harold Kim and J.P. Mei

Corruption Around the World - Causes, Consequences, Scope, and Cures by Vito Tanzi, IMF Working Paper

Why Worry About Corruption? by Paulo Mauro (IMF)

Investing in Emerging Markets: Lessons from the Turn of the 20th Century by J.P. Mei, Brown Journal of World Affairs

J.P. Mei's Antique Bond Collection: Exotic bonds became Worthless Wall Papers

6:  Top-Down and Diversification "Global Bargain Hunting" by Burton Makiel and J.P. Mei (Simon & Schuster) Chapter 6 & 9

World Bank. East Asia: The Road to Recovery (10/98) New!

The East Asian Crisis: Origins, Policy Challenges, and Prospects by Javad K. Shirazi (6/98)

East Asia recovery prospects depend on global factors. analysis by Oxford Analytica (9/98)

Is the Worst Still Ahead for Asia? (3/98)

"Is the Asian Crisis Over?" by Michel Camdessus (4/98)

Neat Mean-Variance Analysis Tool by Campbell Harvey

Going Global (1996) A global asset allocation case by W. Goetzman

Country Credit Risk and Global Portfolio Selection, Campbell Harvey and Claude Erb and Tadas Viskanta

Do World Markets Still Serve as a Hedge?, Campbell Harvey and Claude Erb and Tadas Viskanta

The Cross-Section of Volatility and Autocorrelation in Emerging Markets, Campbell Harvey

The Risk Exposure of Emerging Equity Markets Campbell Harvey

Predictability and Time-Varying Risk in World Equity Markets, Campbell Harvey and Wayne Ferson,

Predictable Risk and Returns in Emerging Markets, Campbell Harvey

Time-Varying World Market Integration, Campbell Harvey and Geert Bekaert,

Inflation and World Equity Selection, Claude B. Erb, Campbell Harvey, and Tadas E. Viskanta,

Expected Returns and Volatility in 135 Countries Claude B. Erb, Campbell Harvey, and Tadas E. Viskanta,

Emerging Equity Market Volatility, Campbell Harvey and Geert Bekaert

Demographics and International Investment, Claude B. Erb, Campbell Harvey, and Tadas E. Viskanta,

The Making of an Emerging Market, Campbell Harvey and Claude Erb and Tadas Viskanta

What Matters for Emerging Market Investment, Campbell Harvey and Geert Bekaert, Claude B. Erb and Tadas E. Viskanta

Emerging/Developed Market Portfolio Mixes, Campbell Harvey and Stefano M. F. G. Cavaglia, Magnus Dahlquist, Peter L. Rathjens and Jarrod W. Wilcox.

''The Future of Investment in Emerging Markets'' Campbell Harvey


7:  Corporate Finance Restructuring in Asia - A Brief Survey of Asian Bankruptcy Law by William Gamble

Dividend Policy and Behavior in Emerging Markets: To Pay or Not to Pay. Jack D. Glen, Yannis Karmokolias, Robert R. Miller and Sanjay Shah

Corporate Financial Structures in Developing Countries. Ajit Singh and Javid Hamid in collaboration with Bahram Salimi and yoichi Nakano

"Stock Selection in Emerging Markets: Portfolio Strategies for Malaysia, Mexico and South Africa" Campbell Harvey and Dana Achour, Greg Hopkins and Clive Lang

Trends in Private Investment in Developing Countries: Statistics for 1970-96. Jack D. Glen and Mariusz A. Sumlinski

International Joint Ventures in Developing Countries; Happy Marriages? Robert R. Miller, Jack D. Glen, Frederick Z. Jaspersen, Yannis Karmokolias

World Bank Paper 1671. Financial Constraints, Uses of Funds, and Firm Growth: An International Comparison

World Bank Paper 1724. Debt Maturity and Firm Performance: A Panel Study of Indian Companies Fabio Schiantarelli and Vivek Srivastava

World Bank Paper 1461. Stock Market Development and Firm Financing Choices

World Bank Paper 1878. Searching for Sustainable Microfinance: A Review of Five Indonesian Initiatives R. Marisol Ravicz

World Bank Paper 1794. Ownership Structure, Corporate Governance, and Corporate Performance: The Case of Chinese Stock Companies Xiaonian Xu and Yan Wang

World Bank Paper 1725. Access to Long-Term Debt and Effects on Firms' Performance: Lessons from Ecuador Fidel Jaramillo and Fabio Schiantarelli

World Bank Paper 1686. Institutions, Financial Markets, and Firms' Choice of Debt Maturity Asli Demirg??-Kunt and Vojislav

Managing Corporate Distress in the Philippines-Some Policy Recommendations, IMF:Cheng, Hoon Lim; Woodruff, Charles;

Product and Service Information Wall Street City

J.P. Morgan's Comprehensive ADR Site

Bank of New York Most Comprehensive ADR Sites (Plus Index)


8: The Index Approach "Global Bargain Hunting" by Burton Makiel and J.P. Mei (Simon & Schuster): Chapter 8

MSCI Index Construction Methodology

The IFC Equity Index Methodology

Baring Securities Emerging Markets Index provides information on Ing-Barings Bank Emerging Market Indices

The Dow Jones Global Indexes User Guide

Product and Service Information Vanguard Emerging Markets Stock Index Fund: Information on the Fund

WEBS: Country Index Funds


9: Mutual Funds "Global Bargain Hunting" by Burton Makiel and J.P. Mei (Simon & Schuster) Chapter 7

Crises, Contagion, and the Closed-End Country Fund Puzzle IMF:Yeyati, Eduardo Levy; Ubide, Angel

Emerging Market Funds Information Alliance

American Century



Montgomery Funds

Scudder Emerging Markets Growth Fund

Strong Funds

Fidelity Emerging Markets Fund

T. Row Price Emerging market Funds

Templeton Developing Markets Trust

Mutual Fund Education Alliance

Mutual Fund Investors Resource Center

Mutual Funds Interactive

Investor Tool

Investment Company Institute Mutual Fund Connection

Yahoo's Hedge Fund Information Center

Closed-End Funds on Internet


10: Emerging Market Derivatives Does the Introduction of Futures on Emerging Market Currencies Destabilize the Underlying Currencies? by Christian Jochum and Laura Kodres, IMF

Merrill Lynch Currency & Bond Market Trends: ML Research Report & Forecast

Neat Options Simulation by Campbell Harvey

World Bank Paper 1887. The Structure of Derivatives Exchanges: Lessons from Developed and Emerging Markets George Tsetsekos and Panos Varangis

The Statistical Measurement of Financial Derivatives Heath, Robert M; IMF

World Bank Paper 1432. Using Financial Futures in Trading and Risk ManagementIgnacio Mas and Jes?s Sa?-Requejo

BIS Banking paper21, Public disclosure of the trading and derivatives activities of banks and securities firms, November 1995

BIS Banking paper13, Risk management guidelines for derivatives, July 1994

BIS Banking paper27, Report on OTC Derivatives: Settlement procedures and counterparty risk management (Joint report by the Committee on Payment

BIS Banking paper23, Clearing arrangements for exchange-traded derivatives, March 1997

Product and Service Information Regular OTC Derivatives Market Statistics

Central Bank Survey of Foreign Exchange and Derivatives Market Activity

Goldman Sachs Warrants Web site: Current prices and basic information about HK warrants

Wahoo: hot links for futures traders

CME Emerging Markets Product Information: Currency, Brady Bonds, and other derivative products

American Stock Exchange (AMEX)

Bolsa de Comercio de Santa Fe

Bolsa de Mercadorias & Futuros - from Sao Paulo, Brazil.

Bolsa de Mercadorias do Paran?

Chicago Board of Trade (CBOT)

Chicago Board Options Exchange

Deutsche Terminb?rse (DTB) - German options and future exchanges.

French Futures & Options Exchange

Futures & Options of Texas - trading services for the individual trader.

Hong Kong Futures Exchange

Kansas City Board of Trade

London International Financial Futures and Options Exchange (LIFFE)

London Metal Exchange

Meff Renta Fija

Meff Renta Variable - Spanish Equity Derivatives Exchange

New York Mercantile Exchange

Russian Exchange

Shanghai Metal Exchange

Singapore International Monetary Exchange

South African Futures Exchange

St. Petersburg Futures Exchange

J.P. Morgan's Commodity Indices

11: Fix Income Securities

The Brady-Euro Yield Differential Debate: Why Arbitrage is Infeasible, by Buckberg, E. and Kaune, F.

``National Risk and Global Fixed Income Allocation,'' Campbell Harvey and Claude Erb and Tadas Viskanta,.

"Emerging Market Bonds: An Asset Class Perspective," Campbell Harvey and Claude Erb and Tadas Viskanta

World Bank Paper 1511. Default Risk and the Effective Duration of Bonds David F. Babbel, Craig Merrill, and William Panning

Brady Bonds and Default Probabilities, IMF:Izvorski, Ivailo;

External Debt Histories of Ten Low-Income Developing Countries - Lessons from Their Experience , IMF:Brooks, Ray; Cortes, Mariano; Fornasari, Francesca; Ketchekmen, Benoit; Metzgen, Ydahlia;

Fixed Investment and Capital Flows - A Real Options Approach, IMF:Chan-Lau, Jorge; Clark, Peter B;

Intermediation Spreads in a Dual Currency Economy-Argentina in the 1990s, IMF:Catao, Luis;

Structural Reforms in Government Bond Markets, IMF:De Broeck, Mark; Guillaume, Dominique; Van de Stichele, Emmanuel;

BIS working paper46, Srichander Ramaswamy: Global asset allocation in fixed income markets, September 1997

BIS working paper44, Gregory D. Sutton: Is there excess comovement of bond yields between countries?, July 1997

 Product and Service Information

Joint BIS-IMF-OECD-World Bank statistics on external debt

BradyNet: Everything you ever wanted to know about Brady bonds

Morgan Stanley Sovereign Bond Yields: Provide Upto date Duration and Yield Data

Fixed Income Investment Research - Web site contains 215 daily-updated reports.

Moody's Economic Commentary

Merrill Lynch's Currency & Bond Market Revew:  Analysis and forecasts of currency & bond market behavior. Updated biweekly.

J.P. Morgan Emerging Markets Bond Index +: Long-term Bond Index

The J.P. Morgan Emerging Local Markets Index (ELMI): Short-term

Investor Home: Comprehensive Bond Information Site  http://www.cbrs.com/

Canadian Bond Rating Service - providing investors with reliable credit analysis and ratings since 1972.

Duff & Phelps Credit Rating Co.
Bond Market - a Canadian perspective.

BondVu - provider of real-time bond quotes and bond analytics.

Capital Data - information on the global capital markets

Bond Market Association - research and market statistics; conferences and publications for professionals in the bond markets.


12: Real Estate "Global Bargain Hunting" by Burton Makiel and J.P. Mei (Simon & Schuster), Chapter 10

Evidence On the Integration of International Markets and Benefits of Diversification, Crocker Liu and J. P. Mei

A Fundamental Analysis of Japanese Equity and Real Estate Markets, Crocker Liu and J.P. Mei

Are the Foundations Solid for Emerging Market Real Estate? J.P. Mei

The Global Real Estate Crash: Evidence From an International Database by William N. Goetzmann & Susan M. Wachter

Asian Investment Opportunities: Institutional Investors Perspective, by J. P. Mei


A French Secondary Mortgage Facility, by Lo?c Chiquier

Institutional factors and Real Estate Returns, H. Liao and J. P. Mei

Housing Finance and Asian Financial Markets: Cinderella Coming to the Ball, by Andrew Sheng

Product and Service Information CB Richard Ellis: Global Real Estate Market Information providing information on worldwide property sales, leasing, and management news.

Templeton Global Real Estate Fund: Some Exposure in EM Real Estate

Jones Lang Wootton - publishing their commercial property index on the net

Jones Lang Wootton Australia Online - providing information on local property sales, leasing, management, worldwide property investment news.

NAREIT on Line
Sun Hun Kai -- Hong Kong real estate company information

IRSA--Argentina Real Estate Company

Yahoo-Real Estate Company Superlinks

Yahoo's link for Real Estate Research Centers

Hong Kong Property Journal: Extensive price data on property transactions

International Real Estate Institute: Practical Information for Real Estate Executives

All Japan Real Estate Association (Zennichi) - non-profit professional organization.

Reality Online Inc.

13: Banks and other Financial Institutions Repairing and Rebuilding Emerging Market Financial Systems by Larry Summers

Economic Crises and the Financial Sector by Stanley Fischer (9/98)

Excess Risk Premium in Asian Banks, J.P. Mei

The Twin Crises: The Causes of Banking and  Balance-of-Payments Problems by Graciela Kaminsky and Carmen Reinhart

Lessons from Systemic Bank Restructuring by Claudia Dziobek and Ceyla Pazarbasioglu

Keynote speech for conference on "Preventing Bank Crises: Lessons from Recent Global Bank Failures" by Jeffrey A. Frankel, Member of the Council of Economic Advisers

The Determinants of Banking Crises: Evidence from Industrial and Developing Countries

Banking crises in emerging economies: origins and policy options by Morris Goldstein and Philip Turner (10/96)

The Maturity, Sectoral and Nationality Distribution of International Bank Lending - Bank of International Settlements Report (5/98)

Agency Problems and Risk Taking At Banks by Rebecca S. Demsetz, Marc R. Saidenberg, and Philip E. Strahan

Deposit Insurance, Bank Incentives, and the Design of Regulatory Policy by Paul H. Kupiec and James M. O'Brien

World Bank Paper 1676. The Evolution of Payments in Europe, Japan, and the United States: Lessons for Emerging Market Economies David B. Humphrey, Setsuya Sato, Masayoshi Tsurumi, and Jukka M. Vesala

World Bank Paper 1574. Bank Regulation: The Case of the Missing Model Gerard Caprio, Jr.

World Bank Paper 1566. Liquidity, Banks, and Markets: Effects of Financial Development on Banks and the Maturity of Financial Claims Douglas W. Diamond

Financial Crisis and Credit Crunch as a Result of Inefficient Financial Intermediation - with Reference to the Asian Financial Crisis, IMF:Chan-Lau, Jorge; Chen, Zhaohui;

Leading Indicators of Banking Crises-Was Asia Different? IMF:Hardy, Daniel C; Pazarbasioglu, Ceyla;

World Bank Paper 1541. Deposit Insurance Eugene White

World Bank Paper 1540. Thrift Deposit Institutions in Europe and the United StatesDimitri Vittas

Capital Structures and Portfolio Composition During Banking Crisis - Lessons from Argentina 1995, IMF:Ramos, Alberto;

Interest Spreads in Banking - Costs, Financial Taxation, Market Power, and Loan Quality in the Colombian Case 1974-96 , IMF:Barajas, Adolfo; Steiner, Roberto; Salazar, Natalia;

World Bank Paper 1537. Before Main Banks: A Selective Historical Overview of Japan's Prewar Financial System Frank Packer

World Bank Paper 1536. Free Banking: The Scottish Experience as a Model for Emerging Economies Randall Kroszner

World Bank Paper 1533. Universal Banking and the Financing of Industrial DevelopmentCharles W. Calomiris

World Bank Paper 1532. Regulation and Bank Stability: Canada and the United States, 1870 - 1980 Michael Bordo

World Bank Paper 1918. How Does Foreign Entry Affect the Domestic Banking Market?

Methodologies for Determining Minimum Capital Standards for Internationally Active Securities Firms, International Organization of Securities Commissions, May 1998

International Disclosure Standards for Cross-Border Offerings and Initial Listings by Foreign Issuers, International Organization of Securities Commissions, May 1998

Objectives and Principles of Securities Regulation International Organization of Securities Commissions, May 1998

World Bank Paper 1907. Development Expenditures and the Local Financing ConstraintAlbert D.K. Agbonyitor

World Bank Paper 1697. Strategies to Develop Mortgage Markets in Transition EconomiesDwight M. Jaffee and Bertrand Renaud

World Bank Paper 1692. Regulating Market Risk in Banks: A Comparison of Alternative Regulatory Regimes Constantinos Stephanou

World Bank Paper 1900. Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence

World Bank Paper 1892. The Role of Non-Bank Financial Intermediaries (with Particular Reference to Egypt) Dimitri Vittas

World Bank Paper 1875. How Deposit Insurance Affects Financial Depth (A Cross-Country Analysis) Robert Cull

World Bank Paper 1746. The Role of Long-Term Finance: Theory and EvidenceGerard Caprio, Jr. and Asli Demirg-Kunt

World Bank Paper 1739. Safe and Sound Banking in Developing Countries: We're Not in Kansas Anymore Gerard Caprio

World Bank Paper 1705. The Polish Experience with Bank and Enterprise RestructuringFernando Montes-Negret and Luca Papi

World Bank Paper 1833. Cost Recovery and Pricing of Payment Services David B. Humphrey, Robert H. Keppler, and Fernando Montes-Negret

World Bank Paper 1828. The Determinants of Banking Crises: Evidence from Industrial and Developing Countries Asli Demirg??-Kunt and Enrica Detragiache

World Bank Paper 1804. Financial Sector Adjustment Lending: A Mid-Course AnalysisRobert J. Cull

World Bank Paper 1683. High Real Interest Rates, Guarantor Risk, and Bank RecapitalizationsPhilip L. Brock

World Bank Paper 1680. Brazil's Efficient Payment System: A Legacy of High InflationRobert Listfield and Fernando Montes-Negret

Systemic Banking Distress - The Need for an Enhanced Monetary Survey IMF: Frecaut, Olivier; Sidgwick, Eric;

The Payment System and Monetary Policy IMF: Johnson, Omotunde;

BIS Banking paper46, Morris Goldstein and Philip Turner: Banking crises in emerging economies: origins and policy options, October 1996

BIS Banking paper12a, Basle Capital Accord: the treatment of the credit risk associated with certain off-balance-sheet items, July 1994

BIS working paper39, Patrick Honohan: Banking system failures in developing and transition countries: Diagnosis and predictions, January 1997

BIS working paper38, William R. White: International agreements in the area of banking and finance: accomplishments and outstanding issues, October 1996

BIS Rules and Central Banklinks DMG Global Markets & Deutsche Bank Research

Federal Reserve Bank of New York Home Page

Federal Reserve Board of Governors

FRED -- Federal Reserve Economic Data

Global Securities Information Home Page

Inter-American Development Bank

Links to central banks

Mark Bernkopf's central banking resource center

BIS Banking paper43, Sound Practices for Loan Accounting, Credit Risk Disclosure and Related Matters, October 1998

BIS Banking paper42, Operational Risk Management, September 1998

BIS Banking paper41, Enhancing Bank Transparency, September 1998

BIS Banking paper40, Framework for Internal Control Systems in Banking Organisations , September 1998

BIS Banking paper39, Supervisory Information Framework for derivatives and trading activities (Joint report by the Basle committee on Banking Supervision and the Technical Committee of the "IOSCO"), September 1998

BIS Banking paper38, Supervisory Cooperation on Year 2000 Cross-Border Issues, June 1998

BIS Banking paper37, Consultative paper on the Basle Capital Accord, April 1998

BIS Banking paper36, Amendment to the Basle Capital Accord of July 1988, April 1998

BIS Banking paper35, Risk Management for Electronic Banking and Electronic Money Activities, March 1998

BIS Banking paper34, Supervision of Financial Conglomerates (consultation documents), February 1998

BIS Banking paper33, Framework for the Evaluation of Internal Control Systems, January 1998

BIS Banking paper32, Survey of disclosures about trading and derivatives activities of banks and securities firms 1996, November 1997

BIS Banking paper31, The year 2000 - A challenge for financial institutions and bank supervisors, September 1997

BIS Banking paper30, Core principles for effective banking supervision , September 1997

BIS Banking paper29, Principles for the management of interest rate risk , September 1997

BIS Banking paper28, Survey of disclosures about trading and derivatives activities of banks and securities firms (Joint report by the Basle Committee on Banking Supervision and the Technical Committee of the "IOSCO"), November 1996

BIS Banking paper27, The Supervision of Cross-Border Banking, October 1996

BIS Banking paper25, Interpretation of the capital accord for the multilateral netting of forward value foreign exchange transactions, April 1996

BIS Banking paper20, * The supervision of financial conglomerates (A report by the tripartite group of bank, securities and insurance regulators.), July 1995

BIS Banking paper19, * Framework for supervisory information about the derivatives activities of banks and securities firms (Joint report by the Basle Committee on Banking Supervision and the Technical Committee of the "IOSCO".) , May 1995

BIS Banking paper18, Basle Capital Accord: treatment of potential exposure for off-balance-sheet items, April 1995

BIS Banking paper12b, Amendment to the Capital Accord of July 1988, July 1994

BIS Banking paper10, * Minimum standards for the supervision of international banking groups and their cross-border establishments, July 1992

BIS Banking paper8, * Measuring and controlling large credit exposures, January 1991

14: Risk Management

Risk Management of Sovereign Assets and Liabilities by Cassard, Marcel and Folkerts-Landau, David; IMF Working Paper

The Prudential Regulation and Management of Foreign Exchange Risk by Richard K. Abrams and Paulina Beato IMF Working Paper

Central Bank Vulnerability and the Credibility of Commitments - A Value-at-Risk Approach to Currency Crises by Mario I. Blejer, Mario and Liliana Schumacher, IMF Working Paper

J.P. Morgan's Risk & CreditMetrics(r): first readily available portfolio model for evaluating credit risk

RiskMetrics Monitor is a publication that discusses broad market risk management issues and statistical questions

VaR Data Set: Download the most recent RiskMetrics datasets

The RiskMetrics Technical Document provides a detailed description of the set of market risk measurement techniques and data that make up RiskMetrics.

VaR Calculator: This page allows a user to use subsets of the RiskMetrics datasets to Calculate Portfolio VaR. This service is free.

Topics in Probability: The mathematics of financial risk-management by Marco Avellaneda

IFCI Risk Watch provides an introduction and guide to the most important official documents in the area of financial risk management

CSFB Credit Risk Plus Model: provide detailed information on their credit risk product

BIS Rules BIS Banking paper24, Amendment to the capital accord to incorporate market risks, January 1996

BIS Banking paper23, Overview of the amendment to the capital accord to incorporate market risks, January 1996

BIS Banking paper22, Supervisory framework for the use of "backtesting" in conjunction with the internal models approach to market risk capital requirements, January 1996


15: Asia Financial Crisis (For more links, see Prof. Roubini's Asia Home page)

What Triggers Market Jitters? A Chronicle of the Asian Crisis: Graciela Kaminsky and Sergio L. Schmuklerhttp://www.imf.org/External/np/exr/facts/asia.HTM

The IMF's Response to the Asian Crisis - a Factsheet

"The Onset of the East Asian Financial Crisis" by Steve Radelet and Jeffrey Sachs (3/98)

"What Happened to Asia?" by Paul Krugman (Jan 1998)

World Bank.  East Asia: The Road to Recovery (10/98)

"The East Asian Financial Crisis:  Diagnosis, Remedies, Prospects." by Steven Radelet and Jeffrey Sachs (4/98)

Asian Crises Themes,Dornbusch, [February, 1998]

"The Myth of Asia's Miracle: A Cautionary Fable" by Paul Krugman (Foreign Affairs 1994)

World Bank: The making of the East Asia miracle (10/93)

The East Asian Miracle - One Paradigm Too  Many? by Edith Terry

Asia's Miracle is Alive and Well? Wrong, It Never Existed by Paul Krugman

East Asian Growth Before and After the Crisis, IMF:Crafts, Nicholas;

The East Asian Crisis - Macroeconomic Developments and Policy Lessons, IMF:Stone, Mark; Kochar, Kalpana;

"What Caused the Asian Currency and Financial Crisis? Part  I : A Macroeconomic  Overview" by Nouriel Roubini, Giancarlo Corsetti and Paolo Pesenti (9/98)

"What Caused the Asian Currency and Financial Crisis? Part  II: The Policy Debate" by Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (9/98)

"Paper Tigers? A Preliminary Assessment of the Asian Crisis" by Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini (9/98)

Trade and Contagious Devaluations: A Welfare-Based Approach by Giancarlo Corsetti, Paolo Pesenti, Nouriel Roubini and Cedric Tille (10/98)

The Asian Financial Crisis: Causes, Cures, and Systemic Implications by Morris Goldstein (6/98)

The Asian Liquidity Crisis by Roberto Chang and Andres Velasco (July 1998)

"The Asian Crisis: Is there a Way out?  Are the IMF Prescriptions Right? by W. Max Corden

East Asia in Crisis: From being a miracle to needing one? book edited by Ross Garnaut and Ross McLeod (11/98)

Which Capitalism? Lessons from the East Asian Crisis  by Luigi Zingales and Raghuram G. Rajan, (9/98)

The East Asian Crisis: Investigating Causes and Policy Responses by Warwick McKibbin and Will Martin (September 1998)

Ronald McKinnon: Exchange Rate Coordination for Surmounting the East Asian Currency Crises (8/98)

Is There a Credit Crunch in East Asia? by Wei Ding, Ilker Doma?, and Giovanni Ferri

"Paper Tigers? A Preliminary Assessment of the Asian Crisis" by Nouriel Roubini, Giancarlo Corsetti and Paolo Pesenti (June 1998)

Prospective Deficits and the Asian Currency Crisis by Burnside, Eichenbaum and Rebelo (10/98)

The Economic Miracle in a Haze by Manuel F. Montes

Sequencing Capital Account Liberalization - Lessons from the Experiences in Chile, Indonesia, Korea, and Thailand by Johnston, R Barry, Darbar, Salim M and Echeverria, Claudia; IMF Working Paper

Exchange Rate Policy and Monetary Strategy Options in the Philippines - The Search for Stability and Sustainability IMF:
Houben, Aerdt;

The Korean Financial Crisis of 1997-1998 by Irma Adelman and Song Byung Nak (8/98)

  Yahoo! Japan Page

Yen Crisis: That Sinking Feeling (FT 8/98)

Avinash Persuad: Don't Blame Japan (FT 8/98)

"Japan's Trap" by Paul Krugman (5/98)

Restoring Japan's Economic Growth by Adam S. Posen (9/98)

"The Asian Crisis, the IMF, and the Japanese Economy" by Stanley Fischer (4/98)

China Yahoo! China page

Why Has China Survived the Asian Crisis So Well? What Risks Remain?John G. Fernald and Oliver Babson (FED)

People's Republic of China - Hong Kong Special Administrative Region Recent Economic Developments IMF Staff Country Report No. 98/41

The China Page of the South China Morning Post

Why is China Growing So Fast? by Zuliu Hu and Mohsin, S. Khan (IMF)

Can China Avert Crisis? (Business Week 3/16/98)

Second-Generation Strategies for Reform for China by Joseph Stiglitz (7/98)

China's Transitional Economy (Australian Department of Foreign Affairs and Trade 7/97)

16: Latin America Yahoo! Argentina page

Yahoo! Brazil page

Yahoo! Mexico page

Yahoo! Chile page

Yahoo! Peru page

Brazil Letter of Intent to the IMF (11/98)

IMF Press Conference on the Brazil Package (11/98)

Brazil and the IMF, Dornbusch  [November, 1998]

Economic and Social Progress in Latin America: annual in-depth report by IADB IADB

Macroeconomics of Capital Flows to Latin America: Experience and Policy Issues by IADB Leiderman, Leonardo; Hausmann, Ricardo; Gavin, Michael

Fiscal Discipline and the Choice of Exchange Rate Regime by IADB Tornell, Aaron; Velasco, Andres

Balance-of-Payments Rescue Packages: Can They Work? By IADB Fernández-Arias, Eduardo

Managing Fiscal Policy in Latin America and the Caribbean: Volatility, Procyclicality, and Limited by IADBCreditworthiness Hausmann, Ricardo; Talvi, Ernesto; Gavin, Michael; Perotti, Roberto

Savings in Chile. What Went Right? By IADB Morandé, Felipe G.

Make or Buy? Approaches to Financial Market Integration by IADB Hausmann, Ricardo; Gavin, Michael

Varieties of Capital-Market Crises by IADB Calvo, Guillermo

Transition to a Functional Financial Safety Net in Latin America by IADB Garber, Peter M.

How Should Financial Institutions and Markets be Structured? Analysis and Options for Financial System Design by IADB Kaufman, George G.; Kroszner, Randall S.

Building Stability in Latin American Financial Markets by IADB Weisbrod, Steven R.; Rojas-Surez, Liliana

Financial Markets and the Behavior of Private Savings in Latin America By IADB Weisbrod, Steven R.; Rojas-Surez, Liliana

Electoral Budget Cycles in Latin America and The Caribbean: Incidence, Causes and Political Futility by IADB Kraemer, Moritz

Credit Union Policies and Performances in Latin America by IADB Shaffer, Sherrill; Westley, Glenn

Persistent Poverty and Excess Inequality: Latin America, 1970-1995 By IADB Székely, Miguel; Juan Luis

Institutional Investors, Pension Reform and Emerging Securities Markets by IADB Blommestein, Hans J.

Entry and Exit of banks in Latin America and the Caribbean: Public Policy Concerns and a Proposed Solution By IADB Benston, George J.

Regional Financial Market Integration: Learning from the European Experience by IADB Steil, Benn

Debt Management: Some Reflections Based on Argentina by IADB Kiguel, Miguel A.

Press Conference on Latin America of Michel Camdessus, Managing Director, IMF, James Wolfensohn, President World Bank, and Enrique Iglesias, President IADB

Financial Crises in Latin America: Then and Now by Graciella Kaminsky and Carmen Reinhart

Latin America's swan song (Krugman notes on the current dilemma)

Impact of the Asian Crisis on Latin America (ECLAC)


World Bank Asian Lessons for Latin America Roundtable Transcript


List of Financial Institutions in Latin America

Financial Data on Latin America

World Bank Paper 1529. Interest Rates, Credit, and Economic Adjustment in Nicaragua

World Bank Paper 1519. Payment Systems in Latin America: A Tale of Two Countries-Colombia and El Salvador Robert Listfield and Fernando Montes-Negret

17: Africa, Eastern Europe, and Middle East Capital flows to eastern Europe and the former Soviet Union by Hans Peter Lankes and Nicholas Stern, EBRD

Hard Currency and Sound Credit: A Financial Agenda For Central Europe by Rudi Dornbusch and Francesco Giavazzi (5/98)

David Lipton testimony on Russia before the House Banking General Oversight and Investigations Subcommittee (9/98)

Challenges Facing the Transition Economies of Central Asia by Michel Camdessus (5/98)

Monetary Operations and Government Debt Management Under Islamic Banking, IMF:Sundararajan, V; Marston, David; Shabsigh, Ghiath

Hard Currency and Sound Credit: A Financial Agenda For Central Europe,Dornbusch, [May, 1998]

Islamic Banking - Issues in Prudential Regulations and Supervision, IMF:Errico, Luca; Farahbaksh, Mitra;

Africa - Is This the Turning Point? IMF: Fischer, Stanley; Hernandez-Cata, Ernesto; Khan, Mohsin S

External Borrowing in the Baltics, Russia, and Other States of the Former Soviet Union - the Transition to a Market Economy IMF: Odling-Smee, John; Zavoico, Basil;

Russia Russia Meltdown or Stabilization?Dornbusch, [September, 1998]

Legal and Institutional Obstacles to Growth and Business in Russia IMF: Buckberg, Elaine;

For Russia and Its U.S. Bankers, Match Wasn't Made in Heaven, NY Times, 10/18/98

Beyond a Bailout: Time to Face Reality About Russia's "Virtual Economy" by Clifford G. Gaddy and Barry W. Ickes

Bankers' Wars in Russia Trophies and Wounds, by Natalia Dinello

18: Major Newsites Barron's

Bloomberg Financial

Business Week

CNN Financial Network

Financial Times

Financial World magazine

Fortune Magazine

Investor's Business Daily Web Edition

Kiplinger Online

The Economist

Wall Street Journal Interactive Edition

ABCNEWS.com Business


CBS MarketWatch



Emerging Markets Companion

Fortune Business Report

FOX Market Wire


Investors Business Daily

Money Daily

MSNBC Wall Street Journal Highlights


News Alert

Reuters Money Network

S&P Personal Wealth

Stock Research Group

Stock Smart


USA Today (3)

19. Finance Supersites

International Finance Discussion Papers , The Federal Reserve Board

Absolute Investments Web-zine - offering a subscription-based online magazine

Barron's Online  - electronic edition of Dow Jones & Company's business and financial weekly magazine

Barra Seucrities: fixed income instruments and financial research

CommonCents - personal finance journal.

DBC Online: GlobalMarkets provides extensive quotes on world stocks, indices, exchange rates and commodities

European Stock Quotes

Finance Web

Global Financial Data

Bonnie's Links

Center for Latin American Capital Markets Research: Exchanges

Computerized Trader's Interesting Sites List

DBC Online: Financial and Investment Links

DINO - Wirtschaft - Finanzielle M?rkte

Financial Data Finder

Financial Data Locators

Financial Information Link Library

Finance Resources on the WWW (Graphics Version)

International Economics Gateway

InvestorGuide Quotes

Forbes - table of contents, cover story from Forbes.

Individual Investor - requires registration.

Market Places and Quotations

Markets and Investments

Mauro Magnani's "FINANCE AREA"

Merrill Lynch OnLine Today - online magazine with financial news and analysis

Money Magazine - Features guides to mutual funds, company reports, the best loan rates in your area.

Money Talks - investment magazine for individual investors.

MoneyMinded - personalized and practical guide to saving, investing, borrowing and spending.

Moneywise - UK personal finance magazine featuring news, advice, spending and investment tips, and financial product investigations.

MZES/EURODATA - External Links

Resources for Economists on the Internet

Personal Investment - from Australia. Each month contains practical information and advice for personal wealth creation.

Poder & Dinero - business and financial monthly in Spanish reporting on Colombian economy.

SmartMoney Interactive - offers commentary, hourly updates, portfolio tracking, broker ratings, and more.

Tracker Magazine -providing analysis and commentary on the FTSE 100 Index.

Trusts and Estates MagazineMorgan Stanley CapitalInternational provides information on Morgan Stanley's World and Emerging Market Indices with historical data available back to December 1995

 Telekurs Financial Information Service

 Trust Net Indices

 Wall Street Online:Destination Links

 WebEc - WWW Resources in Economics

 World Stock Exchanges


 Worldwide Gov't Information Links

 Wall Street Directory, Inc.

 Wall Street Research Net's Home Page

 Wilshire Indices

 Yahoo - Business and Economy:Markets and Investments:Stocks

 Worth Magazine - daily news from the world of finance, access to top financial experts, and tips.

20: Privatization and Project Finance

World Bank Paper 1962. The Political Economy of Privatization: An Empirical Analysis of Bank Privatization in Argentina George R.G. Clarke and Robert Cull

World Bank Paper 1861. Infrastructure Project Finance and Capital Flows: A New Perspective
Mansoor Dailami and Danny Leipziger

The Macroeconomic Impact of Privatization IMF: Mackenzie, George A;

Dedicated Road Funds - A Preliminary View on a World Bank Initiative IMF: Potter, Barry H

Political Risk, Economic Risk and Financial Risk, by Campbell Harvey

Trends in Private Investment in Developing Countries: Statistics for 1970-96. Jack D. Glen and Mariusz A. Sumlinski