Emerging Markets in an Upside down World : Challenging Perceptions in Asset Allocation and Investment.
Jerome. Booth
Bok Engelsk 2014 · Electronic books.
| Omfang | 1 online resource (282 pages)
|
|---|---|
| Utgave | 1st ed.
|
| Opplysninger | Cover -- Title Page -- Copyright Page -- Contents -- Foreword -- Acknowledgements -- Introduction -- I.1 Upside down: perception vs reality -- I.2 The structure of the book -- 1 Globalisation and the Current Global Economy -- 1.1 What is globalisation? -- 1.2 Economic history and globalisation -- 1.2.1 The desire to control and its impact on trade -- 1.2.2 The influence of money -- 1.2.3 Trade and commodification -- 1.2.4 Nationalism -- 1.3 Recent globalisation -- 1.3.1 Bretton Woods -- 1.3.2 Ideological shifts -- 1.3.3 Participating in globalisation: living with volatility -- 2 Defining Emerging Markets -- 2.1 The great global rebalancing -- 2.1.1 Financing sovereigns -- 2.1.2 Catching up -- 2.1.3 The poorest can also emerge: aid and debt -- 2.1.4 From debt to transparency and legitimacy -- 2.2 Investing in emerging markets -- 2.3 Emerging market debt in the 20th century -- 2.3.1 Types of external sovereign debt -- 2.3.2 From Mexican crisis to Brady bonds -- 2.3.3 Market discipline -- 2.3.4 Eastern Europe -- 2.3.5 Mexico in crisis again -- 2.3.6 The Asian and Russian crises -- 2.3.7 Emerging markets grow up -- (a) The first change: country and contagion risks fall -- (b) The second change: the investor base -- 2.3.8 Testing robustness: Argentina defaults -- 2.3.9 The end of the self-fulfilling prophecy -- 2.4 The growth of local currency debt -- 2.5 Why invest in emerging markets? -- 3 The 2008 Credit Crunch and Aftermath -- 3.1 Bank regulation failure -- 3.1.1 Sub-prime -- 3.2 The 2008 crisis -- 3.3 Depression risk -- 3.3.1 Reducing the debt -- 3.3.2 Deleveraging is not an emerging market problem -- 3.4 Global central bank imbalances -- 4 Limitations of Economics and Finance Theory -- 4.1 Theoretical thought and limitations -- 4.2 Economics, a vehicle for the ruling ideology -- 4.3 Macroeconomics.. - 11.5.2 Consequences of financial repression for banks -- 11.5.3 No early exit from quantitative easing? -- 11.5.4 Bond crash -- 11.5.5 Inflation -- 11.5.6 Appeals to foreign investors -- 11.5.7 Regulatory muddle-through -- 11.5.8 Pension reform -- 11.5.9 Pension regulatory conflict may only abate once EM investors exit -- 11.5.10 Rating agencies -- 11.5.11 Intellectual reassessment -- 11.6 What investors can expect from emerging market policymakers -- 12 Conclusion -- 12.1 A final list… -- 12.2 … for an upside down world -- Further Research -- Disclaimer -- Glossary -- Bibliography -- Index.. - 4.4 Microeconomic foundations of macroeconomics -- 4.4.1 Efficient market hypothesis -- 4.4.2 Modern portfolio theory -- 4.4.3 Investment under uncertainty -- 4.5 Bounded decisions and behavioural finance -- 5 What is Risk? -- 5.1 Specific and systematic risk -- 5.2 Looking backwards -- 5.3 Uncertainty -- 5.4 Risk and volatility -- 5.5 Risk in emerging markets -- 5.6 Rating agencies -- 5.7 Capacity, willingness, trust -- 5.7.1 Rich countries default by other means -- 5.7.2 Two sets of risk in emerging markets -- 5.8 Sovereign risk: a three-layer approach -- 5.9 Prejudice, risk and markets -- 5.9.1 When you have a hammer, everything looks like a nail -- 6 Core/Periphery Disease -- 6.1 The core/periphery paradigm -- 6.1.1 Core breach? -- 6.1.2 Another core/periphery concept: decoupling -- 6.1.3 And another: spreads -- 6.2 Beyond core/periphery -- 6.2.1 Towards a relative theory of risk -- 6.2.2 GDP weighting -- 7 The Structure of Investment -- 7.1 Misaligned incentives -- 7.2 Confused incentives -- 7.3 Evolutionary dynamics, institutional forms -- 7.3.1 History matters -- 7.4 Network theory -- 7.5 Game theory -- 7.6 Investor structure and liquidity -- 7.7 Market segmentation -- 7.7.1 Warning signals -- 7.8 Investor base structure matters -- 8 Asset Allocation -- 8.1 Asset classes -- 8.1.1 Alternatives -- 8.2 How asset allocation occurs today -- 8.2.1 Investor types -- 8.2.2 Asset/liability management -- 8.3 From efficiency frontiers to revealed preferences -- 8.4 Asset allocation vs manager selection -- active vs passive -- 8.5 Allocating at sea -- 9 Thinking Strategically in the Investment Process -- 9.1 Thinking strategically -- 9.1.1 Thinking strategically: appropriate discounting -- 9.2 Scenario planning -- 9.3 Global structural shifts ahead? -- 9.3.1 Asset allocation: some proposed new rules -- 9.4 Investment process in emerging debt.. - 9.5 Conclusion -- 10 A New Way to Invest -- 10.1 Sense-checking assumptions -- 10.1.1 Risk, uncertainty and information asymmetry assumptions -- 10.1.2 Investor psychology and behaviour assumptions -- 10.1.3 Structure, market efficiency, equilibrium and market dynamics -- 10.1.4 Asset class definitions -- 10.2 Assessing liabilities -- 10.3 Your constraints -- 10.3.1 The decision chain -- 10.3.2 Institutional capabilities -- 10.3.3 Psychological constraints -- 10.4 Consider changing your constraints: agency issues -- 10.5 Building scenarios -- 10.6 Understanding market structure -- 10.7 Asset allocation -- 10.7.1 Route 1: Comprehensive -- 10.7.2 Route 2: Entrepreneurial -- 10.7.3 Asset allocation dynamics -- 10.8 Meta-allocation: toolset choice -- 10.9 Follow the skillset -- 10.10 Portfolio construction and monitoring -- 11 Regulation and Policy Lessons -- 11.1 Regulating financial institutions: new and old lessons -- 11.1.1 Fix the banks -- 11.1.2 Non-banks: who holds what? -- 11.1.3 Reduce agency problems: trustee incentives -- 11.1.4 Honour public service -- 11.1.5 Choice architecture -- 11.2 What to do about systemic risk? -- 11.2.1 Avoid regulation that amplifies risk -- 11.2.2 Beware market segmentation -- 11.2.3 Structure matters -- 11.2.4 Map perceptions of risk -- 11.2.5 Detect and stop asset bubbles -- 11.2.6 Preserve credibility -- 11.3 Wish list for emerging market policymakers -- 11.3.1 Allow markets to work -- 11.3.2 Proclaim and foster greater pricing power -- 11.3.3 Promote EM global banks, south-south linkages -- 11.3.4 Build capital markets -- 11.3.5 Fight core/periphery disease -- 11.4 Reserve management and the international monetary system -- 11.4.1 The dollar is your problem -- 11.4.2 Alternatives to the dollar -- 11.4.3 Too many reserves -- 11.5 What investors can expect from HIDC policymakers -- 11.5.1 Financial repression.. - The world is upside down. The emerging market countries are more important than many investors realise. They have been catching up with the West over the past few decades. Greater market freedom has spread since the end of the Cold War, and with it institutional changes which have further assisted emerging economies in becoming more productive, flexible, and resilient. The Western financial crisis from 2008 has quickened the pace of the relative rise of emerging markets - their relative economic power, and with it political power, but also their financial power as savers, investors and creditors. Emerging Markets in an Upside Down World - Challenging Perceptions in Asset Allocation and Investment argues that finance theory has misunderstood risk and that this has led to poor investment decisions; and that emerging markets constitute a good example of why traditional finance theory is faulty. The book accurately describes the complex and changing global environment currently facing the investor and asset allocator. It raises many questions often bypassed because of the use of simplifying assumptions and models. The narrative builds towards a checklist of issues and questions for the asset allocator and investor and then to a discussion of a variety of regulatory and policy issues. Aimed at institutional and retail investors as well as economics, finance, business and international relations students, Emerging Markets in an Upside Down World covers many complex ideas, but is written to be accessible to the non-expert.. - Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2021. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
|
| Emner | |
| Sjanger | |
| Dewey | |
| ISBN | 9781118879658
|
| ISBN(galt) |
