By J. Santiso
This publication takes a cross-disciplinary examine the monetary markets of rising markets in Latin the United States. the writer desires to disassemble the black field that's the monetary marketplace: what are the motivations and pursuits of a number of the actors, either institutional and individual?; How do those engage with every one other?; How does this knowledge aid us comprehend the Mexican concern within the 90s and the present trouble in Argentina? the writer has performed vast interviews with agents, asset managers, economists, strategists, and analysts within the US, united kingdom, Europe, and Latin the USA, supplying major fabric for this study.
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Additional info for The Political Economy of Emerging Markets: Actors, Institutions and Financial Crises in Latin America
Example text
93 However, when we take a closer look at the wide spectrum of financial actors participating in the confidence game, the picture is in fact more colored, offering more clairs obscurs than the sharp glare of the spotlights. In fact, investors have differing, if not conflicting, demands regarding governments’ economic policy choices.
S. Treasuries by early EXIT,VOICE AND LOYALTY IN FINANCIAL MARKETS 37 November). Fund managers became increasingly risk averse regarding Argentina. ”68 With the prospect of an aid package, whose expected size climbed within a few weeks from US$20 bn. , sovereign risk decreased. ), markets reacted very positively. 70 “There is no question about it, commented a fund manager, the packaging is impressive. You have had top international and national figures announcing headline figures of USD 40 billion (yes billions) in exceptional financial assistance for Argentina and over USD10 billion for Turkey.
This action from international bondholders is a clear example of an attempt to organize voice; international bondholders feared that Argentina was favoring domestic banks and pension funds in the first round of restructuring as a prelude to more coercive tactics with foreign bondholders. 5 bn. of government debt, by November 9, 2001, just a few days before the start of the debt exchange with domestic bondholders scheduled for November 16, 2001. The week before the exchange, more than 200 bondholders gathered in an auditorium on Bear Stearns New York office for a conference on creditors rights.