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David Lubin

Dance of the Trillions

2018

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Explaining Emerging Markets S. 65-88

„… concept of emerging markets—shorthand for the interaction between developing countries and global …” „… 65 threeExplaining Emerging Markets WASHINGTON, 1989Though it ended up as an infamous encapsulation …” „… its demand for industrial goods, leaving commod-Explaining Emerging Markets 69ity exporters doomed to …”

Index S. 139-0

„… ; and “crisis-proofing” of emerging mar-kets, 119–22; and managed convert-ibility, 111–14Belize, as …” „… emerging market, 6Belt and Road Initiative (China), 122–24Bernanke, Ben, 113140 Index BNDES (Brazil), 29 …” „… balance in, 60, 91; economic growth in, 21, 25, 71; as emerging market, 6; exports to China, 94; FDI to …”

Notes S. 129-138

„… . Paul Krugman, “Dutch Tulips and Emerging Markets,” Foreign Affairs 74, no. 4 (July–August 1995), p …” „… (University of Chicago Press, 2004), p. 647.37. Martin Feldstein, “A Self-Help Guide for Emerging Markets …” „… . 195.40. IMF, “Public Debt In Emerging Markets: Is It Too High?,” in World Economic Outlook, September …”

Introduction: What's Past Is Prologue S. 1-18

„… could have become an organizing principle within in-ternational capital markets.“Emerging markets” is an …” „… markets”—the marketing term that evolved in the late 1980s to describe those developing countries that, at any …” „… scrutiny here. That said, defining either “develop-ing countries” or “emerging markets” with anything like …”

Preface

„… . When the funds gushed in, many emerging markets flourished, but were just as quickly left stricken when …” „… , especially in the developing world.”—JAMES KYNGE, EMERGING MARKETS EDITOR, FINANCIAL TIMES AND AUTHOR OF …” „… Affairs, and head of emerging markets economics at Citi. BROOKINGS INSTITUTION PRESSWashington …”

Exit Finance: Two Decades of Crisis S. 39-64

„… early 1990s with debt write- offs and a loosening of U.S. monetary policy, and the emerging markets …” „… push capital to emerging markets. Instead of coming from petrodollar- funded U.S. banks, though, the …” „… 1994 cut the supply of capital to emerging markets once again. Alan Greenspan, Fed chair since 1987 …”

Toward a Beijing Consensus S. 109-128

„… been weakened.The “Crisis-proofing” of Emerging Markets?In what sense is it possible to make the …” „… : “Some would argue that having deeper financial markets would allow EMEs [emerging market economies] to …” „… emerging “Beijing Consensus.” But a Beijing Consensus in-cludes more than a mere set of ideas about the …”

Thank You, China! S. 89-108

„… investors during the middle months of 2002: would Brazil be the next emerging market domino to fall? Much …” „… the apparently endless succession of emerging markets financial crises. The previous five years, after …” „… dance of the trillions92time since mid-1993 when capital flows to emerging markets were in their …”

doi.org/10.5771/9780815736752

Eshari Withanage - Impact of Corporate Social Responsibility on Corporate Reputation and Firm Performance

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Eshari Withanage

Impact of Corporate Social Responsibility on Corporate Reputation and Firm Performance

Series: Sustainability Management, Risk Governance and Communication

Volume 2 2023

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Bibliography S. 231-262

„… relationship between corporate social responsibility and financial performance in emerging market …” „… performance in emerging markets. Journal of Corporate Finance, 10(5), 703-728.Kotha, S., Rajgogal, S …” „… ). Developing value, the business case for sustainability in emerging markets, sustainability, the international …”

1 Introduction S. 15-26

„… analyse whether it is same in Sri Lankan perspective or not. As Sri Lanka has an emerging market, finding …” „… , CSR is recognised as a new, emerging, and rapidly growing financial and nonfinancial risk factor. In …” „… (1979a), p. 499.8 See. Dentchev (2004), p. 398; McWilliams & Siegel (2001b), p. 117.present market looks …”

5 Implications, Limitations and Future Research S. 189-204

„… Sri Lankan, which has an emerging market context, by selecting 50 firms with the highest market …” „… practitioners as it analyses the link between CSR, CR and FP in an emerging market context.ImplicationsThis …” „… firms in Sri Lanka can sustain its market position through CSR practices and can be used as a marketing …”

Titelei/Inhaltsverzeichnis S. 1-14

„… WithanageImpact of Corporate Social Responsibility on Corporate Reputation and Firm PerformanceAn Emerging Market …” „… Reputation and Firm PerformanceAn Emerging Market AnalysisThe Deutsche Nationalbibliothek lists this …” „… of Corporate Social Responsibility on Corporate Reputation and Firm PerformanceAn Emerging Market …”

3 Development of Hypotheses, Conceptual Framework and Methodology S. 99-142

„… financial measures, namely, accounting measures as well as market-based measures. Nevertheless, other means …” „… accounting as well as market-based measures presented varied theoretical reinforcements and appreciation …” „… accounting-based measure when analysing the link between CSR and FP575 other studies have adopted market-based …”

2 Literature Review and Relevant Aspects Underpinning Corporate Social Responsibility S. 27-98

„… to the perception and understanding of CSR in developing or an emerging country context as a future …” „… context in Sri Lanka. The dominate player in the market in Sri Lanka is the firms that operates in the …” „… Review and Relevant Aspectscomponent of market orientation, customer orientation, competitor orientation …”

doi.org/10.5771/9783957104175

Michael Engel - Transnationale Regulierung von Investitionen in Emerging Markets

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Michael Engel

Transnationale Regulierung von Investitionen in Emerging Markets

Series: Schriften zur Europäischen Integration und Internationalen Wirtschaftsordnung

Volume 48 2019

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Völkerrechtliche Determinanten von internationalen Projektfinanzierungen in Emerging Markets S. 211-248

„… rechtlichen Determinanten von internationalen Projektfinanzierungen in Emerging Markets. Hierbei geht es darum …” „… Projektfinanzierungstransaktionen in Emerging Markets mit Beteiligung ausländischer Unternehmen, weil sie zur Mitigierung des …” „… Projektfinanzierungen in Emerging Markets, weshalb deren Bindung an das Völkergewohnheitsrecht hier erörtert wird. B …”

Der transnationale Rechtsrahmen von internationalen Investitionsfinanzierungen in Emerging Markets S. 189-190

„… Emerging Markets Die Untersuchung in Teil 1 der Arbeit zeigt unter anderem, dass …” „… Investitionsfinanzierungen in Emerging Markets unter den Bedingungen von Entwicklung einen rechtlichen Rahmen erfordern, der …” „… Grundlagen dargestellt. Als vorherrschende Finanzierungstechnik der Investitionsfinanzierung in Emerging …”

Einleitung S. 21-26

„… 21 Einleitung Das regulatorische Umfeld für private Investitionen in Emerging Markets hat sich …” „… ein anderer Trend im regulatorischen Umfeld von Emerging Markets: die zunehmende transnationale …” „… internationalen Projektfinanzierungen in Emerging Markets wird Investoren regelmäßig ein weitgehend …”

Zusammenfassung S. 509-514

„… Investitionen in Emerging Markets zum Gegenstand. Gegenstand der Analyse sind die Rechtfertigung, die Struktur …” „… Emerging Markets analysiert. Zugrunde gelegt wurde dabei die Struktur einer privaten Auslandsinvestition …” „… und privatem Know-how in den Emerging Markets erzielt werden. Durch Evaluationen können von PPPs …”

Grundlagen der Transaktionsgestaltung S. 411-434

„… internationale Entwicklungsbanken in Emerging Markets. 1960 …” „… Projektfinanzierung in einem Emerging Market unterscheidet sich von Projektfinanzierungen in entwickelten …” „… Emerging Markets vorfindet. Manche Risiken treten unter diesen Bedingungen verschärft auf, andere treten …”

Privatsektor, Infrastruktur und Projektfinanzierung im Entwicklungskontext S. 137-186

„… Entwicklung eines Privatsektors in den Emerging Markets im Sinne der Gestaltung einer Enabling Environment …” „… Einzelumständen in den Emerging Markets insofern nicht immer gerecht werden können.620 Aufgrund dieses weiten und …” „… Sinne des NMA ist die Verbesserung des Investment Climate in den Emerging Markets. Neben der …”

Risikomanagement, Vertrags- und Transaktionsgestaltung unter Berücksichtigung der Development Bankability S. 435-506

„… Untersuchungsgegenstand der Arbeit – nur auf jenen Projektrisiken, wie sie typischerweise in Emerging Markets auftreten …” „… werden, die in den meisten Projektfinanzierungen in Emerging Markets in ähnlicher Weise auftreten.2087 …” „… Emerging Markets gehen aber in der Regel mit besonderen politischen Risiken einher, die als phasen …”

Titelei/Inhaltsverzeichnis S. 1-20

„… Transnationale Regulierung von Investitionen in Emerging Markets Michael Engel Eine …” „… Investitionen in Emerging Markets Eine rechtstheoretische, rechtsdogmatische und kautelarjuristische …” „… internationalen Investitionsfinanzierungen in Emerging Markets 189 Kapitel 4 Rechtstheoretische Grundlagen …”

Fazit Teil 3 S. 507-508

„… Einfluss auf die Vertrags- und Transaktionsgestaltung unter den Bedingungen von Emerging Markets. Es ist …” „… transnationale Regulierung von Investitionen in Emerging Markets nicht nur durch internationale …”

Fazit Teil 1 S. 187-188

„… internationalen Entwicklungsbanken in Emerging Markets in Teil 1 der vorliegenden Arbeit hat explizit gemacht …” „… , dass die Regulierung von Investitionsprojekten in Emerging Markets vor allem von und durch die …”

Fazit Teil 2 S. 407-408

„… Emerging Markets als transnational bezeichnet werden kann. Die transnationale Perspektive bietet den …” „… in Emerging Markets spielen. Auch die Ebene der Rechtskontrolle ließe sich ohne die Perspektive …”

Grundlagen und Auswirkungen auf die Vertrags- und Transaktionsgestaltung S. 409-410

„… Bedingungen von Emerging Markets oft schwierig zu realisieren sind.1959 Nachfolgend werden zunächst die …” „… Investitionsfinanzierungen durch internationale Entwicklungsbanken unter den institutionellen Bedingungen von Emerging …” „… Markets und Entwicklung untersucht. Dabei beschränkt sich die Untersuchung in diesem Teil auf die …”

Literaturverzeichnis S. 515-551

„… Volume (16) 2013 Claudy, Peter, Projektfinanzierung in Emerging Markets: Strukturierung und …” „… , 21 ff. Hansen, Kenneth W., Managing Political Risks in Emerging Market Investments, The …” „… Sustainable Development, 2011, S. 107 ff. Lehmann, Alexander, Foreign Direct Investment in Emerging Markets …”

Globales Verwaltungsrecht internationaler Entwicklungsbanken am Beispiel der International Finance Corporation S. 249-344

„… für das Zustandekommen von Finanzierungen in Emerging Markets. Als regelmäßig zusätzliche …” „… der globalen Projektfinanzierung in Emerging Markets. I. Mandat Zuerst folgt ein Blick auf den …” „… Projektfinanzierung in Emerging Markets, sind z.B. besonders die politischen Risiken zu berücksichtigen. Shihata …”

Die modernen Entwicklungstheorien S. 47-136

„… Privatsektor der Emerging Markets zu erhöhen. Insoweit kann man die IFC als keynesianisch orientiert bezeichnen …” „… Emerging Markets zu erhöhen. B. Unterentwicklung und Abhängigkeit Ende der 1960er Jahre wurden im …”

Die transnational-rechtlichen Implikationen der konsensualen Handlungsform von internationalen Entwicklungsbanken S. 345-406

„… Loan Market Association, welche Vertragsmuster zu Standardisierungszwecken herausgibt. In der …” „… erstellen.1817 Von besonderer Relevanz sind dabei die in London ansässige Loan Market Association (»LMA …”

doi.org/10.5771/9783845289618

Benedikt Zanker - On the Viability of an International Lender of Last Resort

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Benedikt Zanker

On the Viability of an International Lender of Last Resort

Series: Aktuelle Materialien zur Internationalen Politik

Volume 73 2007

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Lessons from Emerging Market Crises S. 143-145

„… cents for the dollar. 5.3.4 Lessons from Emerging Market Crises The crisis episodes discussed above …” „… crises are lacking. Exploring more effective ways of dealing with financial crises in emerging market …” „… 57 See Guillermo Ortiz. 2002. Recent Emerging Market Crises: What Have We Learned? The 2002 Per …”

Evidence on Creditor-side Moral Hazard S. 233-241

„… provided by the market in emerging market securities, primarily by yield spreads of sovereign, but also of …” „… drawing on pricing information on emerging market securities have been undertaken in several studies …” „… eliminating risk entirely6; otherwise, emerging market bonds would trade at the same yields as Treasuries or …”

Introduction S. 15-20

„… , contemporary emerging market crises have the ability to destabilise the global financial system. Contagion not …” „… ’ exposure to emerging markets can threaten mature financial systems even in advanced industrial economies …” „… emerging markets unlikely7. Conceding the fact that financial crises will remain a more or less regular …”

Liquidity Gaps in the Past S. 166-170

„… assistance to emerging market economies able to destabilize the international monetary system26 …” „… flows to emerging markets: Argentina, Brazil and Mexico for Latin America; China, India, Thailand …” „… China; nor does it account for India since the 1990s emerging market crises did expose neither to …”

Bibliography S. 347-374

„… Emerging Market Economies: How High Liquidity Can Offset Weak Fundamentals and Effects of Contagion. IMF …” „… Andrés Velasco. 1998a. Financial Crises in Emerging Markets: A Canonical Model. NBER Working Paper No …” „… Academic Publishers 355 Dooley, Michael P. 1998. A Model of Crises in Emerging Markets. International …”

The Lacking Clout of Developing Economies S. 336-337

„… particularly emerging market economies would benefit from reforming the IMF into a quasi international lender …” „… , indicates that the reform proposal would be likely to find support by many emerging market policy makers …” „… necessarily aligned. Emerging market economies like China and India naturally have different interests than …”

Criteria Ensuring Financial Sector Stability S. 211-222

„… task in industrial countries; it is even more complex in developing countries and emerging market …” „… portfolios held by emerging market banks. In order to achieve a protection level of 99.9 percent while …” „… capabilities in emerging markets, a standardized approach similar to the one laid out in Basel II may be …”

Four Types of Currency Crises S. 47-52

„… volatility of capital flows into developing countries and emerging market economies. Violent capital flow …” „… crises experienced in the 1970s or the EMS crises in the early 1990s, emerging market crises since 1995 …” „… emerging market economies. The devastation felt in Argentina after its …”

Enhancing Access to Foreign Currency S. 90-92

„… emerging market economies restoring stability often requires large amounts of foreign currency …” „… on its ability to issue additional money by starting the printing press. In most emerging markets …” „… since emerging market yields usually exceed the yields available from investing in treasuries or other …”

A Code of Good Conduct S. 294-297

„… Emerging Markets (EMTA), the International Primary Market Association (IPMA), the Securities Industry …” „… ) and the Emerging Markets Creditor Association (EMCA). 295 emerging markets19. At their Berlin Meeting …” „… 19 See IIF, EMTA, IPMA, SIA, ISMA, EMCA and TBMA. 2003. Code of Conduct for Emerging Markets. Part of …”

Empirical Evidence on Catalytic Finance S. 244-249

„… provision on emerging market loans made by Citibank. As the debt crisis subsided in the early 1990s and …” „… effects of IMF-supported programs during the 1990s emerging market crises. The authors concede that at …” „… emerging market bonds at their time of issuance. The fall in spreads was observed strongest for IMF …”

Lending-in-last-resort as Input in Monetary Policy S. 153-157

„… exclusively to developing countries and emerging market economies, while industrial countries have become net …” „… banks in developing countries and emerging market economies are often unable to function as effective …” „… the international level this approach poses two problems: The first is that in emerging market …”

Theoretical Considerations S. 104-107

„… emerging market crises since 1995: Firstly, is there a need for an international lender of last resort? And …” „… and severity of financial crises in emerging economies and increase the stability of the global …” „… currency crises in terms of domestic banking panics, emerging economies can be argued to face dangers …”

Estimating Short-term External Obligations in the Developing World S. 161-166

„… assistance to emerging market economies able to destabilize the international monetary system26 …” „… developing countries and emerging economies, although monitoring and statistical work would continue to focus …” „… on all members equally. The focus on developing countries and emerging economies is warranted on …”

Second Generation Models S. 56-58

„… early 1990s. But in regard to recent emerging market crises both models seem lacking some aspects …” „… approaches equally struggle to fit observations on recent emerging market crises sufficiently. While during …” „… developed in reflection of the emerging market crises in the 1990s second half30. These models reject purely …”

Evaluation S. 63-66

„… regime does handsomely describe these developments. However, in subsequent emerging market crises in …” „… model stresses particular features of recent emerging market crises. The role of excessive short-term …” „… factors were pre-eminent during financial turmoil in Southeast Asia. What emerging market crises had in …”

The Case for an International Lender of Last Resort S. 107-109

„… strategies; liquidity provision alone would be insufficient. Accordingly, only emerging market countries …” „… enabling central banks to intervene in foreign exchange markets. The provision of foreign currency would …” „… intervention in currency markets has often proved to merely postpone the problem, it has been the dominant use …”

Opposition by Developed Countries and the G-7 S. 331-336

„… criteria and its support restricted to a very limited set of strong emerging market economies. It also …” „… position of developing and emerging market economies. 7 …” „… developing countries and particularly emerging market economies would benefit from reforming the IMF into a …”

Market-based Approach as the Way Forward S. 309-310

„… U.S. Treasury, the major emerging markets trade associations56 and emerging market issuers themselves …” „… first emerging market borrower to include collective action clauses in three sovereign bond offerings …” „… opposition by the Treasury, the private sector and many emerging market governments, the Executive Board …”

IMF Induced Moral Hazard S. 230-233

„… crises in emerging market economies1. While moral hazard problems resulting from IMF interventions can be …” „… Resolution of Emerging Market Financial Crises. Paper presented at the Bank of England Conference on the Role …” „… citizens, the anticipation of IMF crisis lending increases the volume of capital flows to emerging market …”

Criteria Indicating Sustainable Sovereign Indebtedness S. 222-228

„… between emerging market sovereign bonds and U.S. Treasuries: GDP growth, both debt-to-GDP and …” „… . Determinants of Spreads and Creditworthiness for Emerging Market Sovereign Debt: A Panel Data Study. Working …” „… , Credit Ratings and Creditworthiness for Emerging Market Sovereign Debt: A Follow-Up Study Using Pooled …”

The Brady Plan S. 286-287

„… was to be increased allowing creditors to diversify risk and adjust their emerging market exposures …” „… offered to commercial banks allowing them to either exit or retain their exposure to emerging markets and …” „… emerging markets could exchange their loans for front-loaded interest reduction bonds (FLIRB) which paid a …”

Need for Reform S. 293-294

„… . 2001. Emerging Market Debt & Vulture Hedge Funds: Free-Ridership, Legal and Market Remedies. Special …” „… Output Loss in Emerging Markets (2002). Working Paper PB-02-03. Centre for Pacific Basin Monetary and …” „… Emerging Markets (EMTA), the International Primary Market Association (IPMA), the Securities Industry …”

Necessary Funding for an International Lender of Last Resort S. 160-161

„… having access to enough resources for providing emergency assistance to every emerging market central …” „… unlimited funding. But to defend a currency peg the market perceives as overvalued, unlimited resources are …” „… necessary. In practice, resources required to maintain a fixed exchange rate against market pressure may not …”

Public Choice Theory S. 25-33

„… for emerging markets and developing countries alike16. The point of contention that interests or …” „… financial instability as a common agency problem between international investors and emerging market …” „… of emerging market governments. As such he identifies the Fund’s role as that of a delegated monitor …”

Instruments Mitigating Moral Hazard Problems S. 249-252

„… thus become a significantly less attractive investment strategy for emerging market investors. Both …” „… portfolio investors and lending banks have experienced the dangers of investing in emerging markets without …” „… , too-strategic-to-fail and too-nuclear-to-fail hypotheses among financial market participants; the moral hazard play has …”

Conclusion and Implications S. 170-172

„… resort to their economies. As the majority of emerging market central banks would be unable to do so due …” „… reasoning applies to international creditors of emerging market banks. A practice of unselective bail-outs …” „… premiums paid by emerging market banks while running little risk as credits are implicitly guaranteed by …”

The Fund’s Record as Crisis Manger S. 113-116

„… became a financially attractive source of capital for emerging market countries despite the need to …” „… attack for its handling of financial crises in emerging market economies. In many instances, policy …” „… economic reforms to its expertise. Dealing with emerging market crises during the 1990s, IMF advice …”

Successful Restructurings S. 287-290

„… 287 Commercial banks willing to retain some exposure to emerging markets could exchange their loans …” „… decade’s emerging market crises. 11.2 The Changed Environment The New Money Approach succeeded in …” „… securities, predominantly sovereign bonds. Emerging market borrowers have raised funds by issuing a wide …”

Evidence on Debtor-side Moral Hazard S. 241-244

„… increased incentives to take emerging market risks22. Considering not only equity, but also sovereign debt …” „… selected according to emerging market exposure. The study’s key finding is a significant decline in assets …” „… test for moral hazard the authors examine a sample consisting of 19 emerging market countries selected …”

Financial Market Theory S. 33-42

„… financial instability as a common agency problem between international investors and emerging market …” „… of emerging market governments. As such he identifies the Fund’s role as that of a delegated monitor …” „… concept of financial crisis. It indicates that recent emerging market crises are a negative consequence of …”

First Generation Models S. 53-56

„… . 1998. Financial Crises in Emerging Markets: A Canonical Model. NBER Working Paper No. 6606. Cambridge …” „… (1998): 27 27 Michael P. Dooley. 1998. A Model of Crises in Emerging Markets. International Finance …” „… 53 one economy may force fund managers to sell off investments in other markets in order to satisfy …”

Transparency Criteria S. 206-211

„… support and monitor emerging market banks directly, it has to rely on national central banks’ ability to …” „… functioning of international capital markets. Almost every proposal to reform the international financial …” „… . For emerging economies increased financial transparency is necessary to attract capital inflows from …”

Governance Reform Proposals S. 275-279

„… consists predominantly of developing countries and emerging market economies. IMF lending facilities are …” „… developing countries and emerging market economies given their higher vulnerability to external shocks …” „… the risen importance of emerging markets, transition economies and less developed countries for the …”

Regional Monetary Cooperation S. 337-341

„… countries and emerging market economies. Broad consent among all types of developing countries only exists …” „… crises, its ability to both prevent and arrest capital account crises in emerging markets would be …” „… spread between 2-year treasuries and emerging market bonds of comparable maturity of 250 basis points …”

Structure of the Analysis S. 42-46

„… . Chapter 2 attempts to clarify the concept of financial crisis. It indicates that recent emerging market …” „… 1907 in the United States, the 1960s Sterling Crisis and the emerging market crises that erupted since …” „… example for a pure currency crisis, recent emerging market crises should be perceived as a hybrid form …”

The Asian Crisis’ Aftermath S. 138-143

„… 138 5.3.3 The Asian Crisis’ Aftermath The 1990s emerging market crises did not end with the Asian …” „… , loosing confidence in emerging markets generally and in politically unstable Russia in particular. As the …” „… ; eventually, they received 30 cents for the dollar. 5.3.4 Lessons from Emerging Market Crises The crisis …”

Concerns on the Effectiveness of Collective Action Clauses S. 303-309

„… emerging market issue, the new bonds also included provisions allowing for aggregate voting over a range of …” „… support of the U.S. Treasury, the major emerging markets trade associations56 and emerging market issuers …” „… first emerging market borrower to include collective action clauses in three sovereign bond offerings …”

Lending-in-last-resort as Input in Banking Policy S. 157-160

„… liabilities of emerging market banking institutions, but not to prop up fixed exchange rates until demand for …” „… having access to enough resources for providing emergency assistance to every emerging market central …” „… rate by intervention in the currency markets alone, indeed almost unlimited amounts of foreign currency …”

Financial Assets S. 176-181

„… role model and poster child for successful reform efforts in emerging market economies14. Following the …” „… market liquidity of the security. 5 Equities (including convertible bonds) that are included in a main …” „… crisis. To increase lender protection the facility was considerably over-collateralised: The market value …”

Securitisation of Future Flow Receivables S. 188-199

„… 188 ations. However, due to weak capitalization, the market value of most other stateowned banking …” „… to obtain loans or reduce borrowing costs. Assuming perfect capital markets, this form of financing …” „… emerging economies—securitisation of future flow receivables can help to offer borrowers in distress access …”

The IMF as International Lender of Last Resort S. 111-113

„… source of capital for emerging market countries despite the need to negotiate a stability program. Demand …” „… of financial crises in emerging market economies. In many instances, policy mistakes stem directly …” „… lent at times when international capital markets were closed to developing country borrowers and no …”

Creditor Country Interests S. 255-259

„… premia for emerging market risk while due to implicit bailout guarantees the creditworthiness of emerging …” „… 2002, the authors identify a highly significant positive relationship between emerging market exposure …” „… market borrowers in practice was not far below that of advanced industrial economies. In essence, the …”

Problems due to Renegade Creditors S. 290-293

„… emerging economies to borrow from international capital markets remains to be seen. However, the Argentine …” „… 14 See John Nolan. 2001. Emerging Market Debt & Vulture Hedge Funds: Free-Ridership, Legal and Market …” „… Reversals and Output Loss in Emerging Markets (2002). Working Paper PB-02-03. Centre for Pacific Basin …”

New Money Approach S. 283-286

„… restructured debt was to be increased allowing creditors to diversify risk and adjust their emerging market …” „… rather than illiquid, began to settle by the late 1980s. Market-based approaches accepted the reality …” „… or Uruguay, the case of Argentina underlines the difficulties developing countries and emerging …”

Collateralising Equity S. 181-188

„… facing liquidity problems is equity in state-owned enterprises. During the 1960s and 1970s many emerging …” „… rapidly growing process of privatisation started developing. Privatisation efforts in emerging economies …” „… conditional on privatisation goals and were well received by financial markets. Privatisation programs were …”

Third Generation Models S. 58-62

„… third generation of models developed in reflection of the emerging market crises in the 1990s second …” „… , Contagion and the Emerging Market Crises. IMF Working Paper No. 99/164. Washington, DC: International …” „… non-fundamental variables such as market expectations may be enough for a self-fulfilling crisis to develop …”

The Report by the Independent Task Force S. 80-84

„… importance of increasing incentives for both emerging market creditors and debtors to pursue prudent …” „… sector creditors, to introduce market-based incentives for crisis prevention and resolution, to refocus …” „… interesting as they represent the views of scholars, former politicians, international bureaucrats and market …”

Titelei/Inhaltsverzeichnis S. 2-12

„… ................................................................... 128 5.3 Emerging Market Crises in the 1990s ................................................... 129 …” „… .................................................................................... 142 5.3.4 Lessons from Emerging Market Crises .................................................... 143 …” „… Concerns on the Effectiveness of Collective Action Clauses ................... 304 11.4.2 Market-based …”

The Problem of Contagion S. 52-53

„… emerging market economies. The so-called monsoon thesis ascribes the coincidence to external factors …” „… . 1998. Financial Crises in Emerging Markets: A Canonical Model. NBER Working Paper No. 6606. Cambridge …” „… markets. Accordingly, the Thai financial crisis in 1997 alerted the market to problems of weak financial …”

Voting Power at the IMF S. 264-275

„… consists predominantly of developing countries and emerging market economies. IMF lending facilities are …” „… developing countries and emerging market economies given their higher vulnerability to external shocks …” „… weights. Similarly, the nine largest emerging economies command a 12.4 percent share of voting power—below …”

Lessons and Implications S. 66-67

„… weaknesses. The emergence of global capital markets has further strengthened the important role the financial …” „… its best uses is essential particularly in emerging economies. But it is vital that sufficient …” „… in practice render a fixed exchange rate regime imprudent for a majority of emerging economies. The …”

Appendix S. 345

„… Extended Liquidity Assistance Facility EMBI Emerging Markets Bond Index EMS European Monetary System EMTA …” „… Trade Association for the Emerging Markets EMU European Monetary Union ESAF Enhanced Structural …”

Access to Large-scale Liquidity Assistance S. 317-322

„… monitoring and supervisory role ideally requires universal membership. While for more developed emerging …” „… economies IMF membership is essential to retain access to international capital markets, particularly …” „… developing countries which rarely interact with international capital markets need alternative incentives to …”

The Tobin Tax S. 72-74

„… transaction did not receive wider attention until the 1990s when emerging market crises let NGOs re-discover …” „… governors consisting of representatives of the G-7 and eight emerging market economies. Several reasons …” „… flows would be reduced as an increase in transaction costs would leave market participants with fewer …”

The Mexican Peso Crisis S. 129-131

„… were borrowed, the government is left with an even higher debt burden than before. 5.3 Emerging Market …” „… Crises in the 1990s The financial crises in emerging market economies that have occurred since 1995 share …” „… economies. Successful intervention in the currency markets is a costly undertaking and requires access to …”

Lessons of the Sterling Crisis S. 128-129

„… before. 5.3 Emerging Market Crises in the 1990s The financial crises in emerging market economies that …” „… reserves, even for advanced industrial economies. Successful intervention in the currency markets is a …” „… peg has to finally be given up, funds employed on currency market interventions have been consumed to …”

Abbreviations S. 345-346

„… Extended Liquidity Assistance Facility EMBI Emerging Markets Bond Index EMS European Monetary System EMTA …” „… Trade Association for the Emerging Markets EMU European Monetary Union ESAF Enhanced Structural …”

Principles for Effective Liquidity Assistance S. 311-313

„… enabling the Fund to empower emerging market central banks to act as effective lenders of last resort to …” „… a fundamentally solvent country from default. Calming panics in financial markets and restoring …” „… sufficient funds for acting as lender of last resort to their economies. Market participants may also doubt …”

Interests of International Investors S. 255

„… premia for emerging market risk while due to implicit bailout guarantees the creditworthiness of emerging …” „… market borrowers in practice was not far below that of advanced industrial economies. In essence, the …”

Collective Action Clauses S. 297-300

„… blocking restructuring agreements supported by the majority of creditors. Emerging market debt is issued in …” „… in New York were drafting emerging market sovereign bond contracts in the early 1990s, they adopted …” „… several markets, but the largest volumes by far are offered in London and New York. In the U.K. collective …”

Interests of Borrowing Countries S. 253-255

„… interest rates that incorporated premia for emerging market risk while due to implicit bailout guarantees …” „… the creditworthiness of emerging market borrowers in practice was not far below that of advanced …” „… markets: hence debtor countries, creditor countries and international investors alike share an interest in …”

Empirical Evidence S. 62-63

„… . Frankel and Rose42 test a larger sample of over 100 emerging economies for the period from 1971 to 1992 …” „… Fund 42 Jeffrey A. Frankel and Andrew K. Rose. 1996. Currency Crashes in Markets: Empirical Indicators …” „… emerging economies do often coincide with high interest rates in less risky developed countries. However …”

Problems Arising from the Imposition of Strict Collateral Requirements S. 199-201

„… 199 than the revenues generated by short-term export duties. For emerging economies like Korea or …” „… contain a crisis in the capital account. Even at tax rates of 10 percent or more, the largest emerging …” „… market exporters could provide collateral for no more than one third of the amounts required during …”

Henry Thornton (1760–1815) S. 92-98

„… inflows remained stable3. A market-based strategy for governments to ensure access to international …” „… international reserves or secure instant access at times of crisis are available to a limited number of emerging …” „… economies only. Many developing countries have only limited access to international capital markets and lack …”

Regime Theory S. 20-25

„… policy-making at its emerging market members. The differences between the domestic and the international …” „… instability make cooperation worthwhile not only for industrialised countries, but for emerging markets and …” „… . Implicit assumptions are certainly present, but they draw on the vast pool of economic and financial market …”

Implications for the Viability of an International Lender of Last Resort S. 201-202

„… , less than a handful of emerging economies would be able to access international liquidity assistance in …” „… access to international capital markets. These motivations provide strong enough incentives for the vast …” „… conditionality approach currently employed by the IMF. Experiences made in a number of emerging economies have …”

Current Funding Needs of the IMF S. 146-153

„… emerging market crises in the 1980s and 1990s although lending to non-participants had been possible since …” „… capital account crises, the amounts it lent often proved insufficient to restore confidence in the markets …” „… . In fact, the quotas of most emerging economies are substantially below their share in the world …”

Transition Period S. 328-330

„… market-based economies such as supervisory, monitoring and regulatory authorities, but also effective …” „… the financial markets, funds available for liquidity support should be above the minimum amount …” „… advanced IMF membership. By pursuing prudent financial and economic policies major emerging economies …”

A Global Central Bank S. 74-75

„… consisting of representatives of the G-7 and eight emerging market economies. Several reasons render the …” „… 74 transactions costs. Similarly, there is no evidence that asset markets with higher transactions …” „… best. Furthermore, financial markets constantly generate innovative products. It would be surprising if …”

Funding Issues S. 327-328

„… differ depending on a borrowing country’s market rate of interest. If under extraordinary circumstances …” „… facilities to intervene in the currency markets. Rule 2 ELA facilities are subject to a penalty interest …” „… charge of 200 basis points above the applicable market rate of interest. Rule 2 Maturity of loans …”

Pressure on Money, Stock and Call Loan Markets S. 121-123

„… international crisis, it followed the pattern observed in emerging market crises during the 1990s. An already …” „… the whole New York money market, support strategies were deliberated by various actors. Executives of …” „… decreased only to put focus on the call loan market of the New York stock exchange. A further loan of USD 25 …”

Lessons of 1907 S. 123-124

„… the pattern observed in emerging market crises during the 1990s. An already strained financial …” „… scheme. Without the scarcity of cash in New York money markets, the event itself might not have been …” „… situation where there would be ample liquidity in the money markets, it would have been arrested quickly …”

General Membership S. 315-317

„… to the public for countries seeking access to international capital markets. It identifies four …” „… markets both domestically and internationally. As of April 2005 over 60 IMF members have already …” „… borrowers. Although not all IMF members issue debt in international capital markets, each country should …”

Principles for Effective Monitoring and Supervisory Work S. 313-315

„… international funds to intervene in the currency markets for the sake of keeping exchange rates at specific …” „… the major emerging economies, the costs of gathering economic and financial information on smaller …” „… macroeconomic data and financial sector stability to international capital markets. To do so, the institution’s …”

Conclusion: Pre-qualification Is the Way Forward S. 228-229

„… . 59 See Matthieu Bussiére and Christian Mulder. 1999. External Vulnerability in Emerging Market …” „… other, ex-ante conditionality would enable financial market participants to reach more accurate …”

The Setting S. 117-120

„… of last resort is focussed on emerging market currency crises and the banking crisis of 1907 was …” „… speculator would not necessarily have led to severe a crisis as erupted in 1907. But New York money markets …” „… crisis in 1906, the American economy was in decline. Stock markets recorded losses and a tightening of …”

An International Credit Insurance S. 71-72

„… receive wider attention until the 1990s when emerging market crises let NGOs re-discover the idea12. The …” „… an increase in transaction costs would leave market participants with fewer incentives to engage in …”

Lending Rules Governing ELA Facilities S. 323-327

„… institution with unlimited funding. Experience from emerging market currency crises has shown that if funds …” „… funds lent under Stand-By Agreements are to be raised above the market rate of interest. Funds can be …” „… last resort. IMF funds may not be used by central banks to intervene in the currency markets for the …”

Fundamental Differences between International and Domestic Settings S. 109-111

„… lender of last resort. Experience contradicts Schwartz’ claim that markets are always willing to provide …” „… uncertainty financial markets can be unwilling to extend loans even to fundamentally solvent sovereign debtors …” „… emerging economies is in principle desirable, its creation is often assumed impossible in practice due to …”

Changes Inside the IMF S. 341-344

„… crisis manager would be improved while incentives for developing country governments and emerging market …” „… burden will remain sustainable, that the member will regain access to international capital markets …”

The Asian Financial Crisis S. 131-138

„… (2001): 97 138 5.3.3 The Asian Crisis’ Aftermath The 1990s emerging market crises did not end with the …” „… financial panic and collapsing stock markets. Fears of hyperinflation, further devaluation and potential …” „… evaded being shut out from international capital markets and eventually proved able to service its debt …”

Advantages of Pre-qualification S. 203-206

„… . Additional incentives come from financial markets since countries qualifying for international liquidity …” „… economic and financial policies. This is important as it is unlikely that emerging economies will continue …”

doi.org/10.5771/9783845201122

Dieter Birk, Matthias Bruse, Ingo Saenger - Forum Unternehmenskauf 2011

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Dieter Birk (ed.), Matthias Bruse (ed.), Ingo Saenger (ed.)

Forum Unternehmenskauf 2011

2011

Results in this title

Cyril Prengel Grenzpreisermittlung bei Unternehmenstransaktionen europäischer Investoren in Emerging Markets – Die Bestimmung der Kapitalkosten im Rahmen von DCF-Modellen S. 111-166

„… . Bedeutung von Unternehmenstransaktionen in Emerging Markets - Problemstellung und Aufbau der Arbeit …” „… ....................................................................... 113 I. Emerging Markets – Wachstumschance für europäische Unternehmen bei höherem Risiko …” „… ...................................................................... 115 B. Grenzpreisermittlung bei Unternehmenstransaktionen in Emerging Markets – Begriffe und …”

Titelei/Inhaltsverzeichnis S. 2-10

„… Unternehmenstransaktionen europäischer Investoren in Emerging Markets – Die Bestimmung der Kapitalkosten im Rahmen von …”

Heiko Schön 1+1 > 2: M&A-Erfolgsfaktoren eines ganzheitlichen wertorientierten Managements von Synergien S. 167-200

„… for a deal to win stock market approval, in: Merger & Acquisitions, 1999, S. 43; Sirower, The Synergy …” „… Qualitätssynergien. 66 Vgl. Niederdrenk/Sebastian/Tesch, Market Due …” „… Lagerhaltung und Transportkosten ausdrücken. (2.) Funktionsbereich Marketing & Vertrieb (Einsparpotentiale …”

doi.org/10.5771/9783845233796

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