Share
Fr. 52.50
J Booth, J. Booth, Jerome Booth, Booth Jerome
Emerging Markets in an Upside Down World - Challenging Perceptions in Asset Allocation and Investment
English · Hardback
Shipping usually within 3 to 5 weeks
Description
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.
List of contents
Foreword by Nigel Lawson xi
Acknowledgements xiii
Introduction 1
I.1 Upside down: perception vs reality 2
I.2 The structure of the book 4
1 Globalisation and the Current Global Economy 9
1.1 What is globalisation? 9
1.2 Economic history and globalisation 12
1.2.1 The desire to control and its impact on trade 13
1.2.2 The influence of money 15
1.2.3 Trade and commodification 16
1.2.4 Nationalism 17
1.3 Recent globalisation 18
1.3.1 Bretton Woods 19
1.3.2 Ideological shifts 21
1.3.3 Participating in globalisation: living with volatility 23
2 Defining Emerging Markets 25
2.1 The great global rebalancing 25
2.1.1 Financing sovereigns 26
2.1.2 Catching up 27
2.1.3 The poorest can also emerge: aid and debt 29
2.1.4 From debt to transparency and legitimacy 30
2.2 Investing in emerging markets 31
2.3 Emerging market debt in the 20th century 32
2.3.1 Types of external sovereign debt 33
2.3.2 FromMexican crisis to Brady bonds 36
2.3.3 Market discipline 39
2.3.4 Eastern Europe 40
2.3.5 Mexico in crisis again 41
2.3.6 The Asian and Russian crises 42
2.3.7 Emerging markets grow up 44
(a) The first change: country and contagion risks fall 44
(b) The second change: the investor base 46
2.3.8 Testing robustness: Argentina defaults 47
2.3.9 The end of the self-fulfilling prophecy 48
2.4 The growth of local currency debt 51
2.5 Why invest in emerging markets? 53
3 The 2008 Credit Crunch and Aftermath 55
3.1 Bank regulation failure 58
3.1.1 Sub-prime 60
3.2 The 2008 crisis 63
3.3 Depression risk 64
3.3.1 Reducing the debt 66
3.3.2 Deleveraging is not an emerging market problem 67
3.4 Global central bank imbalances 71
4 Limitations of Economics and Finance Theory 77
4.1 Theoretical thought and limitations 77
4.2 Economics, a vehicle for the ruling ideology 78
4.3 Macroeconomics 79
4.4 Microeconomic foundations of macroeconomics 81
4.4.1 Efficient market hypothesis 84
4.4.2 Modern portfolio theory 87
4.4.3 Investment under uncertainty 88
4.5 Bounded decisions and behavioural finance 90
5 What is Risk? 95
5.1 Specific and systematic risk 99
5.2 Looking backwards 103
5.3 Uncertainty 104
5.4 Risk and volatility 105
5.5 Risk in emerging markets 106
5.6 Rating agencies 108
5.7 Capacity, willingness, trust 109
5.7.1 Rich countries default by other means 110
5.7.2 Two sets of risk in emerging markets 111
5.8 Sovereign risk: a three-layer approach 114
5.9 Prejudice, risk and markets 116
5.9.1 When you have a hammer, everything looks like a nail 117
6 Core/Periphery Disease 119
6.1 The core/periphery paradigm 120
6.1.1 Core breach? 121
6.1.2 Another core/periphery concept: decoupling 124
6.1.3 And another: spreads 124
6.2 Beyond core/periphery 125
6.2.1 Towards a relative theory of risk 125
6.2.2 GDP weighting 126
7 The Structure of Investment 131
7.1 Misaligned incentives 132
7.2 Confused incentives 134
7.3 Evolutionary dynamics, institutional forms 135
7.3.1 History matters 137
7.4 Network theory 138
7.5 Game theory 139
About the author
About the author
DR JEROME BOOTH (London, England) is a well-known economist, emerging market expert, investor and entrepreneur. He is a sought after commentator on global economic events, was part of the MBO creating Ashmore Investment Management, which is now one of the world's leading investment managers dedicated to emerging markets and, until May 2013, served as its head of research. Through his private office, New Sparta, Jerome manages a number of his investments. He is the principal shareholder and Chairman of the UK phone company New Call Telecom. He is Chairman of the investigative news journalism company ExaroNews, and Chairman of Walpole Publishing which produces Moving On Magazine for school-leavers. He is also Chairman of New Sparta Films, which develops, finances and produces films, and also recently bought Icon Film Distribution UK. Jerome is also the principal shareholder of the Lloyds insurance broker, CBC UK Ltd. He is currently a visiting professor at Cass Business School, a governor of Anglia Ruskin University, chair of the Fitzwilliam Museum Development Trust, Deputy Chairman of the Britten Sinfonia and a council member of the Royal Philharmonic Society. All proceeds from the sale of this book are donated to the Ashmore Foundation, which supports charitable causes benefitting disadvantaged communities throughout the emerging markets. For more information on the work of the Ashmore Foundation and the charities it supports, please visit the website: www.ashmorefoundation.org
Summary
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.
Report
"Jerome Booth's book has a title that is perhaps as meaty as the subject matter it tackles." (Investment Europe, March 2014)
Product details
Authors | J Booth, J. Booth, Jerome Booth, Booth Jerome |
Publisher | Wiley, John and Sons Ltd |
Languages | English |
Product format | Hardback |
Released | 07.03.2014 |
EAN | 9781118879672 |
ISBN | 978-1-118-87967-2 |
No. of pages | 280 |
Series |
Wiley Finance The Wiley Finance Series Wiley Finance The Wiley Finance Series |
Subjects |
Social sciences, law, business
> Business
> Business administration
Finanzwesen, Allg. Finanz- u. Anlagewesen, Finance & Investments, Finanz- u. Anlagewesen |
Customer reviews
No reviews have been written for this item yet. Write the first review and be helpful to other users when they decide on a purchase.
Write a review
Thumbs up or thumbs down? Write your own review.