05087oam 22011774 450 991078840500332120230828235736.01-4623-8612-11-4519-8632-71-283-51530-X1-4519-9398-69786613827753(CKB)3360000000443703(EBL)3014546(SSID)ssj0000939889(PQKBManifestationID)11523024(PQKBTitleCode)TC0000939889(PQKBWorkID)10946526(PQKB)10484700(OCoLC)694141253(MiAaPQ)EBC3014546(IMF)WPIEE2006205(EXLCZ)99336000000044370320020129d2006 uf 0engurcn|||||||||txtccrThe External Financing of Emerging Market Countries : Evidence from Two Waves of Financial Globalization /Aleksandar Zaklan, Paolo Mauro, Martín Minnoni, Andre FariaWashington, D.C. :International Monetary Fund,2006.1 online resource (50 p.)IMF Working Papers"September 2006."1-4518-6465-5 Includes bibliographical references.""Contents""; ""I. MOTIVATION""; ""II. METHODOLOGY, EMPIRICAL ANALYSIS, AND RESULTS""; ""III. INTERPRETATION AND CONCLUSIONS""; ""APPENDIX: DATA DESCRIPTION""; ""REFERENCES""We trace the history of where and why investors from the most advanced countries directed funds, ultimately helping finance economic development in emerging market countries. To do this, we analyze the determinants of international investors' willingness to hold the external liabilities issued by emerging market countries, through cross-country regressions for both prices (bond spreads) and quantities (bond market capitalization or stocks of external liabilities) estimated at various points during two waves of financial globalization (1870-1913 and the present time). The data are drawn from primary sources for the historical period, and the much-expanded, new vintage of the Lane and Milesi-Ferretti (2006) data set for the modern period. The results suggest that, throughout the past one and a half centuries, a combination of human capital (including informal human capital) and institutional quality has been a key determinant of emerging market countries' ability to attract international investors.IMF Working Papers; Working Paper ;No. 2006/205Investments, ForeignDeveloping countriesCapital movementsDeveloping countriesBanks and BankingimfFinance: GeneralimfInvestments: BondsimfInvestments: StocksimfDemographyimfGeneral Financial Markets: General (includes Measurement and Data)imfDemographic Economics: GeneralimfInterest Rates: Determination, Term Structure, and EffectsimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfInvestment & securitiesimfFinanceimfPopulation & demographyimfPopulation and demographicsimfBond yieldsimfYield curveimfEmerging and frontier financial marketsimfStocksimfPopulationimfBondsimfInterest ratesimfFinancial services industryimfUnited KingdomimfInvestments, ForeignCapital movementsBanks and BankingFinance: GeneralInvestments: BondsInvestments: StocksDemographyGeneral Financial Markets: General (includes Measurement and Data)Demographic Economics: GeneralInterest Rates: Determination, Term Structure, and EffectsPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsInvestment & securitiesFinancePopulation & demographyPopulation and demographicsBond yieldsYield curveEmerging and frontier financial marketsStocksPopulationBondsInterest ratesFinancial services industryZaklan Aleksandar1574021Mauro Paolo1462078Minnoni Martín1574022Faria Andre857606DcWaIMFBOOK9910788405003321The External Financing of Emerging Market Countries3850021UNINA