LEADER 05306oam 22012734 450 001 9910955022103321 005 20250426110927.0 010 $a9786613827753 010 $a9781462386123 010 $a1462386121 010 $a9781451986327 010 $a1451986327 010 $a9781283515306 010 $a128351530X 010 $a9781451993981 010 $a1451993986 035 $a(CKB)3360000000443703 035 $a(EBL)3014546 035 $a(SSID)ssj0000939889 035 $a(PQKBManifestationID)11523024 035 $a(PQKBTitleCode)TC0000939889 035 $a(PQKBWorkID)10946526 035 $a(PQKB)10484700 035 $a(OCoLC)694141253 035 $a(IMF)WPIEE2006205 035 $a(MiAaPQ)EBC3014546 035 $a(IMF)WPIEA2006205 035 $aWPIEA2006205 035 $a(EXLCZ)993360000000443703 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe External Financing of Emerging Market Countries : $eEvidence from Two Waves of Financial Globalization /$fAleksandar Zaklan, Paolo Mauro, Martín Minnoni, Andre Faria 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (50 p.) 225 1 $aIMF Working Papers 300 $a"September 2006." 311 08$a9781451864656 311 08$a1451864655 320 $aIncludes bibliographical references. 327 $a""Contents""; ""I. MOTIVATION""; ""II. METHODOLOGY, EMPIRICAL ANALYSIS, AND RESULTS""; ""III. INTERPRETATION AND CONCLUSIONS""; ""APPENDIX: DATA DESCRIPTION""; ""REFERENCES"" 330 3 $aWe trace the history of where and why investors from the most advanced countries directed funds, ultimately helping finance economic development in emerging market countries. To do this, we analyze the determinants of international investors' willingness to hold the external liabilities issued by emerging market countries, through cross-country regressions for both prices (bond spreads) and quantities (bond market capitalization or stocks of external liabilities) estimated at various points during two waves of financial globalization (1870-1913 and the present time). The data are drawn from primary sources for the historical period, and the much-expanded, new vintage of the Lane and Milesi-Ferretti (2006) data set for the modern period. The results suggest that, throughout the past one and a half centuries, a combination of human capital (including informal human capital) and institutional quality has been a key determinant of emerging market countries' ability to attract international investors. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/205 606 $aInvestments, Foreign$zDeveloping countries 606 $aCapital movements$zDeveloping countries 606 $aBanks and Banking$2imf 606 $aBond yields$2imf 606 $aBonds$2imf 606 $aDemographic Economics: General$2imf 606 $aDemography$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Instruments$2imf 606 $aFinancial services industry$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInstitutional Investors$2imf 606 $aInterest rates$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Bonds$2imf 606 $aInvestments: Stocks$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aPension Funds$2imf 606 $aPopulation & demography$2imf 606 $aPopulation and demographics$2imf 606 $aPopulation$2imf 606 $aStocks$2imf 606 $aYield curve$2imf 607 $aUnited Kingdom$2imf 615 0$aInvestments, Foreign 615 0$aCapital movements 615 7$aBanks and Banking 615 7$aBond yields 615 7$aBonds 615 7$aDemographic Economics: General 615 7$aDemography 615 7$aEmerging and frontier financial markets 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Instruments 615 7$aFinancial services industry 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInstitutional Investors 615 7$aInterest rates 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInvestment & securities 615 7$aInvestments: Bonds 615 7$aInvestments: Stocks 615 7$aNon-bank Financial Institutions 615 7$aPension Funds 615 7$aPopulation & demography 615 7$aPopulation and demographics 615 7$aPopulation 615 7$aStocks 615 7$aYield curve 700 $aZaklan$b Aleksandar$01816211 701 $aFaria$b Andre$0857606 701 $aMauro$b Paolo$01630692 701 $aMinnoni$b Martín$01816212 801 0$bDcWaIMF 906 $aBOOK 912 $a9910955022103321 996 $aThe External Financing of Emerging Market Countries$94372008 997 $aUNINA