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The Volatility Machine


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Table of Contents

Introduction Part I. The Structure of Financial Crises 1: Capital Structure and Policy Collapse: The Financial Crisis of the Late 1990s 2: Market Structure Issues Part II. Global Liquidity and Capital Flows 3: Why Does Ric-Country Capital Flow to Poor Countries? 4: 180 Years of Liquidity Expansion and International Lending 5: The Contraction of International Lending Part III. The Corporate Finance of Crises 6: The Theory of Capital Structure and Financial Risk 7: The Capital Structure Trap 8: Toward a Theory of Sovereign Capital Structure Management 9: Debt Restructurings within a Corporate Finance Framework Part IV. Conclusion 10: Conclusion: The New Financial Architecture Appendix: The Option Characteristics of Sovereign Debt Bibliography Index

About the Author

Michael Pettis is a Managing Director at Bear Stearns, a New York investment bank and an adjunct professor at Columbia University where he teaches courses in international finance. He has been involved in emerging markets, both as an investment banker and as a sovereign adviser, since 1987. In addition, he has written extensively on the subject, on specialized financial topics, and on policy.


A source of new and enlightening perspectives for a wide range of the subjects of financial analysis and policy making for emerging financial markets. The Financial Regulator A cogent and compelling essay on the dynamics of emerging market crises ... Pettis's book offers invaluable insights into the dynamics of emerging market crises and provides important lessons for emerging market policy makers, investors, rating agencies, international institutions and anyone interested in emerging market finance. Moreover he has succeeded in delivering a punchy and highly readable volume The Business Economist The Volatility Machine provides a welcome departure from the sterile academic debate on the subject of financial crisis. Economists may quibble ... but would be wise not to ignore [Pettis's] insights into how they can exacerbate external risks. Institutional Investor

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