EMTA : EM Background : Books and Articles EM Background
Books and Articles

Books

Banks, Erik. The Emerging Fixed-Income Markets in Asia. Chicago: Probus Publishing, 1994.

Blustein, Paul. And the Money Kept Rolling In (And Out): Wall Street, the IMF and the Bankrupting of Argentina. New York: PublicAffairs, 2005.

Buckley, Ross P. Emerging Markets Debt, An Analysis of the Secondary Market. The Hague: Kluwer Law International, 1999.

Cardoso, Eliana and Ann Helwege. Latin America’s Economy: Diversity, Trends and Conflicts. New York: MIT Press, 1995.

Delamaide, Darrell. Debt Shock. Garden City, NY: Doubleday & Company, 1984.

Edwards, Sebastian. Crisis and Reform in Latin America: From Despair to Hope. New York: Oxford University Press, 1995.

Howell, Michael. Investing in Emerging Markets. London: Euromoney Publications, 1994.

International Finance Corporation. Emerging Stock Markets Factbook 1999. Washington, DC: International Finance Corporation, 1999.

International Monetary Fund. International Capital Markets: Developments, Prospects and Key Policy Issues. Washington, DC: International Monetary Fund, 1999.

Krugman, Paul. The Return of Depression Economics. New York: W.W. Norton & Co., 1998.

Landes, David S. The Wealth and Poverty of Nations. New York: W.W. Norton & Co., 1998.

Madrid, Raul L. Over-Exposed. Washington, D.C.: Investor Responsibility Research Center, 1990.

Makin, John H. The Global Debt Crisis. New York: Basic Books, Inc., 1984.

Malkiel, Burton and J.P. Mei. Global Bargain Hunting. New York: Simon & Schuster, 1998.

Marber, Peter. From Third World to World Class: The Future of Emerging Markets in the Global Economy. Reading, MA: Perseus Books, 1998.

Marichal, Carlos. A Century of Debt Crises in Latin America. Princeton, NJ: Princeton University Press, 1989.

Mobius, Mark. The Investor's Guide to Emerging Markets. London: Pitman Publishing, 1994.

Molano, Walter. In the Land of Silver: 200 Years of Argentine Political-Economic Development. 2013.

Park, Keith K. H. and Antoine W. Van Agtmael. The World's Emerging Stock Markets. Chicago: Probus Publishing, 1993.

Potok, Richard. Cross-Border Collateral: Legal Risk and the Conflict of Laws. London: Butterworths, 2002.

Price, Margaret M. Emerging Stock Markets. New York: McGraw-Hill, Inc., 1994.

Ray, Christina I. The Bond Market. Homewood, IL: Business One Irwin, 1993.

Reisner, Ralph, Emilio J. Cardenas and Antonio Mendes, eds. Latin American Sovereign Debt Management. Washington, D.C.: Inter-American Development Bank, 1990.

Rendell, Robert S., ed. International Financial Law. London: Euromoney Publications, 1980.

Rieffel, Lex. Restructuring Sovereign Debt: The Case for Ad Hoc Machinery. Washington, DC: The Brookings Institution, 2003.

Riehl, Heinz and Rita Rodriguez. Foreign Exchange & Money Markets. New York: McGraw-Hill Book Company, 1977.

Santiso, Javier. The Political Economy of Emerging Markets: Actors Institutions and Financial Crises in Latin America. New York: Palgrave Macmillan, 2003.

Schmukler, Sergio. http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/0,,contentMDK:23402021~pagePK:64165401~piPK:64165026~theSitePK:469372,00.html

Soros, George. The Alchemy of Finance. New York: John Wiley & Sons, Inc, 1994.

Weiss, David M. After the Trade is Made. New York: New York Institute of Finance, 1993.

Articles

Aninat, Eduardo and Goodman, Lawrence. "A Path to Positive Debt Workouts." Center for Financial Stability. January 27, 2014.

Bere, Carol. "Trading Up." Global Custodian. February 1998: pp. 122-127.

Bosco, David. "The Debt Frenzy." Foreign Policy. July/August 2007: pp. 36-42.

Buchheit, Lee C. "What to Do about Pari Passu." Cleary Gottlieb Steen & Hamilton LLP. August 12, 2013. 

---. "Use of Creditor Committees in Sovereign Debt Workouts." Business Law International. Vol. 10, No. 3 September 2009: pp. 205-217.

---. "The Absence of Sufficient Temptation." Latin Finance. May 2008.

---. "How Ecuador escaped the Brady bond trap." International Financial Law Review. December 2000.

---. "Breaking the Sovereign Borrowing Cycle." International Financial Law Review. February 1996.

---. "The Pari Passu Clause Sub Specie Aeternitatis." International Financial Law Review. December 1991.

---. "Moral Hazards and other delights." International Financial Law Review. April 1991.

---. "Sovereign Debtors and Their Bondholders." Unitary Training Programmes on Foreign Economic Relations. Doc. No. 1, 2000.

---. "Alternative Techniques in Sovereign Debt Restructuring." University of Illinois Law Review. Vol. 2 1988: pp. 371-399.

---. "The Capitalization of Sovereign Debt: An Introduction." University of Illinois Law Review. Vol. 2 1988: pp. 401-414.

Buchheit, Lee C. and Gulati, G. Mitu. "Walking Back from Cyprus." Draft - March 18, 2013.

---. "The Eurozone Debt Crisis - the Options Now." October 8, 2012.

---. "Greek Debt-The Endgame Scenarios." April 18, 2011.  

---. "Drafting a Model Collective Action Clause for Eurozone Sovereign Bonds." April 8, 2011.

---. "How to Restructure Greek Debt." Duke University School of Law. May 7, 2010.

---. "The Coroner’s Inquest.” Business Law International. September 2009.

---. "Odious Debts and Nation-Building: When the Incubus Departs." University of Maine School of Law, Maine Law Review. 2008.

---. "Exit Consents in Sovereign Bond Exchanges."  University of California Los Angeles Law Review.  Vol. 48 October 2000: pp.59-84.

Buchheit, Lee C. and Karpinski, Elizabeth. "Belize's Innovations." Butterworths Journal of International Banking and Financial Law.  May 2007: pp. 278-280.

---.  "Grenada's Innovations." Journal of International Banking and Regulation. Issue 4 2006: pp. 227-231.

"Buchheit, Lee C., Gulati, G. Mitu and Tirado, Ignacio. "The Problem of Holdout Creditors in Eurozone Sovereign Debt Restructurings." Cleary Gottlieb Steen & Hamilton/UCLA Law School/Universidad Autónoma de Madrid. January 22, 2013.

Buchheit, Lee C., Gulati, G. Mitu and Thompson, Robert B.  "The Dilemma of Odious Debts." Duke Law Journal.  March 2007.

Buchheit, Lee C. and Pam, Jeremiah S. "The Pari Passu Clause in Sovereign Debt Instruments." Emory Law Journal. Vol. 53 Special Edition 2004: pp. 869-922.

---. "Uruguay's Innovations." Journal of International Banking Law and Regulation. Vol. 19 2004: pp 28-31.

Buckley, Ross P. "A Force for Globalisation: Emerging Markets Debt Trading from 1994 to 1999." University of New South Wales, Faculty of Law Research Series. 2007: Paper 17.

---. "The Role and Potential of Self-Regulatory Organizations: the Emerging Markets Traders Association from 1990 to 2000."  Stanford Journal of Law, Business and Finance, Volume 6:1 2000: pp. 135-151.

---. "The Transformative Potential of a Secondary Market: Emerging Markets Debt Trading From 1983 to 1989." Fordham International Law Journal. Vol. 4 1998: pp. 1152-1238.

---. "Debt Exchanges Revisited: Lessons From Latin America for Eastern Europe." Northwestern Journal of International Law & Business. Vol. 3 1998: pp. 655-684.

---. "Reschedulings as the Groundwork for Secondary Markets in Sovereign Debt."  Denver Journal of International Law and Policy. Winter 1998: pp. 299-309.

---. "The Regulation of the Emerging Markets Loan Market."  Law and Policy in International Business. Fall 1998: pp. 47-110.

---. "The Facilitation of the Brady Plan: Emerging Markets Debt Trading from 1989 to 1993." Fordham International Law Journal. June 1998: pp. 1802-1889.

Center for Financial Stability. "Rule of Law Index (RLI)." November 15, 2011.

Chamberlin, Michael M. "The Pari Passu Clause -- What is Fair Treatment?" April 2004.

---.  "At the Frontier of Exit Consents." November 9, 2001.

---. "Today's Emerging Markets: Building an Asset Class with More Meaningful Investor Rights."  February 15, 2001.

---. "The Brady Plan - A Decade of Progress." EMTA Bulletin. 1st Quarter 2000.

---. "The Brady Plan - The First 10 Years and Beyond." Latin Finance. February 2000: pp. 60-61.

---. "Emerging Markets Clearing Corporation Launched by EMTA and NSCC." International Financial Law Review. Vol. 1999: pp. 11-14.

---. "EMCC Transforms Clearing for Brady Bonds." International Financial Law Review. June 1999: pp. 11-14.

---. "EMTA Offers Electronic Matching for Brady Bonds and Loans." International Financial Law Review. June 1996: pp. 48-50.

---. "The Emerging Markets and the Marketplace." Journal of Emerging Markets. Vol. 1 1996: pp. 4-6.

---. "EMTA Offers Multilateral Netting Facility." International Financial Law Review. May 1996: pp. 41-42.

---. "Worst May Be Over for Emerging Markets." American Banker. May 1995: pp. 5-6.

---. "Sovereign Debt Exchanges." University of Illinois Law Review. Vol. 2 1988: pp. 415-480.

Chamberlin, Michael M. and Aviva Werner. "EMTA's Standard Terms Speed Up Loan Settlements." International Financial Law Review. April 1996: pp. 48-50.

Chamberlin, Michael M. and Robert Saunders. "EMTA's Master Agreement for Emerging Markets Debt Options."  International Financial Law Review. October 1994: pp. 31-32.

Chamberlin, Michael M. and Thomas Winslade. "Regulating the LDC Debt Markets." International Financial Law Review. August 1992: pp. 16-17.

Clark, John. "The Structure, Growth and Recent Performance of the Latin American Bond Market." FRBNY Research Paper. #9416 October 1994.

---. "Debt Reduction and Market Reentry Under the Brady Plan."  FRBNY Quarterly Review. Winter 1993-94: pp. 38-62.

Cruces, Juan J. and Trebesch, Christoph. "Sovereign Defaults: The Price of Haircuts." CESifo Working Paper No. 3604. Category 7: Monetary Policy and international Finance. October 2011.  For Summary, please Click Here

Cymrot, Mark A. "Barricades at the IMF: Creating a Municipal Bankruptcy Model for Foreign States."  International Lawyer. Winter 2002.

D'Ambrosio, Mary. "10 Years of the Brady Markets." Emerging Markets Investor. November 1999: pp. 13-16.

DeSieno, Timothy B. and Dobson, Katherine. "Necessity Trumps Law: Lessons from Emerging Markets for Stressed Developed Markets?" INSOL International. January 2013. 

DeSieno, Timothy B. and Carey, Robert T. "Changing Terms of Bond Indentures. Are Issuers Overreaching in Consent Solicitations?" New York Law Journal. November 21, 2005.

Debevoise, Whitney and Orta, David. "The Class Action Threat to Sovereign Workouts." International Financial Law Review. July 2003: pp. 41-44.

Dornbusch, Rudi. “Emerging Markets Crises: Origins and Remedies.” July 1999.

---. "What Future for International Financial Institutions.” May 1999.

---. "Capital Controls: An Idea Whose Time Has Gone.” March 1998.

Eichengreen, Barry. “When To Dollarize.” March 2000.
(paper presented at the Federal Reserve Bank of Dallas’ Conference on Dollarization)

---. "Does Mercosur Need a Single Currency?" October 1998
(paper prepared for the IPEA conference ALCA and Mercosul: The Brazilian Economy and the Processes of Subregional and Hemispheric Integration, Brasilia)

Eichengreen, Barry and Christof Ruhl. “The Bail-In Problem: Systematic Goals, Ad Hoc Means.” February 2000.

EMTA Policy Paper. "Burden-Sharing in 2001: Now is the Time to Reform the Paris Club."  February 13, 2001.

EMTA Publication. "Is Burden-Sharing Being Pushed Too Far?" September 1999.

EMTA Publication. "What is Appropriate G-7 and Official Sector Policy toward Rescheduling Eurobonds?" April 1999.

Emerging Markets Committee of the International Organization of Securities Commissions in Collaboration with the World Bank Group. "Development of Corporate Bond Markets in the Emerging Markets - Final Report." November 2011.

Fischer, Stanley. “Learning the Lessons of Financial Crises: The Roles of the Public and Private Sectors.” December 1999. (speech delivered at EMTA’s 1999 Annual Meeting)

Gallup, John Luke, and Jeffrey Sachs, with Andrew D. Mellinger. “Geography and Economic Development.” March 1999. 
(paper presented at the Annual World Bank Conference on Development Economics)

Gelpern, Anna. "Central Bank Drift: Eupdate Extra." May 9, 2011. 

---. "Ways of Treading Water II: Eupdate Greece."  May 6, 2011. 

---. "Ways of Treading Water I: Eupdate Portugal." May 6, 2011.  

---. Contribution to "Expert Roundup: Eurozone Problem for the United States." Council on Foreign Relations. May 14, 2010.

---. "How I Stopped Holding My Breath for a Greek Restructuring and Learned to Love Illiquency Support." Roubini Global Economics Blog. May 10, 2010.

Gulati, G. Mitu and Klee, Kenneth N. "Sovereign Piracy."  The Business Lawyer.  Vol. 56 February 2001:  pp. 635-651.

Hausmann, Ricardo. “Should There Be Five Currencies or One Hundred and Five.” Foreign Policy. Fall 1999.

Institute of International Finance. “Strengthening Relations between Emerging Market Authorities and Private Investors/Creditors: A Country-Focused Approach to Crisis Avoidance.” April 1999.

---. "Involving the Private Sector in the Resolution of Financial Crises in Emerging Markets.” April 1999.

Johnson, Adam. "Interim Injunctions and International Jurisdiction." C.J.Q. Vol. 27, Issue 4 2008: pp. 433-444.

Kopf, Christian and Xafa, Miranda. "A Proper Yield Curve for Greece to Kick-Start Financial Intermediation." The Centre for European Policy Studies. December 10, 2013.

Krugman, Paul. “Monomoney Mania: Why Fewer Currencies Aren’t Necessarily Better.” Slate On-line. April 15, 1999.

---. "The Confidence Game: How Washington Worsened Asia’s Crash.” New Republic On-line. October 5, 1998.

---. "Dutch Tulips and Emerging Markets." Foreign Affairs. November/December 1995.

---. "The Myth of Asia’s Miracle.” Foreign Affairs. November/December 1994.

Lerrick, Adam. "Ecuador’s Poor Will Restructure Emerging Market Debt." Financial Times. February 13, 2007.

---. "The IMF's Immunity to Loss is in Jeopardy." Financial Times. January 11, 2005.

Loser, M. Claudio. "Mexico: Can it Have a Prosperous Future Without Effective Rule of Law?" Centennial Group Latin America. December 7, 2011.

---"Mexico 2011: How a Landmark Bankruptcy Case Reinforces the Middle-Income Trap." El Financiero. November 18, 2011.

---"Mexico 2011: Un Caso Emblematico de Quiebra Agudiza la Trampa de Ingresos Medios." El Financiero. November 18, 2011. (Spanish Version)

---"An New Vision for Mexico 2042: Achieving Prosperity for All." Emerging Markets Forum. September, 2011.

---"Mexico: How Far Have its Institutions Really Come?" Inter-American Dialogue's. April 6, 2011.

---"How Much Danger Does Mexico Face in This Turbulent Time? Inter-American Dialogue's. June 1, 2009.

Muehring, Kevin. "Emerging-Markets Debt Comes of Age." Institutional Investor. April 1994: pp. 63-68.

Naim, Moses. “Washington Consensus or Washington Confusion.” Foreign Policy. Spring 2000.

Porzecanski, Arturo C. "Borrowing and Debt: How Do Sovereigns Get into Trouble?" Oxford University Press. December 18, 2013.

---. "Behind the 2012 Greek Default and Restructuring." American University. May 2013.

---. "Mexico's Retrogression: Implications of a Bankruptcy Reorganization Gone Wrong." Center for Strategic & International Studies, Hemisphere Focus. November 14, 2011.

---. "From Rogue Creditors to Rogue Debtors: Implications of Argentina's Default." Chicago Journal of International Law. Volume 6, No. 1, Summer 2005: pp. 311-332.

---. "The Constructive Role of Private Creditors. Reprinted from "Dealing Justly with Debt." Ethics and International Affairs. Volume 17, No. 2, with the kind permission of the Carnegie Council on Ethics and International Affairs.

---. "A Critique of Sovereign Bankruptcy Initiatives." Business Economics. January 2003.

---. “Killing the Golden Goose.” Emerging Markets Investor. November 1999.

Rauch, Robert L. "Mexico's Concurso Mercantil from an International Bondholder's Perspective." Gramercy Advisors LLC. December 7, 2011.

Sachs, Jeffrey. “Do We Need An International Lender of Last Resort?” 1995.
(Frank D. Graham Lecture at Princeton)

Rediker, Douglas A. and Ubide, Angel. "The IMF Is Courting New Risks with a Change in Policy on Debt Restructuring." Peterson Institute for International Economics. January 28, 2014.

Schumacher, Julian, Trebesch, Christoph and Enderlein, Henrik. "Sovereign Defaults in Court." December 31, 2013.

Schmukler, Sergio. http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/0,,contentMDK:23402021~pagePK:64165401~piPK:64165026~theSitePK:469372,00.html

Scott, S. Hal. "Sovereign Debt Default: Cry for the United States, not Argentina." Washington Legal Foundation. Working Paper Series No. 140, September 2006.

Stiglitz, Joseph. “The Insider: What I Learned at the World Economic Crisis.” New Republic On-line. April 17, 2000.

Stiglitz, Joseph & Lyn Squire. “International Development: Is It Possible?” Foreign Policy. Spring 1998: pp. 138-152. 

Westlake, Melvyn. "Guardian of Faith." Emerging Markets Investor. October 1994.  

Wilson, Neil. "State of Emergence." Futures & Options World. September 1994: pp.56-59.

Wood, Philip R. "Pari Passu Clauses - What Do They Mean?" Butterworths Journal of International Banking and Financial Law. November 2003.