e-book The Volatility Machine: Emerging Economics and the Threat of Financial Collapse

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University of Berkshire Hathaway: Will there ever be another investing book like this?

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A valuable resource for explaining and understanding safety in organizations. Review "A welcome departure from the sterile academic debate on the subject of financial crises. Oxford University Press; 1 edition May 17, Language: Related Video Shorts 0 Upload your video. Deep Learning By Example: A hands-on guide to implementing advanced machine learnin Share your thoughts with other customers.

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  • 'The Volatility Machine: Emerging Economies and Financial Structure,' by Michael Pettis.

Write a customer review. Read reviews that mention pettis markets liquidity finance crises crisis developed michael capital background countries global risk understanding debt flows china structure sovereign mexico. There was a problem filtering reviews right now. Please try again later. Kindle Edition Verified Purchase. This is a surprisingly original and lucid explanation of the engine of financial crisis.

Pettis brings his deep understanding of bond markets to bear on crises from Mexico to East Asia and illuminates how countries' careless management of their national accounts creates risks that are in end end more important than the policy reforms that we typically associate with investment booms--and the policy failures we blame for busts.

Corporate finance and development economics are two disciplines that rarely meet. This book shows that they should. The second half may be hard going for casual readers without a background in corporate finance. This is one of the very best books on macroeconomic finance and the relationship between liquidity and volatility. I am absolutely using this book for my thesis and was inspired enough to contact the author to try to learn more about his work.

The volatility machine goes into great detail about financial crisis of multiple periods.

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Unlike other authors who skate through the details, only looking at a few of their favorite crises, Petis incorporates work as far back as financial data has existed. As a result, his conclusions are more fleshed out than many of the more recent books that have been written on the topic. He also - unlike so many other economic writers - has solid financial experience; a big plus for practitioners. His ideas of volatility and it's relationship to liquidity and financial crisis are really unique in a nuanced way.

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They are practical and theoretical all at once. This should be read by anyone who is interested in financial crisis or happens to work in any area of financial products that are impacted by liquidity basically every financial product. If I could give it 6 stars if I would. For insight into sovereign debt and how money is created out of nothing. And what this means for a civil society read this book. Pettis also has a blog you can check out.

The Volatility Machine: Emerging Economics and the Threat of Financial Collapse by Michael Pettis

His analysis is completely informed by his expereince and world travels. He currently resides in China and gives insightful perspective on how the global finacial systems run and why there can be systemic risk. Pettis postulates in this book that every emerging market debt crisis in modern history is the result of liquidity withdrawal in developed countries. Very relevant in as the US begins to reconsider its fiscal policy of regular liquidity injections. With Argentina's economy already on the ropes and slowdowns in Mexico and Brazil happening, will Latin America see another wave of defaults that ripple through the global economy?

How will it all go down? The historical examples in this book offer a roadmap to possible near-future events. One person found this helpful. I think "the great rebalancing" was better, just becuase it was written in a more clear style. But well worth the read for insightful and sensible aproach to assessing sovereign risk, some real gems in here for investors. Michael Pettis highlights the importance of the liability side of a sovereigns balance sheet and not just asset side which is important.

Crisis invariably occurs as easy liquidity stops in developed countries and money flows out of emerging markets. The ones which create natural hedges and think long term fare better in times of stress.

  • The Volatility Machine: Emerging Economics and the Threat of Their Financial Collapse.
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  • The Volatility Machine - Michael Pettis - Oxford University Press.

Pettis' China Site has been suspended. He lives in China and his comments are not always flattering. And yes, his book is well worth reading. So is his blog. Why are links disabled? The most helpful study for understanding why emerging markets are so cyclical and why they usually broke apart in groups, the author relates emerging markets cycles with global liquidity flows in the developed world.

See all 15 reviews. Most recent customer reviews. Published on October 29, Published on January 23, Published on November 3, Published on March 22, Published on February 28, Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. Learn more about Amazon Giveaway.

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Emerging Economics and the Threat of Financial Collapse. The latter structures increase volatility since in the upturn debt is lighter while in the downturn debt weighs heavier. Emerging economies have often used these structures, so says Pettis, and this has increased volatility and risk. Often this ended in financial crisis as the debt structures became impossible to support. Pettis has written the book apparently as an afterthought on the Asian financial crisis of He also reviews some historical episodes of global financial flows in part II of the book, developing the argument that it is the increase in liquidity in financial centers that ultimately drives capital into the emerging markets, and not uncovered interest rate parity.

Therefore, emerging economies which are small compared to developed economies should always be prepared that the liquidity contracts as soon as it appeared. In order to be prepared, the capital structure is important.

The volatility machine : emerging economies and the threat of financial collapse

Part III discusses the corporate finance of crises with a view to sovereigns. Exchange rate regimes and debt restructurings become relevant from the balance sheet perspective and these should be managed by the authorities - if the debt is sovereign - and at least examined and taken into account if the debt is private. The recent financial crises were not a consequence of the malfunctioning of the international system. They had to do with poor liability management at the local level.