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Emerging Markets (emerging + market)
Kinds of Emerging Markets Terms modified by Emerging Markets Selected AbstractsTHE ECONOMICS OF THE UNCOVERED INTEREST PARITY CONDITION FOR EMERGING MARKETSJOURNAL OF ECONOMIC SURVEYS, Issue 1 2009C. Emre Alper Abstract Financial account liberalizations since the second half of the 1980s paved the way for the burgeoning literature that investigates foreign exchange market efficiency in emerging markets (EMs) via testing for the uncovered interest parity (UIP) condition. This paper is the first to provide a broad and critical survey on this recent literature. Specifically, we attempt to answer the following questions. First, are the EMs different from the developed economies in the context of the UIP condition? Second, to what extent can these differences contribute to the debate on the UIP literature? Third, what are the empirical challenges specific to the EMs in testing for the UIP condition? [source] CURRENCY CRISES IN EMERGING MARKETS: THE CASE OF POST-LIBERALIZATION TURKEYTHE DEVELOPING ECONOMIES, Issue 4 2008Mete FERIDUN F31; F37 This article investigates the determinants of currency crises in Turkey. It analyzes the two major currency crises of 1994 and 2000,2001 in the light of the existing theoretical models. The present study uses logit, probit, and limited dependent models to explain the currency crises in the post,capital account liberalization era. The results obtained from the three approaches are generally consistent and the coefficients obtained for the explanatory variables generally have the same sign. The findings suggest that the currency crises in Turkey are associated with global liquidity conditions, fiscal imbalances, capital outflows, and banking sector weaknesses. [source] Special Issue on ,Building Competitive Advantages in China's Emerging Market'MANAGEMENT AND ORGANIZATION REVIEW, Issue 2 2005Article first published online: 6 JUL 200 [source] Earnings Management and Corporate Governance in Asia's Emerging MarketsCORPORATE GOVERNANCE, Issue 5 2007Chung-Hua Shen This paper studies the impacts of corporate governance on earnings management. We use firm-level governance data, taken from Credit Lyonnais Security Asia (CLSA), of nine Asian countries, in addition to the country-level governance data used in past studies. Our conclusion is as follows. First, firms with good corporate governance tend to conduct less earnings management. Second, there is a size effect for earnings smoothing, that is, large size firms are prone to conduct earnings smoothing, but good corporate governance can mitigate the effect on average. Third, there is a turning point for leverage effect, i.e. when the governance index is large, leverage effect exists, otherwise reverse leverage effect exists. It shows that a highly leveraged firm with poor governance is prone to be scrutinised closely and thus finds it harder to fool the market by manipulating earnings. Fourth, firms with higher growth (lower earnings yield) are prone to engage in earnings smoothing and earnings aggressiveness, but good corporate governance can mitigate the effect. Finally, firms in stronger anti-director rights countries tend to exhibit stronger earnings smoothing. This counter-intuitive result is different from Leuz et al. (2003). [source] AFRICAN DEVELOPMENT BANK: West African Emerging MarketsAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 9 2009Article first published online: 2 NOV 200 No abstract is available for this article. [source] Emerging Markets as Learning Laboratories: Learning Behaviors of Local Firms and Foreign Entrants in Different Institutional ContextsMANAGEMENT AND ORGANIZATION REVIEW, Issue 3 2005Michael A. Hitt abstract In this work, we examine and integrate the research streams on learning behaviours of both local firms and foreign entrants in emerging markets. We propose that local firms and foreign entrants differ in the types of learning pursued and in the learning processes used. While emerging market firms engage in a significant amount of exploratory learning, they also attempt to exploit the newly gained knowledge in their current markets. Furthermore, foreign entrants engage in exploitative learning as expected but also must participate in exploratory learning to acquire knowledge of culture, institutional norms, and important social relationships. While much of the learning occurs through cooperative processes with both partners, they also each engage in experiential learning. We argue that emerging markets also differ; firms in the more mature emerging markets seek different types of learning and the learning processes used vary compared to those in less mature emerging markets. Our research suggests that emerging markets represent learning laboratories and provide a base to catalyse future research. [source] The international monetary system in the last and next 20 yearsECONOMIC POLICY, Issue 47 2006Barry Eichengreen SUMMARY The evolution of exchange rate regimes The last two decades have seen far-reaching changes in the structure of the international monetary system. Europe moved from the European Monetary System to the euro. China adopted a dollar peg and then moved to a basket, band and crawl in 2005. Emerging markets passed through a series of crises, leading some to adopt regimes of greater exchange rate flexibility and others to rethink the pace of capital account liberalization. Interpreting these developments is no easy task: some observers conclude that recent trends are confirmation of the ,bipolar view' that intermediate exchange rate arrangements are disappearing, while members of the ,fear of floating school' conclude precisely the opposite. We show that the two views can be reconciled if one distinguishes countries by their stage of economic and financial development. Among the advanced countries, intermediate regimes have essentially disappeared; this supports the bipolar view for the group of countries for which it was first developed. Within this subgroup, the dominant movement has been toward hard pegs, reflecting monetary unification in Europe. While emerging markets have also seen a decline in the prevalence of intermediate arrangements, these regimes still account for more than a third of the relevant subsample. Here the majority of the evacuees have moved to floats rather than fixes, reflecting the absence of EMU-like arrangements in other parts of the world. Among developing countries, the prevalence of intermediate regimes has again declined, but less dramatically. Where these regimes accounted for two-thirds of the developing country subsample in 1990, they account for a bit more than half of that subsample today. As with emerging markets, the majority of those abandoning the middle have moved to floats rather than hard pegs. The gradual nature of these trends does not suggest that intermediate regimes will disappear outside the advanced countries anytime soon. , Barry Eichengreen and Raul Razo-Garcia [source] Corporate Governance in South Africa: a bellwether for the continent?CORPORATE GOVERNANCE, Issue 5 2006Melinda Vaughn The recent onslaught of corporate scandals has compelled the world to acknowledge the profound impact of corporate governance practices on the global economy. Corporate governance is of particular concern in developing economies, where the infusion of international investor capital and foreign aid is essential to economic stability and growth. This paper focuses attention on corporate governance initiatives in South Africa, given its significance as an emerging market, its potential leadership role on the African continent and the country's notable corporate governance reform since the collapse of apartheid in 1994. The evolution of the country's corporate structure and the forces driving corporate governance reform over the past decade will be examined, followed by a review of the most notable reform initiatives in place today. Finally, an assessment of those initiatives will be presented, along with recommendations concerning how South Africa's initiatives can serve as models of enhanced corporate governance standards for the African continent. [source] Chaotic analysis of predictability versus knowledge discovery techniques: case study of the Polish stock marketEXPERT SYSTEMS, Issue 5 2002Hak Chun Increasing evidence over the past decade indicates that financial markets exhibit nonlinear dynamics in the form of chaotic behavior. Traditionally, the prediction of stock markets has relied on statistical methods including multivariate statistical methods, autoregressive integrated moving average models and autoregressive conditional heteroskedasticity models. In recent years, neural networks and other knowledge techniques have been applied extensively to the task of predicting financial variables. This paper examines the relationship between chaotic models and learning techniques. In particular, chaotic analysis indicates the upper limits of predictability for a time series. The learning techniques involve neural networks and case,based reasoning. The chaotic models take the form of R/S analysis to measure persistence in a time series, the correlation dimension to encapsulate system complexity, and Lyapunov exponents to indicate predictive horizons. The concepts are illustrated in the context of a major emerging market, namely the Polish stock market. [source] Permanent and Transitory Driving Forces in the Asian-Pacific Stock MarketsFINANCIAL REVIEW, Issue 1 2002Ali F. Darrat This paper uses weekly data from November 1987 through May 1999 to examine whether U.S. or the Japan stock market (or both) is the main driving force behind major movements in eleven emerging Asian-Pacific stock markets. We find a robust cointegrating relation linking each of the emerging market with the two matured markets of the U.S. and Japan. The results also show that the U.S., rather than Japan, is the main permanent force driving the equilibrium relations across all Asian-Pacific markets. In contrast, the effect of the Japanese market on the Asian-Pacific region is only transitory. Therefore, strategic asset portfolios in the Asian-Pacific region should include Japanese stocks to diversify any country specific risks. As to U.S. investors, the persistent influence of the U.S. market may limit long-run diversification gains from Asian-Pacific stocks. [source] Emerging Market Efficiencies: New Zealand's Maturation Experience in the Presence of Non-Linearity, Thin Trading and Asymmetric InformationINTERNATIONAL REVIEW OF FINANCE, Issue 1-2 2007CHARLES RAYHORN ABSTRACT This paper examines the efficiency of New Zealand's stock market by assessing the prevalence of thin trading, non-linearity and information asymmetry. We find that the efficiency of this emerging market has been enhanced over time due to regulatory changes and the transition of the New Zealand economy to a free market orientation. During the 1970s and 1980s, the stock market appears to have been inefficient with thin trading and non-linearity as leading causative agents. Our evaluation of non-linear models, adjusted for thin trading effects, however, strongly suggests that the New Zealand stock market has become more efficient since 1990. [source] Relationship Investment and Channel Performance: An Analysis of Mediating ForcesJOURNAL OF MANAGEMENT STUDIES, Issue 7 2009Yadong Luo abstract This study explores how relationship-specific investment (RSI) enhances interfirm cooperation in buyer,supplier partnerships in an emerging market. Building upon the logic of economic sociology, we argue that the contribution of RSI to the success in buyer,supplier partnerships will be mediated by reduced opportunism and reduced conflict and by heightened commitment and knowledge sharing. Our survey of 216 paired distributors (buyers) and manufacturers (suppliers) in China generally supports this argument, leading to a conclusion that RSI is not a direct performance propeller but an important builder of relational infrastructure in which mid-range processes are nourished. Theoretical implications in strategic management and supply chain management research are highlighted. [source] Building a Strong Foothold in an Emerging Market: A Link Between Resource Commitment and Environment Conditions*JOURNAL OF MANAGEMENT STUDIES, Issue 5 2004Yadong Luo ABSTRACT This study examines how MNEs align resource commitment with environmental conditions (challenges and opportunities) when they invest in a foreign emerging market. MNEs often face a dilemma in allocating resources to this environment: without this commitment, they cannot build a strong competitive foothold; yet with over-commitment, there is excessive economic exposure. Our analysis of MNEs in a major emerging market suggests that resource commitment is an inverse function of market uncertainty and this inverse link is stronger for less strategically proactive MNEs. Resource commitment is also an increasing function of market opportunities and this function is stronger for firms emphasizing demand-side (as opposed to cost-side) gains. In addition, in a highly volatile industry, resource commitment is negatively associated with cultural distance, but in a relatively stable industry, it is positively associated with cultural distance. And finally, as foreign subsidiaries become older, the influence of cultural distance on resource commitment is weakened. [source] Evolution of the Minangkabau's shifting cultivation in the West Sumatra highland OF Indonesia and its strategic implications for dynamic farming systemsLAND DEGRADATION AND DEVELOPMENT, Issue 1 2005A. Dendi Abstract This paper explores the evolution of the shifting cultivation of the Minangkabau, the biggest matrilineal society in Indonesia, and examines factors underlying the instability and vulnerability of farmers' livelihoods and the degradation of their resource base using an extended factor analysis technique, in order to understand how development strategies might be modified towards a more dynamic farming system. The study distinguished three main phases of the farming system's changes and found that these changes highly corresponded with the emerging market and institutional incentives. Furthermore, the factor analysis generated a six-factor model suggesting strategic interventions to foster the improvement of farmers' livelihoods and environment in future. In addition, consistent with the results of these factors analysis, we argue that, provided land tenure is conducive, there are substantial possibilities for policies and interventions that focus first on agricultural diversification and then on organization building, to assist in dealing with farmers' vulnerability and environmental degradation in the uplands. Copyright © 2004 John Wiley & Sons, Ltd. [source] International Strategic Human Resource Management: A Comparative Case Analysis of Spanish Firms in ChinaMANAGEMENT AND ORGANIZATION REVIEW, Issue 2 2009Yingying Zhang abstract This study examines the role of human resources in strategy formulation processes in China's emerging market. Employing a qualitative data driven thematic analysis, we present evidence collected from six comparative case sites of Spanish firms in China. Our findings suggest that high performing firms use a dynamic adaptive logic while lower performing firms use a static structural logic. A dynamic adaptive model of strategic human resource management is identified, emphasizing a fluid and informal process between strategy, human resources and international management. [source] China's emerging market for property rights: Theoretical and empirical perspectives1THE ECONOMICS OF TRANSITION, Issue 3 2002Gary H. Jefferson his paper contrasts state,directed and market,mediated reform of enterprise ownership rights in transition economies. We evaluate China's emerging market for enterprise ownership rights from the perspective of conditions underpinning the Coase Theorem: the assignment of property rights, the degree of competition, and the nature of transaction costs. China's recent experience suggests that policies designed to expand and support the scope of decentralized, market,based restructuring of ownership rights, even under conditions that deviate widely from the ideal assumptions underlying the Coase Theorem, may prove more beneficial than direct official intervention. JEL classification: G34, K11, L1 and P3. [source] New Directions for Health Insurance Design: Implications for Public Health Policy and PracticeTHE JOURNAL OF LAW, MEDICINE & ETHICS, Issue 2003Sara Rosenbaum ABSTRACT National attention on issues of public health preparedness necessarily brings into sharp focus the question of how to assure adequate, community-wide health care financing for preventive, acute care, and long-term medical care responses to public health threats. In the U.S., public and private health insurance represents the principal means by which medical care is financed. Beyond the threshold challenge of the many persons without any, or a stable form of, coverage lie challenges related to the structure and characteristics of health insurance itself, particularly the commercial industry and its newly emerging market of consumer-driven health plans. States vary significantly in how they approach the regulation of insurance and in their willingness to support various types of insurance markets. This variation is attributable to the size and robustness of the insurance market, the political environment, and regulatory tradition and custom. Reconciling health insurance markets with public health-related health care financing needs arising from public health threats should be viewed as a major dimension of national health reform. [source] Perspective: Economic Conditions, Entrepreneurship, First-Product Development, and New Venture Success,THE JOURNAL OF PRODUCT INNOVATION MANAGEMENT, Issue 1 2010Lisa Z. Song Entrepreneurial ventures have a significant impact on new job creation and economic growth, but existing evidence indicates that most entrepreneurial ventures fail. This paper reports key insights from VENSURV, a new database that tracks the success and failure of ventures founded since 1998. Based on an analysis of 539 new ventures founded during the years 1991,2001, the following conclusions are reached. First, consistent with prior research, less than half of the 539 ventures survived more than two years. Second, economic downturns lead to higher failure rates for new ventures. Third, new venture success is highly correlated with first-product success. Fourth, first-product success is enhanced when those products are introduced into markets with emerging market needs but with established industry standards. Finally, first-product and venture performance are significantly higher for products based on ideas that came from the founders. In addition, the most successful first products are based on ideas that reflect both technology development and an analysis of customer needs. [source] From Plant Variety Definition to Geographical Indication Protection: A Search for the Link Between Basmati Rice and India/PakistanTHE JOURNAL OF WORLD INTELLECTUAL PROPERTY, Issue 4 2008Delphine Marie-Vivien Geographical indications (GIs) deal with local issues. Their protection generates an original scheme of governance. GIs were first protected in France and they were later harmonised in the European Union (EU) and then included in the TRIPS Agreement, which was the basis for the enactment of the GI Act in India and GI protection in Pakistan. The Basmati rice example will illustrate the different objectives of GI protection in these two countries and in Europe. Europe is an emerging market for Basmati, and therefore the EU is setting rules of importation based on its tradition of food quality. Such an increase in exports of Basmati raises the issue of a protection that is efficient in the international market, but still is adapted to Indian and Pakistani needs. On the one hand, Basmati has been defined for a long time as the name of plant varieties which now includes evolved varieties. On the other hand, Basmati is still not yet registered as a GI, because the concept of GI is a very recent development in India and Pakistan. The Basmati case raises general issues for GIs protection worldwide: tradition versus modernity, product definition versus method of production and geographical environment. [source] European industry: the emerging market competitiveness challengeECONOMIC OUTLOOK, Issue 3 2006Article first published online: 24 AUG 200 As the global economy has become increasingly open to 'free' trade, European industry - and, indeed, industry across the developed world - has found itself faced with growing competition from low cost, emerging market countries. How is it facing up to this stiff challenge? Newspaper headlines may suggest that effort has been focused on raising trade barriers to keep competition at bay. However, such actions are a thin veneer over the very real, structural changes that are rapidly taking place. This article, by Grant Colquhoun, examines the changing structure of the EU15's trading patterns and the differential impact across manufacturing sectors. It then analyses the steps industry is taking to cope with the competitiveness challenge. As well as attempting to squeeze costs, it is clear that industry in Europe is restructuring in order to focus on higher value added activities, where it typically has a competitive advantage over emerging markets. [source] Mass car ownership in the emerging market giantsECONOMIC POLICY, Issue 54 2008Marcos Chamon SUMMARY Cars The typical urban household in China owns a TV, a refrigerator, a washing machine, and a computer, but does not yet own a car. In this paper, we draw on data for a panel of countries and detailed household level surveys for the largest emerging markets to document a remarkably stable relationship between GDP per capita and car ownership, highlighting the importance of within-country income distribution factors: we find that car ownership is low up to per capita incomes of about US$5000 and then takes off very rapidly. Several emerging markets, including India and China, the most populous countries in the world, are currently at the stage of development when such takeoff is expected to take place. We project that the number of cars will increase by 2.3 billion between 2005 and 2050, with an increase by 1.9 billion in emerging market and developing countries. We outline a number of possible policy options to deal with the implications for the countries affected and the world as a whole. , Marcos Chamon, Paolo Mauro and Yohei Okawa [source] The international monetary system in the last and next 20 yearsECONOMIC POLICY, Issue 47 2006Barry Eichengreen SUMMARY The evolution of exchange rate regimes The last two decades have seen far-reaching changes in the structure of the international monetary system. Europe moved from the European Monetary System to the euro. China adopted a dollar peg and then moved to a basket, band and crawl in 2005. Emerging markets passed through a series of crises, leading some to adopt regimes of greater exchange rate flexibility and others to rethink the pace of capital account liberalization. Interpreting these developments is no easy task: some observers conclude that recent trends are confirmation of the ,bipolar view' that intermediate exchange rate arrangements are disappearing, while members of the ,fear of floating school' conclude precisely the opposite. We show that the two views can be reconciled if one distinguishes countries by their stage of economic and financial development. Among the advanced countries, intermediate regimes have essentially disappeared; this supports the bipolar view for the group of countries for which it was first developed. Within this subgroup, the dominant movement has been toward hard pegs, reflecting monetary unification in Europe. While emerging markets have also seen a decline in the prevalence of intermediate arrangements, these regimes still account for more than a third of the relevant subsample. Here the majority of the evacuees have moved to floats rather than fixes, reflecting the absence of EMU-like arrangements in other parts of the world. Among developing countries, the prevalence of intermediate regimes has again declined, but less dramatically. Where these regimes accounted for two-thirds of the developing country subsample in 1990, they account for a bit more than half of that subsample today. As with emerging markets, the majority of those abandoning the middle have moved to floats rather than hard pegs. The gradual nature of these trends does not suggest that intermediate regimes will disappear outside the advanced countries anytime soon. , Barry Eichengreen and Raul Razo-Garcia [source] Relationship-based e-commerce: theory and evidence from ChinaINFORMATION SYSTEMS JOURNAL, Issue 4 2008Maris G. Martinsons Abstract., Electronic commerce models and prescriptions from rule-based market economies like the United States have limited applicability in emerging markets. This paper adopts a strategic management perspective to examine the distinctive challenges facing e-commerce in China. A theory is developed to explain how the lack of dependable rules encourages guanxi and relationship-based commerce. It suggests that personal trust, contextual and informal information, and blurred boundaries between business and government have shaped e-commerce in mainland China. Case studies of online retailers in Beijing and Shanghai and a business-to-business (B2B) marketspace reveal how dynamic business relationships with complementary service providers and state agents can overcome institutional deficiencies. Short message service (SMS)-based mobile commerce (m-commerce) and other leapfrogging information technology (IT) applications could transform Chinese consumer behaviour and improve economic efficiency. The evidence from China helps to explain the influence of culture and institutions on different types of IT applications. Implications for e-commerce research and practice in China and other emerging markets are discussed. [source] Interdependencies between Monetary Policy and Foreign Exchange Interventions under Inflation Targeting: The Case of Brazil and the Czech RepublicINTERNATIONAL FINANCE, Issue 2 2010Jean-Yves Gnabo Inflation-targeting central banks often explicitly reserve the right to intervene in foreign exchange markets when the exchange rate ,deviates from fundamentals' and/or ,displays excessive volatility'. In the case of emerging markets, central banks can often ill afford to neglect exchange rate developments when setting monetary policy because of a high pass-through of nominal exchange rate changes to domestic prices. As a result, interventions and monetary policy are interrelated, a hypothesis that has been overlooked in the literature. To bridge this gap, this paper includes monetary policy indicators in the estimation of intervention reaction functions for Brazil and the Czech Republic since the adoption of inflation targeting. Our main finding is that interventions take place independently of the contemporaneous monetary policy setting in Brazil, but not in the Czech Republic, where both policies appear to be coordinated. [source] Liquidity, Volatility and Equity Trading Costs Across Countries and Over TimeINTERNATIONAL FINANCE, Issue 2 2001Ian Domowitz Actual investment performance reflects the underlying strategy of the portfolio manager and the execution costs incurred in realizing those objectives. Execution costs, especially in illiquid markets, can dramatically reduce the notional return to an investment strategy. This paper examines the interactions between cost, liquidity and volatility, and analyses their determinants using panel data for 42 countries from September 1996 to December 1998. We document wide variation in trading costs across countries; emerging markets, in particular, have significantly higher trading costs even after correcting for factors such as market capitalization and volatility. We analyse the inter-relationships between turnover, equity trading costs and volatility, and investigate the impact of these variables on equity returns. In particular, we show that increased volatility, acting through costs, reduces a portfolio's expected return. However, higher volatility reduces turnover also, mitigating the actual impact of higher costs on returns. Further, turnover is inversely related to trading costs, providing a possible explanation for the increase in turnover in recent years. The results demonstrate that the composition of global efficient portfolios can change dramatically when cost and turnover are taken into account. [source] On currency crises and contagionINTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2003Marcel Fratzscher Abstract This paper analyses the role of contagion in the currency crises in emerging markets during the 1990s. It employs a non-linear Markov-switching model to conduct a systematic comparison and evaluation of three distinct causes of currency crises: contagion, weak economic fundamentals, and sunspots, i.e. unobservable shifts in agents' beliefs. Testing this model empirically through Markov-switching and panel data models reveals that contagion, i.e. a high degree of real integration and financial interdependence among countries, is a core explanation for recent emerging market crises. The model has a remarkably good predictive power for the 1997,1998 Asian crisis. The findings suggest that in particular the degree of financial interdependence and also real integration among emerging markets are crucial not only in explaining past crises but also in predicting the transmission of future financial crises. Copyright © 2003 John Wiley & Sons, Ltd. [source] Modelling fundamentals for forecasting capital flows to emerging marketsINTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 3 2001Ashoka Mody F21; F34 Abstract In this paper, we provide capital flow forecasts to 32 developing countries using a vector error correction framework based on underlying domestic (pull) fundamentals and international (push) factors. In general, pull factors have a heavier weight in determining these capital flows. However, short-term dynamics of capital flows can be significantly influenced by external developments. Simulations under various economic scenarios show that while financial variables (such as the US interest rate and high-yield spread) are important, real US activity may be even more potent in influencing capital flow movements. Copyright © 2001 John Wiley & Sons, Ltd. [source] Banking reform in India and ChinaINTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 3 2001Lawrence Sáez Abstract This paper analyzes the important process about financial reform in the area of bank illiquidity in low-income emerging markets. This process is taking place within the context of a debate as to whether or not governments should try to rehabilitate existing state-owned banks or allow a new or parallel banking system to emerge in order to reduce non-performing assets from state-owned commercial banks. A comparison of institutional development in China and India suggests that new entry rather than the rehabilitation approach may work more favorably to reduce non-performing assets. The paper offers an explanation as to why governments choose rehabilitation over new entry. Copyright © 2001 John Wiley & Sons, Ltd. [source] Information technology and productivity payoff in the banking industry: evidence from the emerging marketsJOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 6 2003Abdur Chowdhury First page of article [source] Stimulants to capital inflows into emerging markets and the recent role of speculatorsJOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 1 2001Dilip K. Das First page of article [source] | |||||||||||||||||||||||||||||||