EMG
 

Resources

Web-based databases

We will be bringing to you relevant databases in Emerging Markets Finance.

Measuring Globalisation: KOF Index of Globalisation 2010

The KOF Globalisation Index measures the economic, social and political dimensions of globalisation, recording changes in globalisation across a large number of countries over a long period of time.The KOF Index of Globalisation 2010, which is based on 24 different variables, compares 181 countries over the period 1970 to 2007. The economic dimension of the KOF Index quantifies not only actual trade and investment flows but also the extent to which countries protect themselves by imposing restrictions on trade and capital movements. The social dimension of globalization reflects the flow of ideas and information, while the political dimension examines the degree of political cooperation between countries.
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Measuring Financial Integration: A New Data Base

Martin Schindler from the Research Department of the IMF has constructed a new panel data set containing measures of de jure restrictions on cross-border financial transactions for 91 countries from 1995 to 2005. The new data set adds value to existing capital control indices by providing information at a more disaggregated level. This structure allows for the construction of various subindices, including those for individual asset categories, for inflows vs. outflows, and for residents vs. non-residents. Disaggregations of this kind open up new ways to address questions of interest in the field of international finance.
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A New Database of Financial Reforms

This is a new database of financial reforms, covering 91 economies over 1973-2005. The content of the database, the information sources utilized, and the coding rules used to create an index of financial reform are described in a paper prepared by Abdul Abiad, Enrica Detragiache, and Thierry Tressel  from the IMF. It also compares the database with other measures of financial liberalization, provides descriptive statistics, and discusses some possible applications. The database provides a multi-faceted measure of reform, covering seven aspects of financial sector policy. Along each dimension the database provides a graded (rather than a binary) score, and allows for reversals.
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Developing Countries in International Trade 2007: Trade and Development Index (TDI)

The TDI publication is a comprehensive review of global trade and development performance, integrating almost all key factors and indicators affecting trade and development in countries of all levels of development. It was conceived to provide an innovative analytical and benchmarking tool to assess trade policies in interaction with development strategies at the national level, in order to promote balanced economic and social development in developing countries, least developed countries (LDCs) and countries with economies in transition. TDI looks at country-specific realities and points to the structural, institutional and financial bottlenecks, as well as shortcomings in trade policy and socio-economic well-being.
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The Worldwide Governance Indicators (WGI)

Worldwide Governance Indicators (WGI) covers 212 countries and territories and measuring six dimensions of governance between 1996 and 2007:

  • Voice and Accountability
  • Political Stability and Absence of Violence/Terrorism
  • Government Effectiveness
  • Regulatory Quality
  • Rule of Law
  • Control of Corruption

The latest aggregate indicators are based on hundreds of specific and disaggregated individual variables measuring various dimensions of governance, taken from 35 data sources provided by 32 different organizations. The data reflect the views on governance of public sector, private sector and NGO experts, as well as thousands of citizen and firm survey respondents worldwide. In less than a decade, a substantial number of countries exhibit statistically significant improvements in at least one dimension of governance, while other countries exhibit deterioration in some dimensions.
The six aggregate indicators and the underlying data sources can be viewed interactively on the Governance Indicators webpage of the World Bank. Documentation of the latest update of the WGI can be found in "Governance Matters VII: Governance Indicators for 1996-2007" prepared by Daniel Kaufmann, Aart Kraay and Massimo Mastruzzi (2008).

Systemic Banking Crises: A New Database

The new database prepared by Laeven and Valencia (2008) covers the timing of systemic banking crises and policy responses to resolve them. The database covers the universe of systemic banking crises for the period 1970-2007, with detailed data on crisis containment and resolution policies for 42 crisis episodes, and also includes data on the timing of currency crises and sovereign debt crises. The database extends and builds on the Caprio, Klingebiel, Laeven, and Noguera (2005) banking crisis database, and is the most complete and detailed database on banking crises to date.
More information can be found in IMF Working Paper No. 08/224

Books

Emerging Markets: Resilience and Growth Amid Global Turmoil

In Emerging Markets: Resilience and Growth Amid Global Turmoil (Brookings Press, 2010), authors M. Ayhan Kose and Eswar Prasad draw on their extensive research to assess the resilience of emerging market economies in the face of the global financial crisis. Their analysis shows that emerging market economies weathered the crisis much better than the advanced countries, and most of these economies have bounced back rapidly from the global recession. The authors track down the reasons for this resilience, explain why some countries in this group have done better than others, and draw lessons for the durability and sustainability of the long-term growth of these economies.

The Euromoney Emerging Markets Handbook 2009/10

The world's emerging economies have endured a battering from the current economic turmoil and with no clear end in sight, many believe that this situation will continue for the foreseeable future. The Euromoney Emerging Markets Handbook 2009/10 showcases research from the world's greatest emerging markets specialists to enable our readership of senior professionals and investors to predict, manage and react to volatility, risk and any investment opportunities that may arise. For further information, please contact Peter Townshend: peter.townshend@euromoney-handbooks.co.uk or visit www.euromoney-yearbooks.com/handbooks

International Financial Management by Geert Bekaert, Robert J. Hodrick
Prentice Hall, 2008

International Financial Management blends theory, analysis of data and practical case situations to allow one to understand what to do when confronted with an international financial decision and why that decision is correct.
More information can be found on www.mypearsonstore.com

Journals

Finance

Emerging Markets