Emerging Markets and Sovereign Risk

PART I: RISK AND EMERGING MARKET INVESTMENT 1. Economic Growth Vs. Equity Returns in Emerging Markets; R. McFall Lamm 2. Default Risk of Sovereign Debt in Central America; Astrid Ayala, Szabolcs Blazsek, Raúl B. González 3. Contagion in Emerging Markets ; Serge Darolles, Jérémy Dudek and Gaëlle Le Fol 4. Aspects of Volatility and Correlations in European Emerging Economies ; A. Golab, D.E. Allen and R. Powell 5. The Political Risk of Offshore Financial Centres: The Cyprus Bail-Out; David Chaikin PART II: RATING AGENCIES AND THE SOVEREIGN RATING PROCESS 6. Travels in the Ratings Space: Developed and Developing Countries Sovereign Ratings; Lúcio Vinhas de Souza 7. The Sovereign Rating Regulatory Dilemma; Jeffrey Manns 8. A Framework for Understanding the Acceptability of Rating Agency Methodologies; Nigel Finch 9. Sovereign Wealth Funds and Investment Law; Mauro Megliani 10. Common Characteristics of Rated Sovereigns Prior to Default; Marie Cavanaugh, John B Chambers and Maximillian McGraw PART III: MANAGEMENT OF SOVEREIGN RISK AND RATINGS 11. Big Projects in Small Economies: The Determinants of Sovereign Risk and its Control; Sean J. Hinton, Brian S. Fisher and Anna M. Fisher 12. Monetary Policy and International Reserves in Emerging Economies: Theory and Empirics; Prakash Kumar Shrestha and Willi Semmler 13. Stock Market Impact of Sovereign Rating Changes: Alternative Benchmark Models; Emawtee Bissoondoyal-Bheenick and Robert Brooks 14. Reserve Adequacy Measures for Emerging Market Economies; Willi Semmler and Lebogang Mateane 15. The Price Impact of Sovereign Rating Announcements; Albert Metz