Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets-being, a...

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examines how international...

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent years, but along many disparate channels and with a variety of apparently conflicting results. For instance, there is still little robust evidence of the growth benefits of broad...

What determines the ability of governments from developing countries to access international credit markets? We examine this question using detailed data on sovereign bond issuances and public syndicated bank loans since 1982. We find that traditional measures of a country’s links with the...

This paper examines why surges in capital flows to emerging market economies (EMEs) occur, and what determines the allocation of capital across countries during such surge episodes. We use two different methodologies to identify surges in EMEs over 1980-2009, differentiating between those mainly...

Purpose – The purpose of this paper is to analyze the consequences of using international accounting standards (IAS/IFRS) for the development of capital markets located in developing countries (emerging capital markets). Design/methodology/approach – The authors conduct an empirical study...

Firms' environmental behaviour depends mostly on how their revenues and costs are affected by consumers and investors' valuation of their specific sector and, at the same time, by the established regulatory framework and its enforcement. There is an empirical literature, which supports the...

The coronavirus disease (COVID-19) pandemic is the worst global crisis since the Second World War, with developing countries suffering more devastating economic and social effects than developed countries. Governments’ increased pandemic-related expenditure combined with the drastic fall in...

1. Introduction -- 2. GEMINI model -- 3. The dramatic rise of China -- 4. The emergence of India -- 5. The Latin American trifecta -- 6. The volatile oil economies -- 7. Other emerging economies -- 8. Growth: different speeds -- 9. Equity: is human developments in emerging markets getting better...