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150128 ||| eng |
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|a 9781451864656
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|a Zaklan, Aleksandar
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| 245 |
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|a The External Financing of Emerging Market Countries
|b Evidence from Two Waves of Financial Globalization
|c Aleksandar Zaklan, Paolo Mauro, Martín Minnoni, Andre Faria
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2006
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| 300 |
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|a 49 pages
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| 651 |
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4 |
|a United Kingdom
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| 653 |
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|a Population & demography
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| 653 |
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|a Interest rates
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| 653 |
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|a Institutional Investors
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| 653 |
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|a Stocks
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| 653 |
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|a Pension Funds
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| 653 |
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|a Finance
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| 653 |
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|a Demographic Economics: General
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Bond yields
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Investments: Bonds
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| 653 |
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|a Yield curve
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| 653 |
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|a Population and demographics
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Demography
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| 653 |
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|a Emerging and frontier financial markets
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| 653 |
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|a Bonds
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| 653 |
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|a Investments: Stocks
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Population
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| 653 |
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|a Financial services industry
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Investment & securities
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| 653 |
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|a Finance: General
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| 700 |
1 |
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|a Faria, Andre
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| 700 |
1 |
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|a Mauro, Paolo
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| 700 |
1 |
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|a Minnoni, Martín
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451864656.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2006/205/001.2006.issue-205-en.xml?cid=19529-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a We trace the history of where and why investors from the most advanced countries directed funds, ultimately helping finance economic development in emerging market countries. To do this, we analyze the determinants of international investors' willingness to hold the external liabilities issued by emerging market countries, through cross-country regressions for both prices (bond spreads) and quantities (bond market capitalization or stocks of external liabilities) estimated at various points during two waves of financial globalization (1870-1913 and the present time). The data are drawn from primary sources for the historical period, and the much-expanded, new vintage of the Lane and Milesi-Ferretti (2006) data set for the modern period. The results suggest that, throughout the past one and a half centuries, a combination of human capital (including informal human capital) and institutional quality has been a key determinant of emerging market countries' ability to attract international investors
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