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The Volatility Machine: Emerging Economics and the Threat of Financial Collapse 1st Edition
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model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture.
Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.
- ISBN-100195143302
- ISBN-13978-0195143300
- Edition1st
- PublisherOxford University Press
- Publication dateMay 17, 2001
- LanguageEnglish
- Dimensions9.44 x 0.84 x 6.43 inches
- Print length272 pages
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The volatility machine goes into great detail about financial crisis of multiple periods. Unlike other authors who skate through the details, only looking at a few of their favorite crises, Petis incorporates work as far back as financial data has existed. As a result, his conclusions are more fleshed out than many of the more recent books that have been written on the topic. He also - unlike so many other economic writers - has solid financial experience; a big plus for practitioners. His ideas of volatility and it's relationship to liquidity and financial crisis are really unique in a nuanced way. They are practical and theoretical all at once.
This should be read by anyone who is interested in financial crisis or happens to work in any area of financial products that are impacted by liquidity (basically every financial product). It clearly links macroeconomics, volatility, and financial asset pricing/risk together.
If I could give it 6 stars if I would.
The second half may be hard going for casual readers without a background in corporate finance.
But well worth the read for insightful and sensible aproach to assessing sovereign risk, some real gems in here for investors.
Pettis also has a blog you can check out. His analysis is completely informed by his expereince and world travels. He currently resides in China and gives insightful perspective on how the global finacial systems run and why there can be systemic risk. Excellent book.
[...]
This is Dr. Petti's blog about the Chinese Economy, "China Financial Markets". He lives in China and his comments are not always flattering.
And yes, his book is well worth reading. So is his blog.
Edit:
Why are links disabled?
mpettis.com/cgi-sys/suspendedpage.cgi
Crisis invariably occurs as easy liquidity stops in developed countries and money flows out of emerging markets.
The ones which create natural hedges and think long term fare better in times of stress.


