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Review
Paolo Mauro, Nathan Sussman, and Yishay Yafeh. 2006. Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today. New York: Oxford University Press.
- ''This meticulous and imaginative study represents a real breakthrough
for our
understanding of pre-First World War financial "globalization" ... essential reading for anyone who wants to understand how internationally integrated bond markets functioned in what is sometimes called (perhaps misleadingly) the world economy's "golden age".'— Niall Ferguson, Laurence A. Tisch Professor of History, Harvard University -
''Accessible writing, elegant analysis, and profound insights - a must read for those interested in financial globalization.'' — Jeffrey G. Williamson, Laird Bell Professor of Economics, Harvard University
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''The great economic histories, for example by Bairoch, Braudel, Cipolla, de Vries, and Pirenne, are full of detailed facts and broad ideas. Emerging Markets and Financial Globalization belongs in the same category (and on the same bookshelf) for a simple reason — like the classics, you cannot pick up this volume without learning or thinking something new. Sovereign bond spreads shed great light on both how the world used to operate and where it may now be headed. The historical research of Sidney Homer on interest rates fundamentally changed how people think about bonds. The work of Mauro, Sussman, and Yafeh is likely to do the same.'' — Simon Johnson, Kurtz Professor, Sloan School of Management, MIT
