Carnival on Wall Street : Global Financial Markets in The 1990s,9780471267317

Carnival on Wall Street : Global Financial Markets in The 1990s

by ;
Edition: 1
ISBN13: 9780471267317
ISBN10: 0471267317
Format: Paperback
Pub. Date: 2003-10-01
Publisher(s): Wiley
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Summary

Traces key themes throughout the 1990s on global financial markets. Presents a view of the liberalization of the global capital markets and the interrelated boom on Wall Street, which developed into a global carnival, pulling players around the world into the game. * Spans a time period from George Soros' attack on the pound sterling in 1991-92 to the events of September 11, tracing key themes throughout the decade. * Focuses on foreign exchange markets, globalization versus anti-globalization, Asian earthquakes, and more.

Table of Contents

Preface x
Acknowledgments xiii
Introduction: Greed, Greatness, and Disaster
1(16)
Lessons of the Carnival Decade
6(4)
The Approach of the Book
10(4)
Notes
14(3)
Part I The Globalization of Capital Markets
17(124)
Wall Street: From Furs to Global Capital Markets
19(25)
Founding Fathers
20(2)
The Rise of London
22(2)
Back on Wall Street
24(10)
Regulation and Organization Commence
24(4)
The New York Stock Market Takes Off
28(1)
Symbols Matter: The Blast of 1920
29(1)
The 1920s Bull Market and Crash of 1929
30(3)
Post--World War II Capital Markets: Creation of a New Global Capital Markets Order
33(1)
The Euromarkets Arrive
34(7)
Back on Wall Street
36(1)
The Globalization of Wall Street
37(4)
Conclusion
41(1)
Notes
41(3)
Emerging Markets: Good Money after Bad?
44(29)
1994--1995: Mexico and Tequila
48(2)
1997--1999: Asia, Russia, and Brazil
50(6)
Asian Currency Crisis, 1997-1998
50(4)
Russian Default, 1998
54(1)
Brazilian Devaluation, 1999
55(1)
2001: Turkey and Argentina
56(3)
Turkey, 2000-2001
56(1)
Argentina, 2001 to?
57(2)
What Have We Learned?
59(2)
What Haven't We Learned?
61(8)
A Cautionary Tale for Globalization?
61(3)
A Cautionary Tale for the IMF?
64(2)
The Lessons of China and India?
66(1)
Bailing in the Private Sector?
67(2)
The Road Ahead: Emerging Financial Markets
69(3)
Notes
72(1)
Foreign Exchange Markets: Speculators, Policemen, and Suckers
73(34)
Structural Change in the FX Market
74(1)
The Conventional Wisdom
75(17)
Who, What, Where, When, and How
76(1)
Seismic Shifts in the Markets
76(2)
What's Being Traded: The Euro
78(3)
What's Being Traded: The Yen
81(1)
What's Being Traded: Exotics
82(2)
Where, When They're Trading
84(2)
How They're Trading
86(1)
Who Is Trading
86(2)
Why They're Trading
88(3)
Instability and Irrationality
91(1)
A Better Mousetrap?
92(5)
Dollarization
93(1)
The Tobin Tax
93(1)
Capital Controls
94(1)
New Analytical Tools
95(2)
Hedge Funds: Policemen or Thugs?
97(3)
Asian Financial Crisis, 1997-1998
100(1)
Seismic Market Shifts
100(4)
Trends to Watch
102(2)
Notes
104(3)
Return of the Neo-Luddites: Globalization and Antiglobalization
107(34)
A Decade of Globalization
108(2)
The Globalists
110(5)
The Antiglobalizers
115(14)
Who Are They?
116(2)
A Movement Is Born
118(1)
What Do They Want?
119(1)
Poverty, Inequality, and Imperialism
120(3)
Economists Reexamine Globalization
123(2)
What They Want: Key Policies
125(4)
Results: Constructive Engagement
129(1)
Globalization, Antiglobalization, and 9/11
129(6)
Did Globalization Contribute to 9/11?
130(1)
9/11: The Death Knell to Antiglobalization?
130(2)
Or a Vindication of the Movement?
132(1)
The Reality: ``Sand in the Gears''
133(2)
A Turning Point, but toward What?
135(3)
World Economic Forum versus World Social Forum
136(2)
Notes
138(3)
Part II Wall Street: Bubble to Bust
141(108)
The Tech Bubble
143(19)
The ``New Economy'' Story
144(3)
The Great Tech Gold Rush
147(5)
The End of the Party
152(7)
Conclusion
159(1)
Notes
160(2)
The Firm and Globalization
162(24)
Evolution of the Firm and Globalization
163(3)
The 1990s M&A Goldmine
166(3)
The Driven: DaimlerChrysler
169(3)
Financial Mergers
172(10)
The Impact of Global Capital Markets
176(2)
Who Benefited?
178(2)
The Relationship between the Corporation and the Nation-State
180(2)
Conclusion
182(1)
Notes
182(4)
A Decade of Financial Wrongdoing
186(34)
Corruption and Bribery
188(5)
A Corruption Eruption
188(1)
Greasing the Wheels?
188(2)
The Moralists Win
190(1)
The Reformers Strike Back
191(2)
Financial Wrongdoing on Wall Street
193(11)
Crony Capitalism, American-Style?
194(1)
Long-Term Capital Management
194(1)
Bubbles and Conflicted Analysts
195(2)
Rogues and Other Traders
197(3)
Enron India: The Story Begins
200(1)
Enron: A Cancer on Capitalism
201(3)
Cash, Criminals, and Terrorists
204(12)
The Globalization of Crime
205(1)
Russia: ``The World's Leading Kleptocracy''
206(2)
A Guerrilla's Best Friend: Crooks, Guerrillas, and Terrorists
208(2)
Enter the Bankers
210(1)
The Scope of Money Laundering
210(2)
Anti--Money Laundering Reforms
212(1)
Terrorist Funds
213(3)
The Great Enablers
216(1)
Notes
217(3)
Japan and China: Potential Asian Earthquakes
220(20)
China and Japan in Asia's Great Capitalist Leap Forward
221(4)
The End of Asia's Great Capitalist Leap Forward and Japan's Sickly Economy
225(3)
Japan: Heading into Emerging Market Status?
228(2)
China: Will the Boom Go Bust?
230(3)
Political Challenges for China
233(2)
China's Paradoxical Position
235(2)
Deflation as Slow Contagion?
236(1)
Conclusion
237(1)
Notes
238(2)
9/11 and Beyond: It's the Symbol, Stupid
240(9)
Blind Faith Revisited
240(6)
The Mantra of Globalization
240(2)
Markets, Models, and Technology
242(1)
Fooled by Randomness
243(1)
The Role of Complexity
244(1)
Models and Technology
244(1)
Reexamining the Human Factor
245(1)
Conclusion
246(1)
Notes
247(2)
Selected Bibliography 249(3)
Index 252

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