Macro Report: The Contagion Effect: Volatility’s Hidden Path Through the Economy
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Macro Report: The Contagion Effect: Volatility’s Hidden Path Through the Economy
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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
They occur instead for two other, related, reasons. First, emerging market borrowers and investors have consistently underestimated the source and magnitude of volatility in emerging financial markets. Second, perhaps as a consequence, borrowers and investors have permitted and even encouraged sovereigns to put into place capital structures that sy
... See moreMichael Pettis • The Volatility Machine
