11. Jurisdiction on the Internet: From Legal Arms Race to Transnational Cooperation
- Author:
- Bertrand de la Chapelle and Paul Fehlinger
- Publication Date:
- 04-2016
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The past 20 years have witnessed a profound change in the types of non-resident investors who provide funding to emerging market economies (EMEs) and the financial instruments through which emerging market (EM) corporations borrow from abroad. Until the beginning of the new millennium, private capital flows to EMEs were mainly intermediated by large global banks, and EMEs were subjected to massive volatility in their external payments balances, exchange rates and domestic financial systems. But since the early 2000s the role of bank-intermediated credit has declined, as the base of investors willing to take on exposure to EM corporate debt has become much larger and more diverse. These structural changes have encouraged a vast growth in flows of funds, not only from the mature economies to EMEs as a group, but also among EMEs themselves.
- Topic:
- Debt, Economics, Emerging Markets, International Trade and Finance, and Financial Crisis
- Political Geography:
- Global Focus