Abstract
Emerging markets themselves are hardly new. Once countries like the United States, Japan and Argentina were emerging markets. Over the past century some changed status, reaching the financial nirvana of the investment grade, the economic paradise of the developing world. Others are still emerging, and from time to time, submerging. At the heart of the “emerging markets” notion is probably the one of a promise, a credible promise of a great transformation, a successful story that became a reality: a developed country.
Once destiny was an honest game of cards which followed certain conventions, with a limited number of cards and values. Now the player realises in amazement that the hand of his future contains cards never seen before and that the rules of the game are modified by each play.
Paul Valery
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Notes
Richard Sylla, “Emerging markets in History: the United States, Japan and Argentina,” in R. Sato et al., eds., Global Competition and Integration, Boston, Kluwer Academic Publishing, 1999.
Barry Eichengreen and Albert Fishlow, “Contending with Capital Flows: What is Different About the 1990s?” in Miles Kahler, ed., Capital Flows and Financial Crises, Ithaca, Cornell University Press, 1998, pp. 23–68.
See Philippe Martin and Hélène Rey, “Financial Globalization and Emerging Markets: With or Without Crash?” Federal Reserve Bank of New York and Princeton University, May 2002.
See the analysis of Luc Laeven and Enrico Perotti, “Confidence Building in Emerging Stock Markets,” CEPR Discussion Paper, No. 3055, November 2001.
Figures collected by Philippe Delmas, Le maître de horloges. Modernité de l’action publique, Paris, Odile Jacob, 1991, p. 97
For a history of instruments measuring time, one can refer to the work of Arno Borst, The Ordering of Time. From Ancient Computus to the Modern Computer, Chicago, Chicago University Press, 1993
Paul Valery, Regards sur le monde actuel et autres essais, Paris, Gallimard, 1945.
Stephen Hawking, Brief History of Time. From the Big Bang to Black Holes, London, GK Hakk & Co., 1989.
On these temporalities see also Jean-Pierre Dupuy, “Convention et common knowledge,” Revue Economique, vol. 40, no. 2, 1989, pp.361–400
See Frédéric Lordon, Les quadratures de la politique économique, Paris, Albin Michel, 1997.
See Fernand Braudel, Ecrits sur l’histoire, Paris, Flammarion, 1969, p. 22.
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© 2003 Javier Santiso
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Santiso, J. (2003). Conclusion: Financial Markets and the Memory of the Future. In: The Political Economy of Emerging Markets. The CERI Series in International Relations and Political Economy. Palgrave Macmillan, New York. https://doi.org/10.1057/9781403973788_7
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DOI: https://doi.org/10.1057/9781403973788_7
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