Untitled Document
 
Global Capital Markets
Regional Economics
Financial Innovations
California
Israel/Middle East
Health Economics
FasterCures
Sustainable Energy Future
Understanding Financial Markets
Capital Access and Job Formation
 
 Global Capital Markets

Center for Global Capital Markets

We view economic, environmental, social and regulatory policy issues through the lens of finance and with the conviction that the democratization of capital is the principal means for unlocking human potential to foster job creation and broad-based economic growth and prosperity.

We assess the development of capital markets worldwide, examine the access and distribution of capital across those markets, analyze risks and transparencies, and apply appropriate financial technologies to produce solutions that generate innovative access to capital for the financing of ideas, entrepreneurs and industries. We believe that transparent markets and the appropriate financial tools can be leveraged to support economic expansion and long-term growth.

Our work helps visionary leaders apply market-based solutions to economic and public policy challenges.

The Milken Institute Center for Global Capital Markets specializes in:
analyzing global capital structure in terms of firm, industry, market, economic, societal and regulatory risks
assessing global banking trends, currency and financial markets crisis risk, transparency, and the cost and availability of capital for entrepreneurs and economic development projects
putting financial technology to work in global markets to democratize capital and create jobs
convening researchers, policy makers, and business, financial, and practitioners for Financial Innovation Labs to create market-based solutions to business and public policy challenges

For more information, view a summary of our work in Capital Studies.

Contact:
Glenn Yago
Executive Director, Financial Research
gyago@milkeninstitute.org


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Off the Record With Sandra Lee
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 Recent Publications

2010

2009 Capital Access Index:
Best Markets for Access to Business Capital

Date: April 26, 2010
James R. Barth, Tong Li, Wenling Lu and Glenn Yago



2009

Feeding the World’s Hungry: Fostering an Efficient and Responsive Food Access Pipeline
Date: October 21, 2009
Milken Institute

China's Emerging Financial Markets: Challenges and Opportunities
Date: October 2009
James R. Barth, John A. Tatom and Glenn Yago, Editors

The Rise and Fall of the U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the Meltdown
Date: May 2009
James R. Barth, Tong Li, Wenling Lu, Triphon Phumiwasana and Glenn Yago

Capital Access Index 2008:
Best Markets for Business Access to Capital

Date: April 28, 2009
Apanard Angkinand, James R. Barth, Tong Li, Wenling Lu
and Glenn Yago
Milken Institute

Opacity Index
Date: April 21, 2009
Joel Kurtzman and Glenn Yago
Milken Institute

Why Capital Structure Matters
Date: April 21, 2009
Mike Milken
The Wall Street Journal

Mexico's Instability Is a Real Problem:
Don't Discount the Possibility of a Failed State Next Door

Date: January 16, 2009
Joel Kurtzman
The Wall Street Journal

The Rise and Fall of the U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the Meltdown
Date: January 16, 2009
James R. Barth, Tong Li, Wenling Lu, Triphon Phumiwasana
and Glenn Yago

2008

Deleveraging Can Save Jobs
Date: December 18, 2008
James Barth, Michael Klowden and Glenn Yago
The Wall Street Journal

Financial Innovations
for Developing Archaeological Discovery and Conservation

Date: December 2008
Milken Institute

The Invisible Green Hand:
How Individual Decisions and Markets
Can Reduce Greenhouse Gas Emissions

Date: May 2008
Martha Amram and and Nalin Kulatilaka
Milken Institute

2008 Opacity Index
Date: April 30, 2008
Joel Kurtzman and Glenn Yago
Milken Institute

Financial Innovations for Catastrophe Risk: Cat Bonds and Beyond
Date: April 30, 2008
Milken Institute

Capital Access Index 2007:
Best Markets for Business Access to Capital

Date: February 2008
James R. Barth, Tong Li, Wenling Lu, Triphon Phumiwasana and Glenn Yago
Milken Institute

A Short History of the Subprime Mortgage Market Meltdown
Date: January 2008
James R. Barth, Tong Li, Triphon Phumiwasana, and Glenn Yago
Milken Institute

A Short History of the Subprime Mortgage Market Meltdown
Date: January 2008
James R. Barth, Tong Li, Triphon Phumiwasana, and Glenn Yago
Milken Institute

MIR 1st Qtr 2008
Date: January 2008



2007

In Defense of Hybrids
Date: December 6, 2007
James R. Barth and Peter Passell
The Wall Street Journal

Surprise: Subprime Mortgage Products Are Not the Problem!
Date: December 6, 2007
James R. Barth, Tong Li, Triphon Phumiwasana and Glenn Yago
Milken Institute

Mortgage Market Turmoil: The Role of Interest-Rate Resets
Date: December 2007
James R. Barth, Tong Li, Triphon Phumiwasana, and Glenn Yago
Milken Institute

Global Edge: Using the Opacity Index to Manage the Risks of Cross-Border Business
Date: November 2007
Joel Kurtzman and Glenn Yago
Harvard Business School Press

MIR 4th Qtr 2007
Date: October 2007

Time to Change U.S. Climate Policy
Date: October 2007
Robert W. Hahn and Peter Passell
The Economists' Voice

Transatlantic Innovations in Affordable Capital for Small- and Medium-Sized Enterprises: Prospects for Market-Based Development Finance
Date: October 2007
Glenn Yago, Daniela Roveda and Jonathan M. White
The German Marshall Fund and the Milken Institute

Mexico's Job-Creation Problem
Date: August 3, 2007
Joel Kurtzman
The Wall Street Journal

Beyond Bachar: Next Steps for Financial Reform
Date: July 25, 2007
Amit Goldwasser, Diana Zaks, Shahar Shlush, and Glenn Yago; Editor: Ronit Purian-Lukatch, Deputy Director, Koret-Milken Institute Fellows Program
Milken Institute

Beyond Bachar: Next Steps for Financial Reform [Hebrew]
Date: July 25, 2007
Amit Goldwasser, Diana Zaks, Shahar Shlush, and Glenn Yago; Editor: Ronit Purian-Lukatch, Deputy Director, Koret-Milken Institute Fellows Program
Milken Institute

MIR 3rd Qtr 2007
Date: July 2007

2007 Global Conference Briefing Book
Date: April 2007

Financial Restructuring and Reform in Post-WTO China
Date: 2007
Eds., James R. Barth, Zhongfei Zhou, Douglas W. Arner, Berry F.C. Hsu, Wei Wang
Kluwer Law International



2006

Capital Access Index 2006: Best Markets for Business Finance
Date: December 2006
James R. Barth, Tong Li, Triphon Phumiwasana, and Glenn Yago

Hedge Funds: Risks and Returns in Global Capital Markets
Date: December 2006
James R. Barth, Tong Li, Triphon Phumiwasana and Glenn Yago

Asia's Debt Capital Markets: Prospects and Strategies for Development
Date: July 2006
Douglas Arner, Jae-Ha Park, Paul Lejot and Qiao Liu, eds.
Springer

MIR 2nd Qtr 2006
Date: June 2006

Their People, Our Money
Date: May 26, 2006
Joel Kurtzman and Glenn Yago
The Wall Street Journal

2006 Global Conference Briefing Book
Date: April 2006

Home Bias in Global Capital Markets: What Is the Potential Demand for U.S. Asset-Backed Securities?
Date: March 2006
Glenn Yago, James Barth,Tong Li, Sangeetha Malaiyandi and Triphon Phumiwasana



2005

Capital and Collusion: The Political Logic of Global Economic Development
Date: December 2005
Hilton L. Root
Princeton University Press

Capital Access Index 2005: Best Markets for Entrepreneurial Finance

Securitization in Financing Economic Activities

Date: October 2005
James R. Barth, Tong Li, Sangeetha Malaiyandi, Donald McCarthy, Triphon Phumiwasana and Glenn Yago

MIR 2nd Qtr 2005
Date: June 2005

2005 Global Conference Briefing Book
Date: April 2005

Once You Understand Real Risks, Investing Abroad Is Quite ‘CLEAR’
Date: February 22, 2005
Joel Kurtzman and Glenn Yago
Investor's Business Daily

The Post-Saddam Boom
Date: January 13, 2005
Glenn Yago and Don McCarthy
The Wall Street Journal

Building Israel's Small Business and Microenterprise Sector: Israel Entrepreneurial Finance Initiative
Date: January 2005
Glenn Yago and Betsy Zeidman



2004

MIR 4th Qtr 2004
Date: December 2004

The Global Costs of Opacity
Date: October 2004
Joel Kurtzman, Glenn Yago and Triphon Phumiwasana
Sloan Management Review

The U.S. Leveraged Loan Market: A Primer
Date: October 2004
Glenn Yago and Don McCarthy

MIR 3rd Qtr 2004
Date: September 2004

MIR 2nd Qtr 2004
Date: June 2004

Capital Access Index 2004: Emerging Growth in Asian Bond Markets
Date: April 2004
James Barth, Cindy Lee, Don McCarthy, Triphon Phumiwasana, Sunny Zhitao Sui and Glenn Yago

2003

MIR 3rd Qtr 2003
Date: September 2003

Global Capital Access Index 2003 - Governance and Growth: The European Challenge
Date: April 2003
James Barth, Donald McCarthy, Triphon Phumiwasana, Susanne Trimbath and Glenn Yago

MIR 1st Qtr 2003
Date: March 2003

Globalization of the World Economy: Potential Benefits and Costs, and a Net Assessment
Date: January 2003
Michael Intriligator

Bond Market Development in Select Asian Countries
Date: 2003
Susanne Trimbath and Guilia Pace
Milken Institute, Working Paper 2003-02



2002

The Foreign Conquest of Latin American Banking: What's Happening and Why?
Date: November 2002
James Barth, Triphon Phumiwasana and Glenn Yago

MIR 3rd Qtr 2002
Date: September 2002

MIR 2nd Qtr 2002
Date: June 2002

A Shadow Falls Over Hope – We brought dreams for a bright economic future; Arafat quashed them
Date: April 22, 2002
By Glenn Yago
The Los Angeles Times

Capital Access Index 2002: Missing Markets: Global Barriers to Financing the Future
Date: March 2002
James Barth, Don McCarthy, Triphon Phumiwasana, Susanne Trimbath and Glenn Yago

MIR 1st Qtr 2002
Date: March 2002

2001

Prosperity Will Rise Out of the Ashes
Date: October 29, 2001
By Gary Becker & Kevin Murphy
The Wall Street Journal

MIR 3rd Qtr 2001
Date: September 2001

Invisible Hand: A Thirst for Funds Drives Change
Date: April 26, 2001
By Hilton Root
Asian Wall Street Journal

Capital Access Index 2001: Financial Repression and Capital Access
Date: March 20, 2001
Glenn Yago, Thomas Hall, Susanne Trimbath and Juan Montoya

Is Indonesia Reinventing Itself?
Date: March 7, 2001
Hilton Root

Russia's Defense Enterprises: Between the State and the Market
Date: March 1, 2001
Michael D. Intriligator, Leonid Ya. Kosals and Rozalina R. Ryvkina

Do Strong Governments Produce Strong Economies?
Date: February 22, 2001
By Hilton L. Root
The Independent Review

Asia's Bad Old Ways: Reforming Business by Reforming Its Environment
Date: January 2001
By Hilton L. Root
Foreign Affairs

Choosing the Right Financial System for Growth
Date: 2001
James Barth, Daniel Nolle, Hilton Root and Glenn Yago
Journal of Applied Corporate Finance



2000

Removing Estrada Will Not Save the Phillipines
Date: November 21, 2000
By Hilton L. Root
The International Herald Tribune

Political Virtue and Economic Leadership: A Southeast Asian Paradox.
Date: November 13, 2000
Hilton Root

More Oxygen Needed
Date: October 2, 2000
Glenn Yago, THomas Hall, Ziad Abdelnour, Doron Peskin, Gil Feiler and Leon Bijou
Forbes Global

Capital Access Index 2000: Middle East Region
Date: September 1, 2000
Thomas W. Hall and Glenn Yago

Privatization and Capital Market Reforms
Date: September 2000
Milken Institute and Jerusalem Center for Public Affairs

Developing the Human Capital Intensive Sector in Russia: A Chance for Economic Revival?
Date: August 16, 2000
Michael D. Intriligator, Serguey Braguinsky, and Vitaly Shvydko

MIR 2nd Qtr 2000
Date: June 2000

Korea's Recovery: Don't Count on the Government
Date: May 30, 2000
Hilton L. Root

Estimating the Cost of Opacity Using Sovereign Bond Spreads
Date: April 3, 2000
Thomas Hall and Glenn Yago

Capital Access Index 2000: Think Locally - Act Globally: Capital Market Restructuring and Sustainable Global Economic Growth
Date: March 8, 2000
Glenn Yago , Thomas Hall and Michael Harrington

Capital Access Index: Asia Postcrisis
Date: March 8, 2000
Glenn Yago and Juan Montoya

Postcrisis Asia: Bright Future Ahead/Crisis Postmortem and Year 2000 Prospects
Date: March 8, 2000
Uwe Parpart

1999

Capital Access Index: Emerging Africa?
Date: November 9, 1999
Glenn Yago, Juan Montoya, Madani Tall, Christian Yoka, and Thomas Mims

MIR 3rd Qtr 1999
Date: September 1999

Prosperity and Social Capital
Date: June 23, 1999
By Michael Milken
The Wall Street Journal

Capital Access Index 1999: Deconstructing Global Financial Architecture: Global Capital Access and Policy Backlash
Date: May 1999
Glenn Yago, Lalita Ramesh, Dan Brumbaugh and James Barth

IMF LOANS MUST BE LINKED TO REFORM: Don't Bend Rules Just to Get Moscow from Thwarting NATO's Balkan Mission
Date: April 9, 1999
By Bruce Bueno de Mesquita, James D. Morrow and Hilton L. Root
The Los Angeles Times

Capital Access Index: Transition Economies and Latin America
Date: March 1999
Glenn Yago and Lalita Ramesh

MIR 1st Qtr 1999
Date: March 1999

See How Rulers Mismanage in Their Own Interest
Date: February 22, 1999
By Hilton L. Root
International Herald Tribune

Israel's Stunted Capital Market
Date: January 25, 1999
By Glenn Yago
Forbes Global



1998

Trade Jobs for Peace in the Middle East
Date: December 7, 1998
By Glenn Yago
The Los Angeles Times

Capital Access Index, Winter 1998: Converging and Diverging European Markets
Date: November 1998
Glenn Yago

The Asian Crisis Tsunami: Trade and Other Impacts on California and the United States
Date: September 1998
Ross C. DeVol