This book is a good history of what has happened in emerging markets financing until 1995. It deals in depth with the Brady bonds and their origins and valuation. It also gives an introduction to the methodology that was subsequently used in the Brady bond retirements. From this perspective, it is very useful.

However, there is very little in the sense of a concrete future of the financial environment around the world. It precedes the 1997 and 1998 crises, which makes the warnings in the book interesting if not useful. I wish the authors would update it to include more recent developments, which would make it much more readable and interesting. As it is, it is more history than finance.