Download or read book Developing Countries and the Feldstein Horioka Puzzle written by Mr.Athanasios Vamvakidis and published by International Monetary Fund. This book was released on 1998-01-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The previous literature points to a high correlation between domestic rates of investment and savings among OECD countries. Some take this as evidence of limited financial integration in the industrialized world. This paper presents new empirical results, based on an extended sample of countries. The correlation coefficient in a regression of the rate of domestic investment on the rate of domestic savings is statistically insignificant most of the time and generally smaller than 0.3 for any sample other than the OECD. This finding is robust with respect to alternative time periods, subsample and estimation methods. In particular, we control for measurement error, business cycle effects, and country-specific fixed effects.
Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Download or read book Open Economy Macroeconomics in Developing Countries written by Carlos A. Vegh and published by MIT Press. This book was released on 2013-08-30 with total page 911 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and rigorous text that shows how a basic open economy model can be extended to answer important macroeconomic questions that arise in emerging markets. This rigorous and comprehensive textbook develops a basic small open economy model and shows how it can be extended to answer many important macroeconomic questions that arise in emerging markets and developing economies, particularly those regarding monetary, fiscal, and exchange rate issues. Eschewing the complex calibrated models on which the field of international finance increasingly relies, the book teaches the reader how to think in terms of simple models and grasp the fundamentals of open economy macroeconomics. After analyzing the standard intertemporal small open economy model, the book introduces frictions such as imperfect capital markets, intertemporal distortions, and nontradable goods, into the basic model in order to shed light on the economy's response to different shocks. The book then introduces money into the model to analyze the real effects of monetary and exchange rate policy. It then applies these theoretical tools to a variety of important macroeconomic issues relevant to developing countries (and, in a world of continuing financial crisis, to industrial countries as well), including the use of a nominal interest rate as a main policy instrument, the relative merits of flexible and predetermined exchange rate regimes, and the targeting of “real anchors.” Finally, the book analyzes in detail specific topics such as inflation stabilization, “dollarization,” balance of payments crises, and, inspired by recent events, financial crises. Each chapter includes boxes with relevant empirical evidence and ends with exercises. The book is suitable for use in graduate courses in development economics, international finance, and macroeconomics.
Download or read book Global Capital Markets written by Maurice Obstfeld and published by Cambridge University Press. This book was released on 2004 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an economic survey of international capital mobility from the late nineteenth century to the present.
Download or read book Financial Development and Economic Growth written by Mr.Pablo Emilio Guidotti and published by International Monetary Fund. This book was released on 1992-12-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
Download or read book NBER Macroeconomics Annual 2000 written by Ben Bernanke and published by Mit Press. This book was released on 2001-02-19 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: The NBER Macroeconomics Annual presents, extends, and applies pioneering work in macroeconomics and stimulates work by macroeconomists on important policy issues. Each paper in the Annual is followed by comments and discussion.
Download or read book The Princeton Encyclopedia of the World Economy Two volume set written by Kenneth A. Reinert and published by Princeton University Press. This book was released on 2010-08-02 with total page 1329 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential reference to all facets of the world economy Increasing economic globalization has made understanding the world economy more important than ever. From trade agreements to offshore outsourcing to foreign aid, this two-volume encyclopedia explains the key elements of the world economy and provides a first step to further research for students and scholars in public policy, international studies, business, and the broader social sciences, as well as for economic policy professionals. Written by an international team of contributors, this comprehensive reference includes more than 300 up-to-date entries covering a wide range of topics in international trade, finance, production, and economic development. These topics include concepts and principles, models and theory, institutions and agreements, policies and instruments, analysis and tools, and sectors and special issues. Each entry includes cross-references and a list of sources for further reading and research. Complete with an index and a table of contents that groups entries by topic, The Princeton Encyclopedia of the World Economy is an essential resource for anyone who needs to better understand the global economy. More than 300 alphabetically arranged articles on topics in international trade, finance, production, and economic development International team of contributors Annotated list of further reading with each article Topical list of entries Full index and cross-references Entry categories and sample topics: Concepts and principles: globalization, anti-globalization, fair trade, foreign direct investment, international migration, economic development, multinational enterprises Models and theory: Heckscher-Ohlin model, internalization theory, New Trade Theory, North-South trade, Triffin dilemma Institutions and agreements: European Union, International Monetary Fund, World Trade Organization, World Bank, Doha Round, international investment agreements Policies and instruments: dollar standard, international aid, sanctions, tariffs Analysis and tools: exchange rate forecasting, effective protection, monetary policy rules Sectors and special issues: child labor, corporate governance, the digital divide, health and globalization, illegal drugs trade, petroleum, steel
Download or read book The Dynamics of Growth in Emerging Economies written by Arzu Akkoyunlu Wigley and published by Routledge. This book was released on 2018-12-19 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: How can Turkey increase its medium- and long-term growth potential? Despite episodes of fast growth, this has become a vital question for the Turkish economy, in order to avoid being stuck in a middle-income trap. There has been an increase in the number of studies presenting growth in Turkey and quantifying the sources of economic growth, however, due to the difference in the main underlying assumptions and the time period covered in these studies, the results differ. The second strand of literature on growth in Turkey identifies the relative underperformance of the Turkish economy by developing models with microeconomic foundations. Given the fact that there are a large number of studies investigating the macro dynamics of growth in Turkey, the book’s unique focus on the "neglected" issues in growth discussions closes the gap in the existing literature. It addresses the micro, macro, regional, and gender aspects, the environment–energy–growth nexus, as well as the microeconomic dynamics of growth. It also analyses the other significant determinants of long run growth in Turkey such as import dependency and saving-investment decision. The authors provide a macro overview of all of the precluded subjects in order to evaluate them in relation to one other, as well as to derive policy conclusions from them. This book primarily targets academics as well as graduate and undergraduate social sciences and humanities students both in Turkey and other countries. It is also a must read for researchers and policy makers not only in Turkey but also in other developing economies and is of interest to specialists of non-governmental and non-profit organizations.
Download or read book Economic Growth written by Furkan Beşel and published by Cambridge Scholars Publishing. This book was released on 2019-01-08 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, the average person in the world lives a more comfortable life compared to the richest people in the last century and, in fact, their life is more comfortable than even the kings of the previous centuries. We owe this situation first and foremost to the high growth rates that gained momentum after the industrial revolution. Although high welfare level is not dependent upon economic growth alone, it is a prerequisite for welfare. Nobody craves equality in poverty. In this book, in addition to the theoretical development of economic growth, the sources and potential effects of economic growth have been analysed using various methods. As such, it will serve as an essential reference work for researchers and policy makers.
Download or read book Cross Border Exposures and Country Risk written by Thomas Krayenbuehl and published by Woodhead Publishing. This book was released on 2001-07-03 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international financial system has come under strain several times in recent years, and analysis has shown that most crises originated from the risks built into cross-border exposures. Assessment and monitoring of cross-border exposures and country risk are essential activities for international lending agencies such as government bodies, banks, multinational corporations and other investors. Inadequate risk management could have a destabilising effect on both lender and borrower and could result in a major international financial crisis. This completely revised edition of Thomas E Krayenbuehl's classic handbook clearly shows how the various players can quantify and manage the complex factors involved in order to minimise the risk and avoid potentially catastrophic consequences. It provides both a rigorous analysis of the current situation and a guide to meeting the challenges of the future. Just some of the things you'll discover. How to succeed in cross-border lending and investment through good assessment, monitoring and hedging of country risk How the Tequila and Asian crises came about, and the lessons learned The likelihood of future crises and the potential causes The latest problems to beset the international financial system The recent developments in cross-border financing Why the problem of contagion occurs between seemingly unrelated markets The enormous need for global capital to bring about sustainable economic development in the developing world, and the role of the major players in fulfilling it The numerous factors that constitute and influence a specific country risk The responsibilities of all the parties involved, from the IMF and the World Bank to the industrialised and developing nations, the regulators and the rating agencies How this study helps you: This lucid and authoritative handbook will help you to: Understand the problems facing the international financial system Identify and assess new investment opportunities Optimise risk composition of cross-border lending or investment Make sound decisions, minimise risk and achieve better outcomes The definitive study of this important topic - its purpose, practice and implications
Download or read book Economic Development and Financial Markets written by Adam Śliwiński and published by Springer Nature. This book was released on 2019-12-07 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers fresh insights into the economic development and financial markets of Southeastern and Central European countries. The first part analyses macroeconomic trends and monetary policy issues, while the second part explores the development of financial and insurance markets. With contributions covering topics such as regional and income inequalities, economic embeddedness, industrial competitiveness, entrepreneurship, financial integration, insurance markets, and other socio-economic aspects, it appeals to scholars in the field of economics and finance interested in the further economic development of the Balkans and Eastern European countries as well as to professionals in the financial and insurance sectors.
Download or read book Open Economy Macroeconomics in East Asia written by Ahmad Zubaidi Baharumshah and published by Routledge. This book was released on 2017-11-30 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: The East Asia countries were among the fastest growing economies in the world and of increasing importance to the world economy. These countries have taken the lead in adopting outward-oriented development policies. This volume focuses on the major issues on open economy macroeconomics in the East Asia economies that will be instructive to both academics and policymakers. The emphasis is on the countries that were severely affected by the 1997/98 Asian financial crises. Several aspects of exchange rate, current account, budget deficits, monetary and financial issues are considered in this book. In addition, several chapters are devoted to discussion on the issues of economic integration in the region. The contagion and the currency crisis are also discussed thoroughly. Most of the chapters are empirical in nature and the empirical evidence provided is based on the recent development in time series econometrics methods.
Download or read book Foundations of International Macroeconomics written by Maurice Obstfeld and published by MIT Press. This book was released on 1996-09-12 with total page 830 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foundations of International Macroeconomics is an innovative text that offers the first integrative modern treatment of the core issues in open economy macroeconomics and finance. With its clear and accessible style, it is suitable for first-year graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Each chapter incorporates an extensive and eclectic array of empirical evidence. For the beginning student, these examples provide motivation and aid in understanding the practical value of the economic models developed. For advanced researchers, they highlight key insights and conundrums in the field. Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance theory and asset pricing, the implications of (and problems inherent in) international capital market integration, growth, inflation and seignorage, policy credibility, real and nominal exchange rate determination, and many interesting special topics such as speculative attacks, target exchange rate zones, and parallels between immigration and capital mobility. Most main results are derived both for the small country and world economy cases. The first seven chapters cover models of the real economy, while the final three chapters incorporate the economy's monetary side, including an innovative approach to bridging the usual chasm between real and monetary models.
Download or read book Striving for Growth After Adjustment written by Luis Serven and published by World Bank Publications. This book was released on 1993 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the results of about three years of work finished in early 1992 in the area of private investment and macroeconomic adjustment. Its purpose is to explore the macroeconomic determinants of investment and the causes and cures for the gap between maroeconomic adjustment and stabilization and the resumption of economic growth in developing countries, a gap that even today - 10 years after the debt crisis and the subsequent adjustment of the eighties - remains wide. This volume highlights the central role of capital formation (public and private) in the restoration of sustainable growth.
Download or read book National Saving and Economic Performance written by John B. Shoven and published by University of Chicago Press. This book was released on 2009-02-15 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past decade has witnessed a decline in saving throughout the developed world—the United States has the dubious distinction of leading the way. The consequences can be serious. For individuals, their own economic security and that of their families is jeopardized. For society, inadequate rates of saving have been blamed for a variety of ills—decreasing the competitive abilities of American industry, slowing capital accumulation, increasing our trade deficit, and forcing the sale of capital stock to foreign investors at bargain prices. Restoring acceptable rates of saving in the United States poses a major challenge to those who formulate national economic policy, especially since economists and policymakers alike still understand little about what motivates people to save. In National Saving and Economic Performance, edited by B. Douglas Bernheim and John B. Shoven, that task is addressed by offering the results of new research, with recommendations for policies aimed to improve saving. Leading experts in diverse fields of economics debate the need for more accurate measurement of official saving data; examine how corporate decisions to retain or distribute earnings affect household-level consumption and saving; and investigate the effects of taxation on saving behavior, correlations between national saving and international investment over time, and the influence of economic growth on saving. Presenting the most comprehensive and up-to-date research on saving, this volume will benefit both academic and government economists.
Download or read book Proceedings of MAC EMMT 2014 written by Collective of authors and published by MAC Prague consulting. This book was released on 2014-04-25 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proceedings of the scientific conference on economics, management, marketing and transportation.
Download or read book International Journal of Finance and Policy Analysis Vol 3 No 2 written by and published by Universal-Publishers. This book was released on with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
