Channelling Domestic Savings Into Productive Investment Under Asymmetric Information

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Channeling Domestic Savings Into Productive Investment Under Asymmetric Information

Author : Assaf Razin
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Channeling Domestic Savings Into Productive Investment Under Asymmetric Information by : Assaf Razin

Download or read book Channeling Domestic Savings Into Productive Investment Under Asymmetric Information written by Assaf Razin and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign direct investment (FDI) is observed to be a predominant form of capital flows to low and middle income countries with insufficiently developed capital markets. This paper analyzes the problem of channeling domestic savings into productive investment in the presence of asymmetric information between the managing owners of firms and other portfolio stakeholders. We emphasize the crucial role played by FDI in sustaining equity-financed capital investment for economies plagued by such information problems. Similar problems also exist for foreign portfolio debt flows. The paper identifies how, in the presence of information asymmetry, different capital market structures may lead to foreign over- or under-investment and to domestic under- or over-saving, and thus to inefficient equilibria. We show how corrective tax-subsidy policies consisting of taxes on corporate income and on the capital incomes of both residents and nonresidents can restore efficiency.

Channelling Domestic Savings Into Productive Investment Under Asymmetric Information

Author : Assaf Razin
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Channelling Domestic Savings Into Productive Investment Under Asymmetric Information by : Assaf Razin

Download or read book Channelling Domestic Savings Into Productive Investment Under Asymmetric Information written by Assaf Razin and published by . This book was released on 1998 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Bulletin

Author :
Publisher :
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.X/5 (6 download)

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Book Synopsis Bulletin by :

Download or read book Bulletin written by and published by . This book was released on 1999 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Working Paper Series

Author :
Publisher :
ISBN 13 :
Total Pages : 560 pages
Book Rating : 4.:/5 (54 download)

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Book Synopsis Working Paper Series by :

Download or read book Working Paper Series written by and published by . This book was released on 1998 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Finance and Financial Crises

Author : Mr.Peter Isard
Publisher : International Monetary Fund
ISBN 13 : 9781557758347
Total Pages : 304 pages
Book Rating : 4.7/5 (583 download)

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Book Synopsis International Finance and Financial Crises by : Mr.Peter Isard

Download or read book International Finance and Financial Crises written by Mr.Peter Isard and published by International Monetary Fund. This book was released on 2000-01-24 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the proceedings of a conference held in honor of Robert P. Flood Jr. Contributors to the conference were invited to address many of the topics that Robert Flood has explored including regime switching, speculative attacks, bubbles, stock market voloatility, macro models with nominal rigidities, dual exchange rates, target zones, and rules versus discretion in monetary policy. The results, contained in this volume, include five papers on topics in international finance.

The Economics of Globalization

Author : Assaf Razin
Publisher : Cambridge University Press
ISBN 13 : 9780521622684
Total Pages : 436 pages
Book Rating : 4.6/5 (226 download)

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Book Synopsis The Economics of Globalization by : Assaf Razin

Download or read book The Economics of Globalization written by Assaf Razin and published by Cambridge University Press. This book was released on 1999-04-13 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growing economic openness expressed in the globalization of independent economic systems has created problems as well as opportunities that cross formal borders in unexpected ways. Professors Assaf Razin and Efraim Sadka explore the ramifications of globalization in selected public finance issue areas. Seven main topics are covered by the sixteen papers in the volume: the international mobility of technology; capital flows and exchange rate misalignments; tax incentives and patterns of capital flows; income redistribution and social insurance in federal systems; tax harmonization and coordination; political economy aspects of international tax competition; the migration of skilled and unskilled labour; and the fiscal aspects of monetary unification.

Saving for Development

Author : Inter-American Development Bank
Publisher : Springer
ISBN 13 : 1349949299
Total Pages : 352 pages
Book Rating : 4.3/5 (499 download)

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Book Synopsis Saving for Development by : Inter-American Development Bank

Download or read book Saving for Development written by Inter-American Development Bank and published by Springer. This book was released on 2016-07-08 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why should people - and economies - save? This book on the savings problem in Latin America and the Caribbean suggests that, while saving to survive the bad times is important, saving to thrive in the good times is what really counts. People must save to invest in health and education, live productive and fulfilling lives, and make the most of their retirement years. Firms must save to grow their enterprises, employ more workers in better jobs, and produce quality goods. Governments must save to build the infrastructure required by a productive economy, provide quality services to their citizens, and assure their senior citizens a dignified, worry-free retirement. In short, countries must save not for the proverbial rainy day, but for a sunny day - a time when everyone can bask in the benefits of growth, prosperity, and well-being. This book is open access under a CC BY-NC-ND 3.0 IGO license.

Global Imbalances, Exchange Rates and Stabilization Policy

Author : A. Makin
Publisher : Springer
ISBN 13 : 0230250750
Total Pages : 214 pages
Book Rating : 4.2/5 (32 download)

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Book Synopsis Global Imbalances, Exchange Rates and Stabilization Policy by : A. Makin

Download or read book Global Imbalances, Exchange Rates and Stabilization Policy written by A. Makin and published by Springer. This book was released on 2009-07-23 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes key international monetary issues from a macro-foundations perspective. It proposes novel frameworks to interpret macroeconomic and financial linkages for globally integrated economies, examining global imbalances, exchange rates, interest rates, international capital flows, inflation, foreign and public debt.

Macroeconomics and the Financial System

Author : N. Gregory Mankiw
Publisher : Macmillan
ISBN 13 : 1429253673
Total Pages : 642 pages
Book Rating : 4.4/5 (292 download)

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Book Synopsis Macroeconomics and the Financial System by : N. Gregory Mankiw

Download or read book Macroeconomics and the Financial System written by N. Gregory Mankiw and published by Macmillan. This book was released on 2011 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt: Watch this video interview with Greg Mankiw and Larry Ball discussing the future of the intermediate macroeconomics course and their new text. Check out preview content for Macroeconomics and the Financial System here. The financial crisis and subsequent economic downturn of 2008 and 2009 was a dramatic reminder of what economists have long understood: developments in the overall economy and developments in the financial system are inextricably intertwined. Derived and updated from two widely acclaimed textbooks (Greg Mankiw’s Macroeconomics, Seventh Edition and Larry Ball’s Money, Banking, and the Financial System), this groundbreaking text is the first and only intermediate macroeconomics text that provides substantial coverage of the financial system.

Excessive FDI Flows Under Asymmetric Information

Author : Assaf Razin
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Excessive FDI Flows Under Asymmetric Information by : Assaf Razin

Download or read book Excessive FDI Flows Under Asymmetric Information written by Assaf Razin and published by . This book was released on 1999 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Razin, Sadka and Yuen (1998, 1999a), we explored the policy implications of the home-bias in international portfolio investment as a result of asymmetric information problems in which domestic savers, being 'close' to the domestic market, have an informational advantage over foreign portfolio investors, who are 'far away' from the domestic market. However, FDI is different from foreign portfolio investment, concerning relevant information about domestic firms. Through the stationing of managers from the headquarters of multinational firms in the foreign direct establishments in the destination countries under their control, FDIors can monitor closely the operation of such establishments, thus circumventing these informational problems. Futhermore, FDI investors not only have an informational advantage over foreign portfolio investors, but they are also more informed than domestic savers. Because FDI entails direct control on the acquired domestic firm, which the typical domestic savers with ownership position in the firm do not have. Being 'insiders' the FDIers can 'overcharge' the uninformed domestic savers, the 'outsiders', when multinational subsidiaries shares are traded in the domestic stock market. Anticipating future domestic stock market trade opportunities, in advance, foreign investment becomes excessive. However, unlike the home-bias informational problem, which leads to inadequate foreign portfolio capital inflows, but may be correctable by Pigouvian taxes such as tax on non-resident income, tax on interest income and corporate tax (see Razin, Sadka, and Yuen (1998, 1999a)), excessive FDI flows under the insider-outsider informational problem call for a non-tax corrective policy. First, because they are governed by unobservable variables (such as the productivity level which triggers default, according to the firm contract with its lender). Second, because there exist self- fulfilling expectations equilibria which cannot be efficiently corrected by taxation. The corrective policy tool that is left available is then simply quantity restrictions on FDI.

Contents of Recent Economics Journals

Author :
Publisher :
ISBN 13 :
Total Pages : 396 pages
Book Rating : 4.:/5 (334 download)

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Book Synopsis Contents of Recent Economics Journals by :

Download or read book Contents of Recent Economics Journals written by and published by . This book was released on 1998-12-31 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Baltic Investment Programme and the Development of Financial Mechanisms in the Baltic Countries

Author :
Publisher : Nordic Council of Ministers
ISBN 13 : 9789291201440
Total Pages : 148 pages
Book Rating : 4.2/5 (14 download)

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Book Synopsis The Baltic Investment Programme and the Development of Financial Mechanisms in the Baltic Countries by :

Download or read book The Baltic Investment Programme and the Development of Financial Mechanisms in the Baltic Countries written by and published by Nordic Council of Ministers. This book was released on 1992 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Quantitative Implications of the Home Bias

Author : Assaf Razin
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Quantitative Implications of the Home Bias by : Assaf Razin

Download or read book Quantitative Implications of the Home Bias written by Assaf Razin and published by . This book was released on 1997 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is strong evidence about a home-court advantage in international portfolio" investment. One explanation for the bias is an information asymmetry between domestic and" foreign investors about the economic performance of domestic firms. This asymmetry causes" two types of distortions: an aggregate production inefficiency and a production-consumption" inefficiency, leading to foreign underinvestment and domestic oversaving respectively. Such" market failures are found to be quite severe, slightly more so with equity flows than with debt" flows. These inefficiencies can nonetheless be corrected by a mix of tax-subsidy instruments consisting of taxes on corporate income and on the capital incomes of both residents and" nonresidents. When only a partial set of instruments is available, however each tax instrument can change radically and may even be reversed although the welfare gains" can be fairly substantial and sometimes close to the first best optimum. This partial set of" instruments appears to be more effective in handling the market failure in the case of equity" flows than in the case of debt flows.

Aanwinsten van de Centrale Bibliotheek (Queteletfonds)

Author : Bibliothèque centrale (Fonds Quetelet)
Publisher :
ISBN 13 :
Total Pages : 708 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Aanwinsten van de Centrale Bibliotheek (Queteletfonds) by : Bibliothèque centrale (Fonds Quetelet)

Download or read book Aanwinsten van de Centrale Bibliotheek (Queteletfonds) written by Bibliothèque centrale (Fonds Quetelet) and published by . This book was released on 1998 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Disorganization in the Transition Process

Author : Jozef Konings
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Disorganization in the Transition Process by : Jozef Konings

Download or read book Disorganization in the Transition Process written by Jozef Konings and published by . This book was released on 1998 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The New Europe: Evolving Economic and Financial Systems in East and West

Author : D.E. Fair
Publisher : Springer Science & Business Media
ISBN 13 : 9401117411
Total Pages : 430 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis The New Europe: Evolving Economic and Financial Systems in East and West by : D.E. Fair

Download or read book The New Europe: Evolving Economic and Financial Systems in East and West written by D.E. Fair and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers collected in this volume are those presented at the seventeenth Collo quium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Berlin in October 1992. The Society is supported by a large number of central banks and commercial banks, by other fmancial and business institutions and by personal subscriptions from academics and others interested in monetary and fmancial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloqu~ for which volumes of the collected papers were published are noted on the last page of this volume.

Corporate Governance and International Business

Author : R. Strange
Publisher : Springer
ISBN 13 : 0230285740
Total Pages : 331 pages
Book Rating : 4.2/5 (32 download)

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Book Synopsis Corporate Governance and International Business by : R. Strange

Download or read book Corporate Governance and International Business written by R. Strange and published by Springer. This book was released on 2008-02-27 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bringing together a number of leading scholars and pioneering research, this volume explores the links between corporate governance and international business, and demonstrates how corporate governance influences the attractiveness of host countries to inward investors, as well as the internationalization strategies of MNEs themselves.