Excessive Fdi Flows Under Asymmetric Information

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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.

Financial Crises in Emerging Markets

Author : Reuven Glick
Publisher : Cambridge University Press
ISBN 13 : 9780521800204
Total Pages : 494 pages
Book Rating : 4.8/5 (2 download)

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Book Synopsis Financial Crises in Emerging Markets by : Reuven Glick

Download or read book Financial Crises in Emerging Markets written by Reuven Glick and published by Cambridge University Press. This book was released on 2001-04-23 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume analyze causes of financial crises in emerging markets and different policy responses.

FDI in Mauritius and Sub Saharan Africa: Assessing the spillovers effect in a dynamic framework

Author : Dr Sheereen Banon Fauzel
Publisher : Archers & Elevators Publishing House
ISBN 13 : 9386501600
Total Pages : 162 pages
Book Rating : 4.3/5 (865 download)

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Book Synopsis FDI in Mauritius and Sub Saharan Africa: Assessing the spillovers effect in a dynamic framework by : Dr Sheereen Banon Fauzel

Download or read book FDI in Mauritius and Sub Saharan Africa: Assessing the spillovers effect in a dynamic framework written by Dr Sheereen Banon Fauzel and published by Archers & Elevators Publishing House. This book was released on with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The World's New Financial Landscape: Challenges for Economic Policy

Author : Horst Siebert
Publisher : Springer Science & Business Media
ISBN 13 : 9783540419921
Total Pages : 346 pages
Book Rating : 4.4/5 (199 download)

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Book Synopsis The World's New Financial Landscape: Challenges for Economic Policy by : Horst Siebert

Download or read book The World's New Financial Landscape: Challenges for Economic Policy written by Horst Siebert and published by Springer Science & Business Media. This book was released on 2001-09-28 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book will be of particular relevance for readers interested in a thorough analysis of international capital flows, their determinants and their macroeconomic implications. It also provides information about the origines of international financial crisis and assess proposals to overcome and avoid financial crisis in the future. The book is an outcome of a conference held at the Kiel Institute of World Economics. The papers cover the track record of financial integration, the changing structure of financial markets and the implications for macroeconomics and growth. Particular emphasis is placed on the various financial crises of the 1990s and on proposals for a reform of the international financial system.

World Market Integration Through the Lens of Foreign Direct Investors

Author : Luis Serven
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4./5 ( download)

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Book Synopsis World Market Integration Through the Lens of Foreign Direct Investors by : Luis Serven

Download or read book World Market Integration Through the Lens of Foreign Direct Investors written by Luis Serven and published by World Bank Publications. This book was released on 2003 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Albuquerque, Loayza, and Serven analyze the unparalleled increase in foreign direct investment to emerging market economies in the past 25 years. Using a large cross-country timeseries data set, the authors evaluate the dependence of foreign direct investment on global factors or worldwide sources of risk (that is, factors that drive foreign direct investment across several countries). They construct a globalization measure that equals the share of explained variation in direct investment attributable to global factors. The authors show that the globalization measure has increased steadily for industrial and developing countries. For the full sample of countries, the globalization measure rose eightfold from 1985 to 1999. Furthermore, in recent years developing countries' exposure to global factors has approached that of industrial countries, particularly for Latin America. Finally, the globalization measure correlates strongly with measures of capital market liberalization. Overall, the authors find strong support for the hypothesis of increased market integration which implies a greater role for worldwide sources of risk. They discuss the implications of the results for public policies regarding capital market liberalization and policies directed at attracting foreign investment.This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to understand international capital flows.

The Enclave Economy

Author : Kevin P. Gallagher
Publisher : MIT Press
ISBN 13 : 0262262967
Total Pages : 225 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis The Enclave Economy by : Kevin P. Gallagher

Download or read book The Enclave Economy written by Kevin P. Gallagher and published by MIT Press. This book was released on 2007-07-20 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the extent to which foreign investment in Mexico's information technology sector brought economic, social, and environmental benefits to Guadalajara. Foreign investment has been widely perceived as a panacea for developing countries—as a way to reduce poverty and kick-start sustainable modern industries. The Enclave Economy calls this prescription into question, showing that Mexico's post-NAFTA experience of foreign direct investment in its information technology sector, particularly in the Guadalajara region, did not result in the expected benefits. Charting the rise and fall of Mexico's “Silicon Valley,” the authors explore issues that resonate through much of Latin America and the developing world: the social, economic, and environmental effects of market-driven globalization. In the 1990s, Mexico was a poster child for globalization, throwing open its borders to trade and foreign investment, embracing NAFTA, and ending the government's role in strengthening domestic industry. But The Enclave Economy shows that although Mexico was initially successful in attracting multinational corporations, foreign investments waned in the absence of active government support and as China became increasingly competitive. Moreover, the authors find that foreign investment created an “enclave economy” the benefits of which were confined to an international sector not connected to the wider Mexican economy. In fact, foreign investment put many local IT firms out of business and transferred only limited amounts of environmentally sound technology. The authors suggest policies and strategies that will enable Mexico and other developing countries to foster foreign investment for sustainable development in the future.

Foreign Direct Investment in the World Economy

Author : Mr.Edward M. Graham
Publisher : International Monetary Fund
ISBN 13 : 1451847904
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Foreign Direct Investment in the World Economy by : Mr.Edward M. Graham

Download or read book Foreign Direct Investment in the World Economy written by Mr.Edward M. Graham and published by International Monetary Fund. This book was released on 1995-06-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of foreign direct investment (FDI) in international capital flows is examined. Theories of the determinants of FDI are surveyed, and the economic consequences of FDI for both host (recipient) and home (investor) nations are examined in light of empirical studies. Policy issues surrounding possible negotiation of a “multilateral agreement on investment” are discussed.

Labor, Capital, and Finance

Author : Assaf Razin
Publisher : Cambridge University Press
ISBN 13 : 9780521785570
Total Pages : 198 pages
Book Rating : 4.7/5 (855 download)

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Book Synopsis Labor, Capital, and Finance by : Assaf Razin

Download or read book Labor, Capital, and Finance written by Assaf Razin and published by Cambridge University Press. This book was released on 2001-08-27 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This treatment offers a model of globalization by examining international labor, finance, and capital flows.

Financial Sector Reform and the International Integration of China

Author : Zhongmin Wu
Publisher : Routledge
ISBN 13 : 1134104766
Total Pages : 318 pages
Book Rating : 4.1/5 (341 download)

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Book Synopsis Financial Sector Reform and the International Integration of China by : Zhongmin Wu

Download or read book Financial Sector Reform and the International Integration of China written by Zhongmin Wu and published by Routledge. This book was released on 2009-04-14 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, based on extensive original research by a range of leading experts, examines many key aspects of current reforms in China's financial sector and China's increasing integration into the international economy. Subjects covered include: the derivatives market; stock market liberalisation; and international foreign direct investment by Chinese firms.

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.

Determinants of Foreign Direct Investment in Emerging Markets

Author : Torsten Wezel
Publisher : Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
ISBN 13 :
Total Pages : 210 pages
Book Rating : 4.:/5 (321 download)

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Book Synopsis Determinants of Foreign Direct Investment in Emerging Markets by : Torsten Wezel

Download or read book Determinants of Foreign Direct Investment in Emerging Markets written by Torsten Wezel and published by Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften. This book was released on 2005 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging markets frequently feature strong economic growth but also unique risks - political instability, legal uncertainty and corruption - which constitute barriers to foreign direct investment (FDI). This study analyzes empirically whether superior investment profiles of recipient countries matter for German FDI in addition to typical determinants such as labor costs, level of income and market openness. The specifics of banking FDI are also examined, notably the impact of incipient banking crises abroad and the risk-mitigating property of multilateral development banks acting as stakeholders in individual FDI projects. The concluding part highlights recent initiatives of international organizations to lower investment barriers, fight corruption and strengthen financial system stability.

Working Paper Series

Author :
Publisher :
ISBN 13 :
Total Pages : 556 pages
Book Rating : 4.F/5 ( 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 2002 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI

Author : Joshua Aizenman
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI by : Joshua Aizenman

Download or read book Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI written by Joshua Aizenman and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper models and tests the implications of costly enforcement of property rights on the pattern of foreign direct investment (FDI). We posit that domestic agents have a comparative advantage over foreign agents in overcoming some of the obstacles associated with corruption and weak institutions. We model these circumstances in a principal-agent framework with costly ex-post monitoring and enforcement of an ex-ante labor contract. Ex-post monitoring and enforcement costs are assumed to be lower for domestic entrepreneurs than for foreign ones, but foreign producers enjoy a countervailing productivity advantage. Under these asymmetries, multinationals pay higher wages than domestic producers, in line with the insight of efficiency wages and with the evidence about the multinationals wage premium.' FDI is also more sensitive to increases in enforcement costs. We then test this prediction for a cross section of developing countries. We use Mauro's (2001) index of economic corruption as an indicator of the strength of property right enforcement within a given country. We compare corruption levels for a large cross section of countries in 1989 to subsequent FDI flows from 1990 to 1999. We find that corruption is negatively associated with the ratio of subsequent foreign direct investment flows to both gross fixed capital formation and to private investment. This finding is true for both simple cross-sections and for cross-sections weighted by country size.

International Capital Flows

Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241807
Total Pages : 500 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Capital Flows by : Martin Feldstein

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.

The Dynamics of Competition in the Internet Search Engine Market

Author : Neil Gandal
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Dynamics of Competition in the Internet Search Engine Market by : Neil Gandal

Download or read book The Dynamics of Competition in the Internet Search Engine Market written by Neil Gandal and published by . This book was released on 2000 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Indian Economy Since 1991: Economic Reforms and Performance

Author : B. A. Prakash
Publisher : Pearson Education India
ISBN 13 : 9332500282
Total Pages : 878 pages
Book Rating : 4.3/5 (325 download)

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Book Synopsis The Indian Economy Since 1991: Economic Reforms and Performance by : B. A. Prakash

Download or read book The Indian Economy Since 1991: Economic Reforms and Performance written by B. A. Prakash and published by Pearson Education India. This book was released on 2011 with total page 878 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Indian Economy Since 1991: Economic Reforms and Performance is the outcome of a collaborative effort by 28 experts who have made significant contributions in research toward the Indian economy. Using a data-based, analytical approach to key economic issues and problems, coupled with extensive coverage and a critical and in-depth analysis of the developments in all major sub-sectors of the Indian economy, this edited volume examines the impact of the reforms on various fronts such as economic performance, employment, unemployment, planning process, financial and fiscal sectors, external sector, agriculture, industry, infrastructure, health, education, poverty and federal finance since 1991.

International Investment for Sustainable Development

Author : Lyuba Zarsky
Publisher : Routledge
ISBN 13 : 1136562737
Total Pages : 241 pages
Book Rating : 4.1/5 (365 download)

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Book Synopsis International Investment for Sustainable Development by : Lyuba Zarsky

Download or read book International Investment for Sustainable Development written by Lyuba Zarsky and published by Routledge. This book was released on 2012-05-23 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Investment for Sustainable Development critically examines the interface between sustainability, development, and the governance of international investment. It challenges the conventional view that foreign direct investment is a 'miracle drug' for developing countries and exposes serious shortcomings in the current international investment regime. Composed of norms, agreements, treaties and regulations, the emerging investment regime expands the rights of transnational corporations (TNCs) without commensurate rewards for the common good. Drawing on both research and engaged advocacy, the contributors ultimately map out a new way forward, towards the creation and implementation of international investment rules that will promote global sustainability and equity.