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Three Essays On Investment And Risk Assessment In Emerging Market Countries
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Book Synopsis Three Essays on Investment and Risk Assessment in Emerging-market Countries by : Burkhard Norbert Schrage
Download or read book Three Essays on Investment and Risk Assessment in Emerging-market Countries written by Burkhard Norbert Schrage and published by . This book was released on 2002 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Portfolio Capital Flows to Emerging Markets by : Hui Miao
Download or read book Three Essays on Portfolio Capital Flows to Emerging Markets written by Hui Miao and published by . This book was released on 1997 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Portfolio Diversification by : Amir Andrew Amadi
Download or read book Three Essays in International Portfolio Diversification written by Amir Andrew Amadi and published by . This book was released on 2004 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Macroeconomics and Finance by : Bada Han
Download or read book Three Essays in International Macroeconomics and Finance written by Bada Han and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I study the changes in external liabilities and assets of emerging market economies since the early-2000s and the following implications of the changes for the financial stability and the optimal policies of the economies. In chapter 1, I construct a dataset, which measures the external liability composition of emerging market economies in different instruments and currencies. The new dataset shows emerging market economies have much lower currency exposures than in the past. Also, the observed pattern in the dataset suggests that the ever-increasing local currency external borrowings of the emerging market economies since the early 2000s, original sin dissipation, is related to the capital market development in emerging market economies. Chapter 2 is a study of channels through which risk-appetite shocks to global investors, i.e., global financial shocks, are transmitted to emerging market economies. First, I empirically show that much of the transmission of global financial shocks to emerging market economies is reflected in equity and local currency bond portfolio investment capital flows. I then develop a small open economy model which, augmented with leverage constrained banks and foreign investors who purchase equities and bonds, can replicate these empirical findings qualitatively. Quantitative analysis of the model suggests that global financial shocks can account for 50 % of the equity price volatility and 30 % of the investment volatility in Korea, in which most of the external liabilities of the country are Korean won-denominated equities and debts. In short, all the analysis in chapter 2 implies that to a substantial extent, risk-appetite shocks to global investors are transmitted to emerging market economies via fickle portfolio capital flows to equity and local currency bond markets in the economies. In chapter 3, Dongwook Kim and I provide a novel theory of international reserve accumulation of emerging market economies. We view reserve accumulation as capital outflows by the public sector which supplements insufficient capital outflows by the private sector. In our model, when an emerging market economy receives large capital inflows in the form of direct or equity portfolio investment, the emerging market economy must invest abroad to maintain macroeconomic balance and prepare for a possible future sudden stop. If the private sector in the emerging market economy cannot invest externally sufficiently or invests inefficiently due to low financial expertise or poor institutional quality, supplemental international investments must be accomplished by the public sector as international reserve outflows.
Book Synopsis Three Essays on Foreign Investment by : Krishna Srinivasan
Download or read book Three Essays on Foreign Investment written by Krishna Srinivasan and published by . This book was released on 1993 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Financial Liberalization, Country Risk and Low Growth Traps in Argentina, Mexico and Turkey by : Firat Demir
Download or read book Three Essays on Financial Liberalization, Country Risk and Low Growth Traps in Argentina, Mexico and Turkey written by Firat Demir and published by . This book was released on 2005 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Country Risk Assessment by : Michel Henry Bouchet
Download or read book Country Risk Assessment written by Michel Henry Bouchet and published by John Wiley & Sons. This book was released on 2003-10-31 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the few books on the subject, Country Risk Assessment combines the theoretical and practical tools for managing international country risk exposure. - Offers a comprehensive discussion of the specific mechanisms that apply to country risk assessment. - Discusses various techniques associated with global investment strategy. - Presents and analyses the various sources of country risk. - Provides an in depth coverage of information sources and country risk service providers. - Gives techniques for forecasting country financial crises. - Includes practical examples and case studies. - Provides a comprehensive review of all existing methods including the techniques on the cutting-edge Market Based Approaches such as KMV, CreditMetrics, CountryMetrics and CreditRisk+.
Book Synopsis Three Essays on International Economics by : Toshiaki Shinozaki
Download or read book Three Essays on International Economics written by Toshiaki Shinozaki and published by . This book was released on 2012 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: My dissertation consists of three papers on international finance, international economics, and labor economics. The first paper develops a stochastic general equilibrium model to understand the effects of default risk on output, consumption, investment, and current account deficits in emerging markets. The second paper studies how market structure affects exchange-rate pass-through. This analysis is empirical as well as theoretical, using a partial equilibrium model. The third paper develops a model to study relative wages across different educational levels in developed countries. The model in my first paper features endogenous default risk. Its calibration results explain a number of important stylized facts about emerging economies, including the negative correlation between investment and net exports, the procyclicality of investment, and the potential for current account reversals. The second paper compares exchange-rate pass-through under perfect competition and oligopoly, showing that the two different market structures have opposite effects on this currency pricing behavior. The paper's empirical test, whether implemented on the basis of a partial equilibrium framework or on the model's general equilibrium framework, finds support for perfect competition. The third paper uses differences within and across industries in education wage premiums to study factors affecting those premiums. The paper begins by showing that within-industry as opposed to cross-industry educational wage premiums explain most of developed country differences in wages by education. It then develops a theoretical model and an empirical testing strategy, using U.S. and Japanese data, to examine whether the use of IT capital and the decision to outsource affect the education-wage premium. The answer is mixed depending on the country in question.
Book Synopsis Rethinking Rights and Regulations by : Lorrie Faith Cranor
Download or read book Rethinking Rights and Regulations written by Lorrie Faith Cranor and published by MIT Press. This book was released on 2003-08-29 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributors to this volume explore the dynamics of new communications technologies and public policy; from TPRC 2002. The contributors to this volume examine issues raised by the intersection of new communications technologies and public policy in this post-boom, post-bust era. Originally presented at the 30th Research Conference on Communication, Information, and Internet Policy (TPRC 2002)—traditionally a showcase for the best academic research on this topic—their work combines hard data and deep analysis to explore the dynamic interplay between technological development and society.The chapters in the first section consider the ways society conceptualizes new information technologies and their implications for law and policy, examining the common metaphor of "cyberspace as place," alternative definitions of the Internet, the concept of a namespace, and measures of diffusion. The chapters in the second section discuss how technological change may force the rethinking of legal rights; topics considered include spectrum rights, intellectual property, copyright and "paracopyright," and the abridgement of constitutional rights by commercial rights in ISP rules. Chapters in the third and final section examine the constant adjustment and reinterpretation of regulations in response to technological change, considering, among other subjects, liability regimes for common carriers and the 1996 detariffing rule, privacy and enhanced 911, and the residual effect of state ownership on privatized telecommunication carriers. The policy implications of Rethinking Rights and Regulations are clear: major institutional changes may be the necessary response to major advances in telecommunications technology.
Book Synopsis Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by : El Bachir Boukherouaa
Download or read book Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance written by El Bachir Boukherouaa and published by International Monetary Fund. This book was released on 2021-10-22 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Book Synopsis Three Essays in Financial Globalization by : Mingkwan Thongpruksa
Download or read book Three Essays in Financial Globalization written by Mingkwan Thongpruksa and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial globalization has many economic implications for countries. On one hand, it provides protection against national shocks and more efficient global allocation of resources. On the other hand, the financial interlinkage driven by globalization increases the exposure of countries to the financial and real shocks and to the risk of sudden capital reversals. This, in turn, has an impact on countries in various aspects. This dissertation explains the three different roles of financial globalization in individual countries and group of countries. The first essay examines the degree of regional consumption risk sharing of countries in ASEAN+3 and investigates the extent to which financial integration determines the degree of regional consumption risk sharing. There are three main questions that this paper attempts to answer. First, the paper examines whether or not consumption risk sharing exists in ASEAN+3. Second, the paper explores to what directions should they contribute to the degree of regional consumption risk sharing. Finally, this paper examines to what extent ASEAN+3 shares the risk within the region vis-` -vis the rest of the world. According to the a empirical analysis, there is a limited degree of regional and bilateral risk sharing among ASEAN+3 and the degree of such has not changed much during 2000- 2007. However, despite the limited degree of regional risk sharing, countries that invest in ASEAN+3 in moderate proportion, that is, Singapore, Korea, and Thailand, tend to have a higher degree of regional consumption risk sharing than global risk sharing. The second essay addresses the major issues of inflation targeting in Thailand. An empirical study shows there is no evidence that inflation targeting has contributed to economic improvement since Thailand does not perform any better, and even worse in terms of output stability, than non inflation targeting countries. Moreover, the results show that exchange rate channel under the transmission mechanism plays a major role which contradicts the traditional inflation targeting, and thus does not fit Thailand's economy. In addition, SVAR indicates that the disinflation is accompanied by declined and volatility in output, suggesting that the adoption of inflation is not free from expenses. Regarding oil price surge, results obtained from SVAR estimation suggest that any active interest policy is able to help relieve the oil price shock and leaving other variables unaffected while having an impact of shorter duration than does inflation targeting. The third essay presents an analysis of the interrelation between financial institutions and the housing sector in the United States. The evidence presented in the first and the second section of the essay suggests that all economic sectors have increasingly participated in financial investment and have been exposed to a higher degree of volatility in financial investment, combining with changes of regulations, and new available instruments, creating the unsustainable boom in U.S. housing markets during the late 1990s to early 2000s, and later resulted in the subprime crisis. The third section sheds light on the dynamics of house price by the panel error correction formulation. The econometric estimation shows the slow adjustment of housing prices towards long-run equilibrium. The last section examines the spill over effects of housing markets to other economic sectors. The estimated results from VECM indicates the strong and statistically significant of all channels of wealth effect, credit effect, and balance sheet effect.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451973748 Total Pages :140 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff Papers, Volume 47, No. 3 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff Papers, Volume 47, No. 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2001-10-10 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding, the causes of herd behavior, the success of existing studies in identifying the phenomenon, and the effect that herding has on financial markets. The paper also surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries.
Book Synopsis Dissertation Abstracts International by :
Download or read book Dissertation Abstracts International written by and published by . This book was released on 2009 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing Country Risk by : Mr.Ashvin Ahuja
Download or read book Assessing Country Risk written by Mr.Ashvin Ahuja and published by International Monetary Fund. This book was released on 2017-06-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing country risk is a core component of surveillance at the IMF. It is conducted through a comprehensive architecture, covering both bilateral and multilateral dimensions. This note describes some of the approaches used internally by Fund staff to examine a wide array of systemic risks across advanced, emerging, and low-income economies. It provides a high-level view of the theory and methodologies employed, with an on-line companion guide providing more technical details of implementation. The guide will be updated as Fund staff’s methodologies for assessing country risk continue to evolve with experience and feedback. While the results of these approaches are not published by the IMF for market sensitivity reasons, they inform risk assessments featured in bilateral surveillance as well as in the IMF’s flagship publications on global surveillance.
Book Synopsis American Doctoral Dissertations by :
Download or read book American Doctoral Dissertations written by and published by . This book was released on 2002 with total page 776 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays in International Finance by : Byong-Ju Lee
Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Book Synopsis Measuring Political Risk by : Charlotte H. Brink
Download or read book Measuring Political Risk written by Charlotte H. Brink and published by Taylor & Francis. This book was released on 2017-03-02 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering a fresh, transparent approach encompassing new material, this invigorating volume measures political risk - for instance the risk that foreign investment might face in any country. It also demonstrates how progress or regress made in good governance initiatives as conditionalities to aid can be assessed. Governments can monitor their own policy environment(s), and take remedial action if necessary. The methodology allows for measurement of previously un-quantified 'soft' factors that add to the risks foreign investors might face, demonstrating why these factors are of importance to both risk assertive and risk averse investors. Features include: - 103 contextualized, measurable risk factors and their 411 risk factor indicators. - Guidelines to using these factors in order to perform generic macro analyses, or micro, client/project/industry-specific analyses. - Explanation of the methodology with which to comprehensively measure the probability of risk occurring in any macro or micro investment climate.
