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NBER WORKING PAPER SERIES INTERNATIONAL BORROWING TO FINANCE INVESTMENT Working Paper No. 1865
NBER WORKING PAPER SERIES INTERNATIONAL BORROWING TO FINANCE INVESTMENT Working Paper No. 1865

... Whether the country lends or borrows immediately depends upon whether the consumption goods sector is capital or labor iitensive. Thedytiam±hirav-io-r--of the current accouxit for an initially capital—pocr country is also derived. Our results contrast with those of previous studies of optimal indebt ...
Research and Monetary Policy Department Working Paper  No:06/05
Research and Monetary Policy Department Working Paper No:06/05

... Capital inflows to developing countries and emerging market economies have surged considerably from the beginning of 1990s. Developing countries in Asia and Latin America have received an amount of nearly USD 670 billion of foreign capital in the five years from 1990 to 1994, as measured by the tota ...
capital budgeting practices: evidence from sri lankan listed companies
capital budgeting practices: evidence from sri lankan listed companies

... relevant field or professional qualifications. Hence, even though the majority of respondents are relatively young they are well qualified to answer for the questionnaire. ...
Capital gains and 'net national product' in open economies
Capital gains and 'net national product' in open economies

... Proposition 3 supports the intuition that Hicksian income from a country's ownership of capital depends on the value of its capital only; portfolio changes not influencing the value of its capital do not matter) ° In fact, since x '~ = Rtk t , Proposition 3 shows that a country's share of worldwide ...
Resources for Entrepreneurship and Growth in Factors of Production
Resources for Entrepreneurship and Growth in Factors of Production

... Results are for the 466 non-metropolitan labor market areas in the contiguous 48 states. Firststage least square results are presented on the left hand side of the table and the second-stage results on the right hand side. First-stage results are largely consistent with those in the secondstage but ...
From quantity to sustainable quality Increasing intellectual capital
From quantity to sustainable quality Increasing intellectual capital

... GDP inferior characteristics ...
Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus
Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus

... economies continue to maintain significant restrictions on capital outflows (notwithstanding the liberalizations over time). There are several possible interpretations of the negative external repression revenues found in our study. An EME government with positive revenues from repression may be re ...
   ASIAN INITIATIVES
  ASIAN INITIATIVES

... much as 80% (Indonesia), the banking systems collapsed, non‐performing loans rose  to  as  high  as  70%  (Indonesia)  and many  banks  had  to  be  bailed  out  or  shut  down.  Some  economies  shrunk  by  as  much  as  10%,  many  corporations  defaulted  and  became  bankrupt,  and  unemployment ...
PDF
PDF

... that the opportunity cost of postponed consumption (as given by the rate of time preference) should equal the net marginal return of capital -- the medium-run impact can differ quite substantially from the static impact. The induced impact on capital formation may reinforce or weaken the static impa ...


... securities. I concentrate not on the stock market, but on the combined value of equity and debt. By and large, I conclude that the evidence supports the hypothesis. At all times over the past half century, there has been substantial noise in the relation between the stock market and the capital stoc ...
Nova Layout [7x10] - ART
Nova Layout [7x10] - ART

... and the development of fiscal rules at EU level. Italy was no exception. Since the whole area is also facing low rates of economic growth it is widely recognized that a sustained growth in spending would improve the EU’s growth potential as well. As a consequence, most European countries are develop ...
Management of Capital Flows in India: 1990-2011
Management of Capital Flows in India: 1990-2011

... The hierarchy in the liberalization of capital flows has resulted in modifying India’s composition of external liabilities in the ‘desired’ manner.2 From comprising 95% of India’s total external liabilities in 1990, the share of debt liabilities have dropped to 33.2% in 2007. Over the same period t ...
NBER WORKING PAPER SERIES FISCAL VERSUS NET CAPITAL FLOW CONCERNS
NBER WORKING PAPER SERIES FISCAL VERSUS NET CAPITAL FLOW CONCERNS

... economies continue to maintain significant restrictions on capital outflows (notwithstanding the liberalizations over time). There are several interpretations of the negative external repression revenues found in our study. An EME government with positive revenues from repression may be reluctant t ...
NBER WORKING PAPER SERIES COMPOSITIONAL EFFECTS OF GOVERNMENT SPENDING
NBER WORKING PAPER SERIES COMPOSITIONAL EFFECTS OF GOVERNMENT SPENDING

... (1976) demonstrates a differentialemployment effect from governmentspendingon traded ...
Neoclassical theories of stationary relative prices and the supply of
Neoclassical theories of stationary relative prices and the supply of

... theories, which therefore are not merely considered from point of view of the history of economic thought, but also from a methodological perspective. We believe that the neo-Walrasian standpoint, which is at the basis of our analysis, can help to shed new light on well-known features of the treatme ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
This PDF is a selection from a published volume from... National Bureau of Economic Research

... goods are transferred from one sector to the other. These bilateral exchanges are the essential feature of the CFM, and when validated by market valuations they establish the equivalence between revenue, cost, income, and expenditure. These exchanges are portrayed as a counterclockwise flow around t ...
Capital Flight from Russia
Capital Flight from Russia

... words, capital that had been invested for bank loans and other lending, including trade credit, was suddenly withdrawn from East Asia after the 1997 crisis. With regard to Indonesia, capital outflow there first occurred under the “other investment” category, followed by portfolio investment and dire ...
mmi05 razin  225761 en
mmi05 razin 225761 en

... models (as in Morris and Shin (2000). The extended model posits an exogenous stochastic process for the fundamentals (e.g., aggregate export volumes) that foreign creditors estimate based on public and private information. The framework features a double guessing game by the foreign creditors, who r ...
Disclaimer CAVENDISH IMPACT CAPITAL: IMPORTANT NOTICES
Disclaimer CAVENDISH IMPACT CAPITAL: IMPORTANT NOTICES

... It is the responsibility of the relevant parties to carry out any filing, registration or other local formality necessary to comply with applicable laws and regulations. Interests in the relevant investment vehicle are not registered under the U.S. Securities Act of 1933, as amended, and the rules a ...
a critical review of modigliani and miller`s theorem of capital structure
a critical review of modigliani and miller`s theorem of capital structure

... related to corporate finance. There were different unclear issues that M&M theorem used as their basis in building their assumption, such as, would the change of a mix of securities increase the firm’s value. There were many issues taken into consideration by Modigliani and Miller, which resulted wi ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
This PDF is a selection from a published volume from... National Bureau of Economic Research

... In early March, 2006, India’s Prime Minister Manmohan Singh, announced that his country would take measures toward making the rupee a convertible currency. Capital controls would be dismantled, and freer international mobility of capital would be allowed.1 This step was unthinkable only a few years ...
Richard H. Clarida
Richard H. Clarida

... focused voter - and academic - ...
Human Capital Productivity
Human Capital Productivity

... these changes are anticipated. ...
The impact of international capital flows on the South Africa... since the end of apartheid Seeraj Mohamed
The impact of international capital flows on the South Africa... since the end of apartheid Seeraj Mohamed

... economic policy. They seem to believe that their chances of attracting foreign direct investment and more access to capital will improve if they show investors that they are committed to maintaining orthodox macroeconomic fundamentals and other elements of the Washington Consensus. They do not seem ...
TVM Capital
TVM Capital

... offices looking for direct investments – IPOs: possible in the US, not (yet?) in Europe. ...
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Capital control

Capital controls are residency-based measures such as transaction taxes, other limits, or outright prohibitions that a nation's government can use to regulate flows from capital markets into and out of the country's capital account. These measures may be economy-wide, sector-specific (usually the financial sector), or industry specific (for example, “strategic” industries). They may apply to all flows, or may differentiate by type or duration of the flow (debt, equity, direct investment; short-term vs. medium- and long-term).Types of capital control include exchange controls that prevent or limit the buying and selling of a national currency at the market rate, caps on the allowed volume for the international sale or purchase of various financial assets, transaction taxes such as the proposed Tobin tax, minimum stay requirements, requirements for mandatory approval, or even limits on the amount of money a private citizen is allowed to remove from the country. There have been several shifts of opinion on whether capital controls are beneficial and in what circumstances they should be used.Capital controls were an integral part of the Bretton Woods system which emerged after World War II and lasted until the early 1970s. This period was the first time capital controls had been endorsed by mainstream economics. In the 1970s free market economists became increasingly successful in persuading their colleagues that capital controls were in the main harmful. The US, other western governments, and the big multilateral financial institutions (the International Monetary Fund (IMF) and World Bank) began to take an increasingly critical view of capital controls and persuaded many countries to abandon them to facilitate financial globalization.The Latin American debt crisis of the early 1980s, the East Asian financial crisis of the late 1990s, the Russian ruble crisis of 1998-99, and the global financial crisis of 2008, however, highlighted the risks associated with the volatility of capital flows, and led many countries—even those with relatively open capital accounts—to make use of capital controls alongside macroeconomic and prudential policies as means to damp the effects of volatile flows on their economies.In the aftermath of the global financial crisis, as capital inflows surged to emerging market economies, a group of economists at the IMF outlined the elements of a policy toolkit to manage the macroeconomic and financial-stability risks associated with capital flow volatility. The proposed toolkit allowed a role for capital controls. The study, as well as a successor study focusing on financial-stability concerns stemming from capital flow volatility, while not representing an IMF official view, were nevertheless influential in generating debate among policy makers and the international community, and ultimately in bringing about a shift in the institutional position of the IMF. With the increased use of capital controls in recent years, the IMF has moved to destigmatize the use of capital controls alongside macroeconomic and prudential policies to deal with capital flow volatility. More widespread use of capital controls, however, raises a host of multilateral coordination issues, as enunciated for example by the G-20, echoing the concerns voiced by John Maynard Keynes and Harry Dexter White more than six decades ago.
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