2024-03-28T12:23:53Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:97
2019-09-27T03:05:29Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/97/
The Dynamics of Electronic Investment Networks: African Experience
Nwaobi, Godwin
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
Expanding opportunities for people in developing countries is a pressing concern for governments and for the global community. This is because of the fact that nearly half of the world's population lives on less than two dollar a day and one point one billion barely survive on less than one dollar a day. Thus, improving the climate for investment investment in African countries is essential to provide jobs and opportunities for young people and to build a more inclusive, balanced and peaceful world. Consequently, the importance attached to increasing the magnitude and productivity of investment must be underscored. Africa's investment ratio is still not sufficient to replace depreciated physical and human capital, requiring that both domestic and foreign investment be mobilised to effectively achieved sustained economic growth. This paper therefore argues that the dynamics of electronic investment networks in the african context need to be strengthened.
2006-10-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/97/1/MPRA_paper_97.pdf
Nwaobi, Godwin (2006): The Dynamics of Electronic Investment Networks: African Experience.
en
oai:mpra.ub.uni-muenchen.de:328
2019-09-26T20:53:15Z
7374617475733D707562
7375626A656374733D47:4732
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F35:4F3532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/328/
Changes in the financing structure of the real economy in Poland - challenges for the banking sector
Pruski, Jerzy
Żochowski, Dawid
G2 - Financial Institutions and Services
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O52 - Europe
Significant changes have occurred in the Polish banking sector over the last ten years. In the mid-1990s,
due to low market entry requirements, many small private commercial banks, which were frequently
established by foreign banks seeking to enter the Polish market, operated alongside state banks. A wave
of privatisation occurred in the banking sector, which was followed by a period of consolidation and
restructuring. These processes, coupled with a simultaneous increase in foreign investor participation,
enhanced management quality and banks’ efficiency, primarily with regard to risk management.
The changes, which took place in the Polish banking sector in the second half of the 1990s, improved
access to loans for corporates and households alike. As a result, lending grew rapidly. The increase
was, on average, more pronounced in the household sector than in the corporate one, which brought the
composition of bank loans to the private sector closer to what exists in the European Union. This
convergence has accelerated over the last five years. The purpose of this paper is to present the
phenomena which influenced the evolution of debt structure of the real economy sector in Poland as well
as to discuss related future challenges.
2005-08-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/328/1/MPRA_paper_328.pdf
Pruski, Jerzy and Żochowski, Dawid (2005): Changes in the financing structure of the real economy in Poland - challenges for the banking sector. Published in: BIS Papers No. No. 28 (August 2006): pp. 313-325.
en
oai:mpra.ub.uni-muenchen.de:651
2019-09-27T02:46:17Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/651/
Interbank Contagion in the Dutch Banking Sector
Lelyveld, Iman van
Liedorp, Franka
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
We investigate interlinkages and contagion risks in the Dutch interbank market. Based on several data sources, including the answers of banks to a questionnaire, we estimate the exposures in the interbank market at bank level. Next, we perform a scenario analysis to measure contagion risks. We find that the bankruptcy of one of the large banks will put a considerable burden on the other banks, but will not lead to a complete collapse of the interbank market. The contagion effects of the failure of a smaller bank are limited. The exposures to foreign counterparties are large and warrant further research. An important contribution of this paper is that we show, using survey data, that the entropy estimation using large exposures data as applied in many previous papers gives an adequate approximation of the actual linkages between banks. Hence, this methodology does not seem to introduce a bias.
2004-10-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/651/1/MPRA_paper_651.pdf
Lelyveld, Iman van and Liedorp, Franka (2004): Interbank Contagion in the Dutch Banking Sector. Published in: International Journal of Central Banking , Vol. Volume, No. Number 2 (5 July 2006): pp. 99-134.
en
oai:mpra.ub.uni-muenchen.de:715
2019-10-02T04:40:13Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3430
7375626A656374733D47:4732:473230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F31:4F3131
7375626A656374733D47:4731:473130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/715/
Finance and growth in a small open emerging market
Law, Siong Hook
Azman-Saini, W.N.W.
Smith, Peter
O40 - General
G20 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O11 - Macroeconomic Analyses of Economic Development
G10 - General
This study contributes to the debate on financial development and economic growth in Malaysia using quarterly observations for a sample period from 1980 to 2002. It utilises a battery of financial indicators. Based on multivariate framework which takes real interest rate and capital stock into account, the findings are suggestive that finance does play a crucial role in promoting economic growth. Policymakers should, therefore, focus their attention on the creation and promotion of modern financial institutions including banks, non-banks, and stock markets in delivering both short- and long-run economic benefits.
2006-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/715/1/MPRA_paper_715.pdf
Law, Siong Hook and Azman-Saini, W.N.W. and Smith, Peter (2006): Finance and growth in a small open emerging market.
en
oai:mpra.ub.uni-muenchen.de:972
2019-09-27T17:05:09Z
7374617475733D707562
7375626A656374733D47:4732:473238
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4731:473138
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/972/
Financial Developent and Economic Growth Nexus: Time Series Evidence from Middle Eastern and North African Countries
Abu-Bader, Suleiman
Abu-Qarn, Aamer
G28 - Government Policy and Regulation
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G18 - Government Policy and Regulation
This paper examines the causal relationship between financial development and economic growth in five Middle Eastern and North African (MENA) countries for different periods ranging from 1960 to 2004, within a trivariate vector autoregressive (VAR) framework. We employ four different measures of financial development and apply Granger causality tests using the cointegration and vector error-correction (VEC) methodology. Our empirical results show weak support for a long-run relationship between financial development and economic growth, and for the hypothesis that finance leads growth. In cases where cointegration was detected, Granger causality was either bidirectional or it ran from output to financial development.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/972/1/MPRA_paper_972.pdf
Abu-Bader, Suleiman and Abu-Qarn, Aamer (2006): Financial Developent and Economic Growth Nexus: Time Series Evidence from Middle Eastern and North African Countries. Published in: Review of Development Economics , Vol. 12, No. 4 (2008): pp. 803-817.
en
oai:mpra.ub.uni-muenchen.de:1113
2019-09-28T04:54:04Z
7374617475733D707562
7375626A656374733D47:4731:473138
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4732:473238
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1113/
Financial Development and Economic Growth: Time Series Evidence from Egypt
Abu-Bader, Suleiman
Abu-Qarn, Aamer
G18 - Government Policy and Regulation
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G28 - Government Policy and Regulation
This paper examines the causal relationship between financial development and economic growth in Egypt during the period 1960-2001 within a trivariate VAR setting. We employ four different measures of financial development and apply Granger causality tests using the cointegration and vector error correction methodology. Our results significantly support the view that financial development Granger-causes economic growth either through increasing investment efficiency or through increasing resources for investment. This finding suggests that the financial reforms launched in 1990 can explain the rebound in economic performance since then and that further deepening of the financial sector is an important instrument to stimulate saving/investment and therefore long-term economic growth.
2005
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1113/1/MPRA_paper_1113.pdf
Abu-Bader, Suleiman and Abu-Qarn, Aamer (2005): Financial Development and Economic Growth: Time Series Evidence from Egypt. Published in: Journal of Policy Modeling , Vol. 30, No. 5 (2008): pp. 887-898.
en
oai:mpra.ub.uni-muenchen.de:1306
2019-09-27T08:05:30Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F32:4F3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1306/
The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'
Zaman, Md Monowaruz
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O11 - Macroeconomic Analyses of Economic Development
O21 - Planning Models ; Planning Policy
The present economy is based on capital based income structure. Grameen Bank has shown how zero capital owners become small capital owners by taking micro-credits. However micro-credit can create very limited economic density in an area that is insufficient to eradicate poverty unless the root causes of poverty are identified and counteracted. Neoclassical economics only focus on presently available capital although the capitalists are not created at once. A natural cycle of economics upholds economic, cultural and social values by its self-corrective nature. The natural economics is overridden by profit-motive institutional structure, where the market is not uniform or equal behaving for all segments of economic agents rather it is distributed as layers of energy states. A prudent utilization of all the opportunities targeting the poorest people of an economy will make benefited all in terms of new values, welfare and employment opportunities etc.
2007-01-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1306/1/MPRA_paper_1306.pdf
Zaman, Md Monowaruz (2007): The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'.
en
oai:mpra.ub.uni-muenchen.de:1436
2019-09-26T10:00:52Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4534:453434
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1436/
Tunisian Financial System: a Growth Factor
Ben Fredj, Imene
Schalck, Christophe
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E44 - Financial Markets and the Macroeconomy
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
The relationship between financial development and economic growth were the subject of many
recent theorical and empirical works [Shepherd, Hasan and Klapper, 2004; Gylfason, 2004; Rioja
and Valev, 2003; Driffill, 2004; Haas, 2002; Carlin and Mayer, 2000]. These authors generally
focused their analysis of the link finance- growth on the mature financial systems. As the
Tunisian economy knew a long period of financial repression before starting the phases of
liberalization, it would be more judicious to start by McKinnon and Shaw’s theory of “financial
deepening” (1973) to then determinate the impact of Tunisian financial system development on
economic growth. Indeed, McKinnon and Shaw were the first authors to analyze positive effects
of financial liberalization policy on economic performance of less developed countries. To check
the relevance of this assumption in Tunisian’s context, we built a model inspired of the model of
King and Levine (1993) who by measuring instruments of economic and financial development
appears good indicators of Tunisian economy’s financiarisation. The results of the empirical
study on Tunisia stemming from causality tests within B-VAR framework nuance McKinnon and
Shaw’s theorical contribution. Reciprocal relationships are only finding between the ratio of
investment on the GDP and the loans granted to private and public sectors. The economic role
of State is highlighted, over the period of pre-reforms as well as during the recent time.
2004-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1436/1/MPRA_paper_1436.pdf
Ben Fredj, Imene and Schalck, Christophe (2004): Tunisian Financial System: a Growth Factor.
en
oai:mpra.ub.uni-muenchen.de:1525
2019-09-26T19:49:42Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F31:4F3137
7375626A656374733D4F:4F31:4F3133
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1525/
Política agraria y desarrollo rural en Costa Rica: elementos para su definición en el nuevo entorno internacional.
Mora-Alfaro, Jorge
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products
In the last two decades, the Costa Rican rural areas have been under considerable transformations. The changes occurred in the international context and the reorientation of the economic policies executed in the country, provoked the loom up of a more diverse productive structure and the enhancement of inequalities between the different agricultural producers groups. The extraordinary scientific and technological developments current in the contemporary society, the big differences in the knowledge generation or in the access of it, the Southern nation’s economic aperture trends and the persistence of diverse producers´ protection mechanism in the Northern countries; as well as the stimulus to agricultural and agro-industrial production for the international market, and the efforts to attract external investment, are some of the conditional factors of large rural areas modifications. The difficulties of numerous families to survive is dedicated exclusively to agricultural activities; the increase of the rural non-agricultural productive activities (tourism, services, agribusiness); the growth of rural non-agricultural employment, and the expansion of the rural areas multifunctionality, reduce the effectiveness of the prevailing perspectives, exclusively centered in agriculture, and the definition of sectarian policies and institutional initiatives without an a articulator axis. A territorial perspective adoption and the agricultural and environmental policies´ redefinition, oriented to respond to the new conditions of rural areas, are necessary measures to stimulate the productive activities´ growth, to encourage the advance of different country regions and to promote rural wellbeing. The rural social actors´ participation in these processes is a crucial factor to respond to the needs and particular demands of the diverse territories, and to promote local development in the rural spaces.
2005
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1525/1/MPRA_paper_1525.pdf
Mora-Alfaro, Jorge (2005): Política agraria y desarrollo rural en Costa Rica: elementos para su definición en el nuevo entorno internacional. Published in: Agronomía Costarricense , Vol. 29 (1), No. ISNN: 0377-9424 (2005): pp. 1-34.
es
oai:mpra.ub.uni-muenchen.de:1824
2019-09-28T06:24:38Z
7374617475733D707562
7375626A656374733D47:4730:473030
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4730
7375626A656374733D52:5232:523239
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1824/
Rural indebtedness : concept, correlates and consequences: a study of four tribal villages in the North Lakhimpur subdivision, Assam
Mitra, MK
Roy, DC
Mishra, SK
G00 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G0 - General
R29 - Other
Indebtedness has been acknowledged as one of the most infamous stumbling blocks in the way of rural prosperity. It is cancerous, self-perpetuating, malignant and maleficent. It abates agricultural production, abashes social psyche, aggravates inequalities in the distribution of socioeconomic opportunities and benefits, arrests social progress and misdirects social efforts.
In the Indian rural context, indebtedness characterizes: (i). unproductive usage of loan, (ii). usurious ensnaring of the borrower, (iii). captivation of productive resources, (iv). exercise of coercive and exploitative economic and social powers by the lender, (v). compulsion, plight, misery and feeling of guilt and helplessness, and (vi). erosion of social status of the borrower.
In this study we propose an empirical study to measure indebtedness, identify its correlates and to assess the consequences of indebtedness on the productive and distributive performance on the rural economy. We have collected primary data from four tribal villages. The selection of these villages has been made purposively. We hold the opinion that the tribal population in the rural areas of Assam has been least exposed to the credit programmes launched by the public agencies and hence a study of indebtedness provides us with a deeper insight in the problem.
We have observed that in the Indian context rural indebtedness is resonant with the overtones of unproductive usage, usurious ensnaring and deplorable condition of the poor farmers and agricultural labourers. We have surveyed four tribal villages and based on the data thus collected identified some measures of indebtedness that can help us operationally in analyzing the incidence, process and impacts of rural indebtedness. These measures are per capita loan and per capita loan per agricultural asset held by the households and these measures are good representatives of the degree of indebtedness.
We have analyzed the productive and distributive effects of indebtedness and found that it leads to decline in agricultural productivity, captivation of productive resources and aggravation of inequalities in the rural community. Further, our finding is that indebtedness is initiated by unproductive expenditure. This in turn captivates agricultural assets, abates productivity and reduces the repaying capacity of the borrower.
Our study may suggest that in order to ameliorate the conditions of the indebted rural mass we have to motivate them to minimize conspicuous consumption, especially if the households cannot afford it without borrowing. Educational planning may help us to attain this goal of making the rural mass aware of the merits of prudence and the demerits of conspicuous consumption. Further, to stop the captivation of productive assets, institutional loan should be provided on easy terms. This objective may be attained by making the cooperative and bank loans easily available.
1986
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1824/1/MPRA_paper_1824.pdf
Mitra, MK and Roy, DC and Mishra, SK (1986): Rural indebtedness : concept, correlates and consequences: a study of four tribal villages in the North Lakhimpur subdivision, Assam. Published in: NEHU Journal of Social Sciences and Humanities , Vol. 4, No. IV (1986): pp. 37-43.
en
oai:mpra.ub.uni-muenchen.de:1992
2019-09-28T12:26:26Z
7374617475733D756E707562
7375626A656374733D46:4633:463336
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1992/
The middle way between flexible and fixed exchange rates
Deabes, Tosson
F36 - Financial Aspects of Economic Integration
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
This paper addresses Ihe new-orthodox view that the choice of exchange rate regime lias been hollowed out to a choice between the two comer solutions of firmly fixed and more or less freely floating exchange rates. While conceding that both these regimes have an advantage over intermediate regimes in terms of being less vulnerable to crisis, as well as simplifying the policy assignment, it argues that neither a currency board nor a freely floating exchange rate regime is necessarily crisis-free. More important, neither of them offer the potential advantage of a wellmanaged intermediate regime, notably a BBC (basket, band, and crawl) system, of allowing policy to be addressed to limiting exchange rate misalignments. A number of countries with ostensibly floating currencies are revealing by their actions that they prefer an intermediate regime. While such managed floating may be a reasonable compromise given the pressure from the IMF to float, it suffers three potential disadvantages as compared to an articulated BBC regime: it is not transparent, it precludes some types of policy cooperation (such as the use of a common basket peg by a number of countries with strong trade interdependence), and it foregoes the possibility of inducing stabilizing speculation a la Krugman's analysis of target zones. The paper concludes by describing three softer versions of the BBC regime that would be less vulnerable to crises than traditional intermediate regimes: the reference rate proposal, bands with soft margins, and monitoring bands.
2005-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1992/1/MPRA_paper_1992.pdf
Deabes, Tosson (2005): The middle way between flexible and fixed exchange rates.
en
oai:mpra.ub.uni-muenchen.de:2061
2019-09-27T04:56:00Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2061/
The cost of ownership in microfinance organization
Mersland, Roy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
This article analyses the cost of ownership in microfinance organizations. We specifically compare the ownership-cost of Shareholders Firms (SHFs), Non Profit Organizations (NPOs) and Cooperatives (COOPs). A paradoxical situation motivates us: Most providers of microfinance, both historically and today, are NPOs or COOPs, while several policy papers advocate SHFs. Based on an extension of Hansmann’s (1996) economic theory of ownership we propose that cost variables related to market contracting of microfinance services favor NPOs and COOPs, whereas most cost variables related to the practice of ownership favor SHFs. We conclude that in severe imperfect markets, where most microfinance organizations operate, NPOs and COOPs are still needed.
2007-01-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2061/1/MPRA_paper_2061.pdf
Mersland, Roy (2007): The cost of ownership in microfinance organization.
en
oai:mpra.ub.uni-muenchen.de:2063
2019-09-28T18:20:11Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2063/
Microbanks: Ownership, performance and social tradeoffs - a global analysis
Mersland, Roy
Strøm, R. Øystein
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
Suppliers of microfinance are typically Non Governmental Organizations (NGOs), cooperatives or specialized microfinance institutions incorporated as Shareholder Firms (SHFs). Leaving out the cooperatives we study whether NGOs and SHFs differ in bringing along social benefit to their clients. Specifically, is there a trade-off between different dimensions of social benefits, and can these tradeoffs predict ownership type? To frame the comparison of NGOs and SHFs we make use of Schreiner’s (2002) framework for discussion of the social benefits of microfinance. A self constructed dataset with unusually high-quality rating information from 132 NGOs and 68 SHFs in 53 countries is used to carry out the statistical tests. Our findings indicate that SHFs and NGOs are more similar than different. Our hypothesis that NGOs are more socially oriented than SHFs is rejected. SHFs’ benefit in scale and scope seems not related to ownership, but to legal constraints impeding NGOs to mobilize savings. Our second conclusion is that we cannot find a trade-off among outreach variables. Specifically, the return on assets is higher in NGOs. We conclude that ownership doesn’t influence the performance of microfinance organizations. Our conclusion is in line with findings in the general banking industry.
2007-01-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2063/1/MPRA_paper_2063.pdf
Mersland, Roy and Strøm, R. Øystein (2007): Microbanks: Ownership, performance and social tradeoffs - a global analysis.
en
oai:mpra.ub.uni-muenchen.de:2145
2019-09-27T04:41:29Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2145/
Financial Development and Economic Growth: The Case of Pakistan
Khan, Arshad
Qayyum, Abdul
Sheikh, Saeed
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
This paper has examined the empirical relationship between financial development and economic growth in Pakistan over the period 1971–2004. The results show that, in the long run financial depth and real interest exerted positive impact on economic growth. The share of investment is although positively correlated to real income, but remained insignificant. Furthermore, in the short run economic growth is positively and significantly affected by changes in the share of investment. Moreover, changes in real interest rate exerted positive (negative) impact on growth. However, the response of real interest rate is very small in the short run. The feed back coefficient is negative and significant, suggesting about 0.06 percent disequilibrium in the previous period is corrected in the current year. We find a stable long run relationship between economic growth and financial depth. Unlike Ireland (1994) and Demetriades and Hussein (1996), our findings are consistent with the view that economic growth is an outcome of the financial development.
2005
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2145/1/MPRA_paper_2145.pdf
Khan, Arshad and Qayyum, Abdul and Sheikh, Saeed (2005): Financial Development and Economic Growth: The Case of Pakistan. Published in: The Pakistan Development Review , Vol. 44, No. 4 (2005): pp. 819-837.
en
oai:mpra.ub.uni-muenchen.de:2215
2019-10-01T01:55:30Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3130
7375626A656374733D4F:4F33:4F3334
7375626A656374733D46:4634:463433
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F32:4F3234
7375626A656374733D46:4632:463231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2215/
Fixing up the world: GATT and the WTO
Freeman, Alan
O10 - General
O34 - Intellectual Property and Intellectual Capital
F43 - Economic Growth of Open Economies
O11 - Macroeconomic Analyses of Economic Development
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
F21 - International Investment ; Long-Term Capital Movements
This paper, published in Labour Focus on Eastern Europe , Number 59, 1998. pp 74-93 and reproduced in a number of journals and books, examines the consequences for world trade of the restructuring – commonly termed ‘globalisation’ that arose out of the Uruguay round of the GATT and let to the reconstruction of the World Trade Organisation in its present form, beginning in 1982.
It establishes that the widely-held view of the system of world trade as a symmetric free trade system is largely mythical. It shows, on the basis of a study of the outcome of disputes within the GATT over the critical period in which the present world trading system was founded, that decisive non-market advantages were established by dominant continental trading blocs organised around NAFTA, the EEC and APEC, which as Stiglitz at the time explained, ‘tilted the playing field’ systematically in favour of these blocs.
1998-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2215/1/MPRA_paper_2215.pdf
Freeman, Alan (1998): Fixing up the world: GATT and the WTO. Published in: Labour Focus on Eastern Europe No. Number 59, 1998 (July 1998): pp. 74-93.
en
oai:mpra.ub.uni-muenchen.de:2367
2019-10-01T18:18:56Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3139
7375626A656374733D4F:4F31:4F3138
7375626A656374733D4F:4F31:4F3137
7375626A656374733D43:4338:433831
7375626A656374733D4F:4F31:4F3136
7375626A656374733D43:4332:433234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2367/
The impact of credit on income poverty in urban Mexico. An endogeneity-corrected estimation
Niño-Zarazúa, Miguel
O19 - International Linkages to Development ; Role of International Organizations
O18 - Urban, Rural, Regional, and Transportation Analysis ; Housing ; Infrastructure
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
C81 - Methodology for Collecting, Estimating, and Organizing Microeconomic Data ; Data Access
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
C24 - Truncated and Censored Models ; Switching Regression Models ; Threshold Regression Models
In recent years, an important number of impact studies have attempted to examine the effect of credit on income poverty; however, many of these studies have not paid sufficient attention to the problems of endogeneity and selection bias. The few exceptional cases have employed econometric techniques that work at the village level. The problem is that the concept of village is inappropriate in the urban context where a large percentage of microfinance organisations in the developing world actually operate. This paper presents an econometric approach which controls for endogeneity and self-selection using data from a quasi-experiment designed at the household level, and conducted in three urban settlements in the surroundings of the Metropolitan area of Mexico City. The paper provides an estimation of the impact of credit, employing different equivalence scales in order to measure the sensitivity of the poverty impact to the intra-household distribution of welfare. We find a link between poverty impacts and lending technology. Group-based lending programmes are more effective in reducing the poverty gap but in doing so, they achieve insignificant impacts on the poverty incidence. By contrast, individual lending programmes reported significant and small impacts at the upper limits of deprivation but insignificant impacts on the poverty gap.
2007-03-23
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2367/1/MPRA_paper_2367.pdf
Niño-Zarazúa, Miguel (2007): The impact of credit on income poverty in urban Mexico. An endogeneity-corrected estimation.
en
oai:mpra.ub.uni-muenchen.de:2433
2019-09-27T15:27:57Z
7374617475733D756E707562
7375626A656374733D47:4732:473231
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2433/
The agenda and relevance of recent research in Microfinance
Mersland, Roy
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
This paper studies recent research efforts in the field of microfinance. Two questions guide the study: What is the agenda of recent research efforts? And, for who is the research relevant? As for the agenda the “yin and yang” of microfinance; impact and sustainability, continue to influence most research efforts. The study illustrates that microfinance attracts mainly the interest of development researchers and journals. Accordingly the researchers seem mainly to interact with the donors’ and practitioners’ communities. The research produced seems to be relevant for them and less so for the governmental and banking communities. The paper concludes proposing the design of a new research agenda, this time in cooperation with the banking community.
2005-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2433/1/MPRA_paper_2433.pdf
Mersland, Roy (2005): The agenda and relevance of recent research in Microfinance.
en
oai:mpra.ub.uni-muenchen.de:2589
2019-10-04T04:41:28Z
7374617475733D707562
7375626A656374733D4F:4F33:4F3334
7375626A656374733D4F:4F31:4F3131
7375626A656374733D46:4632:463231
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F31:4F3130
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2589/
Has the empire struck back? ‘new paradigm’ globalisation or return to classical imperialism?
Freeman, Alan
O34 - Intellectual Property and Intellectual Capital
O11 - Macroeconomic Analyses of Economic Development
F21 - International Investment ; Long-Term Capital Movements
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O10 - General
F43 - Economic Growth of Open Economies
This article is a prepublication transcript of ‘Has the Empire Struck Back?’ in Albritton, R, Makoto Itoh, Richard Westra and Alan Zuege (eds) Phases of Capitalist Development: Booms, Crises, and Globalization, pp195-215. London: McMillan. ISBN 0 33375 316 X
The paper conducts an empirical examination of the current state of the world market with a view to assessing (and establishing the relative strengths and weaknesses of) two contrasting views: the first, that it is the outcome of a process of globalisation, in some sense, and the second, that it is explicable through the classical accounts of imperialism dating from the turn of the last century. It considers also the empirical relevance of Kondratieff’s and Schumpeter’s conception of ‘long waves’ of growth and accumulation.
It develops the distinction between endogenous and exogenous causes of decline and accumulation in the market and argues that they are connected to a prolonged secular trend towards income polarisation between blocs of nations characteristic of the operation of the market. It argues that whereas the declining phase of a long wave is endogenous and lawlike, recovery is exogenous and contingent, depending on the outcome of conscious political intervention. The key to the economic outcome of the present phase of capitalism is therefore the political relation between the main players
It argues that history has seen two quite distinct patterns of exogenously-constituted recovery from generalised crisis. The industrial revolution, and the post-WWII boom were ‘hegemonically-ordered’ yielding high global profit rates under a single hegemonic power (the UK in 1845, the US in 1945) which fuelled a general expansion even of its rivals, and yielding rising (if unequal) prosperity, relative peace, and political stability. 1890-1914 was different. The profit rate did not recover to previous levels, there was no clear hegemon, growing misery and barbarity over the immiserated parts of the world, and intense great power rivalry leading to the wars and revolutions that bestrode the twentieth century.
I argue that the evidence suggests the only possible basis of a new wave of economic expansion is a recovery more comparable with 1890-1914 than 1945-1965. The present period is one dominated by the steady but inexorable loss of US economic hegemony but with no clear alternative hegemon. This leads to an essentially unstable, warlike, and intractable period of competition for domination over sources of surplus profit. I call this a return to ‘classical imperialism’.
Keywords: Inequality, globalisation, poverty, Marx, unequal exchange, imperialism, value, TSSI, temporalism, development
2000-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2589/1/MPRA_paper_2589.pdf
Freeman, Alan (2000): Has the empire struck back? ‘new paradigm’ globalisation or return to classical imperialism? Published in: Albritton, R, Makoto Itoh, Richard Westra and Alan Zuege (eds) Phases of Capitalist Development: Booms, Crises, and Globalization, London: McMillan. No. ISBN 0 33375 316 X (June 2000): pp. 195-215.
en
oai:mpra.ub.uni-muenchen.de:2591
2019-10-06T15:07:13Z
7374617475733D756E707562
7375626A656374733D4F:4F33:4F3334
7375626A656374733D4F:4F31:4F3131
7375626A656374733D46:4632:463231
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F31:4F3130
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2591/
Europe, the US and the world economy: Alan Greenspan’s search for a fifth Kondradieff
Freeman, Alan
O34 - Intellectual Property and Intellectual Capital
O11 - Macroeconomic Analyses of Economic Development
F21 - International Investment ; Long-Term Capital Movements
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O10 - General
F43 - Economic Growth of Open Economies
This paper was presented at 15:00 hours local time in Ankara, Turkey on 11th September 2001. On the basis of an economic analysis of the world economy it surmises an entry into an ‘age of war’ – a period of financial and military competition between advanced countries comparable to the period of classical imperialism from 1893-1918.
At the close of the session which was 17:00 hours local time, being 8 hours ahead of Eastern time, hence 9:00am Eastern time, I was scheduled for an interview on Turkish television. ‘First, there is something you should see’, said the reporter. He led me to the television van where CNN footage showing an aircraft impacting the first trade tower. The second impact occurred as I watched. I emerged from the van five hours later and the interview never took place.
Keywords: 9/11, World Economy, Kondratieff, Development, Europe, US, value, price, TSSI, temporalism, profit rate, polarisation, inequality, globalisation, deregulation, imperialism, World Systems Theory, unequal exchange, dependency, North-South
2001-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2591/1/MPRA_paper_2591.pdf
Freeman, Alan (2001): Europe, the US and the world economy: Alan Greenspan’s search for a fifth Kondradieff.
en
oai:mpra.ub.uni-muenchen.de:2597
2019-09-27T11:09:58Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D45:4532:453231
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2597/
Relationships among Household Saving, Public Saving, Corporate Saving and Economic Growth in India
Sinha, Dipendra
Sinha, Tapen
O11 - Macroeconomic Analyses of Economic Development
E21 - Consumption ; Saving ; Wealth
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
This paper examines the relationship between the growth rates of household saving, public saving, corporate saving and economic growth in India using multivariate Granger causality tests. The conventional wisdom suggests that the causality flows from saving to economic growth. We show that the causality goes in the opposite direction for India. Hence, higher saving is the consequence of higher economic growth and not a cause.
2007-02-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2597/1/MPRA_paper_2597.pdf
Sinha, Dipendra and Sinha, Tapen (2007): Relationships among Household Saving, Public Saving, Corporate Saving and Economic Growth in India.
en
oai:mpra.ub.uni-muenchen.de:2621
2019-09-30T13:02:16Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D46:4632:463231
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F31:4F3130
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2621/
The new political geography of poverty
Freeman, Alan
O11 - Macroeconomic Analyses of Economic Development
F21 - International Investment ; Long-Term Capital Movements
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O10 - General
F43 - Economic Growth of Open Economies
This paper follows the 9/11 paper presented at METU in the previous year. It attempts to analyse the fundamental features of the world economy giving rise to the present military phase. It argues that globalisation is a self-limiting process.
Fundamental long-term developments, arising out of the present organisation of the world economy, are acting systematically to undermine it. This results in a crisis I call structural. By this I mean that it is neither transitory nor accidental. It is a permanent, ineradicable and ultimately dominant determinant of the way the world is now evolving.
This structural crisis, the paper argues, arises from an unsustainable economic relation between the US economy and the world economy. This expresses itself in a new form, evident in the events that have unfolded since 11th September 2001.
The market is literally tearing the world apart; it is beginning to render large tracts of it ungovernable. As its economic mechanisms become increasingly incapable of resolving the social contradictions that they create, the nations and societies through which it is mediated are being plunged into increasingly in openly political conflict. The endemic crises, armed conflicts and governmental instability of the Middle East, of Central Asia, of the Balkans, of Central and Northern Africa, of Central and Southern America, and of South-East Asia, each has its specificity. But the basic driving force behind all of them is same: the crushing weight of two decades of accelerating economic stagnation, accompanied by universally growing inequality.
The governments of the advanced nations, who have provoked and lived off this phase of world development, now face problems no longer solvable by purely economic means. Confronted with countries and regions in which economic conditions lay no sound basis for stable government external intervention, willing or not, becomes the only remaining option.
Whereas the conflicts of the eighties and nineties centred on the financial and commercial organisations such as the WTO, the IMF and the World Bank, and although these organisations continue to serve as an arena in which increasingly acrimonious and conflictual relations between nations and regions are fought out, open geopolitical intervention – war, the violent overturn of governments, the break-up of nations, annexation, and colonisation, and open trade conflict – is now at the top of the agenda. The state, in a word, is back.
This is the fundamental reason behind an epochal shift in US policy towards direct military and political intervention in the internal affairs of states. Accompanying this is a growing political tension between the advanced countries and a growing inability of the US to impose a political consensus, most clearly demonstrated by the enormous problems it has had in building a coalition for its war on Iraq. This signals a phase of more or less open geopolitical struggle between advanced countries for territorial dominance, driven by the need to dominate and subordinate the labour of the rest of the world to their own capitals.
Keywords: 9/11; World Economy; Kondratieff; Development; Europe; US; value; price; TSSI; temporalism; profit rate; polarisation; inequality; globalisation; deregulation; imperialism; World Systems Theory; unequal exchange; dependency; North-South
2002-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2621/1/MPRA_paper_2621.pdf
Freeman, Alan (2002): The new political geography of poverty.
en
oai:mpra.ub.uni-muenchen.de:2652
2019-09-27T22:58:11Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D46:4632:463231
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4F:4F31:4F3136
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2652/
The new world order and the failure of globalisation
Freeman, Alan
O11 - Macroeconomic Analyses of Economic Development
F21 - International Investment ; Long-Term Capital Movements
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
F43 - Economic Growth of Open Economies
This is a fuller but earlier prepublication version of an analysis of stagnation and divergence in the world economy which appeared in Pettifor, A (2003) Real World Economic Outlook, pp152-159. Basingstoke: Palgrave MacMillan, pp152-164.
It uses data published by the IMF’s World Economic Outlook team to establish that world GDP per head, calculated in constant 1995 dollars at current market exchange, remained static between 1980 and 2002 and declined absolutely between 1988 and 2002.
Over the same period – ‘globalisation’, understood as the period of intense financial deregulation and the creation of a world market in capital – this article uses the same figures to prove that the income gap between the North and the South has doubled.
Inequality is measured as the ratio between GDP per capita in the IMF’s ‘Advanced countries’ and all remaining countries, in current dollars at market exchange rates.
At the beginning of globalisation this ratio was approximately 10 to 1. By 2002 it was nearly 23 to 1. Over this period the real average GDP per capita of the ‘non-advanced countries’ comprising four-fifths of the world’s population, has fallen absolutely, from $1400 to $1100 per year.
This economic failure, the article argues, is the underlying cause of the political instability that characterises the current period. The most basic problem of the world economy has not been solved – the imbalance between the declining relative productivity of the USA and its commercial and military dominance.
The result is predicted to be a unstable period of history as these contradictions work their way through into the political sphere.
Keywords: Divergence; stagnation; World Economy; Kondratieff; Development; Europe; US; value; price; TSSI; temporalism; profit rate; polarisation; inequality; globalisation; deregulation; imperialism; World Systems Theory; unequal exchange; dependency; North-South
2002-12-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2652/1/MPRA_paper_2652.pdf
Freeman, Alan (2002): The new world order and the failure of globalisation.
en
oai:mpra.ub.uni-muenchen.de:2887
2019-10-10T16:42:56Z
7374617475733D756E707562
7375626A656374733D43:4336:433631
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4533:453332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2887/
Nonlinear dynamics in a model of financial development with a risk premium
Gomes, Orlando
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E32 - Business Fluctuations ; Cycles
The relation between the degree of financial development of an economy (measured by the extent in which constraints to credit exist) and fluctuations affecting the trend of economic growth, is a relevant theme of discussion in macroeconomics. Some of the literature on this field argues that the cyclical behaviour is generated endogenously, under the model’s assumptions, for specific levels of credit availability. Following this line of reasoning, the paper develops a theoretical framework that places a risk premium over the international interest rate as the centre piece of the explanation for the occurrence of endogenous business cycles, under particular levels of financial development. The risk premium penalizes the borrowing capacity of the less wealth endowed countries. The analysis explores both local and global dynamics.
2007-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2887/1/MPRA_paper_2887.pdf
Gomes, Orlando (2007): Nonlinear dynamics in a model of financial development with a risk premium.
en
oai:mpra.ub.uni-muenchen.de:2888
2019-09-30T12:42:03Z
7374617475733D756E707562
7375626A656374733D43:4336:433632
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4533:453332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2888/
Deterministic randomness in a model of finance and growth
Gomes, Orlando
C62 - Existence and Stability Conditions of Equilibrium
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E32 - Business Fluctuations ; Cycles
Following the literature on growth, cycles and financial development, this paper develops an endogenous growth model where the source of endogenous business cycles relates to the allocation of credit between productive investment and consumption. An important role is given to consumer sentiment, because this determines the willingness of households in terms of demand for credit; in particular, optimistic beliefs about the economy’s macro performance deviate financial resources from investment in favour of consumption. The dynamic analysis indicates that Neimark-Sacker and flip bifurcations eventually separate stable and unstable manifolds, and as a result a region of nonlinear motion is generated: cycles of various periodicities and chaotic motion characterize the behaviour of the long run time paths of accumulated wealth, output and consumption.
2007-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2888/1/MPRA_paper_2888.pdf
Gomes, Orlando (2007): Deterministic randomness in a model of finance and growth.
en
oai:mpra.ub.uni-muenchen.de:2889
2019-09-26T21:06:17Z
7374617475733D756E707562
7375626A656374733D43:4336:433631
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4533:453332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2889/
On the allocation of credit and aggregate fluctuations
Gomes, Orlando
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E32 - Business Fluctuations ; Cycles
Recent literature on financial development and growth has highlighted the possibility of endogenous business cycles arising for particular levels of a given credit multiplier. These studies concentrate on loans directed to the productive activity and neglect the role of credit to consumption. In this note, we consider an endogenous growth model, where a representative agent must choose how to allocate credit; basically, the agent considers a simple rule where the share of credit to consumption reacts to deviations of the consumption – wealth ratio relatively to the corresponding steady state level. The setup generates nonlinear dynamics, which are analyzed both locally and globally.
2007-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2889/1/MPRA_paper_2889.pdf
Gomes, Orlando (2007): On the allocation of credit and aggregate fluctuations.
en
oai:mpra.ub.uni-muenchen.de:3080
2019-09-28T23:33:17Z
7374617475733D756E707562
7375626A656374733D43:4333:433333
7375626A656374733D4F:4F35:4F3537
7375626A656374733D4F:4F31:4F3136
7375626A656374733D46:4634:463433
7375626A656374733D46:4633:463332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3080/
Volatility of short term capital flows, financial anarchy and private investment in emerging markets
Demir, Firat
C33 - Panel Data Models ; Spatio-temporal Models
O57 - Comparative Studies of Countries
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
F43 - Economic Growth of Open Economies
F32 - Current Account Adjustment ; Short-Term Capital Movements
Using micro-level panel data, the paper analyses the impacts of short-term capital flow volatility on new fixed investment spending of publicly traded real sector firms in three major emerging markets that are Argentina, Mexico and Turkey. The empirical results including comprehensive sensitivity tests suggest that increasing volatility of capital inflows has an economically and statistically significant negative effect on new investment spending of private firms. Accordingly, a 10 per cent increase in capital flow volatility reduces fixed investment spending in the range of 1-1.7, 2.3-15.1, and 1 per cent in Argentina, Mexico and Turkey respectively.
2006-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3080/1/MPRA_paper_3080.pdf
Demir, Firat (2006): Volatility of short term capital flows, financial anarchy and private investment in emerging markets.
en
oai:mpra.ub.uni-muenchen.de:3081
2019-10-05T06:44:53Z
7374617475733D756E707562
7375626A656374733D47:4731:473131
7375626A656374733D45:4532:453232
7375626A656374733D43:4333:433333
7375626A656374733D45:4534:453434
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3081/
Private Investment and Cash Flow Relationship Revisited: Capital Market Imperfections and Financialization of Real Sectors in Emerging Markets
Demir, Firat
G11 - Portfolio Choice ; Investment Decisions
E22 - Investment ; Capital ; Intangible Capital ; Capacity
C33 - Panel Data Models ; Spatio-temporal Models
E44 - Financial Markets and the Macroeconomy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
Based on the Euler equation approach, the paper analyzes the impacts of availability of internal funds on fixed investment spending in the presence of multiple investment options. It is argued that after financial liberalization real sector firms face a portfolio allocation problem between fixed and financial investments. Therefore, depending on the respective rates of returns the availability of internal funds may be a necessary but not sufficient condition for financing real investment projects. The empirical results using firm level data for Mexico and Turkey confirm this hypothesis and suggest that profits from fixed and financial assets have differential effects on fixed investment spending.
2007-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3081/1/MPRA_paper_3081.pdf
Demir, Firat (2007): Private Investment and Cash Flow Relationship Revisited: Capital Market Imperfections and Financialization of Real Sectors in Emerging Markets.
en
oai:mpra.ub.uni-muenchen.de:3267
2019-09-28T04:54:33Z
7374617475733D707562
7375626A656374733D43:4333:433332
7375626A656374733D4F:4F31:4F3135
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3267/
Exploring the causal relationship among social, real, monetary and infrastructure development in Pakistan
Iqbal, Javed
Nadeem, Khurram
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
O15 - Human Resources ; Human Development ; Income Distribution ; Migration
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
This paper examines the causal relationship among composite indicators for real, monetary/financial, social and infrastructure development in Pakistan. This is an effort to provide evidence on the two highly debatable issues, i.e. money-real causality and social-economic causality in a single multivariate framework. We use a large number of variables to construct the composite indicators of development in four major sectors of the economy: social development, real economic development, monetary and financial growth and infrastructure development. The data are collected from 1971-72 to 2003-04 on annual basis. The technique of factor analysis using principal component is employed to construct these indicators. The computed values of these indicators over the aforementioned time span constitute time series data. Using these time series data the paper assesses that a long-run relationship exists among social, real, monetary and infrastructure activities. The paper has applied Granger Causality test in a Vector Error Correction model and concludes that social development is caused by real economic development but not vice versa, which is indicative of ‘trickle-down’ development policies. It also concludes that in the context of Pakistan, no causal relationship exists between real economic development and monetary growth; meaning that monetary development has no impact on the economic growth of the country. However, both real development and monetary indicators appear to be exogenous in the system which implies that these can be used as instrument in developing social and physical infrastructure to boost investment and improving the quality of life of the people.
2006-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3267/1/MPRA_paper_3267.pdf
Iqbal, Javed and Nadeem, Khurram (2006): Exploring the causal relationship among social, real, monetary and infrastructure development in Pakistan. Published in: Pakistan Economic and Social Review , Vol. 44, No. 1 (June 2006): pp. 39-56.
en
oai:mpra.ub.uni-muenchen.de:3619
2019-09-26T17:59:35Z
7374617475733D756E707562
7375626A656374733D4F:4F33:4F3333
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4532:453232
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3619/
Investment, replacement and scrapping in a vintage capital model with embodied technological change
Bitros, George C.
Hritonenko, Natali
Yatsenko, Yuri
O33 - Technological Change: Choices and Consequences ; Diffusion Processes
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E22 - Investment ; Capital ; Intangible Capital ; Capacity
This paper analyzes and compares two alternative policies of determining the service life and replacement demand for vintage equipment under embodied technological change. The policies are the infinite-horizon replacement and the transitory replacement ending with scrapping. The corresponding vintage capital models are formulated in the dynamic optimization framework. These two approaches lead to different estimates of the duration of replacements and the impact of technological change on the equipment service life.
2007-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3619/1/MPRA_paper_3619.pdf
Bitros, George C. and Hritonenko, Natali and Yatsenko, Yuri (2007): Investment, replacement and scrapping in a vintage capital model with embodied technological change.
en
oai:mpra.ub.uni-muenchen.de:3716
2019-09-28T10:26:18Z
7374617475733D756E707562
7375626A656374733D45:4532:453230
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34:4F3431
7375626A656374733D44:4439:443932
7375626A656374733D44:4437:443732
7375626A656374733D45:4536:453630
7375626A656374733D48:4832:483236
7375626A656374733D47:4731:473131
7375626A656374733D48:4834:483431
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3716/
Corruption, uncertainty and growth
Djumashev, R
E20 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O41 - One, Two, and Multisector Growth Models
D92 - Intertemporal Firm Choice, Investment, Capacity, and Financing
D72 - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
E60 - General
H26 - Tax Evasion and Avoidance
G11 - Portfolio Choice ; Investment Decisions
H41 - Public Goods
Corruption in the public sector erodes tax compliance and leads to higher tax evasion. Moreover, corrupt public officials abuse their public power to extort bribes from the private agents. In both types of interaction with the public sector, the private agents are bound to face uncertainty with respect to their disposable incomes. To analyse effects of this uncertainty, a stochastic dynamic growth model with the public sector is examined. It is shown that deterministic excessive red tape and corruption deteriorate the growth potential through income redistribution and public sector inefficiencies. Most importantly, it is demonstrated that the increase in corruption via higher uncertainty exerts adverse effects on capital accumulation, thus leading to lower growth rates.
2007-06-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3716/1/MPRA_paper_3716.pdf
Djumashev, R (2007): Corruption, uncertainty and growth.
en
oai:mpra.ub.uni-muenchen.de:3835
2019-10-02T04:32:41Z
7374617475733D756E707562
7375626A656374733D43:4333:433333
7375626A656374733D44:4432:443231
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4731:473131
7375626A656374733D45:4532:453232
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3835/
Private Investment, Portfolio Choice and Financialization of Real Sectors in Emerging Markets
Demir, Firat
C33 - Panel Data Models ; Spatio-temporal Models
D21 - Firm Behavior: Theory
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G11 - Portfolio Choice ; Investment Decisions
E22 - Investment ; Capital ; Intangible Capital ; Capacity
Using micro level panel data, we analyze the impacts of rates of return gap between fixed and financial investments under uncertainty on real investment performance in three emerging markets, Argentina, Mexico and Turkey. Employing a portfolio choice model to explain the low fixed investment rates in developing countries during the 1990s, we suggest that rather than investing on risky and irreversible long term fixed investment projects, firms may choose to invest on reversible short term financial investments depending on respective rates of returns and uncertainty in the economy. The empirical results show that increasing rates of return gap and uncertainty have an economically and statistically significant fixed investment reducing effects in all three countries while the opposite is true with respect to financial investments.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3835/1/MPRA_paper_3835.pdf
Demir, Firat (2007): Private Investment, Portfolio Choice and Financialization of Real Sectors in Emerging Markets.
en
oai:mpra.ub.uni-muenchen.de:3887
2019-09-26T08:30:11Z
7374617475733D756E707562
7375626A656374733D47:4733:473332
7375626A656374733D47:4732:473231
7375626A656374733D47:4733:473330
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4A:4A32:4A3233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3887/
Performance and corporate governance in microfinance institutions
Mersland, Roy
Strøm, Reidar Øystein
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
G30 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
J23 - Labor Demand
We trace the relationship between firm performance and corporate governance in microfinance institutions (MFI) utilising a self constructed global data set on MFIs, collected from third-party rating agencies. We study the effect of board characteristics, ownership type, competition and regulation on the MFI's outreach to poor clients and its financial performance. The results show that split roles of CEO and chairman, a female CEO, and competition are important explanations. Larger board size decreases the average loan size while individual guaranteed loan increases it. No difference between nonprofit organisations and shareholder firms in financial performance and outreach is found.
2007-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3887/1/MPRA_paper_3887.pdf
Mersland, Roy and Strøm, Reidar Øystein (2007): Performance and corporate governance in microfinance institutions.
en
oai:mpra.ub.uni-muenchen.de:3888
2019-09-27T05:11:22Z
7374617475733D756E707562
7375626A656374733D47:4733:473332
7375626A656374733D47:4732:473231
7375626A656374733D47:4733:473330
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4A:4A32:4A3233
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3888/
Performance and corporate governance in microfinance institutions
Mersland, Roy
Strøm, Reidar Øystein
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
G30 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
J23 - Labor Demand
We trace the relationship between firm performance and corporate governance in microfinance institutions (MFI) utilising a self constructed global data set on MFIs, collected from third-party rating agencies. We study the effect of board characteristics, ownership type, competition and regulation on the MFI's outreach to poor clients and its financial performance. The results show that split roles of CEO and chairman, a female CEO, and competition are important explanations. Larger board size decreases the average loan size while individual guaranteed loan increases it. No difference between nonprofit organisations and shareholder firms in financial performance and outreach is found.
2007-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3888/1/MPRA_paper_3888.pdf
Mersland, Roy and Strøm, Reidar Øystein (2007): Performance and corporate governance in microfinance institutions.
en
oai:mpra.ub.uni-muenchen.de:3966
2019-09-26T23:44:42Z
7374617475733D756E707562
7375626A656374733D47:4733:473332
7375626A656374733D47:4732:473231
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3966/
Performance and trade-offs in microfinance organizations - does ownership matter?
Mersland, Roy
Strøm, Reidar Øystein
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
Policy advocates argue the case for the transformation of non-government Microfinance Organizations (MFOs) into shareholder owned firms. The argument is that this will bring about superior performance. This paper investigates whether the superiority of shareholder owned MFOs is empirically supported. The findings indicate that the difference between shareholder owned MFOs and non-government MFOs is minimal. Our results contradict established paradigms and policy guidelines in the industry. However, the results are not necessarily surprising since ownership theories do not predict a clear preference for one type of ownership in the microfinance market. Furthermore, findings in general banking markets as well as the pro-poor banking history indicate that mutual and non-profit ownership can compete successfully with investor ownership.
2007-01-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3966/1/MPRA_paper_3966.pdf
Mersland, Roy and Strøm, Reidar Øystein (2007): Performance and trade-offs in microfinance organizations - does ownership matter?
en
oai:mpra.ub.uni-muenchen.de:4077
2019-09-28T08:26:40Z
7374617475733D707562
7375626A656374733D47:4732:473231
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4077/
Financial Sector Deepening and Economic Growth: Evidence from Turkey
Ardic, Oya Pinar
Damar, H. Evren
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O4 - Economic Growth and Aggregate Productivity
This paper analyzes the effects of financial sector deepening on economic growth
using a province-level data set for 1996-2001 on Turkey. This period is associated with
a weakly regulated and relatively unsupervised expansion of the banking sector which
led to the 2001 financial crisis. Contrary to findings in the previous literature, our results indicate a strong negative relationship between financial deepening-both public and private-and economic growth. In light of the developments in the period of analysis,
this result is not surprising, as the main function of the banking sector at that time
was to provide financing for the Turkish Treasury, which channeled these funds to the
government-albeit mainly for rent distribution purposes. However, it is important to
note that the growth of private banking sector needs yet to be examined separately,
as government ownership of banks may distort the development of the banking sector
as a whole. Yet, it is possible to conclude that financial development may not always
contribute to economic growth, and the conditions under which such a contribution
takes place should be investigated further.
2006-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4077/1/MPRA_paper_4077.pdf
Ardic, Oya Pinar and Damar, H. Evren (2006): Financial Sector Deepening and Economic Growth: Evidence from Turkey. Published in: Topics in Middle Eastern and North African Economies (MEEA Online Journal) , Vol. 9, (2007)
en
oai:mpra.ub.uni-muenchen.de:4117
2019-09-27T03:31:45Z
7374617475733D756E707562
7375626A656374733D48:4832
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4536:453632
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4117/
Money and Taxes: The Relationship Between Financial Sector Development and Taxation
Tatom, John
Ott, Mack
H2 - Taxation, Subsidies, and Revenue
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E62 - Fiscal Policy
Requiring taxes to be paid in domestic money provides a legal tender basis for money demand and hence to the development of a financial system. In emerging markets, the level of taxation is a positive factor boosting financial development. At higher tax rates, however, taxation provides an incentive to reduce money demand and reduces the size of the financial sector. There is also evidence of re-switching in high-tax developed countries, where financial deepening increases with the tax rate. Such financial deepening represents a form of capital market repression, not unlike the growth-depressing effects of financial repression in many poor countries.
2006-10-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4117/1/MPRA_paper_4117.pdf
Tatom, John and Ott, Mack (2006): Money and Taxes: The Relationship Between Financial Sector Development and Taxation.
en
oai:mpra.ub.uni-muenchen.de:4566
2019-09-30T07:01:30Z
7374617475733D756E707562
7375626A656374733D47:4733
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473338
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4566/
State of Corporate Governance in Arab Countries: An Overview
Harabi, Najib
G3 - Corporate Finance and Governance
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G38 - Government Policy and Regulation
The purpose of this paper is to assess the state of corporate governance as a major factor affecting the growth performance of the private sector in MENA countries. For this purpose both country-specific assessments, carried out by World Bank-IMF teams (so-called ROSC’s assessments) and focus-group discussions that took place in four regional conferences have been synthesized. Strengths and weaknesses of corporate governance in selected Arab countries have been highlighted. One major key finding is that the legal and regulatory frameworks of the assessed Arab countries are largely compliant with the OECD Principles of corporate governance. However, practices are not. The difficulty of the assessments is to reflect properly the discrepancies between the letter of the law and compliance. It should be emphasized that the World Bank-IMF assessments focus on listed companies. No-listed firms, especially SME, family-owned firms and State-owned enterprises that make up to 98% of all firms, are not subject to assessments.
Another key finding that emerged from our reviewing of the regional conferences on corporate governance is that corporate governance issues have not been ignored in public debates in the MENA region. Practitioners from capital markets, banks, public and private sector representatives and other civil society groups have accepted the need to address corporate governance reforms as one of the crucial topics affecting the economic growth and development of firms, industries and whole economies in their region. Several meetings and conferences at the national and regional level have taken place. Appropriate and up-to-date recommendations regarding corporate governance reform in the MENA region have been adopted in those events. It is now up to the decision makers at all levels to implement those recommendations
2007-02-15
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4566/1/MPRA_paper_4566.pdf
Harabi, Najib (2007): State of Corporate Governance in Arab Countries: An Overview.
en
oai:mpra.ub.uni-muenchen.de:4713
2019-09-26T22:49:04Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473334
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4713/
Legal origin, creditor protection and bank lending: Evidence from emerging markets
Cole, Rebel
Turk, Rima
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
Numerous papers in the “law and finance” literature have established that countries with better functioning legal institutions enjoy better developed capital markets, and that legal origin is a fundamental determinant of legal institutions (La Porta et al. 1997, 1998, 2006; Djankov et al. 2007). In this study, we test whether banks are willing to grant more credit to the private sector when they enjoy superior legal protection. We test this hypothesis using bank-level data from 45 emerging-market countries and a random-effects model that controls for bank heterogeneity. We find that lenders allocate a significantly higher portion of their assets to loans (i) where they enjoy English legal origin rather than French or Socialist legal origin; (ii) where enforcement of debt contracts is more efficient and (iii) where banks enjoy fewer restrictions on their operations. These support our hypothesis that superior legal protection leads to more bank credit, which, in turn, should lead to higher economic growth.
2007-05-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4713/1/MPRA_paper_4713.pdf
Cole, Rebel and Turk, Rima (2007): Legal origin, creditor protection and bank lending: Evidence from emerging markets.
en
oai:mpra.ub.uni-muenchen.de:4721
2019-10-26T06:28:12Z
oai:mpra.ub.uni-muenchen.de:4722
2019-10-28T17:50:14Z
oai:mpra.ub.uni-muenchen.de:4967
2019-10-01T01:04:00Z
oai:mpra.ub.uni-muenchen.de:4996
2019-10-04T05:19:20Z
7374617475733D756E707562
7375626A656374733D4B:4B32:4B3232
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4996/
Stock Market Developments and Capital Accumulation in India: Does Better Shareholder Protection Matter?
Sarkar, Prabirjit
K22 - Business and Securities Law
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
The paper analyses a new leximetric dataset for India relating to the protection of shareholders of the limited liability corporate sector and examines the impact of the changes in the shareholder protection law on economic development through stock market development. It finds no long-term relationship between corporate governance relating to shareholder protection and stock market developments and no relevance of stock market for economic development through capital accumulation.
2007-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4996/1/MPRA_paper_4996.pdf
Sarkar, Prabirjit (2007): Stock Market Developments and Capital Accumulation in India: Does Better Shareholder Protection Matter?
en
oai:mpra.ub.uni-muenchen.de:5050
2019-10-03T00:27:49Z
7374617475733D756E707562
7375626A656374733D45:4534:453433
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4731:473131
7375626A656374733D4F:4F35:4F3533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5050/
Stock Market Development, Capital Accumulation and Growth in India since 1950
Sarkar, Prabirjit
E43 - Interest Rates: Determination, Term Structure, and Effects
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G11 - Portfolio Choice ; Investment Decisions
O53 - Asia including Middle East
This study examines whether there exists a long-term relationship between Indian share price movements and growth through capital accumulation over more than half a century period since 1951. Using the Autoregressive Distributive Lag (ARDL) approach to cointegration developed by Pesaran and Shin, our study shows that no long-term relationship exists between the gross-fixed capital formation (total as well as private) as percentage of GDP and nominal or real share price. There is also no relationship between the growth rate and share prices (both nominal and real). There is also no relationship if we consider the growth rates in share price.
2006-09-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5050/1/MPRA_paper_5050.pdf
Sarkar, Prabirjit (2006): Stock Market Development, Capital Accumulation and Growth in India since 1950.
en
oai:mpra.ub.uni-muenchen.de:5051
2019-10-04T16:33:09Z
7374617475733D696E7072657373
7375626A656374733D4B:4B32:4B3232
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5051/
Trend of Legal Globalisation and Stock Market Development
Sarkar, Prabirjit
K22 - Business and Securities Law
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
The purpose of this paper is to analyze some leximetric data for a number of developed and less developed countries hitherto unavailable to examine (i) the changing state of shareholder protection and (ii) its connection with stock market development and capital accumulation. It finds a strong evidence of legal globalisation but no evidence of its favourable link with stock market development and capital formation.
2007-06-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5051/1/MPRA_paper_5051.pdf
Sarkar, Prabirjit (2007): Trend of Legal Globalisation and Stock Market Development. Forthcoming in:
en
oai:mpra.ub.uni-muenchen.de:5052
2019-10-01T18:06:27Z
7374617475733D756E707562
7375626A656374733D4B:4B32:4B3232
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F35:4F3533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5052/
Stock Market Development and Capital Accumulation: Does Law Matter? A Case Study of India
Sarkar, Prabirjit
K22 - Business and Securities Law
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O53 - Asia including Middle East
Stock market development has been an important part of financial liberalisation in the less developed countries (LDCs). In the pro-liberalisation circle, stock market is assigned to play an important role in the capitalist development of the LDCs. This is also true for the liberalisation regime of India. With the recognition of the importance of stock market in economic development there is a call for a better protection of the interests of the shareholders. In this perspective we shall examine whether share market developments have any long-term relationship with capital accumulation and whether legal changes promoting the interest of the shareholders exerted any long-term effect on Indian share market developments.
2007-02-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5052/1/MPRA_paper_5052.pdf
Sarkar, Prabirjit (2007): Stock Market Development and Capital Accumulation: Does Law Matter? A Case Study of India.
en
oai:mpra.ub.uni-muenchen.de:5053
2019-09-28T10:09:07Z
7374617475733D756E707562
7375626A656374733D4F:4F35:4F3530
7375626A656374733D47:4730:473030
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5053/
Capital Accumulation in Less Developed Countries: Does Stock Market Matter?
Sarkar, Prabirjit
O50 - General
G00 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
Our panel data analysis (1988-2002) of a sample of 31 less developed countries (LDCs) shows that the stock market capitalization as a percentage of GDP- an important indicator of stock market development- has no relationship with the growth rates of gross fixed capital formation (GGKF). Our time series analysis (1976-2002) of 16 LDCs shows that in 11 cases there is no meaningful relationship between the stock market turnover ratio and the growth of capital accumulation (GGKF). For 5 LDCs (belonging to the so-called French-origin civil law category) with low shareholder protection we get a positive long-term relationship.
2007-07-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5053/1/MPRA_paper_5053.pdf
Sarkar, Prabirjit (2007): Capital Accumulation in Less Developed Countries: Does Stock Market Matter?
en
oai:mpra.ub.uni-muenchen.de:5054
2019-10-08T04:44:21Z
7374617475733D756E707562
7375626A656374733D4F:4F35
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5054/
Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows
Sarkar, Prabirjit
O5 - Economywide Country Studies
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
The present study analysed time series data of 37 developed and less developed countries over the period 1976-2002. It shows that in the majority of cases (including France, UK and USA) the stock market turnover ratio - an important indicator of stock market development- has no positive long-term relationship with the growth rates of gross fixed capital formation. For some developed countries such as Austria, Italy, Japan and Germany and less-developed countries such as Chile, Egypt, Jamaica, Jordan, Philippines and Venezuela we get a positive long-term relationship. These are by and large the so-called French or German-origin civil law countries.
2007-06-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5054/1/MPRA_paper_5054.pdf
Sarkar, Prabirjit (2007): Stock Market Development and Capital Accumulation: What the Time Series Evidence Shows.
en
oai:mpra.ub.uni-muenchen.de:5176
2019-09-29T08:28:58Z
7374617475733D756E707562
7375626A656374733D46:4634:463430
7375626A656374733D46:4635:463530
7375626A656374733D46:4630:463032
7375626A656374733D4F:4F31:4F3130
7375626A656374733D4F:4F35:4F3530
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5176/
Does Foreign Direct Investment Promote Growth? Panel Data and Time Series Evidence from Less Developed Countries, 1970-2002
Sarkar, Prabirjit
F40 - General
F50 - General
F02 - International Economic Order and Integration
O10 - General
O50 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
The present study casts some doubt on the growth-promoting effect of foreign direct investment (FDI), which is widely supported by the proponents of financial globalization. The panel data analysis of 51 less developed countries shows a rising relationship between growth and FDI (relative to gross capital formation) only for the group of 11 relatively rich and open-economy countries. The time-series analysis observes meaningful positive relationships between FDI and growth only for 3 countries belonging to this group and some other countries. But by and large no long-term positive relationship exists between the two irrespective of income levels, openness and FDI-dependence.
2007-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5176/1/MPRA_paper_5176.pdf
Sarkar, Prabirjit (2007): Does Foreign Direct Investment Promote Growth? Panel Data and Time Series Evidence from Less Developed Countries, 1970-2002.
en
oai:mpra.ub.uni-muenchen.de:5364
2019-10-13T18:52:12Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3139
7375626A656374733D4F:4F35:4F3537
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F32:4F3234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5364/
Exchange rate volatility and investment: a panel data cointegration approach
Diallo, Ibrahima Amadou
O19 - International Linkages to Development ; Role of International Organizations
O57 - Comparative Studies of Countries
O11 - Macroeconomic Analyses of Economic Development
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
This paper examines the link between the real exchange rate volatility and domestic investment by using the panel data cointegration techniques. In the first part of the paper, we study the theoretical link between the exchange rate, its volatility and the investment in a small open economy. The model shows that the effects of exchange rate volatility on investment are nonlinear. In the second part, we examine the empirical link between the exchange rate volatility and the investment. The results illustrate that the exchange rate volatility has a strong negative impact on investment. This outcome is robust in low income and middle income countries, and by using an alternative measurement of exchange rate volatility
2007-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5364/1/MPRA_paper_5364.pdf
Diallo, Ibrahima Amadou (2007): Exchange rate volatility and investment: a panel data cointegration approach.
en
oai:mpra.ub.uni-muenchen.de:5561
2019-10-03T20:45:44Z
7374617475733D707562
7375626A656374733D4F:4F33:4F3338
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F35:4F3534
7375626A656374733D4F:4F31:4F3131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5561/
APERTURA. GASTO PÚBLICO Y CONVERGENCIA EN AMÉRICA LATIN: UN MODELO ECONOMETRICO ESPACIAL
Jorge E, Mendoza
O38 - Government Policy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O54 - Latin America ; Caribbean
O11 - Macroeconomic Analyses of Economic Development
The study focuses on the analysis of economic growth of the Latin American countries, during the period 1950-2000 The methodology of the paper is based on the use of spatial econometric thechniques applied to a cross section and panel data. The results showed conditional convergence for the region from 1950 to 1975, and both absolute and conditional divergence from 1980 to 2000.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5561/1/MPRA_paper_5561.pdf
Jorge E, Mendoza (2007): APERTURA. GASTO PÚBLICO Y CONVERGENCIA EN AMÉRICA LATIN: UN MODELO ECONOMETRICO ESPACIAL. Published in: Comercio Exterior , Vol. 57, No. 9 (December 2007): pp. 705-717.
es
oai:mpra.ub.uni-muenchen.de:6044
2019-09-26T18:21:41Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D51:5131:513134
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6044/
Do Small Farmers Borrow Less when the Lending rate Increases? The Case of Rice Farming in the Philippines
Briones, Roehlano
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
Q14 - Agricultural Finance
The new generation of credit programs directed at small borrowers emphasizes financial sustainability. Based on anecdotal information (especially from microfinance experiences), proponents of cost recovery claim that raising formal lending rates would have a minimal impact on borrowing. Rigorous evidence for this conjecture is however sparse. This study conducts an econometric test of this conjecture using data from a survey of small rice farmers from the Philippines. Alternative regression techniques tend to reject the conjecture; in particular, a regression that controls for selection effects shows a unitary elastic response of formal borrowing to the lending rate.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6044/1/MPRA_paper_6044.pdf
Briones, Roehlano (2007): Do Small Farmers Borrow Less when the Lending rate Increases? The Case of Rice Farming in the Philippines.
en
oai:mpra.ub.uni-muenchen.de:6335
2019-09-29T21:55:53Z
oai:mpra.ub.uni-muenchen.de:6745
2019-09-27T00:25:47Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D46:4632:463231
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F31:4F3130
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6745/
Globalisation: economic stagnation and divergence
Freeman, Alan
O11 - Macroeconomic Analyses of Economic Development
F21 - International Investment ; Long-Term Capital Movements
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O10 - General
F43 - Economic Growth of Open Economies
This is a prepublication version of an analysis of stagnation and divergence in the world economy which appeared in Pettifor, A (2003) Real World Economic Outlook, pp152-159. Basingstoke: Palgrave MacMillan, pp152-164. A fuller version of this same paper was presented to the British International Studies Association conference in September 2002.
It uses data published by the IMF’s World Economic Outlook team to establish that world GDP per head, calculated in constant 1995 dollars at current market exchange, remained static between 1980 and 2002 and declined absolutely between 1988 and 2002.
Over the same period – ‘globalisation’, understood as the period of intense financial deregulation and the creation of a world market in capital – this article uses the same figures to prove that the income gap between the North and the South has doubled.
Inequality is measured as the ratio between GDP per capita in the IMF’s ‘Advanced countries’ and all remaining countries, in current dollars at market exchange rates.
At the beginning of globalisation this ratio was approximately 10 to 1. By 2002 it was nearly 23 to 1. Over this period the real average GDP per capita of the ‘non-advanced countries’ comprising four-fifths of the world’s population, has fallen absolutely, from $1400 to $1100 per year.
This economic failure, the article argues, is the underlying cause of the political instability that characterises the current period. The most basic problem of the world economy has not been solved – the imbalance between the declining relative productivity of the USA and its commercial and military dominance.
The result is predicted to be a unstable period of history as these contradictions work their way through into the political sphere.
2003
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6745/1/MPRA_paper_6745.pdf
Freeman, Alan (2003): Globalisation: economic stagnation and divergence. Published in: Pettifor, A (2003) Real World Economic Outlook, Basingstoke: Palgrave MacMillan, (2003): pp. 152-159.
en
oai:mpra.ub.uni-muenchen.de:7053
2019-10-30T06:01:15Z
oai:mpra.ub.uni-muenchen.de:7919
2019-10-02T21:30:13Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F31:4F3134
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7919/
Financial infrastructure, technological shift, and inequality in economic development
Ryo, Horii
Kazuhiro, Yamamoto
Ryoji, Ohdoi
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O14 - Industrialization ; Manufacturing and Service Industries ; Choice of Technology
This paper presents an overlapping generations model with technology choice and imperfect financial markets, and examines the evolution of income distribution in economic development. The model shows that improvements in financial infrastructure facilitate economic development both by raising the aggregate capital-labor ratio and by causing a technological shift to more capital-intensive technologies. While a higher capital-labor ratio under a given technology reduces inequality, a technological shift can lead to a concentration of the economic rents among a smaller number of agents. We derive the condition under which an improvement in financial infrastructure actually decreases the average utility of agents.
2008-03-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7919/1/MPRA_paper_7919.pdf
Ryo, Horii and Kazuhiro, Yamamoto and Ryoji, Ohdoi (2008): Financial infrastructure, technological shift, and inequality in economic development.
en
oai:mpra.ub.uni-muenchen.de:8085
2019-09-26T22:47:45Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473334
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8085/
Legal origin, creditor protection and bank lending: Evidence from emerging markets
Cole, Rebel
Turk, Rima
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
Numerous papers in the “law and finance” literature have established that countries with better functioning legal institutions enjoy better developed capital markets, and that legal origin is a fundamental determinant of legal institutions (La Porta et al. 1997, 1998, 2006; Djankov et al. 2007). In this study, we test whether banks are willing to grant more credit to the private sector when they enjoy superior legal protection. We test this hypothesis using bank-level data over the period 2000-2006 from 102 emerging-market countries and a random-effects model that controls for bank heterogeneity. We find that lenders allocate a significantly higher portion of their assets to loans (i) where they enjoy Socialist legal origin rather than English or French legal origin; (ii) where enforcement of debt contracts is more efficient and (iii) where banks enjoy fewer restrictions on their operations. These findings support our hypothesis that superior legal protection leads to more bank credit, which, in turn, should lead to higher economic growth. However, these findings contradict the predictions based upon the theory of legal origin.
2007-05-30
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8085/1/MPRA_paper_8085.pdf
Cole, Rebel and Turk, Rima (2007): Legal origin, creditor protection and bank lending: Evidence from emerging markets.
en
oai:mpra.ub.uni-muenchen.de:8089
2019-09-26T19:08:13Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3130
7375626A656374733D48:4830:483030
7375626A656374733D43:4331
7375626A656374733D43:4333
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4530:453030
7375626A656374733D4B:4B34
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8089/
Myths and Realities of Governance and Corruption
Kaufmann, Daniel
O10 - General
H00 - General
C1 - Econometric and Statistical Methods and Methodology: General
C3 - Multiple or Simultaneous Equation Models ; Multiple Variables
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E00 - General
K4 - Legal Procedure, the Legal System, and Illegal Behavior
A number of popular notions and outright myths on governance and corruption are addressed in this chapter. We distinguish clearly between governance and anti-corruption, while probing the links between both notions. In so doing we challenge the conventional definition of corruption as being too narrow, legalistic and unduly focused on the public sector, while underplaying the role of the private sector. We then challenge the notion that governance and corruption cannot be measured, showcasing the latest worldwide governance indicators, measuring six dimensions of governance and cover over 200 countries, based on multiple sources, including the EOS. Thanks to these governance indicators and related datasets, it has been possible to study the extent to which governance and anticorruption matters.
Consistent with the adage that 'sunlight is the best disinfectant', the potential gains of embarking on a transparency reform strategy is given particular prominence in this chapter, and a detailed 12-point 'scorecard' for countries to rate themselves in terms of the implementation of concrete transparency measures is presented. The chapter then concludes with a call for a global compact on governance and anti-corruption, where the G-8 and other rich countries, the multinationals, IFIs, civil society and the government leadership in the emerging economies share responsibility in making concerted progress.
2005-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8089/1/MPRA_paper_8089.pdf
Kaufmann, Daniel (2005): Myths and Realities of Governance and Corruption. Published in: Global Competitiveness Report 2005-06 (October 2005): pp. 81-98.
en
oai:mpra.ub.uni-muenchen.de:8167
2019-09-26T19:15:26Z
7374617475733D696E7072657373
7375626A656374733D43:4333:433333
7375626A656374733D44:4432:443231
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4731:473131
7375626A656374733D45:4532:453232
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8167/
Financial Liberalization, Private Investment and Portfolio Choice: Financialization of Real Sectors in Emerging Markets
Demir, Firat
C33 - Panel Data Models ; Spatio-temporal Models
D21 - Firm Behavior: Theory
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G11 - Portfolio Choice ; Investment Decisions
E22 - Investment ; Capital ; Intangible Capital ; Capacity
Using firm level panel data, we analyze the impacts of rates of return gap between financial and fixed investments under uncertainty on real investment performance in three emerging markets, Argentina, Mexico and Turkey. Employing a portfolio choice model to explain the low fixed investment rates in developing countries during the 1990s, we suggest that rather than investing in irreversible long term fixed investments, firms may choose to invest in reversible short term financial investments depending on respective rates of returns and the overall uncertainty in the economy. The empirical results show that increasing rates of return gap and uncertainty have an economically and statistically significant fixed investment reducing effect while the opposite is true with respect to financial investments.
2008-04-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8167/1/MPRA_paper_8167.pdf
Demir, Firat (2008): Financial Liberalization, Private Investment and Portfolio Choice: Financialization of Real Sectors in Emerging Markets. Forthcoming in: Journal of Development Economics
en
oai:mpra.ub.uni-muenchen.de:8207
2019-09-26T14:29:06Z
7374617475733D707562
7375626A656374733D48:4834
7375626A656374733D4B:4B32
7375626A656374733D4F:4F31:4F3130
7375626A656374733D43:4333
7375626A656374733D4F:4F31:4F3136
7375626A656374733D43:4331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8207/
Corruption, Governance and Security: Challenges for the Rich Countries and the World
Kaufmann, Daniel
H4 - Publicly Provided Goods
K2 - Regulation and Business Law
O10 - General
C3 - Multiple or Simultaneous Equation Models ; Multiple Variables
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
C1 - Econometric and Statistical Methods and Methodology: General
Traditionally, national governance and corruption challenges have been seen as: i) particularly daunting in the poorer countries, with the richer world viewed as exemplary; ii) anchored within a legalistic framework and focused on formal institutions, iii) a challenge within public sectors, and, iv) divorced from global governance or security issues - seen as separate fields. Through an empirical approach based on the analysis of the 2004 survey of enterprises by the World Economic Forum, we challenge these notions and portray a more complex reality. We suggest that the undue emphasis on narrow legalism has obscured more subtle yet costly manifestations of misgovernance, which afflict rich countries as well.
Emphasis is also given to measurement and analysis of misgovernance when the rules of the game have been captured by the elite through undue influence. We construct a new set of ethics indices, encompassing forms of (legal) corruption not subject to measurement in conventional (illegal) corruption indicators. It is found that manifestations of legal corruption may be more prevalent than illegal forms, such as outright bribery, and particularly so in richer countries.
Further, we find that governance constraints, and corruption in particular, is a key determinant of a country's global competitiveness. These findings challenge traditional notions of what constitutes the country's 'investment climate', and who shapes it. It is also found that illegal forms of corruption continue to be prevalent in the interaction between transnationals of the rich world and the public sectors in many emerging countries. Finally, we suggest an empirical link between governance and security issues.
2004-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8207/1/MPRA_paper_8207.pdf
Kaufmann, Daniel (2004): Corruption, Governance and Security: Challenges for the Rich Countries and the World. Published in:
en
oai:mpra.ub.uni-muenchen.de:8278
2019-09-28T16:50:01Z
7374617475733D756E707562
7375626A656374733D46:4634:463439
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8278/
Estimating the permanent growth effects of financial liberalization: The case of Malaysia
Rao, B. Bhaskara
F49 - Other
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
We argue that the specifications used to estimate the permanent growth effects of reforms in the financial sector are unsatisfactory. Using a modified specification and data for the period 1970 to 2004, we show developments in the financial sector in Malaysia have a small but significant permanent effect on the growth of output. Our results are different from the conclusions in a recent work on this topic.
2008-04-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8278/1/MPRA_paper_8278.pdf
Rao, B. Bhaskara (2008): Estimating the permanent growth effects of financial liberalization: The case of Malaysia.
en
oai:mpra.ub.uni-muenchen.de:8430
2019-09-27T00:17:31Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F34:4F3433
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F35:4F3537
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8430/
Democracy, Diversification, and Growth Reversals
Cuberes, David
O11 - Macroeconomic Analyses of Economic Development
O43 - Institutions and Growth
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O57 - Comparative Studies of Countries
There exists convincing evidence that democratic countries are less volatile. This conclusion is usually reached with respect to volatility as measured by the standard deviation of annual growth rates of per capita GDP which includes both low and high frequency fluctuations. However, recently several studies have documented that
significant changes in trend-growth, such as growth accelerations that last a decade or similar periods of negative growth, are quite common. In this paper we ask whether democracy also has a stabilizing effect on trend-volatility, i.e. whether more democratic countries experience fewer and milder swings of trend-growth. We
find a common phenomenon medium term reversals of growth, that is periods of exceptionally high growth are, on average, followed by periods of exceptionally low growth, and vice versa. The propensity to experience large swings of trend growth is not uniform across countries-less democratic countries are more susceptible to it. When compared with factors commonly associated with volatility such as measures of quality of institutions, macroeconomic policies and financial development, we find that democracy is the most robust predictor of a country's propensity for growth reversals. We construct a model in which non-democracies have high barriers of entry for new firms. This leads to less sectoral diversification: fewer sectors are operated but more resources are channeled to each.
In an uncertain environment this leads to infrequent but large growth accelerations when one of the few sectors operated is successful. However, these accelerations are followed by large declines when fortunes change in favor of the missing sectors. We present empirical evidence that confirms the positive relationship between democracy and industrial diversification.
2008-04-23
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8430/1/MPRA_paper_8430.pdf
Cuberes, David (2008): Democracy, Diversification, and Growth Reversals.
en
oai:mpra.ub.uni-muenchen.de:8484
2019-10-28T19:07:17Z
oai:mpra.ub.uni-muenchen.de:8605
2019-09-28T23:56:06Z
7374617475733D756E707562
7375626A656374733D4E:4E30:4E3031
7375626A656374733D4F:4F31:4F3130
7375626A656374733D4F:4F34:4F3433
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F33:4F3333
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8605/
Financial developments and the rate of growth of output: An alternative approach
Rao, B. Bhaskara
Tamazian, Artur
Singh, Rup
Vadlamannati, Krishna Chaitanya
N01 - Development of the Discipline: Historiographical; Sources and Methods
O10 - General
O43 - Institutions and Growth
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O33 - Technological Change: Choices and Consequences ; Diffusion Processes
This paper uses a new specification and approach to estimate the effects of financial developments on the steady state rate of growth of output in India, Malaysia, Korea, Thailand and the Philippines for the period 1970 to 2006. These growth effects, though small, are found to be significant except for the Philippines. The trend rate of growth of total factor productivity (TFP), which is due to the omitted but trended variables, is the highest for Malaysia and moderate for India and Thailand. However, TFP is insignificant or negative in the Philippines and Korea.
2008-05-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8605/1/MPRA_paper_8605.pdf
Rao, B. Bhaskara and Tamazian, Artur and Singh, Rup and Vadlamannati, Krishna Chaitanya (2008): Financial developments and the rate of growth of output: An alternative approach.
en
oai:mpra.ub.uni-muenchen.de:8671
2019-09-28T04:30:57Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473332
7375626A656374733D47:4733:473330
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8671/
Déterminants de la structure financière des entreprises manufacturières au Maroc
Achy, Lahcen
Rigar, Sidi Mohamed
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
G30 - General
The purpose of this paper is to investigate empirically the determinants of financial structure in the Moroccan manufacturing firms. The paper contributes to the empirical literature on capital structure in developing countries. It relies on the data collected by the Firm Analysis and Competitiveness Survey (FACS) carried out in 2000 by the Ministry of trade and industry, and the World Bank. Our findings suggest that firms have relatively high debt ratios composed mainly of short maturity debt. However, their capital structure seems to match the nature of their assets in which tangible assets are underrepresented. Our empirical analysis uses four different measures of leverage and shows that the four main determinants of financial structure in the Moroccan manufacturing firms are the share of tangible assets in total assets, firm's age, its size, and the structure of its ownership. However, the nature of the relationship between these variables and leverage depends on the specific measure used and tends to differ with previous findings in the empirical literature.
2005-12-20
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8671/1/MPRA_paper_8671.pdf
Achy, Lahcen and Rigar, Sidi Mohamed (2005): Déterminants de la structure financière des entreprises manufacturières au Maroc.
fr
oai:mpra.ub.uni-muenchen.de:8763
2019-09-26T18:35:27Z
7374617475733D756E707562
7375626A656374733D43:4333:433332
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/8763/
A model of growth and finance: FIML estimates for India
Rao, B. Bhaskara
Tamazian, Artur
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
O11 - Macroeconomic Analyses of Economic Development
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E44 - Financial Markets and the Macroeconomy
Many empirical works addressed the nature of the relationship between economic growth and financial developments. Although these studies concede that they are interdependent, they have used single equations methods for estimation. In particular in the country specific studies the Granger causality tests are applied to equations estimated with the single equations methods to determine whether financial developments cause growth or vice versa. This paper uses the full information maximum likelihood method to estimate a two equations model of growth and finance for India. We also argue that in virtually all these empirical works the specification of the output equation is unsatisfactory. Our results with the Indian data show that there is no evidence to support the view that finance follows where enterprise goes. Furthermore, financial developments have a small but significant permanent growth effect in India.
2008-05-14
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/8763/1/MPRA_paper_8763.pdf
Rao, B. Bhaskara and Tamazian, Artur (2008): A model of growth and finance: FIML estimates for India.
en
oai:mpra.ub.uni-muenchen.de:9441
2019-09-26T22:11:54Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4732:473230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9441/
Financial sector output and employment in Hong Kong and New York City
He, Dong
Yong, Ivy
Lim, Peter
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G20 - General
What is the future role for Hong Kong as an international financial centre in China? A few pointers can be found by analysing the role of New York as a national and global
financial hub. The financial sector in New York currently employs twice as many people and generates four times as much output as in Hong Kong. The contrast between the
two cities is greatest in the securities industry. New York employs double the number of workers and produces 10 times more output than Hong Kong.
With New York as the reference point, Hong Kong has significant growth potential if it can be positioned successfully as an international financial centre intermediating fund flows both within China and between the Mainland and the rest of the world. And the
securities industry provides the biggest catch-up and the greatest potential, by serving the needs of fund raisers and investors from the Mainland, because capital market
services do not need to be provided on location – an observation demonstrated by the role of New York’s securities industry in the US economy.
2006-03
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9441/1/MPRA_paper_9441.pdf
He, Dong and Yong, Ivy and Lim, Peter (2006): Financial sector output and employment in Hong Kong and New York City. Published in: Hong Kong Monetary Authority Quarterly Bulletin No. March 2006
en
oai:mpra.ub.uni-muenchen.de:9624
2019-09-26T11:55:19Z
7374617475733D756E707562
7375626A656374733D44:4435:443537
7375626A656374733D4F:4F31:4F3136
7375626A656374733D46:4631:463134
7375626A656374733D52:5231:523135
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9624/
Openness to Trade and Structural Changes in the Sources of Economic Growth and Labour Demand in Turkey
Guncavdi, Oner
Kucukcifci, Suat
D57 - Input-Output Tables and Analysis
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
F14 - Empirical Studies of Trade
R15 - Econometric and Input-Output Models ; Other Models
The Turkish economy has undergone drastic structural changes since 1980. While the effects of the Turkish adjustment programme have drawn considerable attention, a few studies have investigated its employment impacts. Unlike neoclassical expectation behind the structural adjustment programme, some studies for Turkey have showed that this policy change in 1980 caused a decline in employment. Results show that the Turkish industrialisation strategy cannot be regarded as export-led industrialisation strategy. Extra output created by exports has been very limited during the post-liberalisation period. However domestic final demand has continued to be the most dominant determinant of output growth. A Surprising result of the paper appears for the period of 1985-1990 when import substitution in final demand created output growth particularly in technology-intensive manufacturing and other manufacturing sectors. However import penetration in final and intermediate goods overwhelmingly important factors creating de-industrialisation in the period of 1990-1996. This paper, however, examines the sources of changes in employment. Despite neoclassical expectations, the reform period after 1982 witnessed large factor substitution against labour, even in the tradable goods sector. Additionally, labour demand also appears to response to output growth less in the post-liberalisation period than before.
2008-07-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9624/1/MPRA_paper_9624.pdf
Guncavdi, Oner and Kucukcifci, Suat (2008): Openness to Trade and Structural Changes in the Sources of Economic Growth and Labour Demand in Turkey.
en
oai:mpra.ub.uni-muenchen.de:9672
2013-02-11T14:28:38Z
oai:mpra.ub.uni-muenchen.de:9696
2019-10-01T10:33:53Z
7374617475733D707562
7375626A656374733D4F:4F32:4F3233
7375626A656374733D4B:4B31:4B3132
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4E:4E32
7375626A656374733D4C:4C33:4C3333
7375626A656374733D4B:4B31:4B3131
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9696/
Expected Legal and Financial Effects of the Continuation of the Process of Privatization of the Housing Fund in the Republic of Croatia
Matić, Branko
Brekalo, Miljenko
Marijanović, Goran
O23 - Fiscal and Monetary Policy in Development
K12 - Contract Law
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
N2 - Financial Markets and Institutions
L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions ; Privatization ; Contracting Out
K11 - Property Law
Since the fiscal burden of the citizens in the Republic of Croatia has reached its maximum, it is necessary to pay much more attention to non-fiscal financing of public requirements on the state level, as well as on the level of the units of local self-government. Significant non-fiscal income could be realized in the structure of the state budget and of the budgets of the units of local self-government, if the housing fund that used to be in public ownership and that is now the property of the Republic of Croatia were allowed for purchase.
In addition to financial effects, this would also have legal effects, which are even more important, because these apartments and houses could now be bought even by those categories of citizens that were not in the position to that before. By continuing the process of privatization of the housing fund, the Republic of Croatia would prove to its citizens that it is a democratic and social state in which the power derives from the people and belongs to the people as the community of free and equal citizens.
In this paper, the following methods were applied: analysis and synthesis, classification, comparative method, dialectical method, empirical method, and the case study method.
2002
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9696/1/MPRA_paper_9696.pdf
Matić, Branko and Brekalo, Miljenko and Marijanović, Goran (2002): Expected Legal and Financial Effects of the Continuation of the Process of Privatization of the Housing Fund in the Republic of Croatia. Published in: International Conference of the Faculty of Economics Sarajevo ICES 2002 (2002): pp. 75-80.
en
oai:mpra.ub.uni-muenchen.de:9929
2019-09-26T12:57:27Z
7374617475733D707562
7375626A656374733D47:4731:473138
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9929/
Finance for Growth: Policy Choices in a Volatile World
Caprio, Gerard
Honohan, Patrick
G18 - Government Policy and Regulation
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E44 - Financial Markets and the Macroeconomy
Understanding just how finance contributes to development—and how good policy can help guarantee its contribution—has been the focus of a major research effort in recent years. This research has included systematic case-study analyses of the experiences of specific countries, as well as more recent econometric analyses of extensive cross-country data sets. Finance for Growth draws on this research and uses it to develop an integrated view of how financial sector policy can be used to foster growth, maintain stability and bring about poverty reduction.
2001-03-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9929/1/MPRA_paper_9929.pdf
Caprio, Gerard and Honohan, Patrick (2001): Finance for Growth: Policy Choices in a Volatile World. Published in: (21 May 2001)
en
oai:mpra.ub.uni-muenchen.de:10184
2019-09-29T15:32:18Z
7374617475733D756E707562
7375626A656374733D49:4933:493330
7375626A656374733D44:4438:443832
7375626A656374733D4F:4F32:4F3231
7375626A656374733D4F:4F31:4F3131
7375626A656374733D49:4931:493138
7375626A656374733D4F:4F31:4F3136
7375626A656374733D44:4435:443532
7375626A656374733D44:4436:443630
7375626A656374733D4A:4A38:4A3833
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10184/
The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'
Zaman, Md Monowaruz
I30 - General
D82 - Asymmetric and Private Information ; Mechanism Design
O21 - Planning Models ; Planning Policy
O11 - Macroeconomic Analyses of Economic Development
I18 - Government Policy ; Regulation ; Public Health
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
D52 - Incomplete Markets
D60 - General
J83 - Workers' Rights
Poverty is an irrevocable curse of our existing institutional structure and a grey area of existing economic theories. The micro-credit can support a mere semi-subsistence economic structure since its targets are those poor people who are dependent on borrowings for their subsistence. The concept of social business described by professor Yunus is insufficient to put “poverty in museums” because the social businesses can not provide the incentives required for the entrepreneurs to stretch their business for the poor people beyond their existing business pace. This article describes an Unbiased Pareto Improvement (UPI) model to steadily integrate the poor people with mainstream economic activities. Eventually the economy will be benefited in terms of new values, welfare and employment opportunities.
2007-01-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10184/1/MPRA_paper_10184.pdf
Zaman, Md Monowaruz (2007): The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'.
en
oai:mpra.ub.uni-muenchen.de:10186
2019-09-27T14:24:10Z
7374617475733D696E7072657373
7375626A656374733D46:4632:463233
7375626A656374733D43:4332:433233
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10186/
Foreign Direct Investment, Financial Development and Political Risks
Dutta, Nabamita
Roy, Sanjukta
F23 - Multinational Firms ; International Business
C23 - Panel Data Models ; Spatio-temporal Models
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
Financial development is definitely a determinant of the extent of foreign direct investment (FDI) inflow into an economy. Yet, the contribution of financial development (FD) can be dependent on the political situation of the recipient nation. Higher political stability aids financial institutions to reap the benefits of FDI efficiently. Our paper empirically investigates the role of political risk in the association of FDI and FD. Using a panel of 97 countries, we show the relationship to be strictly non-linear. The impact of FD on FDI becomes negative beyond a threshold level of FD. However, we do find political risk factors to be affecting the relationship by altering the threshold level of financial development.
2008-05-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10186/1/MPRA_paper_10186.pdf
Dutta, Nabamita and Roy, Sanjukta (2008): Foreign Direct Investment, Financial Development and Political Risks. Forthcoming in: Journal of Developing Areas
en
oai:mpra.ub.uni-muenchen.de:10197
2019-09-27T02:47:52Z
7374617475733D707562
7375626A656374733D45:4535:453538
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10197/
Restructuring of Financial Sector in Pakistan
Hanif, Muhammad N.
E58 - Central Banks and Their Policies
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E44 - Financial Markets and the Macroeconomy
The process of financial sector restructuring started in Pakistan during early 1990s. For this purpose, international financial institutions, like World Bank and ADB, provided technical and financial resources. The objective of this exercise was to let financial system play its role in economic growth and development of the country in an efficient and competitive way. A lot of policy decisions have been made and implemented during the last decade to reduce distortions and to develop competitive price mechanism in the financial markets.
The process of restructuring is still going on and it is a bit earlier to say some final words about its success, however, we are able to say, on the basis of the trend the financial and other indicators are following, that we have been partially successful in achieving the set objectives. The competition among financial institutions has been intensified during the restructuring period. Some positive developments have also been witnessed on the front of money and foreign exchange markets. Though there are some improvements, yet there is a lot to do for strengthening of insurance sector, capital market and bond market. The whole exercise remained less effective in increasing financial deepening, and in reducing intermediation cost (i.e., interest rate spread). Until end of 1990s, policy of privatization of NCBs and drive for recovery of NPLs could not be pursued vigorously and NPLs continued to grow. During the last three years some considerable efforts have been made for privatization of NCBs. Only recently, the size of the NPLs has started to stabilize due to some intensified recovery efforts and better quality of new loans. The size of the NPLs is primarily responsible for the deteriorated health of financial institutions. The overall macroeconomic outcome is also against the expectations.
Macroeconomic stability as well as proper sequencing of restructuring measures are necessary preconditions to the success of the whole exercise. In Pakistan, the financial restructuring process was introduced in an environment of large budget deficit and high and variable inflation i.e., in an atmosphere of macro-economic instability. Frequent changes in political set up of the country during 1990s also adversely affected this process. However, in the present milieu of political and economic management, it is expected that financial sector will be able to play its due role in economic growth and efficiency as the governance structure is improving, consistency in economic policies is being ensured, and political stability is envisaged.
2002-05-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10197/1/MPRA_paper_10197.pdf
Hanif, Muhammad N. (2002): Restructuring of Financial Sector in Pakistan. Published in: The Journal of the Institute of Bankers in Pakistan (January 2003): pp. 43-74.
en
oai:mpra.ub.uni-muenchen.de:10198
2019-09-26T14:25:04Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10198/
Financial Development and Economic Growth: Evidence from a Heterogeneous Panel of High Income Countries
Kemal, A.R.
Qayyum, Abdul
Hanif, Muhammad N.
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E44 - Financial Markets and the Macroeconomy
This paper examines the empirical relationship between financial development and economic growth for high income countries. The study focuses on both indirect finance and direct finance, separately as well as jointly. Applying the methodology of Nair-Reichert and Weinhold (2001) for causality analysis in heterogeneous panel data, two sets of results are reported. First, the evidence regarding the relationship between financial development and economic growth from a contemporaneous non-dynamic fixed effects panel estimation is mixed. Negative and statistically significant estimates of the coefficient of the inflation and financial development interaction variable indicate that financial sector development may even be harmful to economic growth when inflation is rising. Second, in contrast with the recent evidence of Beck and Levine (2003), heterogeneous panel causality analysis applied on a refined model indicates that there is no definite evidence that finance spurs economic growth or growth spurs finance. Most of our findings are in line with the Lucas (1988) view that the importance of financial matters is over-stressed. The only exception is the case of activity in stock markets where our result supports the Robinson (1952) view that finance follows enterprise.
2004
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10198/1/MPRA_paper_10198.pdf
Kemal, A.R. and Qayyum, Abdul and Hanif, Muhammad N. (2004): Financial Development and Economic Growth: Evidence from a Heterogeneous Panel of High Income Countries. Published in: The Lahore Journal of Economics , Vol. 12, No. Summer:1 (2007): pp. 1-34.
en
oai:mpra.ub.uni-muenchen.de:10226
2019-10-04T13:23:38Z
7374617475733D756E707562
7375626A656374733D49:4933:493330
7375626A656374733D44:4438:443832
7375626A656374733D4F:4F32:4F3231
7375626A656374733D4F:4F31:4F3131
7375626A656374733D49:4931:493138
7375626A656374733D4F:4F31:4F3136
7375626A656374733D44:4435:443532
7375626A656374733D44:4436:443630
7375626A656374733D4A:4A38:4A3833
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10226/
The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'
Zaman, Md Monowaruz
I30 - General
D82 - Asymmetric and Private Information ; Mechanism Design
O21 - Planning Models ; Planning Policy
O11 - Macroeconomic Analyses of Economic Development
I18 - Government Policy ; Regulation ; Public Health
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
D52 - Incomplete Markets
D60 - General
J83 - Workers' Rights
Poverty is an irrevocable curse of our existing institutional structure and a grey area of existing economic theories. The micro-credit can support a mere semi-subsistence economic structure since its targets are those poor people who are dependent on borrowings for their subsistence. The concept of social business described by professor Yunus is insufficient to put “poverty in museums” because the social businesses can not provide the incentives required for the entrepreneurs to stretch their business for the poor people beyond their existing business pace. This article describes an Unbiased Pareto Improvement (UPI) model to steadily integrate the poor people with mainstream economic activities. Eventually the economy will be benefited in terms of new values, welfare and employment opportunities.
2007-01-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10226/1/MPRA_paper_10226.pdf
Zaman, Md Monowaruz (2007): The theoretical aspect of Muhammad Yunus’s dream-'putting poverty in museums'.
en
oai:mpra.ub.uni-muenchen.de:10253
2019-09-28T16:47:08Z
7374617475733D756E707562
7375626A656374733D42:4232:423233
7375626A656374733D4F:4F31:4F3136
7375626A656374733D50:5033:503334
7375626A656374733D46:4633:463336
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10253/
The Dynamics of House Prices - International Evidence
Sorensen, Jens Kjaer
B23 - Econometrics ; Quantitative and Mathematical Studies
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
P34 - Financial Economics
F36 - Financial Aspects of Economic Integration
‘New’ long run data regarding Norway, the Netherlands, United Kingdom and USA has been collected and will be graphically, statistically and econometrically compiled and analyzed to prove that real house prices in the long run are constant and mean reverting. Co-integration of nominal house prices show that the long run fundamentals of real estate are income, rent and construction costs consistently across markets. In contrast an ECM analysis underscores that house prices in the short run are momentum drive, and house prices can deviate substantially from equilibrium in the SR. This fact is supported by theoretical insight about behaviourism and herding behaviour.
Analyzing the empirical evidence of dynamics of house prices and relating it to history shows that the housing markets have become synchronized for the first time in history. The latest boom in house prices have been strong and could have created an international housing bubble. The main reason for the creation of bubbles has been identified as liberalization of credit. Turning points are highly correlated with credit constraints being imposed, but other shocks can initiate the process too: interest rate increases or public regulation. All it takes is a change in sentiment, which will make the short run house prices correct towards equilibrium.
2006-03-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10253/1/MPRA_paper_10253.pdf
Sorensen, Jens Kjaer (2006): The Dynamics of House Prices - International Evidence.
en
oai:mpra.ub.uni-muenchen.de:10262
2019-10-25T18:17:13Z
oai:mpra.ub.uni-muenchen.de:10405
2019-10-03T12:00:27Z
7374617475733D756E707562
7375626A656374733D4F:4F32:4F3233
7375626A656374733D46:4633:463335
7375626A656374733D4F:4F31:4F3136
7375626A656374733D43:4337
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10405/
On the care and feeding of a gift horse: The recurrent cost problem and optimal reduction of recurrent inputs
Over, A. Mead
O23 - Fiscal and Monetary Policy in Development
F35 - Foreign Aid
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
C7 - Game Theory and Bargaining Theory
In contrast to the existing literature, which explains the recurrent cost problem as largely the result of institutional impediments to LDC welfare maximization, this paper analyzes the problem by constructing a series of scenarios in which the less developed country would be led to reduce the flow of recurrent inputs to a development project in order to maximize its own welfare. A distinction is drawn between situations in which the project design is correct ex ante, and those in which it is wrong ex ante.
If the project design is correct ex ante, then the recipient country which deviates from the project design does so at a cost to its own welfare unless one or more of the assumptions embodied in the project design have turned out to be false. This paper develops a typology of the possible "surprises" that could lead a host country to reduce recurrent input to a project in order to maximize social welfare. It is proposed that donors use such a typology to help determine the true cause of recurrent input reduction in any given instance.
An alternative possible reason for the host country to reduce recurrent inputs to a project is that the project was incorrectly designed in the first place: i.e. the project design could be wrong ex ante. The paper uses a simple model of donor and recipient nation objectives to describe the contractarian relationship between the two nations with respect to the project design and implementation process. According to the model, the donor and recipient countries have a common interest in the output of the development project, but their interests are not identical. In the situation described by the model, both nations have an incentive to agree to a project design that is wrong ex ante. Subsequently the LDC’s reduction of recurrent input can be viewed as its attempt to do the best it can given the inappropriate project with which it is saddled. The analysis is illustrated with a modified Edgeworth-Bowley box diagram.
Finally, the paper demonstrates that, like the free-rider problem, the recurrent cost problem can be formulated as a variety of the “prisoner’s dilemma” game form. This observation leads to several policy recommendations for the resolution of the recurrent cost problem which are analogous to the solutions that have been developed for the general free-rider problem as it is characterized by the prisoner’s dilemma. The paper concludes by summarizing the major policy recommendations of the analysis and by discussing some of the possible difficulties that would arise in attempting to implement the recommended policies.
1981
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10405/1/MPRA_paper_10405.pdf
Over, A. Mead (1981): On the care and feeding of a gift horse: The recurrent cost problem and optimal reduction of recurrent inputs.
en
oai:mpra.ub.uni-muenchen.de:10510
2019-10-05T16:36:40Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D46:4631
7375626A656374733D46:4632:463231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10510/
International trade and economic development: Can foreign direct investment be predicted?
Seaman, Bruce A.
Moore, Robert E.
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
F1 - Trade
F21 - International Investment ; Long-Term Capital Movements
It would appear obvious that not all countries and industries are equally good business recruitment targets for the state’s economic development efforts. However, partly due to data limitations, little detailed research has been done to clarify how a state might direct its recruitment strategies to those industries and countries more likely to be seeking foreign direct investment (FDI) opportunities within the United States. This paper is a move toward rectifying this deficiency.
2003-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10510/1/MPRA_paper_10510.pdf
Seaman, Bruce A. and Moore, Robert E. (2003): International trade and economic development: Can foreign direct investment be predicted?
en
oai:mpra.ub.uni-muenchen.de:10593
2019-10-13T04:18:06Z
oai:mpra.ub.uni-muenchen.de:10814
2019-09-29T08:46:53Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3138
7375626A656374733D4F:4F31:4F3137
7375626A656374733D43:4332:433234
7375626A656374733D4F:4F31:4F3136
7375626A656374733D43:4338:433831
7375626A656374733D43:4332:433235
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10814/
Wider impacts of microcredit: evidence from labor and human capital in urban Mexico
Nino-Zarazua, Miguel
O18 - Urban, Rural, Regional, and Transportation Analysis ; Housing ; Infrastructure
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
C24 - Truncated and Censored Models ; Switching Regression Models ; Threshold Regression Models
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
C81 - Methodology for Collecting, Estimating, and Organizing Microeconomic Data ; Data Access
C25 - Discrete Regression and Qualitative Choice Models ; Discrete Regressors ; Proportions ; Probabilities
This paper presents an estimation of the impacts of microcredit on labor and human capital following a quasi-experiment specifically designed to control for endogeneity and selection bias in the context of urban Mexico. We find important indirect trickle-down effects of credit through labor expenditure that benefit poor laborers; however, these effects were only observed when loan-supported enterprising households reached a level of income well above the poverty line. We also find significant, although small impacts of credit on
children´s schooling that could be potentially reinforced by improvements in lending technology, school grants and additional ex-ante preventive and ex-post protective riskcoping products.
2008-09-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10814/1/MPRA_paper_10814.pdf
Nino-Zarazua, Miguel (2008): Wider impacts of microcredit: evidence from labor and human capital in urban Mexico.
en
oai:mpra.ub.uni-muenchen.de:11113
2019-09-26T08:36:14Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D46:4634:463433
7375626A656374733D49:4933:493332
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11113/
Macroeconomic Volatility, Private Investment, Growth, and Poverty in Nigeria
Addison, Douglas
Wodon, Quentin
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
F43 - Economic Growth of Open Economies
I32 - Measurement and Analysis of Poverty
At the time when this paper was written, the latest nationally representative survey implemented in Nigeria dated back to 1996, and the available estimations suggested that two thirds of the population was poor. This high level of poverty was due in large part to macroeconomic volatility that depressed private investment and growth. Using cross-sectional data for 87 countries, we
show that real per-capita growth over the period 1980–1994 was a function of productivity growth and investment rates, both of which were negatively effected by volatility (in terms of trade, real exchange rate, and public investments). When comparing Nigeria to high growth nations, we find that most of the growth differential can be attributed to Nigeria’s higher macroeconomic volatility.
Simulations suggest that if Nigeria had had lower levels of volatility and better macroeconomic policies, poverty would have been much lower than observed.
2007-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11113/1/MPRA_paper_11113.pdf
Addison, Douglas and Wodon, Quentin (2007): Macroeconomic Volatility, Private Investment, Growth, and Poverty in Nigeria. Published in: Growth and Poverty Reduction: Case Studies from West Africa (edited by Quentin Wodon, published in World Bank Working Paper No. 79) (January 2007): pp. 123-137.
en
oai:mpra.ub.uni-muenchen.de:11283
2019-09-27T06:45:21Z
7374617475733D756E707562
7375626A656374733D46:4635:463539
7375626A656374733D4F:4F31:4F3136
7375626A656374733D49:4932:493233
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11283/
Business competitiveness in Muslim World: role of governance and higher education
Mehar, Ayub
F59 - Other
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
I23 - Higher Education ; Research Institutions
O31 - Innovation and Invention: Processes and Incentives
The main objective of this study is to compare Muslim countries with the rest of world in terms of the effectiveness and efficiency of the factors of competitiveness. Another objective of this paper is to determine the factors of competitiveness of the nations. The study has also assessed the impacts of improvement in political and corporate governances of the institutions, technological advancement and higher education on the business competitiveness. The World Competitiveness Index constructed by the World Economic Forum and World Banks statistics on aggregate savings and investment were used to estimate the regression parameters. It was hypothesized that Muslim world is significantly different from the rest of world in terms of the effectiveness and efficiency of the factors of competitiveness. The role of innovations and knowledge creating activities in determining of business competitiveness was not found statistically significant in Muslim world; it was highly significant in case of the rest of world. It was concluded that investment and technology readiness affects the competitiveness in Muslim countries in different ways. It was recommended that Muslim countries should improve their governance of the corporate and political institutions and the higher education to achieve the efficiency and higher targets of competitiveness.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11283/1/MPRA_paper_11283.pdf
Mehar, Ayub (2008): Business competitiveness in Muslim World: role of governance and higher education.
en
oai:mpra.ub.uni-muenchen.de:11284
2019-09-29T11:40:56Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D49:4932:493233
7375626A656374733D4F:4F33:4F3331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11284/
Is there a Vicious circle in Muslim World? Trade competitiveness and investment strategies
Mehar, Ayub
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
I23 - Higher Education ; Research Institutions
O31 - Innovation and Invention: Processes and Incentives
The study tests the existence of a vicious circle of the lack of investable funds, weaker technological advancement and business competitiveness in Muslim countries. Its second objective is to quantify the magnitude of variations in competitiveness between the Muslim world and the rest of world. A model was established to quantify the linkages between the financial resources, technological advancement, business sophistication and competitiveness. The results are based on 111 countries, 30 out of which belong to Muslim world. The governance of the political and corporate institutions, higher education and technology readiness are classified as significant factors of the business competitiveness. It was concluded that governance, technological readiness and higher education are the important and major factors of business competitiveness, while investment was not identified as major determinant of the competitiveness. The study rejects the hypothesis of existence of the vicious cycle in Muslim world. It concludes that Muslim world can achieve the higher target of business competitiveness and ultimately the sustainable economic development by improvement in the higher education and institutional governance.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11284/1/MPRA_paper_11284.pdf
Mehar, Ayub (2008): Is there a Vicious circle in Muslim World? Trade competitiveness and investment strategies.
en
oai:mpra.ub.uni-muenchen.de:11341
2019-09-28T00:01:44Z
7374617475733D756E707562
7375626A656374733D45:4535:453531
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11341/
Financial Development and Volatility of Growth Rates: New Evidence
Kunieda, Takuma
E51 - Money Supply ; Credit ; Money Multipliers
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E44 - Financial Markets and the Macroeconomy
This paper examines the effect of financial development on growth volatility with the dynamic panel data analysis. It demonstrates empirically that financial development has a hump-shaped effect on growth volatility. In early stages of financial development, growth rates are less volatile. As the financial sector develops, an economy is highly volatile. However, as the financial sector matures and the financial market approaches a perfect one, the economy becomes less volatile once again.
2008-08-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11341/1/MPRA_paper_11341.pdf
Kunieda, Takuma (2008): Financial Development and Volatility of Growth Rates: New Evidence.
en
oai:mpra.ub.uni-muenchen.de:11343
2019-09-27T06:09:39Z
7374617475733D756E707562
7375626A656374733D45:4532:453234
7375626A656374733D4F:4F31:4F3136
7375626A656374733D46:4634:463433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11343/
Financial Globalization and Inequality
Kunieda, Takuma
E24 - Employment ; Unemployment ; Wages ; Intergenerational Income Distribution ; Aggregate Human Capital ; Aggregate Labor Productivity
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
F43 - Economic Growth of Open Economies
This paper investigates how financial globalization and financial development affect income inequality within a country. We demonstrate that when a country is financially closed to the world market, the Gini coefficient is monotonically decreasing with respect to the degree of
financial development, whereas when a country becomes so small due to financial globalization that financial development in the country does not affect the world interest rate, the Gini coefficient is monotonically increasing with respect to the degree of financial development. A simple quantitative analysis for the Gini coefficients shows that income inequality in the United States is negatively affected by its financial development. In the United States, income inequality has widened since the late-1970s probably due to financial globalization and financial development.
2008-10-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11343/1/MPRA_paper_11343.pdf
Kunieda, Takuma (2008): Financial Globalization and Inequality.
en
oai:mpra.ub.uni-muenchen.de:11409
2019-09-30T13:35:22Z
7374617475733D756E707562
7375626A656374733D50:5031:503131
7375626A656374733D47:4731:473131
7375626A656374733D44:4430:443032
7375626A656374733D48:4836:483633
7375626A656374733D43:4336:433630
7375626A656374733D41:4131:413131
7375626A656374733D52:5235:523538
7375626A656374733D4C:4C33:4C3338
7375626A656374733D48:4831:483131
7375626A656374733D48:4838:483833
7375626A656374733D4F:4F31:4F3136
7375626A656374733D44:4436:443631
7375626A656374733D44:4437:443738
7375626A656374733D47:4732:473238
7375626A656374733D44:4430:443030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11409/
Reforma da Administração Pública: Antes e Depois da Democracia
Martins, J. Albuquerque
P11 - Planning, Coordination, and Reform
G11 - Portfolio Choice ; Investment Decisions
D02 - Institutions: Design, Formation, Operations, and Impact
H63 - Debt ; Debt Management ; Sovereign Debt
C60 - General
A11 - Role of Economics ; Role of Economists ; Market for Economists
R58 - Regional Development Planning and Policy
L38 - Public Policy
H11 - Structure, Scope, and Performance of Government
H83 - Public Administration ; Public Sector Accounting and Audits
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
D61 - Allocative Efficiency ; Cost-Benefit Analysis
D78 - Positive Analysis of Policy Formulation and Implementation
G28 - Government Policy and Regulation
D00 - General
After the micro politics, the complexity of the “public management”, polity and policies, is the same of the “private management” or the management of the others sectors of the social production reality. The science of management it is not defined by products, functions, sectors and so on, as occurs in the economic as discipline with it focus on finance or bank.
The reasons for the activity of public and the private management are the same: the persons (market). In a post-modernism way and by influence or “imposition” of non-public big organizations, nowadays, we said “objectives”, corporate, agency theory and others best and next steps like new public management.
In this form any drive is valid and, after all, the driver don’t require any content. In that form, we are entering in the world of anaesthetics impressionisms and modernism. The costs, crisis and bankruptcy of that are enormous. Nowadays we know it, but, in fact, we know it since 1960-1980 by project PIMS, MBO, bureaucracy/autocracy and others mechanics budgets accounts.
That idealisticism and arithmetic management, economics, and influent organizations put in market one socio-psychologism and not an objective management. So, by descriptive and evidence mode, we conclude that when it applied in public administration, independently of the regime, the desired reform of the organization –in a strategic line, “society”- not occurs.
2008-03-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11409/1/MPRA_paper_11409.pdf
Martins, J. Albuquerque (2008): Reforma da Administração Pública: Antes e Depois da Democracia.
pt
oai:mpra.ub.uni-muenchen.de:11420
2019-10-27T05:43:02Z
oai:mpra.ub.uni-muenchen.de:11421
2019-10-25T06:07:41Z
oai:mpra.ub.uni-muenchen.de:11788
2019-09-29T03:24:17Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473332
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11788/
Banking financing for Romanian SMEs – challenges and opportunities
Pirvu, Cerasela
Giurca Vasilescu, Laura
Mehedintu, Anca
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
Nowadays, the importance of the SME field becomes more and more a real basis for establishing and developing a modern, dynamic knowledge-based economy because their capacity to stimulate private ownership and entrepreneurial skills; to be flexible and to adapt quickly to a changing market; to generate new jobs. The accession of Romania to the European Union involve a lot of challenges and among them, the SME development plays a central role. So, the Romanian Government settled up the main priorities regarding the development of the small business sector: creating a business environment supportive of SME development and growth; developing SME competitiveness; improving SME access to financing; improving SME export performance; promoting an entrepreneurial culture and strengthening management performance.
An intrinsic constituent of this process is represented by the access of the companies to the financing which must be made in correlation with the adopted strategy of development, because this development needs time and, necessarily, the existence of the financing sources. The choice of these sources depends on the financial structure of the enterprise, on its financial situation. So, enterprises can choose between the internal sources and the external sources, the difference between these both being represented by their stability, their independence, their cost and the priority of the owners of capital in the situation of a bankruptcy.
Even if the internal sources are most often preferred by the managers because they assure the independence of the enterprise, these are not always sufficient. In that case, companies use the external financing sources which also have advantages as the deductibility of the expenses with the interests, what makes them less expensive.
2008-11-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11788/1/MPRA_paper_11788.pdf
Pirvu, Cerasela and Giurca Vasilescu, Laura and Mehedintu, Anca (2008): Banking financing for Romanian SMEs – challenges and opportunities.
en
oai:mpra.ub.uni-muenchen.de:11854
2019-09-28T16:00:11Z
7374617475733D707562
7375626A656374733D4F:4F34:4F3431
7375626A656374733D4F:4F31:4F3137
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11854/
The Institutional Environment and the Banking - Growth Nexus: Theory and Investigation for MENA
Nabi, Mahmoud Sami
Suliman, Mohamed Osman
O41 - One, Two, and Multisector Growth Models
O17 - Formal and Informal Sectors ; Shadow Economy ; Institutional Arrangements
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
This paper seeks to provide some theoretical and empirical answers to the following question: Does the institutional environment affect the causality relationship between banking development and economic growth?
In the theoretical part, we develop an endogenous growth model where the institutional environment is captured through two indicators: the judicial system efficiency and the easiness of informal trade. We show that an improvement of the institutional environment has two effects. First, it intensifies the causality direction from banking to economic growth through a reduction of defaulting loans. Second, it reduces the interest rate spread. In the empirical part, considering twenty-two MENA countries over the period 1984-2004, we find a bi-directional causality. The first one, which runs from banking development to economic
growth, is more intense in countries with a more developed institutional environment. The second causality runs from economic growth to banking and indicates that a more developed economy has a more developed banking system.
2008-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11854/1/MPRA_paper_11854.pdf
Nabi, Mahmoud Sami and Suliman, Mohamed Osman (2008): The Institutional Environment and the Banking - Growth Nexus: Theory and Investigation for MENA. Published in: ERF Working Paper No. 392 (April 2008)
en
oai:mpra.ub.uni-muenchen.de:12738
2019-09-26T19:43:25Z
7374617475733D756E707562
7375626A656374733D46:4633:463330
7375626A656374733D47:4731:473135
7375626A656374733D43:4332:433233
7375626A656374733D4F:4F31:4F3136
7375626A656374733D45:4534:453434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12738/
Financial Integration and Macroeconomic Volatility: Does Financial Development Matter?
Eozenou, Patrick
F30 - General
G15 - International Financial Markets
C23 - Panel Data Models ; Spatio-temporal Models
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
E44 - Financial Markets and the Macroeconomy
In this paper, we analyze the relationship between international financial integration and macroeconomic volatility. Looking at a panel of 90 countries over the period 1960-2000, we find that domestic financial conditions matter when assessing the impact of financial
integration on consumption growth volatility. More specifically, consumption growth volatility is found to increase with the degree of financial integration in countries with low level of financial development and to
decrease in countries with high level of financial development. When measuring domestic financial conditions by the share of private credits to GDP, the threshold level of financial development above which financial integration yields consumption smoothing benefits is estimated to be around 60%-70% GDP.
2008-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12738/1/MPRA_paper_12738.pdf
Eozenou, Patrick (2008): Financial Integration and Macroeconomic Volatility: Does Financial Development Matter?
en
oai:mpra.ub.uni-muenchen.de:12793
2019-10-01T04:57:42Z
7374617475733D756E707562
7375626A656374733D4A:4A31:4A3133
7375626A656374733D44:4439:443931
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F34:4F3430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12793/
The Long-run Effects of Household Liquidity Constraints and Taxation on Fertility, Education, Saving and Growth
Papagni, Erasmo
J13 - Fertility ; Family Planning ; Child Care ; Children ; Youth
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O40 - General
This paper investigates economic growth under liquidity constraints by taking into account the choices of fertility, human capital and saving. In a model of four overlapping generations, parents are altruistic towards their offspring and finance their education investment. The government provides education subsidies to young adult parents and levies taxes on income of the adult generation. Sensitivity analysis on borrowing limits and tax parameters highlights effects with opposite sign on the main endogenous variables at steady state. A lift in liquidity constraints decreases savings and capital accumulation and this effect is responsible for the ambiguous sign of comparative statics on the rate of fertility and on human capital investment. From model simulation, we derive an inverted U-shaped curve relating the borrowing limit with fertility, education and growth, meaning that financial reforms in the less developed countries have positive effects on the economy in the long-run, even if they raise fertility and reduce savings. Greater government subsidies to human capital investments and lower income taxes have positive effects on savings and fertility. The same parameters present ambiguous effects on education investments and growth. Numerical simulations show that a) human capital investment has an inverted U-shaped relation with income taxes and education subsidies ; b) economic growth decreases with greater income taxes and increases with higher education subsidies.
Jel codes: O40, O16, J13, D91.
2008-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12793/1/MPRA_paper_12793.pdf
Papagni, Erasmo (2008): The Long-run Effects of Household Liquidity Constraints and Taxation on Fertility, Education, Saving and Growth.
en
oai:mpra.ub.uni-muenchen.de:13130
2019-09-26T08:26:37Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D4F:4F32:4F3234
7375626A656374733D4F:4F31:4F3136
7375626A656374733D4F:4F35:4F3537
7375626A656374733D4F:4F31:4F3139
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13130/
Exchange Rate Volatility and Investment, A Panel Data Cointegration Approach
Diallo, Ibrahima Amadou
O11 - Macroeconomic Analyses of Economic Development
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
O57 - Comparative Studies of Countries
O19 - International Linkages to Development ; Role of International Organizations
This paper examines the link between the real exchange rate volatility and domestic investment
by using the panel data cointegration techniques. In the first part of the paper, we study the
theoretical link between the exchange rate, its volatility and the investment in a small open economy.
The model shows that the effects of exchange rate volatility on investment are nonlinear.
In the second part, we examine the empirical link between the exchange rate volatility and the
investment. The results illustrate that the exchange rate volatility has a strong negative impact
on investment. This outcome is robust in low income and middle income countries, and by using
an alternative measurement of exchange rate volatility
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13130/1/MPRA_paper_13130.pdf
Diallo, Ibrahima Amadou (2008): Exchange Rate Volatility and Investment, A Panel Data Cointegration Approach.
en
oai:mpra.ub.uni-muenchen.de:13499
2019-10-01T22:42:00Z
7374617475733D707562
7375626A656374733D4F:4F31:4F3131
7375626A656374733D43:4334:433436
7375626A656374733D45:4532:453232
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13499/
L’amortissement et l’autofinancement du processus d’investissement
Albu, Lucian-Liviu
Georgescu, George
O11 - Macroeconomic Analyses of Economic Development
C46 - Specific Distributions ; Specific Statistics
E22 - Investment ; Capital ; Intangible Capital ; Capacity
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
A balanced economic development is essentially based on self-financing of investment cycle. The efficient use of energy resources and raw materials could rise by increasing the renewal of fixed capital, which is meaning also a shift to a higher technological level. From this correlation is resulting that the technical progress stands for an accelerator type multiplier of investments effects. Taking into account the economic growth factors and also the relationship between the efficiency, the degree of depreciation and the technical level a global model is built based on the propagation of investments self-financing. The model is showing the dependence of investments self-financing growth to the decrease in the functioning standard period of fixed capital, to their structural youthfulness and economic efficiency increase, seen through the ratio between net income and depreciation.
1987-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13499/1/MPRA_paper_13499.pdf
Albu, Lucian-Liviu and Georgescu, George (1987): L’amortissement et l’autofinancement du processus d’investissement. Published in: Revue Roumaine des Sciences Sociales, Série des Sciences Économiques , Vol. 31, No. 1 (June 1987): pp. 77-85.
fr
oai:mpra.ub.uni-muenchen.de:13605
2019-09-30T11:30:47Z
7374617475733D707562
7375626A656374733D47:4731:473138
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4732:473238
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13605/
Financial Development and Economic Growth in the Middle East
Harb, Nasri
Al-Awad, Mouawiya
G18 - Government Policy and Regulation
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G28 - Government Policy and Regulation
This paper investigates the linkages between financial development and economic growth in the Middle East using newly developed methods of panel cointegration along with the popular time series methodologies such as the Johansen's cointegration, Granger causality, and the variance decompositions. The results indicate that, in the long run financial development and economic growth may be related to some level. In the short run, the panel causality tests point to real economic growth as the force that drives changes in financial development while individual countries' causality tests fail to give a clear evidence of the direction of causations.
2005-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13605/1/MPRA_paper_13605.pdf
Harb, Nasri and Al-Awad, Mouawiya (2005): Financial Development and Economic Growth in the Middle East. Published in: Applied Financial Economics , Vol. 15, No. 15 (2005): pp. 1041-1051.
en
oai:mpra.ub.uni-muenchen.de:13731
2019-09-26T18:31:20Z
7374617475733D756E707562
7375626A656374733D4C:4C31:4C3131
7375626A656374733D4C:4C31:4C3130
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473334
7375626A656374733D44:4434:443430
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13731/
An empirical investigation of the effects of concentration on profitability among US banks
Fiona, Tregenna
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
L10 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance
D40 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
This paper analyses the effects of concentration on profitability in the US banking sector from 1994-2005, using bank-level panel data. A new index of concentration is proposed, which reflects the depth and intensity of concentration. The econometric specification facilitates the simultaneous testing of the four main hypotheses in the literature concerning the relationship between concentration and profitability. Strong support is found for the Structure-Conduct-Performance hypothesis, as well as some support for the Relative Market Power hypothesis. The results are robust to alternative econometric techniques and specifications, and to various measures of profitability and of concentration. Further analysis sheds light on the nature and possible channels of the concentration-profitability relationship. A positive relationship is found between concentration and profitability even when the largest banks are excluded from the sample, suggesting that the relationship between concentration and profitability may act in a generalised structural way. In addition to very large banks, large banks and small banks also appear to benefit from concentration, but with no clear advantages to lower-middle-sized banks. Analysis of the effects of concentration on the components of profitability suggests that concentration may raise both interest and non-interest revenue, and reduce both interest and non-interest costs. Furthermore, concentration appears to depress bank deposit interest rates and raise both lending rates and the interest rate spread. This suggests that bank concentration might have negative effects on savings, investment, and growth.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13731/1/MPRA_paper_13731.pdf
Fiona, Tregenna (2006): An empirical investigation of the effects of concentration on profitability among US banks.
en
oai:mpra.ub.uni-muenchen.de:13949
2019-10-01T09:52:39Z
7374617475733D756E707562
7375626A656374733D46:4633:463334
7375626A656374733D4F:4F31:4F3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13949/
Legal enforcement, public supply of liquidity and sovereign risk
Brutti, Filippo
F34 - International Lending and Debt Problems
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
Sovereign debt crises in emerging markets are usually associated with liquidity and banking crises within the economy. This connection is suggested by both anecdotical and empirical evidence. The conventional view is that the domestic financial turmoil is caused by foreign creditors' retaliation. Yet, there is no clear-cut evidence supporting the existence of ``classic" default penalties (e.g., trade sanctions or exclusion from international capital markets). This paper then proposes a novel mechanism linking sovereign defaults with liquidity and banking crises without any intervention of foreign creditors. The model considers a standard unwillingness-to-pay problem assuming that: (i) the enforcement of private contracts is limited and, as a result, public debt represents a source of liquidity; (ii) the government cannot discriminate between domestic and foreign agents. In this setting, the prospect of drying up the private sector's liquidity restores the ex-post incentive to pay of the government without any need to assume foreign penalties. Nonetheless, liquidity crises might arise when economic conditions deteriorate and the government chooses opportunistically to default in order to avoid the repayment of foreign agents. The interaction between the enforcement friction and sovereign risk is then exploited to study the implications on international capital flows and legal and institutional domestic reforms.
2008-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13949/1/MPRA_paper_13949.pdf
Brutti, Filippo (2008): Legal enforcement, public supply of liquidity and sovereign risk.
en
oai:mpra.ub.uni-muenchen.de:14032
2019-09-30T12:54:19Z
7374617475733D756E707562
7375626A656374733D4F:4F31:4F3136
7375626A656374733D44:4438:443832
7375626A656374733D47:4733:473330
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14032/
Firms as monitor of other firms: mutual guarantee institutions and SME finance
Columba, Francesco
Leonardo, Gambacorta
Paolo Emilio, Mistrulli
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
D82 - Asymmetric and Private Information ; Mechanism Design
G30 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
A large body of literature has shown that small firms, due to their opaqueness, may find it difficult
to access the credit market. Informational asymmetries may be mitigated by posting collateral or
by building relationships with lenders (relationship lending). However, in some cases, due to a lack of
collateral or of a long credit history, small enterprises may still find it very difficult to raise
external finance unless alternative contracting schemes emerge. In particular, group lending or
similarly micro-finance are examples of such alternative lending contracts. In this paper, we
investigate the effect of mutual guarantee institutions (MGI) on loan interest rates. We argue that,
similarly to group lending and micro-finance, firms affiliated to a MGI are linked by a joint
responsibility for the loan providing MGI affiliates with peer monitoring incentives. Indeed, each
MGI member contributes to the guarantee fund that is then posted as collateral to loans granted to
MGI members. As a consequence, MGI willingness to post collateral signals firms creditworthiness
to banks. The econometric analysis supports the hypothesis that these consortia
improve lending conditions for small firms.
2008-03-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14032/1/MPRA_paper_14032.pdf
Columba, Francesco and Leonardo, Gambacorta and Paolo Emilio, Mistrulli (2008): Firms as monitor of other firms: mutual guarantee institutions and SME finance.
en
oai:mpra.ub.uni-muenchen.de:14364
2019-09-27T16:35:02Z
7374617475733D707562
7375626A656374733D43:4335:433531
7375626A656374733D4F:4F31:4F3136
7375626A656374733D50:5032:503237
7375626A656374733D46:4634:463431
7375626A656374733D43:4331:433135
7375626A656374733D45:4534:453434
7375626A656374733D48:4836:483638
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14364/
Sustainability of public debt: a theoretical and empirical investigation
Albu, Lucian-Liviu
Pelinescu, Elena
C51 - Model Construction and Estimation
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
P27 - Performance and Prospects
F41 - Open Economy Macroeconomics
C15 - Statistical Simulation Methods: General
E44 - Financial Markets and the Macroeconomy
H68 - Forecasts of Budgets, Deficits, and Debt
At the beginning of the transition period, the public debt in Romania was insignificant. However, during the following years, the accumulating process accelerated. Although the indebtedness degree continues to be smaller than registered levels in other European countries, more dangerous could be its accelerating trend in conditions of some not so very high-performing macroeconomic policy management. The present study attempts to answer certain problems related to the governing mechanism of the public debt accumulation. Particularly, it examines: a) some significant implications of the public sector deficits on the dynamics of the main macroeconomic indicators; b) certain factors having impact on sustainability degree; and c) possibilities for setting up fundamental parameters and a time horizon to stop the debt accumulation process. Certain plausible hypotheses will be selected and some likely evolutions will be simulated.
2000-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14364/1/MPRA_paper_14364.pdf
Albu, Lucian-Liviu and Pelinescu, Elena (2000): Sustainability of public debt: a theoretical and empirical investigation. Published in: Revue Roumaine des Sciences Economiques , Vol. 45, No. 1 : pp. 101-127.
en
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