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External Balance in Low Income Countries

Christiansen, Lone Engbo; Prati, Alessandro; Ricci, … - International Monetary Fund (IMF) - 2009

This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators specific to low income countries, such as the quality of policies and institutions, the...

Persistent link: https://www.econbiz.de/10008559280

Who Benefits From Capital Account Liberalization? Evidence From Firm-Level Credit Ratings Data

Prati, Alessandro; Schindler, Martin; Valenzuela, Patricio - International Monetary Fund (IMF) - 2009

We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency...

Persistent link: https://www.econbiz.de/10008559284

Currency Hedging for International Portfolios

Schmittmann, Jochen M. - International Monetary Fund (IMF) - 2010

This paper examines the benefits from hedging the currency exposure of international investments in single- and multi-country equity and bond portfolios from the perspectives of German, Japanese, British and American investors. Over the period 1975 to 2009, hedging of currency risk substantially...

Persistent link: https://www.econbiz.de/10008560448

Inherited or Earned? Performance of Foreign Banks in Central and Eastern Europe

Jurzyk, Emilia Magdalena; Havrylchyk, Olena - International Monetary Fund (IMF) - 2010

Using a combination of propensity score matching and difference-in-difference techniques we investigate the impact of foreign bank ownership on the performance and market power of acquired banks operating in Central and Eastern Europe. This approach allows us to control for selection bias as...

Persistent link: https://www.econbiz.de/10008561077

International R and D Spillovers and Institutions

Hoffmaister, Alexander W.; Coe, David T.; Helpman, Elhanan - International Monetary Fund (IMF) - 2008

The empirical analysis in "International R&D Spillovers" (Coe and Helpman, 1995) is first revisited by applying modern panel cointegration estimation techniques to an expanded data set that we have constructed for the purpose of this study. The new estimates confirm the key results reported in...

Persistent link: https://www.econbiz.de/10005768791

FDI Spillovers, Financial Markets and Economic Development

Sayek, Selin; Alfaro, Laura; Chanda, Areendam; … - International Monetary Fund (IMF) - 2003

This paper examines the role financial markets play in the relationship between foreign direct investment (FDI) and economic development. We model an economy with a continuum of agents indexed by their level of ability. Agents can either work for the foreign company or undertake entrepreneurial...

Persistent link: https://www.econbiz.de/10005768918

Where Did All the Borrowing Go? a Forensic Analysis of the U.S. External Position

Milesi-Ferretti, Gian-Maria; Lane, Philip R. - International Monetary Fund (IMF) - 2008

The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This paper examines the sources of discrepancies between net borrowing and accumulation of net...

Persistent link: https://www.econbiz.de/10005769006

Bond Markets As Conduits for Capital Flows; How Does Asia Compare?

Luengnaruemitchai, Pipat; Eichengreen, Barry J. - International Monetary Fund (IMF) - 2006

We use data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base case in which the purchaser and issuer of the bonds reside...

Persistent link: https://www.econbiz.de/10005769016

The Effect of Capital Controlson Foreign Direct Investment Decisions Under Country Risk with Intangible Assets

Elo, Kinga Z. - International Monetary Fund (IMF) - 2007

This paper examines how capital controls affect FDI decisions and how the impact of these restrictive measures varies with different levels of country risk. We construct a model of firms' FDI decisions, broadly in Dunning's "eclectic theory" framework, using "real options" to emphasize economic...

Persistent link: https://www.econbiz.de/10005769054

FDI Flows to Asia; Did the Dragon Crowd Out the Tigers?

Mercereau, Benoît - International Monetary Fund (IMF) - 2005

China's dramatic success in attracting foreign direct investment (FDI) has raised concerns that it has success diverted … impact of China's emergence on FDI flows to Asia using data from 14 Asian economies from 1984 to 2002. The results suggest … that China did not have much impact on FDI to other countries. In particular, lowincome economies, which compete with China …

Persistent link: https://www.econbiz.de/10005769097