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Author: Laura Avagnano
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This empirical study analyses the effect of election-induced political uncertainty on crossborder capital flows using a comprehensive data set of 134 national elections in 29 emerging economies. Foreign direct investments [FDI] and portfolio investments [FPI] are examined separately for foreign investors, as well as domestic agents. The main result is that FPI of foreign investors and domestic agents decrease post-election if a new president or a new ruling party is appointed. However, no significant effect resulting from elections was found for FDI. These results support the argument that FPI are more sensitive to temporary political uncertainty as their liquidity allows investors to easily shift their money to safer countries. Institutional quality measures, such as corruption and government stability, change the impact of elections on capital flows. FDI and FPI of foreign investors are both reduced during elections in countries with high levels of corruption. In addition, during elections in countries with low government stability FDI of foreign investors are lowered. When accounting for different institutional quality measures, elections do not impact the investment behaviour of domestic agents significantly.
Author: Laura Avagnano
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This empirical study analyses the effect of election-induced political uncertainty on crossborder capital flows using a comprehensive data set of 134 national elections in 29 emerging economies. Foreign direct investments [FDI] and portfolio investments [FPI] are examined separately for foreign investors, as well as domestic agents. The main result is that FPI of foreign investors and domestic agents decrease post-election if a new president or a new ruling party is appointed. However, no significant effect resulting from elections was found for FDI. These results support the argument that FPI are more sensitive to temporary political uncertainty as their liquidity allows investors to easily shift their money to safer countries. Institutional quality measures, such as corruption and government stability, change the impact of elections on capital flows. FDI and FPI of foreign investors are both reduced during elections in countries with high levels of corruption. In addition, during elections in countries with low government stability FDI of foreign investors are lowered. When accounting for different institutional quality measures, elections do not impact the investment behaviour of domestic agents significantly.
Author: Miles Kahler
Publisher: Cornell University Press
ISBN: 1501731408
Category : Political Science
Languages : en
Pages : 284
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Book Description
Capital flows to the developing economies have long displayed a boom-and-bust pattern. Rarely has the cycle turned as abruptly as it did in the 1990s, however: surges in lending were followed by the Mexican peso crisis of 1994-95 and the sudden collapse of currencies in Asia in 1997. This volume maps a new and uncertain financial landscape, one in which volatile private capital flows and fragile banking systems produce sudden reversals of fortune for governments and economies. This environment creates dilemmas for both national policymakers who confront the "mixed blessing" of capital inflows and the international institutions that manage the recurrent crises.The authors—leading economists and political scientists—examine private capital flows and their consequences in Latin America, Pacific Asia, and East Europe, placing current cycles of lending in historical perspective. National governments have used a variety of strategies to deal with capital-account instability. The authors evaluate those responses, prescribe new alternatives, and consider whether the new circumstances require novel international policies.
Author: Barry J. Eichengreen
Publisher: MIT Press
ISBN: 9780262550598
Category : Business & Economics
Languages : en
Pages : 396
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Book Description
An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.
Author: Reuven Glick
Publisher: Cambridge University Press
ISBN: 9780521623230
Category : Business & Economics
Languages : en
Pages : 148
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Book Description
"This is a very timely book that brings the reader to the forefront of current research on macroeconomic policy issues in economies subject to sizable capital flows".--Guillermo A. Calvo, University of Maryland.
Author: Yasin Akcelik
Publisher:
ISBN:
Category :
Languages : en
Pages : 127
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Book Description
Abstract: I investigate the inseparable ties between voters, political agents, economic policies and economic growth. To be specific, the relation between voters (principal) and politicians (agent) through campaign pledges, and political party characteristics and economic growth through government policies and foreign capital flows are the focus of this research. Party manifestos and policy outcomes are the main tools in analyzing commitment issues the electorate face in a world with imperfect information, understanding the reelection chances of politicians through retrospective voting, linking party identification with capital inflows, and addressing economic progress through policy choices.
Author: Alan Greenspan
Publisher: Penguin
ISBN: 0735222452
Category : Business & Economics
Languages : en
Pages : 496
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Book Description
From the legendary former Fed Chairman and the acclaimed Economist writer and historian, the full, epic story of America's evolution from a small patchwork of threadbare colonies to the most powerful engine of wealth and innovation the world has ever seen. Shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year Award From even the start of his fabled career, Alan Greenspan was duly famous for his deep understanding of even the most arcane corners of the American economy, and his restless curiosity to know even more. To the extent possible, he has made a science of understanding how the US economy works almost as a living organism--how it grows and changes, surges and stalls. He has made a particular study of the question of productivity growth, at the heart of which is the riddle of innovation. Where does innovation come from, and how does it spread through a society? And why do some eras see the fruits of innovation spread more democratically, and others, including our own, see the opposite? In Capitalism in America, Greenspan distills a lifetime of grappling with these questions into a thrilling and profound master reckoning with the decisive drivers of the US economy over the course of its history. In partnership with the celebrated Economist journalist and historian Adrian Wooldridge, he unfolds a tale involving vast landscapes, titanic figures, triumphant breakthroughs, enlightenment ideals as well as terrible moral failings. Every crucial debate is here--from the role of slavery in the antebellum Southern economy to the real impact of FDR's New Deal to America's violent mood swings in its openness to global trade and its impact. But to read Capitalism in America is above all to be stirred deeply by the extraordinary productive energies unleashed by millions of ordinary Americans that have driven this country to unprecedented heights of power and prosperity. At heart, the authors argue, America's genius has been its unique tolerance for the effects of creative destruction, the ceaseless churn of the old giving way to the new, driven by new people and new ideas. Often messy and painful, creative destruction has also lifted almost all Americans to standards of living unimaginable to even the wealthiest citizens of the world a few generations past. A sense of justice and human decency demands that those who bear the brunt of the pain of change be protected, but America has always accepted more pain for more gain, and its vaunted rise cannot otherwise be understood, or its challenges faced, without recognizing this legacy. For now, in our time, productivity growth has stalled again, stirring up the populist furies. There's no better moment to apply the lessons of history to the most pressing question we face, that of whether the United States will preserve its preeminence, or see its leadership pass to other, inevitably less democratic powers.
Author: Jr. Wolf
Publisher: Routledge
ISBN: 1351291262
Category : Political Science
Languages : en
Pages : 189
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Book Description
"When all too many so-called experts see things as they wish they were, Charles Wolf analyze facts to provide genuine insights into the past, present and future. This makes him an invaluable source for anyone who seeks to understand economic, political and security issues and trends."--Karen Elliott House, Wall Street JournalWolf's most probing essays, spanning several subjects appears here.
Author: Masahiro Kawai
Publisher: Edward Elgar Publishing
ISBN: 184980687X
Category : Business & Economics
Languages : en
Pages : 465
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Book Description
Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability. While capital inflows can provide emerging market economies with invaluable benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management. Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions, as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.
Author: Ayesha Umar Wahedi
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 116
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Book Description
This research explores the impact of various forms of capital flows on economic growth and development for a group of 120 countries from 1980-2007. Traditional growth literature as well as the textbook theory of economic growth looks at capital flows as playing a vital role in fostering economic growth and development. The textbook theories, as well as the existing approaches to study the capital flows and economic development connection, use growth and development interchangeably. This analysis, examines the consequences of different capital flows on growth and development separately because the determinants of growth may not be the same as the determinants of development. This distinction becomes even more applicable when observing the cases of countries that have experienced economic growth during certain periods but were unable to translate the increase in economic growth to development. To investigate the impact of various forms of capital flows, this dissertation utilizes life expectancy in addition to economic growth, as a measure of development. The results from using the two measures show that capital flows have dissimilar impact on life expectancy as well as economic growth. The central proposition of this dissertation is that not all forms of capital flows are created equal. Furthermore, countries at different levels of development may differ in their absorptive capacity of the capital. Thus, the ability of a country to harness capital for development depends upon its absorptive capacity, presence of domestic resources and the capabilities of national governments. This study therefore not only looks at the role played by various forms of capital flows on growth and development, but also takes into account the role of political performance of national governments that can play an important role in maximizing the efficiency of the investments. To investigate what kinds of flows are beneficial at different levels of development, this analysis further divides the dataset into three samples of developed countries, emerging markets and less developed countries. The results indicate that the impact of different capital flows varies across the three subsamples. By categorizing capital flows into categories of international capital flows, domestic capital, and remittances, this research also finds that the type of investment, as well as the source of investment (foreign vs. domestic), indeed does matter. The analysis suggests that the key to harnessing capital for development lies with capable governments and efficient use of domestic resources. In absence of capable governments, influx of foreign capital flows can manifest itself in ways that are harmful to the progress of developing societies.
Author: Gustavo Indart
Publisher: Routledge
ISBN: 9781138508712
Category :
Languages : en
Pages : 386
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Book Description
Critical Issues in International Financial Reform addresses weaknesses of the current international financial system and potential beneficial reforms. The focus is on the countries of Latin America and the Caribbean, but the authors also take into account relevant lessons from the experience of Canada, a country highly integrated into world and hemispheric trade and financial markets. Critical Issues offers a new perspective on a discussion too often dominated by interest groups that take strong, even rigid, positions on issues with limited understanding of the technical aspects of the issues, and little concern for the interests of the developing world. Its chapters have been written by experts in the economic, political, and social aspects of the international financial integration of developing countries. Financial crises and their associated social and economic traumas are the most apparent symptom that something is amiss in the process of world economic integration. But there are also broader questions about the nature and magnitude of the benefits and costs of increased international capital flows for different groups of countries in the developing and developed worlds. For example, even in the absence of turbulence, is it optimal for all participants that capital movements be as free as possible? Does capital inflow discourage domestic savings to a degree that should cause worry? Are some types of flows inherently more beneficial than others--for instance, direct investment flows versus flows into host stock markets? How can the instability of capital movements best be curtailed? These questions concern the contributors to this volume. This volume demonstrates that the evolution of the world financial system, its various problems, and what is or is not done about them require an understanding of the links among financial, economic, and political variables. Critical Issues in International Financial Reform is an important contribution to this debate, and will be of value to researchers in economic policy, history, and international politics. Albert Berry is professor of economics at the University of Toronto and research director of the Program on Latin America and the Caribbean. Gustavo Indart is special lecturer of economics and the coordinator of the Program on Latin America and the Caribbean at the University of Toronto.
