Capital Flows with Debt- and Equity-Financed Investment-Equilibrium Structure and Efficiency Implications PDF Download
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Author: Efraim Sadka
Publisher: International Monetary Fund
ISBN: 1451857640
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
This paper distinguishes between debt and equity flows in the presence of information asymmetry between the firm’s “insiders” and “outsiders” in a small open economy. It shows the inadequacy of capital investment because its scope is too narrow and the investment each firm makes is too little. An unconventional policy tool is proposed to correct the market failure: lump-sum subsidies to firms that choose to equity-finance their investments.
Author: Efraim Sadka
Publisher: International Monetary Fund
ISBN: 1451857640
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
This paper distinguishes between debt and equity flows in the presence of information asymmetry between the firm’s “insiders” and “outsiders” in a small open economy. It shows the inadequacy of capital investment because its scope is too narrow and the investment each firm makes is too little. An unconventional policy tool is proposed to correct the market failure: lump-sum subsidies to firms that choose to equity-finance their investments.
Author: Martin Feldstein
Publisher: University of Chicago Press
ISBN: 0226241807
Category : Business & Economics
Languages : en
Pages : 500
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Book Description
Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451927517
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
Capital flows to the nonindustrial countries share three striking characteristics. First, the bulk, of these flows was in the form of debt, not equity; second, the loans were mostly to, or guaranteed by, debtor governments; and third, these debts were largely bank loans, not bonds. This paper examines the economic factors that may have been responsible.
Author: Assaf Razin
Publisher:
ISBN:
Category :
Languages : en
Pages : 21
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Book Description
![Capital Flows with Debt- and Equity-financed Invesment [sic] PDF](https://books.google.com/books/content/images/frontcover/G2ygzQEACAAJ?fife=w80-h100)
Author: Assaf Razin
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 18
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Book Description
Author: Aslı Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Capital investments
Languages : en
Pages : 44
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Book Description
Are debt and equity finance complements or substitutes? Probably complements, which means that the existence of active stock markets should increase the volume of business for financial intermediaries.
Author: Paul Gompers
Publisher: Anthem Press
ISBN: 1783089180
Category : Business & Economics
Languages : en
Pages : 599
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Book Description
’Private Equity’ is an advanced applied corporate finance book with a mixture of chapters devoted to exploring a range of topics from a private equity investor’s perspective. The goal is to understand why and which practices are likely to deliver sustained profitability in the future. The book is a collection of cases based on actual investment decisions at different stages for process tackled by experienced industry professionals. The majority of the chapters deal with growth equity and buyout investments. However, a range of size targets and investments in different geographical markets are covered as well. These markets include several developed economies and emerging markets like China, Russia, Turkey, Egypt and Argentina. This compilation of cases is rich in institutional details, information about different markets, and segments of the industry as well as different players and their investment practices – it is a unique insight into the key alternative asset class.
Author: Gerald A. Benjamin
Publisher: John Wiley & Sons
ISBN: 0471717401
Category : Business & Economics
Languages : en
Pages : 415
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Book Description
Get the business insight that has raised millions in capital funding for over 50,000 entrepreneurs. If you're an entrepreneur or own a small, fast-growing businesses, Angel Capital provides a complete toolkit for raising capital in today's challenging economic landscape. The authors, who manage the largest angel network in the U.S., offer real-world advice on how to find investors and take control of the private placement process. Using revolutionary typology and unmatched proprietary research, they explain all stages of raising capital, from valuation to negotiation to due diligence. In addition, you'll find a comprehensive directory of alternative capital resources, based on research of over 2,000 organizations, and a legal appendix that serves as a short course in exempt offerings and provides the skills needed to have success with any early-stage business venture or investment. Order your copy today.
Author: Arnold C. Harberger
Publisher:
ISBN:
Category : Arbitrage
Languages : en
Pages : 0
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Book Description
Author: Mr.John C Bluedorn
Publisher: International Monetary Fund
ISBN: 1484389042
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
Has the unprecedented financial globalization of recent years changed the behavior of capital flows across countries? Using a newly constructed database of gross and net capital flows since 1980 for a sample of nearly 150 countries, this paper finds that private capital flows are typically volatile for all countries, advanced or emerging, across all points in time. This holds true across most types of flows, including bank, portfolio debt, and equity flows. Advanced economies enjoy a greater substitutability between types of inflows, and complementarity between gross inflows and outflows, than do emerging markets, which reduces the volatility of their total net inflows despite higher volatility of the components. Capital flows also exhibit low persistence, across all economies and across most types of flows. Inflows tend to rise temporarily when global financing conditions are relatively easy. These findings suggest that fickle capital flows are an unavoidable fact of life to which policymakers across all countries need to continue to manage and adapt.
