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Author: Adrian E. Tschoegl
Publisher:
ISBN:
Category : Banks and banking, Foreign
Languages : en
Pages : 480
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Author: Adrian E. Tschoegl
Publisher:
ISBN:
Category : Banks and banking, Foreign
Languages : en
Pages : 480
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Author: Tamrat Workalemahu Gashaw
Publisher:
ISBN:
Category :
Languages : en
Pages : 142
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Book Description
One striking development in the banking sector over the past two decades is the significant increase in banking foreign direct investment. Multinational banks are now major players in the global financial system in terms of their asset positions, loan amounts, and operational scales. Despite this significant trend, few empirical studies exist explaining observed international trends. This dissertation investigates three aspects of banking foreign direct investment. The first essay investigates the factors determining a bank's decision to invest abroad. The second essay investigates the factors determining foreign and domestic banks' risk-taking behavior. The last essay explores the impact of foreign banks' presence on the host country's economy.
Author: Heather Mirsaidi Wickramarachi
Publisher:
ISBN: 9781369173970
Category :
Languages : en
Pages : 96
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This dissertation seeks to highlight the relationship between foreign investment, financial development, and economic institutions in developing countries. The determinants and impact of foreign investment has been of particular scholarly interest over the past two decades, with only recent focus on developing countries. The first two chapters focus on the institutional determinants (domestic and international) of foreign direct investment (FDI) in developing countries. The third chapter accesses the domestic distributional consequences of foreign investment in developing countries.The first chapter focuses on the domestic institutional determinants of foreign direct investment and financial deepening. Specifically, I create an institutional quality index that addresses investors desire to know more about the institutional environment within developing countries. Building upon and expanding previous theoretical frameworks for determinants of foreign and domestic capital flows, I utilize cross-sectional empirical analysis to assess the role that institutions play in promoting financial development and foreign direct investment. I find that institutional quality has a positive and significant on both foreign direct investment and financial deepening.This second chapter examines the significance of bilateral investment treaties (BITs) in promoting FDI between developing (South-South) countries. Drawing on intra-regional investment data from MENA countries, this paper initiates the examination of South-South BITs, their impact on FDI, and the theoretical channels through which changes in FDI occur. The results of my time-series cross-sectional analysis suggest that the signing of South-South BITs have a positive impact on FDI flows, but under different circumstances than North-South agreements.The final chapter considers the distributional consequences of foreign direct investment in developing countries. Specifically, I access the impact of foreign investment on the level of democracy and the level of income inequality. Additionally, I estimate the intervening impact of domestic financial development and how this interacts with FDI and the dependent variables. I find that in a sample of developing countries, FDI increases levels of democracy, as well income inequality, and that domestic financial development has an interactive effect.
Author: Todd Sarnstrom (II)
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 84
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Book Description
This three-essay dissertation makes contributions to the literature on foreign direct investment (FDI) and its relationship with collateral and the exchange rate. FDI refers to an investment made by a firm to establish or acquire a long-lasting interest in another firm operating outside its home country. Often, FDI involves substantial fixed costs that require the investing firm to seek external financing. Collateral has been identified as an important factor in the external financing of FDI. Firms lacking collateral are constrained in their ability obtain external financing. Exchange rates have also been identified as a factor in FDI. Exchange rate movements may create differences in relative wealth between firms headquartered in different countries. The first essay studies how the value of collateral pledged to externally financed FDI varies with how productive firms are. I develop a theoretical model illustrating that more productive firms are able to pledge a smaller amount of collateral relative to less productive firms. Additionally, firms with a productivity level below a set threshold level need to pledge collateral of greater value than the amount borrowed. Firms facing this situation may opt to instead forego the FDI project. I empirically examine the relationship between pledged collateral and productivity using firm-level data on Japanese FDI into the U.S. between 1980 and 2000. My results support an inverse relationship between productivity and pledged collateral implied by the theoretical model. My results are the strongest for 1991-2000, the period that followed the burst of Japan's asset bubble and subsequent collapse of its banking system, which limited the access Japanese firms had to external financing. The second essay studies the impact a financial shock has on the amount of controlling interest (ownership equity) the investing firm has in the foreign affiliate. In particular, I show how land price shocks in Japan shaped the ownership equity of Japanese foreign affiliates by analyzing impulse response functions for Japanese foreign direct investment into 12 OECD countries from 1975 to 2000. A positive shock to land value increased ownership equity in foreign affiliates belonging to the same 2-digit standard industrial classification as their Japanese parent by approximately 4-8 percentage points. The third essay studies the impact exchange rate movements have on foreign direct investment flows. I use a relatively new empirical technique known as global vector autoregression (GVAR) to model the interactions between the real exchange rate and U.S. outward FDI. My results indicate evidence of a statistical relationship between U.S. FDI outflow and exchange rate movements. However, the actual size of the effect on U.S. FDI outflow is very small; amounting to much less than 1% of overall FDI received by host countries in the study for recent years. I conclude that exchange rates did not have an economically meaningful impact on U.S. FDI outflows during this period.
Author: H. Peter Gray
Publisher: Elsevier
ISBN: 9780080438917
Category : Business & Economics
Languages : en
Pages : 268
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Book Description
Over a career in economics spanning 40 years, Peter Gray has made significant contributions and syntheses in a variety of subfields in international economics. This work presents essays by eminent scholars in the fields of International Trade and Investment written in honour of H Peter Gray. Contributors include John Dunning, and Gabriel Benito.
Author: Richard J. Herring
Publisher: Cambridge University Press
ISBN: 9780521311212
Category : Business & Economics
Languages : en
Pages : 290
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Book Description
Issues addressed include the prospects for foreign exchange crises, trade wars, international banking crises, and oil shortages.
Author: R. Rajan
Publisher: Springer
ISBN: 0230306276
Category : Business & Economics
Languages : en
Pages : 183
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Book Description
This book on the different aspects of international economic policy covers financial crises, reserve accumulation, capital flows and currency wars as well as issues relating to foreign direct investment and developments in China and India.
Author: Shi-Shu Peng
Publisher:
ISBN:
Category :
Languages : en
Pages : 202
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Author: Tuan Viet Le
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages :
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Author: Raymond J. MacDermott
Publisher:
ISBN:
Category :
Languages : en
Pages : 296
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