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Author: François D'Assises Babou Bationo
Publisher:
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Languages : en
Pages : 0
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Cette thèse est composée de trois articles qui traitent de problématiques en relation avec l'intégration financière en finance internationale. Le premier chapitre intitulé Private capital flows and productivity in Sub-Saharan Africa : Does the capital allocation puzzle matter?, examine la problématique des flux de capitaux et leur contribution à la productivité et à la croissance économique. Nous investiguons si l'allocation des flux de capitaux privés étrangers à travers des secteurs économiques hétérogènes permet d'expliquer l'énigme d'allocation des flux de capitaux en finance internationale. Nous trouvons que les effets des flux des capitaux privés étrangers sur la productivité et la croissance économique dépendent du secteur économique destinataire de ces flux et que l'énigme d'allocation des flux de capitaux en finance internationale est une énigme sectorielle des flux de capitaux. Le deuxième chapitre intitulé The direct and indirect transmission of global credit market shocks to credit cycles in developing economies, examine la transmission des chocs financiers entre pays à travers l'activité des banques transfrontalières. Nous montrons que les chocs de crédits des marchés financiers développés sont transmis directement aux cycles de crédit des pays en développement par l'activité des banques transfrontalières. Nous trouvons également que le cycle des prix des matières premières constitue le principal canal de transmission des chocs de crédit des marchés financiers développés aux cycles de crédit des pays en développement à travers les flux de capitaux bancaires transfrontaliers. Nous trouvons enfin que la régulation macroprudentielle peut aider à réduire l'instabilité financière qui provient de ces f lux de capitaux bancaires transfrontaliers. Le troisième chapitre intitulé Essay on optimal credit development, examine la possible existence d'une région optimale d'allocation de crédit au regard de la littérature sur le développement financier et la stabilité financière. Nos résultats montrent qu'il existe quatre régimes de développement de crédit. Nos résultats indiquent également qu'il existe une région optimale de développement de crédit où tout développement de crédit aide à promouvoir la croissance économique. Nous examinons également le rôle des flux de capitaux étrangers dans ce cadre. Nous trouvons que les effets des flux de capitaux dépendent du type de flux de capitaux, du régime de développement de crédit et du niveau de développement économique.
Author: François D'Assises Babou Bationo
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Cette thèse est composée de trois articles qui traitent de problématiques en relation avec l'intégration financière en finance internationale. Le premier chapitre intitulé Private capital flows and productivity in Sub-Saharan Africa : Does the capital allocation puzzle matter?, examine la problématique des flux de capitaux et leur contribution à la productivité et à la croissance économique. Nous investiguons si l'allocation des flux de capitaux privés étrangers à travers des secteurs économiques hétérogènes permet d'expliquer l'énigme d'allocation des flux de capitaux en finance internationale. Nous trouvons que les effets des flux des capitaux privés étrangers sur la productivité et la croissance économique dépendent du secteur économique destinataire de ces flux et que l'énigme d'allocation des flux de capitaux en finance internationale est une énigme sectorielle des flux de capitaux. Le deuxième chapitre intitulé The direct and indirect transmission of global credit market shocks to credit cycles in developing economies, examine la transmission des chocs financiers entre pays à travers l'activité des banques transfrontalières. Nous montrons que les chocs de crédits des marchés financiers développés sont transmis directement aux cycles de crédit des pays en développement par l'activité des banques transfrontalières. Nous trouvons également que le cycle des prix des matières premières constitue le principal canal de transmission des chocs de crédit des marchés financiers développés aux cycles de crédit des pays en développement à travers les flux de capitaux bancaires transfrontaliers. Nous trouvons enfin que la régulation macroprudentielle peut aider à réduire l'instabilité financière qui provient de ces f lux de capitaux bancaires transfrontaliers. Le troisième chapitre intitulé Essay on optimal credit development, examine la possible existence d'une région optimale d'allocation de crédit au regard de la littérature sur le développement financier et la stabilité financière. Nos résultats montrent qu'il existe quatre régimes de développement de crédit. Nos résultats indiquent également qu'il existe une région optimale de développement de crédit où tout développement de crédit aide à promouvoir la croissance économique. Nous examinons également le rôle des flux de capitaux étrangers dans ce cadre. Nous trouvons que les effets des flux de capitaux dépendent du type de flux de capitaux, du régime de développement de crédit et du niveau de développement économique.
Author: Hulya Arik
Publisher:
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Category :
Languages : en
Pages : 0
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Author: Heinz P. Rudolph
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 216
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Author: Mr.Eugenio Cerutti
Publisher: International Monetary Fund
ISBN: 1513526634
Category : Business & Economics
Languages : en
Pages : 43
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This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related and portfolio bond and equity inflows do co-move; (ii) while global push factors in advanced economies mostly explain the common dynamics, their relative importance varies by type of flow; and (iii) the sensitivity to common dynamics varies significantly across borrower countries, with market structure characteristics (especially the composition of the foreign investor base and the level of liquidity) rather than borrower country’s institutional fundamentals strongly affecting sensitivities. Countries relying more on international funds and global banks are found to be more sensitive to push factors. Our findings suggest that EMs need to closely monitor their lenders and investors to assess their inflow exposures to global push factors.
Author: Yilmaz Akyüz
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 76
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Author: Qing Liu
Publisher:
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Category :
Languages : en
Pages :
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"This thesis presents three empirical papers (Chapters 2 to 4) on the contributors to the growth of Southeast and South Asian countries, their financial and business fluctuations, and the relationship between these fluctuations. The empirical analysis is carried out for China, India, Indonesia, Japan, South Korea, Malaysia, Thailand and Vietnam.Chapter 2 provides a quantitative assessment of the effects of various types of capital inflows (including foreign investment, foreign aid, long-term debt and openness to trade) and human capital (in the forms of education enrollment and education expenditures) on the growth process of the selected Asian countries over the period 1970 - 2010. Our empirical analysis is based on dynamic panel data, and can be categorized into three aspects: for stationary variables, we employ VAR methodology, Granger-causality, causality strength measure, impulse response functions and variance decomposition; to analyze the non-stationary variables, we employ cointegration analysis and VECM model; and to investigate the common effects shared by all these countries, we use panel data analysis. Our results show that capital inflows affect the growth process in our sample of countries both in the short and the long term. In the majority of countries, per capita real GDP and its growth rate respond positively to four of the components in capital inflows: foreign investment, openness to trade, public investment and human capital; on the other hand, capital inflows of aid and long-term debt seem has adverse or insignificant effects on economic growth in some cases. Further, our finding is that there exists significant two-way Granger-causality between capital inflows and economic growth across multiple time horizons, and that causality is strongest between foreign capital inflows and economic growth. The third chapter empirically investigates the characteristics of financial cycles using turning points and frequency-based filters analyses. Our sample of countries in this chapter covers 11 Southeast and South Asian countries over the period 1960 to 2013. We examine the frequency, duration and amplitude of the cycles in credit, house prices and equity prices, and their synchronizations within a country as well as across countries. We find, first, that financial cycles in the Asian countries are longer and severer than the business cycle in output, but not as long as those in developed countries; second, the credit cycle displays a quite skewed shape with exceptionally longer and stronger expansions than contractions, and that, in the cycles on credit, house prices and equity prices, equity prices show the greatest volatility, the shortest cycle duration and the greatest amplitude; third, the peaks of financial cycles are closely followed by financial crises. Finally, the cycles in financial variables are highly synchronized within each country and across countries. The fourth chapter investigates the features of business cycles and their relationship with those of financial cycles in our set of 11 Asian countries. The data used is for the period 1980Q1 - 2013Q4. Our results show, first, that financial cycles tend to be deeper and sharper than business cycles. Second, cycles in output tend to display high-level synchronization with cycles in credit, whereas they do not feature much commonality with cycles in employment and with some of our other financial variables. Third, the dynamic correlations between business cycles and financial cycles in most countries are significantly positive at low frequencies while not being significant at higher frequencies. Finally, though Granger-causality tests generate mixed results between the financial and business variables, there exists strong two-way causality between credit and real GDP, with credit having very high predictive power for the growth of real GDP, and real GDP helping to predict the growth of credit. " --
Author: Abdilahi Ali
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This thesis explores three important factors that have been central to the pursuit of economic development in developing countries, particularly those in Africa. These are capital flows, economic integration and financial crises. Chapter 1 examines the causes and consequences of capital flight in African countries. Building on standard portfolio choice model, the study links the phenomenon of capital flight to the domestic investment climate (broadly defined) and shows that African agents move their portfolios abroad as a result of a deteriorating domestic investment climate where the risk-adjusted rate of return is unfavourable. The results presented suggest that economic risk, policy distortions and the poor profitability of African investments explain the variation in capital flight. In addition, employing a PVAR and its corresponding impulse responses, the chapter shows that capital flight shocks worsen economic performance. Chapter 2 explores the (independent) effects of crises and openness on a large sample of African countries using dynamic panel techniques. Focusing on sudden stops, currency, twin and sovereign debt crises, the chapter shows that economic crises are associated with growth collapses in Africa. In contrast, economic openness is found to be beneficial to growth. More importantly, we find that, consistent with standard Mundell-Flemming type models and sticky-price open economy models, greater openness to trade and financial flows mitigates the adverse effects of crises. In the final chapter, we examine whether capital flows such as FDI, foreign aid and migrant remittances crowd-in or crowd-out domestic investment in developing countries. Applying recently developed panel cointegration techniques which can handle cross-sectional heterogeneity, serial correlation and endogeneity, we find that FDI and remittances have a positive and significant effect on domestic investment in the long-run while aid tends to act as a substitute for investment. We also conduct panel Granger causality analysis and find that the effect of FDI on investment is both transitory as well as permanent. That is, it tends to crowd-in domestic investment both in the short-run and in the long-run. We do not find any causal links between foreign aid and investment. The results show that, while remittances do not have causal effects on investment in the short-run, there is a bidirectional (causal) relationship between the two in the long-run.
Author: Nicola Cetorelli
Publisher: DIANE Publishing
ISBN: 1437933874
Category : Business & Economics
Languages : en
Pages : 41
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Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market (EM) economies. The authors examine adverse liquidity shocks on main developed-country banking systems and their relationships to EM across Europe, Asia, and Latin Amer., isolating loan supply from loan demand effects. Loan supply in EM across Europe, Asia, and Latin Amer. was affected significantly through three separate channels: (1) a contraction in direct, cross-border lending by foreign banks; (2) a contraction in local lending by foreign banks¿ affiliates in EM; and (3) a contraction in loan supply by domestic banks, resulting from the funding shock to their balance sheets induced by the decline in interbank, cross-border lending. Charts and tables.
Author: Ashwini Deshpande
Publisher: Anthem Press
ISBN: 0857289578
Category : Business & Economics
Languages : en
Pages : 251
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"Capital Without Borders: Challenges to Development contains selected papers from the Annual Conference on Development and Change (ACDC) held at Sao Paulo in November 2006. Second in a series of three conferences, the 2006 ACDC showcased research by relatively younger scholars. While precise and rigorous alternatives to the neoliberal agenda are often overlooked in the huge volume of literature that addresses the larger issues, both aspects - the larger picture and the smaller nuts-and-bolts details - are very important, and this volume fills the gaps in the latter category. These papers were written before the global recession, and events subsequent to the conference and the writing of these papers have validated several of the concerns raised by their authors. This volume focuses on a plethora of issues from the point of view of the South. It demonstrates, for example, that if capital inflows exceed a certain volume - no matter how they are absorbed - such openness will inevitably result in a crisis in the receiving country. The popular understanding of foreign portfolio investment as more benign than foreign direct investment (FDI) is also challenged. By contrasting contemporary capital flows as well as the international capital flows of the nineteenth century, this collection highlights the role of regulation and the role of the state, and ultimately emphasizes the need for recipient country governments to exercise policy options to control the volume of foreign capital inflows."--Publisher's description.
Author: Reuven Glick
Publisher: Cambridge University Press
ISBN: 9780521623230
Category : Business & Economics
Languages : en
Pages : 530
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"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.
