Valuation Effect as a Determinant of the International Investment Position in Central and Eastern European Economies PDF Download
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Author: Konrad Sobanski
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
The aim of this paper is to evaluate the significance of the valuation effect in determining the dynamics of the net international investment position of CEE economies. For this purpose an analysis of BoP and IIP time series for the four largest CEE economies (Poland, the Czech Republic, Hungary and Romania) for the years 2005-2013 was carried out. The exercise revealed that the valuation effect (VE) is, in the short run, the key determinant of net IIP changes (for most observed years). Nevertheless, in the long-run its influence decreases as valuation gains and losses tend to cancel each other out. As the VE is relatively volatile, it is important to analyse its dynamics over the mid and long-term when evaluating the IIP. The significance of the VE for determining net IIP dynamics turned out to be non-investment-type specific because valuations of both the short-term and longterm investments contributed in a large part to the change in the net IIP. Similarities in the dynamics of the VE in CEE countries prove that the VE depends to a large extent on the general price fluctuations in financial markets that nowadays exhibit strong correlations across countries.
Author: Konrad Sobanski
Publisher:
ISBN:
Category :
Languages : en
Pages : 16
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Book Description
The aim of this paper is to evaluate the significance of the valuation effect in determining the dynamics of the net international investment position of CEE economies. For this purpose an analysis of BoP and IIP time series for the four largest CEE economies (Poland, the Czech Republic, Hungary and Romania) for the years 2005-2013 was carried out. The exercise revealed that the valuation effect (VE) is, in the short run, the key determinant of net IIP changes (for most observed years). Nevertheless, in the long-run its influence decreases as valuation gains and losses tend to cancel each other out. As the VE is relatively volatile, it is important to analyse its dynamics over the mid and long-term when evaluating the IIP. The significance of the VE for determining net IIP dynamics turned out to be non-investment-type specific because valuations of both the short-term and longterm investments contributed in a large part to the change in the net IIP. Similarities in the dynamics of the VE in CEE countries prove that the VE depends to a large extent on the general price fluctuations in financial markets that nowadays exhibit strong correlations across countries.
Author: Konrad Sobański
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The aim of this paper is to evaluate the significance of the valuation effect in determining the dynamics of the net international investment position of CEE economies. For this purpose an analysis of BoP and IIP time series for the four largest CEE economies (Poland, the Czech Republic, Hungary and Romania) for the years 2005-2013 was carried out. The exercise revealed that the valuation effect (VE) is, in the short run, the key determinant of net IIP changes (for most observed years). Nevertheless, in the long-run its influence decreases as valuation gains and losses tend to cancel each other out. As the VE is relatively volatile, it is important to analyse its dynamics over the mid and long-term when evaluating the IIP. The significance of the VE for determining net IIP dynamics turned out to be non-investment-type specific because valuations of both the short-term and longterm investments contributed in a large part to the change in the net IIP. Similarities in the dynamics of the VE in CEE countries prove that the VE depends to a large extent on the general price fluctuations in financial markets that nowadays exhibit strong correlations across countries.
Author: Hanna Makhavikova
Publisher: Springer
ISBN: 3319918788
Category : Business & Economics
Languages : en
Pages : 229
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Book Description
This book provides a detailed examination of foreign direct investment (FDI) inflows in Central and Eastern Europe (CEE) after closer integration in the European Union. An important facet of European economic integration was the development of a free-trade area in Central and Eastern Europe, which improved market accessibility. However, to date these relations have been little explored theoretically. The book examines foreign investments in different transition countries from both a theoretical and an empirical perspective. It analyzes changes in the choice of location by foreign investors in nineteen CEE countries between 1992 and 2015, and shows that it is linked to the removal of intra-regional trade barriers. The findings suggest that regional integration increases the incentives for multinationals to invest in the participating countries, especially in those with larger markets and lower production costs.
Author: Guillermo A. Calvo
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 54
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Book Description
Author: Maurice Obstfeld
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 64
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Book Description
"Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign asset position -- the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations"--NBER website
Author: Jong Min Lee
Publisher: Springer Nature
ISBN: 3031240901
Category : Business & Economics
Languages : en
Pages : 286
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Book Description
This contributed volume provides theoretical and empirical insights into a variety of contemporary issues about inequality, geography, and global value chains in today’s world, where global disruptions are prevalent, globalization is being transformed, and multinational enterprises (MNEs) are under pressure to promote sustainability. Many challenges and tensions created by growing inequality within and between countries, cities, and individuals, coupled with recent disruptions in the global economy, beg important questions regarding the role of MNEs. A valuable resource for scholars and students in international business, the book provides a richer understanding of how MNE activities are being affected by the complex dynamics of the modern global business environment and discusses what strategies they need to implement in order to adapt to a changing world, while accounting for the interests of a broader range of stakeholders.
Author: Elżbieta Jantoń-Drozdowska
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The aim of this work was to present the similarities between the components of competitiveness and investment attractiveness as two complementary categories, and to show the role of new locational advantages in determining the level of investment attractiveness of a country. The other objective of this paper was to provide a comparative analysis of Central and Eastern European countries in terms of their investment attractiveness. Thus this paper was organized as follows: the first part of the paper focused on a country competitiveness and the traditional and new location advantages that determine its investment attractiveness in view of direct investment inflows in the light of M. Porter's model of a diamond, an eclectic paradigm of J. H. Dunning and new growth theories. The second part presented the results of investment attractiveness analysis including selected countries of CEE in the years 1995-2013. Comparing the investment attractiveness of Central and Eastern European countries shows that rather a narrow group of countries attract a greater amount of FDI and many more countries have experienced a decline in FDI. Therefore, the research results allow the conclusion that Central and Eastern Europe reduced its investment attractiveness over the past years. This means that the majority of Central and Eastern European countries are becoming less successful in attracting FDI, and therefore in shaping the environment in which foreign companies wish to conduct their business.
Author: World Bank
Publisher: World Bank Publications
ISBN: 1464814414
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264679731
Category :
Languages : en
Pages : 187
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Book Description
This Review assesses Ukraine’s investment climate vis-à-vis the country’s energy sector reforms and discusses challenges and opportunities in this context. Capitalising on the OECD Policy Framework for Investment and other relevant instruments and guidance, the Review takes a broad approach to investment climate challenges facing Ukraine’s energy sector.
Author: Mr.Ruben V Atoyan
Publisher: International Monetary Fund
ISBN: 1475576366
Category : Social Science
Languages : en
Pages : 48
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Book Description
This paper analyses the impact of large and persistent emigration from Eastern European countries over the past 25 years on these countries’ growth and income convergence to advanced Europe. While emigration has likely benefited migrants themselves, the receiving countries and the EU as a whole, its impact on sending countries’ economies has been largely negative. The analysis suggests that labor outflows, particularly of skilled workers, lowered productivity growth, pushed up wages, and slowed growth and income convergence. At the same time, while remittance inflows supported financial deepening, consumption and investment in some countries, they also reduced incentives to work and led to exchange rate appreciations, eroding competiveness. The departure of the young also added to the fiscal pressures of already aging populations in Eastern Europe. The paper concludes with policy recommendations for sending countries to mitigate the negative impact of emigration on their economies, and the EU-wide initiatives that could support these efforts.
