Macroeconomics: Production & Investment eJournal最新文献

{"title":"The Opportunities, Risks and Possibilities of Social Impact Investment for Housing and Homelessness","authors":"Kristy Muir, Michael Moran, F. Michaux, S. Findlay, A. Meltzer, C. Mason, I. Ramia, R. Heaney","doi":"10.18408/AHURI-7110101","DOIUrl":"https://doi.org/10.18408/AHURI-7110101","url":null,"abstract":"This study investigated the opportunities and risks for social impact investments (SII) to improve housing and homelessness outcomes in Australia. It described what social impact investing is and its application to housing and homelessness policy in Australia, as well as examined different finance models and structures, SII markets and case studies.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"9 2-4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123689560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"World Foreign Direct Investments (FDI): The Eurasian Continent -- An Autonomous Capital Market or a Kind of ‘Pretty Closed Box’ for International Capital Flows","authors":"D. Andrei, L. Andrei","doi":"10.2139/ssrn.3006714","DOIUrl":"https://doi.org/10.2139/ssrn.3006714","url":null,"abstract":"This below paper studies the international directly invested capital and develops on coordinates already drawn by our previous working papers seeing facts developed at the world scale. Our previous findings inventory will here reach a new item regarding Europe and Asia, i.e. Eurasia continental block, which isn’t quite a region according to our previous papers’ standard requirements, but it contains some unexpected and interesting specific features.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"39 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130680726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Economic Effects of Government Spending","authors":"M. Hall, Aditi Thapar","doi":"10.2139/ssrn.3213454","DOIUrl":"https://doi.org/10.2139/ssrn.3213454","url":null,"abstract":"Empirical estimates of the effects of fiscal policy tend to be relatively imprecisely estimated. We contend that this is largely due to inadequately controlling for the information set of agents. Given the large increases in government spending on the horizon in the U.S., it is imperative that we have more precisely estimated effects of fiscal policy on the economy than are currently available. In this paper, we present a methodology for using professional forecasts to estimate the effects of government spending shocks on the economy. We first show that professional forecasts are more accurate on average than standard VAR-based estimates. The main contribution of this paper is that we use longer horizon forecasts of output, consumption, investment, wages, and inflation to estimate their impulse response functions. This novel innovation allows us to control for anticipated information and dramatically increases the precision of the estimates of the effects of changes in government spending on the economy. The improvements are demonstrated relative to standard local projection techniques emphasized in the literature, as well as to a standard VAR and the expectations-augmented VAR.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115323935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Evaluation of Recent Development of the AIIB: The 2nd Annual Meeting of the AIIB Held in Korea and Its Implications","authors":"Hyun-Tai Lee, Junyoung Kim, Yunmi Oh","doi":"10.2139/ssrn.2998351","DOIUrl":"https://doi.org/10.2139/ssrn.2998351","url":null,"abstract":"The 2nd AIIB Annual Meeting was held in the Republic of Korea as an international forum to evaluate the operations of the AIIB and discuss short and long-term strategies and challenges. At the Meeting, the AIIB emphasized the keyword \"Lean (efficient)\" in its business operations, presenting the core principles of its short- to long-term strategy as \"Lean (efficient), Clean (ethical) and Green (environment-friendly)\" operations. The AIIB is expected to respond to new global challenges by constructing infrastructures, while aligning its operations with the core principles of a lean, clean and green organization, thus aiming to develop into a new type of MDB appropriate for the 21st century. However, in order to develop into such a 21st century MDB model, the AIIB will have to overcome many difficulties. First, the AIIB needs to handle the internal capability problem. Second, the AIIB should overcome the profitability problem. Third, there are the institutional limitations. Fourth, it will be important to control the potential conflict breaking out between member states. Fifth, there is the issue of China's influence. The question of how China exercises its influence will be a measure of AIIB's progress toward a truly international cooperation body. The AIIB is also expected to hold discussions on how to upgrade the existing Bretton Woods system as China-led international financial institutions such as the AIIB, NDB and Silk Road Fund continue to grow. In line with the development of the AIIB, Korea should develop a new infrastructure model that incorporates new global issues such as the 4th industrial revolution, climate change, the digital economy, and sustainable development, proactively present this to the AIIB and encourage the participation of Korean companies in these business projects. In addition, based on its experience with successfully leading infrastructure investments in the past, Korea needs to actively develop infrastructure development projects that contribute to inclusive growth, such as projects that contribute to regional balanced growth, high-quality job creation, and social integration in Asian developing countries. It would also be possible for Korean local governments to utilize their networks of exchange and cooperation with cities and regions in Asian developing countries to jointly develop local infrastructures in these countries.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131188601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate Taxation and Capital Structure: Evidence from Russia","authors":"E. Ilyukhin","doi":"10.2139/ssrn.2995141","DOIUrl":"https://doi.org/10.2139/ssrn.2995141","url":null,"abstract":"The study aims to empirically analyse whether corporate taxation has an impact on firm capital structure decisions. The results based on a panel data of Russian private (non-listed), non-financial and non-state owned firms show that taxation has significant impact on firm financial leverage (negative in terms of long-term debt and positive in terms of equity). The smallest and largest firms of the sample respond more to effective tax rates. The results are robust according to the tests applied. Moreover additional empirical results are obtained for the standard capital structure determinants (size, profitability, tangibility and liquidity of assets) that contribute to the capital structure theories.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131068274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Macroeconomic News in the Cross Section of Asset Growth","authors":"Artur Hugon, Matthew R. Lyle, Guanzhong Shu","doi":"10.2139/ssrn.2899862","DOIUrl":"https://doi.org/10.2139/ssrn.2899862","url":null,"abstract":"Firms make forward-looking decisions. We provide evidence that firms’ investment decisions contain news about future aggregate conditions. This information is best extracted by dimension-reduction techniques. The investment-based signal improves upon the widely-used GDP forecasts found in the Survey of Professional Forecasters. We appeal to news-driven business cycle theory to explain our result, suggesting that these investment decisions contain firms’ information about future productivity shocks. This theory also helps us to understand why accounting-based measures of investment reveal the news while market-based measures of value do not.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115591826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Why Do Manufacturing Industries Invest in Energy R&D?","authors":"M. Costa-Campi, J. García‐Quevedo","doi":"10.2139/ssrn.3091605","DOIUrl":"https://doi.org/10.2139/ssrn.3091605","url":null,"abstract":"Energy RD however, while various studies have examined the determinants of R&D in the former, there are no analyses of energy R&D drivers in other industries. This paper seeks to fill this gap by examining the determinants of investment in energy R&D in non-energy industries. We focus on manufacturing industries where we can differentiate between energy and non-energy R&D related expenditure. The empirical analysis is carried out for 21 sectors in Spain for the period 2008–2013. To overcome problems of data availability, we construct a comprehensive database from several surveys. The data show the importance of taking into account the efforts devoted to energy R&D by the manufacturing sectors in order to have more complete information about the total investment made in energy R&D. The results of the estimations indicate the importance of the energy R&D developed by firms that supply the energy utilities.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129022452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Medium and Long Term Implications of Financial Integration Without Financial Development","authors":"F. Corneli","doi":"10.2139/ssrn.3026022","DOIUrl":"https://doi.org/10.2139/ssrn.3026022","url":null,"abstract":"We show that, in a two-country model where the two economies differ in their level of financial market development and initial capital endowment, financial integration has sizeable transitory as well as permanent effects. We confirm that, consistent with the Lucas paradox, financial integration in the medium term can reduce capital accumulation and increase savings in the financially less developed country, characterized by domestic capital market distortions, due to a higher risk premium in production activities. In the long run, however, integration produces higher levels of capital than in the autarky steady state. The opposite happens to the financially advanced economy, where integration initially boosts consumption and leads to a lower saving rate, and in the long run causes a reduction in capital compared with the autarky steady state. Two forces drive these results: precautionary saving and the propensity to move resources from risky capital to safe assets until the risk-adjusted return on capital equalizes the risk-free interest rate; assuming a constant relative risk aversion (CRRA) utility function, these forces are both decreasing in wealth.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133118478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Въздействие на преки чуждестранни инвестиции върху инвестиционна активност на икономическите субекти в страната (Foreign Direct Investment Impact on Investment Activity of Economic Entities in the Country)","authors":"Aneliya Radulova","doi":"10.2139/ssrn.2984907","DOIUrl":"https://doi.org/10.2139/ssrn.2984907","url":null,"abstract":"Bulgarian Abstract: В настоящата разработка са дефинирани някои фундаментални и модерни теоретически формулировки относно същността на преките чуждестранни инвестиции и тяхното въздействие върху страната-рецепиент, към която са насочени. Осъществен е анализ на динамиката на преките чуждестранни инвестиции в България за периода 1996 г.- 2017 г. Измерени са взаимовръзката и посоката на въздействие между вътрешните и външните инвестиционни потоци. Детерминирана е посоката на въздействие между преките чуждестранни инвестиции и инвестиционния климат в страната. \u0000English Abstract: In this article, some main and modern theoretical formulations about the essence of the foreign direct investments and their influence on the recipient country are defined. The analysis of the dynamics of the foreign investment flows for the period 1996-2007 is made. The connection and the direction of interaction between inside and foreign investment flows are measured. The direction of influence of the foreign investments on the investment climate in Bulgaria is determined.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114529941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Агломерационные Эффекты в Российской Обрабатывающей Промышленности (Agglomeration Effects in the Russian Manufacturing Industry)","authors":"V. Gordeev, R. Magomedov, T. Mikhailova","doi":"10.2139/ssrn.2982411","DOIUrl":"https://doi.org/10.2139/ssrn.2982411","url":null,"abstract":"Russian Abstract: Существование агломерационных эффектов – один из наиболее устойчивых и универсальных эмпирических результатов в современной экономике. Агломерационные эффекты – это общий термин для всех каналов влияния географической плотности экономической активности на производительность факторов производства. Локомотивом современной экономики являются города – места концентрации населения, фирм, рыночных транзакций. Именно в городах создается большая часть добавленной стоимости в индустриальных и пост-индустриальных экономиках. \u0000English Abstract: The existence of agglomeration effects is one of the most stable and universal empirical results in the modern economy. \"Agglomeration effects\" is a general term for all channels of influence of the geographical density of economic activity on the productivity of factors of production. The locomotive of modern economy is cities - places of concentration of the population, firms, market transactions. It is in the cities where most of the added value is created in industrial and post-industrial economies.","PeriodicalId":126589,"journal":{"name":"Macroeconomics: Production & Investment eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115358230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}