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Political Risk and Firm Experience 政治风险与公司经验
PSN: International Finance & Investment (Topic) Pub Date : 2016-02-23 DOI: 10.2139/ssrn.2166139
Benjamin A. T. Graham
{"title":"Political Risk and Firm Experience","authors":"Benjamin A. T. Graham","doi":"10.2139/ssrn.2166139","DOIUrl":"https://doi.org/10.2139/ssrn.2166139","url":null,"abstract":"Political risk deters foreign direct investment (FDI) and deprives developing countries of much needed capital. However, the negative effect of political risk on FDI in the aggregate masks important variation across different types of risk and different types of multinational firms. I argue that some risks, particularly bureaucratic risk, can be effectively mitigated by firms with the right experience. This leads countries with high levels of bureaucratic risk to attract entry primarily by firms with experience managing bureaucratic in other host countries. Other risks, particularly policy risk, are more difficult to mitigate, and these risks have less effect on the average experience level of entering firms. I test this theory on confidential data from the U.S. Bureau of Economic Analysis that cover the full universe of U.S. outward foreign direct investment from 1990-2009. I find that bureaucratic risk, but not policy risk, is associated with entry by more experienced firms. Both types of risk deter investment, but one does so more selectively. By disaggregating both different political risks and different types of direct investors, we can uncover how different political risks (and therefore different institutions and policies) affect both the pattern and pace of development.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132684568","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}
引用次数: 1
Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance 白芝浩是影子银行家:影子银行、中央银行和全球金融的未来
PSN: International Finance & Investment (Topic) Pub Date : 2013-11-05 DOI: 10.2139/ssrn.2232016
Perry Mehrling, Zoltan Pozsar, J. Sweeney, Daniel H. Neilson
{"title":"Bagehot was a Shadow Banker: Shadow Banking, Central Banking, and the Future of Global Finance","authors":"Perry Mehrling, Zoltan Pozsar, J. Sweeney, Daniel H. Neilson","doi":"10.2139/ssrn.2232016","DOIUrl":"https://doi.org/10.2139/ssrn.2232016","url":null,"abstract":"At the heart of both the modern shadow banking system and the 19th century banking system described by Walter Bagehot is the wholesale money market, with the central bank providing a liquidity backstop. We characterize shadow banking as “money market funding of capital market lending” and construct a model of such a system with dealers making markets and setting prices for funding and risk. Using this model, we describe the secular expansion of the market-based credit system and its rapid collapse during the global financial crisis. The model also clarifies the economic functions of the market-based credit system, the role of the central bank in such a system, and the global character of US dollar funding markets.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130547728","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}
引用次数: 118
Private Legal Transplant: Multinational Enterprises as Proxies of Legal Homogenization 私法移植:跨国企业作为法律同质化的代表
PSN: International Finance & Investment (Topic) Pub Date : 2013-06-23 DOI: 10.2139/ssrn.2152861
Tomaso Ferrando
{"title":"Private Legal Transplant: Multinational Enterprises as Proxies of Legal Homogenization","authors":"Tomaso Ferrando","doi":"10.2139/ssrn.2152861","DOIUrl":"https://doi.org/10.2139/ssrn.2152861","url":null,"abstract":"Recent decades have been characterised by a surge in foreign direct investments and the expansion of global production networks as a new model of production. However, while hundreds of studies have been produced, little attention has been paid to the legal transformations that are taking place whenever transnational enterprises (TNEs) physically or contractually occupy space within national legal orders. In this article, I expand the scope of the traditional theory of legal transplant to look at foreign direct investments and codes of conduct, and conclude that they create special legal zones—separate sub-regimes where TNEs exercise their de facto jurisdiction. Thus, looking at the micro-mechanisms of legal reproduction we discover the limitedness of traditional theories of legal transplant and that, while critics of legal transplant stand in front of their houses to fight against the hegemony of legal and cultural homogenisation, their enemy is entering by the back door.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121976711","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}
引用次数: 4
Month-of-the-Year Effects on Romanian Capital Market before and after the Adhesion to European Union 加入欧盟前后罗马尼亚资本市场的月度影响
PSN: International Finance & Investment (Topic) Pub Date : 2013-04-05 DOI: 10.2139/ssrn.2245708
R. Stefanescu, Ramona Dumitriu
{"title":"Month-of-the-Year Effects on Romanian Capital Market before and after the Adhesion to European Union","authors":"R. Stefanescu, Ramona Dumitriu","doi":"10.2139/ssrn.2245708","DOIUrl":"https://doi.org/10.2139/ssrn.2245708","url":null,"abstract":"Monthly seasonality in the stock prices returns is among the best known calendar anomalies that affect the capital markets. The knowledge about such calendar patterns could be exploited in building successful investment strategies. However, it was revealed that not all the calendar anomalies were persistent in time. Sometimes, the passage from relative quiet to more turbulent periods caused significant changes in a financial market seasonality. In this paper we investigate the presence of Month-of-the-year effects on the Bucharest Stock Exchange during two periods of time. The first period, from 2000 to 2006, corresponds to the last stages of Romania’s transition to a capitalist system and could be considered as relative quiet for the capital market. The second period, from 2007 to 2012, was marked by sharp changes. The consequences of adhesion to the European Union and the global crisis induced turbulences on the Romanian financial markets. In our analysis we employ daily values of one from the main indexes of the Bucharest Stock Exchange. We use a GARCH model to reveal the monthly seasonality not only on indexes returns but also on the capital market volatility. The results indicate significant changes in the Month-of-the-year effects from the quiet to the turbulent period.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131263392","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}
引用次数: 0
Competing Models for the Mobile Payment Ecosystem in Japan, South Korea and China 日本、韩国和中国移动支付生态系统的竞争模式
PSN: International Finance & Investment (Topic) Pub Date : 2013-03-31 DOI: 10.2139/ssrn.2242592
M. Miao, Krishna P. Jayakar
{"title":"Competing Models for the Mobile Payment Ecosystem in Japan, South Korea and China","authors":"M. Miao, Krishna P. Jayakar","doi":"10.2139/ssrn.2242592","DOIUrl":"https://doi.org/10.2139/ssrn.2242592","url":null,"abstract":"In this paper, we explore the evolution of mobile payment models in China, comparing it to the longer-established and more advanced models in Japan and South Korea to identify possible developmental trajectories. With similar social and cultural backgrounds, and comparable penetration of mobile phones and mobile broadband, Japan and Korea present feasible operational models for China. Using the industrial organization model, this paper compares the industry structure and behavior of firms, specifically the patterns of cooperation and competition between companies at different levels of the mobile payment value chain. We also analyze the differential impact of regulation in the three countries. The findings suggest some convergence of mobile payment models in China, but a higher probability of the coexistence of multiple models in the near term. In conclusion, we speculate on the possibility that the Chinese model might converge to either the Japanese or Korean model, as the Chinese mobile payment market continues to grow and evolve.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130502675","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}
引用次数: 2
The Investment Effects of PTAs in Southeast Europe 东南欧自由贸易区的投资效应
PSN: International Finance & Investment (Topic) Pub Date : 2013-03-28 DOI: 10.2139/ssrn.2240942
Nela Vlahinić, Helena Blažić
{"title":"The Investment Effects of PTAs in Southeast Europe","authors":"Nela Vlahinić, Helena Blažić","doi":"10.2139/ssrn.2240942","DOIUrl":"https://doi.org/10.2139/ssrn.2240942","url":null,"abstract":"The paper identifies the potential impact of PTAs between SEECs on the FDI inflows in the region. It is expected that PTAs would encourage vertical FDI. We have analysed FDI inflows in SEECs before the establishment of RTA, regarding their performance and determinants. We assume that PTAs in SEE would reduce transaction costs and risk for the foreign investors and therefore could have an important positive impact for the region as a whole, but there may be winners and losers due to the redistributive effect within the region. Taxes will start to play an important role, especially corporate income tax’ . Its tax rate, is of the crucial importance and will play major role in attracting investment. Accelerated depreciation and tax credits (allowances) for investment are even more cost efficient and could be seen as a good supplement of the former major factor. Tax holidays should be avoided. Countries should also consider lengthening loss carry forward and withholding taxes on direct dividends.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114573768","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}
引用次数: 1
The EU on the Investment Path – Quo Vadis Europe? The Future of EU BITs and Other Investment Agreements 投资道路上的欧盟——维持现状的欧洲?欧盟双边投资协定和其他投资协定的未来
PSN: International Finance & Investment (Topic) Pub Date : 2013-03-20 DOI: 10.2139/SSRN.2236192
August Reinisch
{"title":"The EU on the Investment Path – Quo Vadis Europe? The Future of EU BITs and Other Investment Agreements","authors":"August Reinisch","doi":"10.2139/SSRN.2236192","DOIUrl":"https://doi.org/10.2139/SSRN.2236192","url":null,"abstract":"Immediately after the entry-into-force of the Lisbon Treaty in December 2009, which inserted FDI into the framework of the existing Common Commercial Policy, the debate focused on the scope of the new investment power and its implications for the practice of EU treaty-making, whether the “new” EU investment power was limited to questions of market access, and whether future EU investment treaties would contain investor-state dispute settlement provisions. Meanwhile the EU Commission has strongly asserted its FDI powers under Article 207(1) TFEU and plans to conclude treaties that cover the entire range of issues currently addressed in EU Member State BITs. In July 2010, the Commission issued a Communication on a European investment policy which has been widely discussed since. This article will discuss the potential shape of future EU investment treaties as far it can be already discerned and it will also address the power struggle between the Member States and the Union.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133912304","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}
引用次数: 37
Financial Fragility in the Current European Crisis 当前欧洲危机中的金融脆弱性
PSN: International Finance & Investment (Topic) Pub Date : 2013-03-03 DOI: 10.2139/ssrn.2231787
D. Tropeano
{"title":"Financial Fragility in the Current European Crisis","authors":"D. Tropeano","doi":"10.2139/ssrn.2231787","DOIUrl":"https://doi.org/10.2139/ssrn.2231787","url":null,"abstract":"The paper argues that the European financial system in the years following the great financial crisis started in 2007 has become increasingly fragile. Minsky’s notion of fragility, on which it is based, is related to history, policy and institutions. In the current European environment, fragility depends on the rise of shadow banks’ assets, the expansion of derivatives and the changes in financial regulation. All these elements have jointly triggered several feedback loops. In Minsky’s opinion, policies should have the scope of thwarting self-enforcing feedback loops. Yet the policies that have been implemented so far seem to have produced the opposite effects. They have created new feedback loops that nurture fragility again. This outcome, however, is not surprising for policies may change initial conditions and have unintended consequences, as Minsky has taught us since a long time.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129693956","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}
引用次数: 2
The Uncertain Future of the US Dollar as the Global Reserve Currency 美元作为全球储备货币的不确定未来
PSN: International Finance & Investment (Topic) Pub Date : 2013-02-22 DOI: 10.2139/ssrn.2222784
Laurie Thomas Vass
{"title":"The Uncertain Future of the US Dollar as the Global Reserve Currency","authors":"Laurie Thomas Vass","doi":"10.2139/ssrn.2222784","DOIUrl":"https://doi.org/10.2139/ssrn.2222784","url":null,"abstract":"Oil payments made to OPEC in US dollar constitute a dual financial relationship. In other words, the oil acts like collateral value for the dollar, while the strength of the US economy acts like collateral value for OPEC countries.In other words, the favored position of the US dollar acting as the global reserve currency was contingent on two initial assumptions made by all other central bankers that the US economy would continue to grow and that the US Federal Reserve System would be circumspect in printing dollars.As long as the US economy had a high rate of growth, OPEC countries had confidence that the US dollar would remain stable in value long enough for the OPEC countries to engage in future transactions using their dollar reserves. And, as long as the US dollar was used for oil payments, the US dollar had the equivalent value of a barrel of oil. Similar in history, but not exactly like, when the dollar value was tied to the value of an ounce of gold.The world’s major central banks are fully aware that in order for the US dollar to remain as the global reserve currency in the international monetary system that the rate of US money creation in the US must be linked to the rate of economic growth in the US.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127919461","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}
引用次数: 1
Market Power in CEE Banking Sectors and the Impact of the Global Financial Crisis 中东欧银行业市场力量与全球金融危机的影响
PSN: International Finance & Investment (Topic) Pub Date : 2013-02-01 DOI: 10.2139/ssrn.2226880
Georgios Efthyvoulou, Canan Yildirim
{"title":"Market Power in CEE Banking Sectors and the Impact of the Global Financial Crisis","authors":"Georgios Efthyvoulou, Canan Yildirim","doi":"10.2139/ssrn.2226880","DOIUrl":"https://doi.org/10.2139/ssrn.2226880","url":null,"abstract":"The aim of this study is to undertake an up-to-date assessment of market power in Central and Eastern European banking markets and explore how the global financial crisis has affected market power and what has been the impact of foreign ownership. Three main results emerge. First, while there is some convergence in country-level market power during the pre-crisis period, the onset of the global crisis has put an end to this process. Second, bank-level market power appears to vary significantly with respect to ownership characteristics. Third, asset quality and capitalization affect differently the margins in the pre-crisis and crisis periods. While in the pre-crisis period the impacts are similar for all banks regardless of ownership status, in the crisis period non-performing loans have a negative effect and capitalization a positive effect only for domestically-owned banks.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115638451","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}
引用次数: 84
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