PSN: International Finance & Investment (Topic)最新文献

{"title":"Investing in Development: The Role of Democracy and Accountability in International Investment Law","authors":"Graham Mayeda","doi":"10.29173/ALR214","DOIUrl":"https://doi.org/10.29173/ALR214","url":null,"abstract":"This article explores whether international investment agreements (IIAs) have the potential to impede democratic expression and, as a result, hinder sustainable development. The author first demonstrates that democracy plays an essential role in the promotion of sustainable development and provides a normative (rather than procedural) definition of democracy. The three ways in which IIAs can limit democracy are then addressed. First, they can limit the policy space of developing countries. This is demonstrated through an analysis of how types of provisions commonly found in IIAs can negatively affect policy flexibility. Second, democracy can be indirectly limited through the decisions of international investment tribunals which give little deference to the decisions of domestic democratic forums. Third, democracy can be undermined if foreign investors are not accountable to any democratic government. In this regard, it is necessary for IIAs to impose obligations on home states and investors to ensure that investors behave in socially responsible ways. The article concludes with suggestions for ways in which developing countries can structure IIAs to support democracy rather than detract from it.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121769954","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":"Has the Introduction of Microfinance Crowded-Out Informal Loans in Malawi?","authors":"R. Disney, E. Fichera, T. Owens","doi":"10.2139/ssrn.2196365","DOIUrl":"https://doi.org/10.2139/ssrn.2196365","url":null,"abstract":"This paper uses household data to test whether microfinance institutions created by the Malawian government in the mid-1990s under its Poverty Alleviation Programme crowded out access to informal loans. As in several recent studies, the paper adopts policy evaluation techniques to identify a causal relationship between access to government-sponsored credit programmes and informal loans. After taking treatment heterogeneity into account with a multiple treatment model, the paper finds strong evidence of crowding out of formal group lending on informal sources. In particular, participation in the most widespread microfinance programme has a negative and significant effect on borrowing from informal sources, reducing on average the amount that members borrow from informal lenders by more than 70 percent of the average loan value.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117042606","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":"Hedge Fund Alpha: A Framework for Generating and Understanding Investment Performance","authors":"J. Longo","doi":"10.1142/7012","DOIUrl":"https://doi.org/10.1142/7012","url":null,"abstract":"Hedge funds are perhaps the hottest topic in finance today, but little material of substance to date has been written on the topic. Most books focus on how to set up a hedge fund and the basic strategies, while few to none focus on what matters most: generating and understanding investment performance. This book takes an exclusive look at the latter, including an analysis of the areas that are most likely to generate strong investment returns - namely, the emerging markets of Brazil, Russia, India and China. The book will be invaluable to not only financial professionals, but anyone interested in learning about hedge funds and their future.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128502502","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":"Reforming Global Economic Governance: A Proposal to the Members of the G-20","authors":"L. Maggio","doi":"10.2139/SSRN.1701044","DOIUrl":"https://doi.org/10.2139/SSRN.1701044","url":null,"abstract":"First document prepared by The Group of Lecce and submitted to all G20 Leaders. The ongoing international economic and financial crisis has raised the issue of reforming the governance of the global economy. The epochal nature of the undertaking has led many observers to evoke the onset of a new “Bretton Woods” era. Indeed, we hope that the principles of economic and financial multilateralism, which made Bretton Woods so fundamental for the free world after the world conflicts of last century, would be reflected in your decisions. The global economy needs today a system of governance that is both effective and legitimate. Only a body that is perceived as legitimate by most of the world nations and their citizens can ultimately make choices that are accepted and effective. Legitimacy requires (direct or indirect) participation to decision making, and participation to decision making provides the only way to make choices that draw on the views and interests of all. Only those who see their right recognized to participate in decision making are then motivated to “own” the decisions taken and to respect them. These principles inspired the launch of the “Bretton Woods” agreements in 1944, and were again defended in the ‘70s, when the international monetary system needed reform. On the occasion, upon instigation of the United States, international discussions and negotiations took place at the IMF, where all member states were represented, and not within small groups of relevant countries (like the then very powerful G-10) to the exclusion of the less powerful ones. The Committee of Twenty Members of the IMF Board of Governors was established as a ministerial body that was to act as the place for international dialogue. The ministers and governors who sat at its table came from countries that were represented in the Executive Board of the IMF, and were responsible during negotiations vis-a-vis those countries that were not directly represented. It is today fundamental that, as world leaders, you walk the same path that your predecessors traced at Bretton Woods six decades ago, and be willing to renew the same obligation to engage all that they were willing to accept then, precisely not to leave anyone out. Letting strategic decision making to self-selected, exclusive and non representative country groupings, which will set international policy directions with the presumption to determine what is best for all, will likely portend new arrogance of the strongest on the weakest, causing resentment and disenchantment from the excluded and weakening the cooperative spirit that Bretton Woods was meant to engender and that today needs to be revitalized. Participation and voting power may be asymmetric, but need be universal.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131096785","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":"A Visual Classification of Local Martingales","authors":"H. Hulley, E. Platen","doi":"10.2139/ssrn.2175896","DOIUrl":"https://doi.org/10.2139/ssrn.2175896","url":null,"abstract":"This paper considers the problem of when a local martingale is a martingale or a universally integrable martingale, for the case of time-homogeneous scalar diffusions. Necessary and suffcient conditions of a geometric nature are obtained for answering this question. These results are widely applicable to problems in stochastic finance. For example, in order to apply risk-neutral pricing, one must first check that the chosen density process for an equivalent change of probability measure is in fact a martingale. If not, risk-neutral pricing is infeasible. Furthermore, even if the density process is a martingale, the possibility remains that the discounted price of some security could be a strict local martingale under the equivalent risk-neutral probability measure. In this case, well-known identities for option prices, such as put-call parity, may fail. Using our results, we examine a number of basic asset price models, and identify those that suffer from the above-mentioned difficulties.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128020105","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":"Conceptualizing, Analyzing and Measuring Political Risk: The Evolution of Theory and Method","authors":"D. Jarvis","doi":"10.2139/ssrn.1162541","DOIUrl":"https://doi.org/10.2139/ssrn.1162541","url":null,"abstract":"This paper analyses the concept of political risk, its evolution and conceptualisation, and explores its utility as a means of understanding political events and processes that can threaten order, stability and continuity in International Relations and disrupt the normal practices of inter-state investment, trade and commerce. More particularly, the article organises the disparate literature that surrounds the concept of political risk such that it might be more rigorously applied as a social science method for understanding political events and their effects upon commercial and strategic activities.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121146274","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":"Hurdles to Investment","authors":"N. Weller","doi":"10.2139/ssrn.1018556","DOIUrl":"https://doi.org/10.2139/ssrn.1018556","url":null,"abstract":"Empirical research on international trade and investment has found that religion and culture affect economic interaction between countries even though these factors are not directly related to investment. Factors such as culture and religion may affect investment by providing information about someone's type or their likely behavior in an investment environment. Rather than relying on empirical measures of information and its effects, I adopt an experimental approach to test if information from an unrelated environment affects investment. To study if people use information from an unrelated environment, I design an experiment in which subjects learn about how another person played in multiple rounds of a prisoner's dilemma and then decide how much money to invest with this person. Investing money with another person increases its value, but the other person must return money to the investor for the investment to be profitable. In this set up the prisoner's dilemma is analogous to culture or religion, because information from a prisoner's dilemma is not directly related to the investment decision. The experiment allows me to test if information from one environment affects behavior in a different environment. The results of the experiment show that players invest significantly less when they are matched to a player who defects frequently in the prisoner's dilemma. This suggests that information from an unrelated environment can indeed affect investment behavior. My results provide insight into how information can affect investment between countries.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130513156","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":"Azerbaycan'in Uluslararasi Mali Kurumlarla Iliskileri (Azеrbaijan’s Relations with International Financial Institutions)","authors":"Elchin Suleymanov","doi":"10.2139/ssrn.2167954","DOIUrl":"https://doi.org/10.2139/ssrn.2167954","url":null,"abstract":"Bagimsizligini kazandiktan sonra Azerbaycan dunya ekonomisinde onemli rolleri olan Uluslararasi Mali Kurumlarla isbirligine buyuk onem vermis ve bu isbirliyi sonucunda ulke ekonomisinin dinamik kalkinmasinda buyuk basarilar gostermistir.Azerbaycanin liberal ekonomik sisteme gecis surecinde ve finansal kaynak sikintilarinin cozumunde bu kurumlarin katkisi onemli olmustur ve bu isbirligi hal hazirda genisleyerek devam etmektedir. Ozellikle liberal ekonomi tecrubesinin ulkeye kazandirilmasi, bagimsizligini yeni kazanmis Azerbaycan icin en onemli katki olmustur. After getting independence Azerbaijan has paid attention to cooperation with International Financial Organizations which play an important role in the world economy thus contributing to dynamic development of it’s economy. In the process of passing to liberal economic system and resolving the financial resource problems Azerbaijan has always been positively oriented by such institutions and this cooperation will expand further. These institutions have played an important role in the process of transition to liberal economy and in resolving financial shortcomings in Azerbaijan and the relations are still continuing.Especially gaining the experience of liberal economy has been a great contribution for Azerbaijan as recent independant country.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133681276","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 Internationalization of Production and Industrial Districts: An Analysis of Italy’s Foreign Direct Investments","authors":"S. Federico","doi":"10.2139/ssrn.2120714","DOIUrl":"https://doi.org/10.2139/ssrn.2120714","url":null,"abstract":"Using data on Italy's outward foreign direct investment (FDI) flows by sector, source province and destination country between 1997 and 2001, this paper studies the determinants of Italy's foreign direct investment (FDI). The aim is to identify the industrial structure and local characteristics associated with higher levels of FDI, including the role of industrial districts. Our results suggest that FDI propensity is positively related to the presence of large firms and industrial groups and that there is no robust evidence of a positive district effect on FDI. The contribution of industrial districts to Italy's FDI is much smaller than their contribution to Italy's exports. Overall, these findings help to explain why the process of production internationalization has been quantitatively smaller in Italy than in other European countries.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128579254","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 Impact of Technical Performance and Debt Structuring on Independent Power Project Viability","authors":"R. Srinivasan","doi":"10.2139/ssrn.2161250","DOIUrl":"https://doi.org/10.2139/ssrn.2161250","url":null,"abstract":"This article builds a financial model for estimating the net present value of an Independent Power Project (IPP) based on specific Power Purchase Agreement (PPA) contractual conditions. Partial derivatives with respect to the Plant Load Factor (PLF), the benchmark heat rate, and the debt maturity are established. These partial derivatives provide an understanding of the sensitivity of the project viability to technical performance and debt maturity. Partial derivatives are also provided for the sensitivity of consumer gains to the above factors. Both these sets of partial derivatives provide an enhanced understanding of contractual conditions. A numerical illustration demonstrates that lengthening debt maturity can add considerable value to equity holders.","PeriodicalId":170864,"journal":{"name":"PSN: International Finance & Investment (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2001-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133918056","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}