INTL: Managing in Emerging Markets (Topic)最新文献

{"title":"Achievements and Challenges: 30 Years of Housing Reforms in the People’s Republic of China","authors":"Lu Gao","doi":"10.2139/ssrn.1619161","DOIUrl":"https://doi.org/10.2139/ssrn.1619161","url":null,"abstract":"In the last three decades, the People’s Republic of China (PRC) has managed to replace its welfare-based urban housing system with a market-based housing provision scheme. With such significant housing policy changes, the PRC has successfully expanded urban home ownership and impressively increased per capita housing consumption. The housing market has become one of the major pillar industries in the country’s economic boom. However, affordable housing development has been greatly lagging behind the ever-increasing housing needs of a large lower-income population in the country, while housing price bubbles cast a shadow on sustainable economic development in the PRC. The main reasons for such challenges include the inefficiency of financial tools to regulate the housing market; and the discrete interests among the central government, local governments, and real estate developers. Within the context of the ongoing global financial crisis, it is even more critical to balance the PRC’s housing development, both to address the people’s housing needs, and to maintain sustainable growth.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"97 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133711547","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":"Anomaly in China's Dollar–RMB Forward Market","authors":"Y. Wang","doi":"10.1111/J.1749-124X.2010.01191.X","DOIUrl":"https://doi.org/10.1111/J.1749-124X.2010.01191.X","url":null,"abstract":"Newly-established data on onshore deliverable US dollar–RMB forwards and the Shanghai Interbank Offered Rate from October 2006 to April 2009 reveal significant violations of covered interest rate parity. This paper explains the cause of this anomaly. Deviations in the forward market are caused by an increase in US dollar-to-RMB conversion restrictions. Given that Chinese monetary authorities want to prevent market participants from taking advantage of the predictable appreciation of the RMB, China's State Administration of Foreign Exchange has to tighten up the control on US dollar-to-RMB conversions. Under the tightened conversion restrictions, similar deviations will resurface in the forward market whenever hot money inflow increases. One way to avoid covered interest rate parity violations in the forward market is to decrease hot money inflow into China by maintaining a stable and credible exchange rate policy.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120518134","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":"Multi Objective Capital Structure Modelling: A Goal Programming Approach","authors":"K. Iyer, Surendra S. Yadav, Yamini Agarwal","doi":"10.2139/ssrn.1572689","DOIUrl":"https://doi.org/10.2139/ssrn.1572689","url":null,"abstract":"Capital structure decisions have become complex in the changing business paradigm. The evaluation techniques used for capital structure decisions by the theories and models developed in the 1950s have lost their relevance due to changes over the years. Capital is still scarce despite financial liberalization and globalization. Business environment are exceedingly competitive. Stakeholders are awfully demanding. Survival and growth is restrained by competition. Decision maker's choice on capital structures is not restricted to debt and equity alone. Bankruptcy and distress risk go beyond on balance sheet items including off balance sheet exposures. In the light of this background the premise of a single objective for evaluating capital structure decision is questioned in this study. The study explores the multiple considerations followed by decision maker for capital structure decisions. The study investigates capital structure practices in the Indian industry through a sample of top 500 companies classified in 19 industries for a 10 year period (1998-2007) for 67 variables including the leverage variables. The spread of leverage ratio is also examined. The relationship of leverage ratios with market capitalization and EPS is also explored. Multi objective criteria for processing capital structure decisions is identified and justified based on the findings of the past researches and the empirical survey conducted as a part of this study. In the empirical survey, CFOs as respondents are investigated for their goals, priorities, motivations, constraints and practices for capital structure decision making. Goal Programming model was selected from different multi-objective optimization techniques. The model was found to be capable of providing satisficing solutions to multiple goals simultaneously by minimizing the deviation from the objective function after assuming that the decision maker is an optimist and does not attempt to satisfy all objectives fully. Goal Programming Model has been developed and illustrated for capital structure decisions under multiple objectives.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132367601","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":"Credit and Economic Recovery: Demystifying Phoenix Miracles","authors":"M. Biggs, T. Mayer, A. Pick","doi":"10.2139/ssrn.1595980","DOIUrl":"https://doi.org/10.2139/ssrn.1595980","url":null,"abstract":"This paper offers a solution to the puzzle that economic activity recovers after a financial crisis without a rebound in credit. These credit-less recoveries, known as \"Phoenix Miracles\", question the importance of credit. We argue that these recoveries appear credit-less because GDP is compared to the stock of credit. We show in a theoretical model that recoveries in GDP coincide with recoveries in the flow of credit and this can occur even as the stock of credit declines. Data from emerging and developed economies confirm this finding.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127279440","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":"Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations","authors":"Carlos Urrutia, Felipe Meza","doi":"10.5089/9781451982077.001.A001","DOIUrl":"https://doi.org/10.5089/9781451982077.001.A001","url":null,"abstract":"Abstract The last twenty years have witnessed periods of sustained appreciations of the real exchange rate in emerging economies. The case of Mexico between 1988 and 2002 is representative of several episodes in Latin America and Central and Eastern Europe in which countries opening to capital flows experienced large appreciations accompanied by a significant reallocation of workers towards the non-tradable sector. We account for these facts using a two sector dynamic general equilibrium model of a small open economy with frictions to labor reallocation and two driving forces: (i) A decline in the cost of borrowing in foreign markets, and (ii) differential productivity growth across sectors. These two mechanisms account together for 60% of the decline in the domestic relative price of tradables in Mexico and for a large fraction of the observed reallocation of labor across sectors. The decline in the interest rate faced by Mexico in international markets is quantitatively the most important channel. Our results are robust to the inclusion of terms of trade into the model.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"16 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130675553","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":"Financial Fragmentation and Insider Arbitrage","authors":"Stefan Klonner, A. Rai","doi":"10.2139/ssrn.1585141","DOIUrl":"https://doi.org/10.2139/ssrn.1585141","url":null,"abstract":"If there were no impediments to the flow of capital across space, then the returns to capital should be equalized. We provide evidence to the contrary. There are large differences in the return to comparable investments across different towns in the state of Tamil Nadu in South India. We explore why these differences are not arbitraged away - and suggest that if an insider has monopoly power in arbitraging across towns then it is in his profit-maximizing interest to reduce but not eliminate the di¤erences in returns to capital.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126739918","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":"Modelling Sukuk Structures in Indonesia: Economic Development and the Risk Management","authors":"Roslina Mohamad Shafi, M. Redzuan","doi":"10.2139/ssrn.1742906","DOIUrl":"https://doi.org/10.2139/ssrn.1742906","url":null,"abstract":"Indonesia is one of the emerging markets for the development of the Islamic finance securitization i.e. sukuk. Beyond that, there is much need to be done for the growth of the sukuk market. Being country abundance with the natural resources, idle land and cultivated area should be seen as an opportunity to turn it into the assets securitization. This indirectly would inject liquidation to the Indonesian economic, perhaps to achieve efficiency in the whole economic sectors. Thus, objectives of this paper are to propose equity based sukuk structures for agriculture projects. Besides, several issues pertaining to the risk management of the sukuk also will be discussed in this study. Risk management is vital to be conferring as this would affect the liquidity position of the sukuk. The developments of the model oblige close and undivided attention, solely to avoid conflict with the prevailing thinking of Muslim investors. In addition, comprehensive understandings on the risk from the Islamic perspectives need to be further explored. Otherwise the fundamental parts will be remains abstract.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115329202","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":"Financial Liberalisation and the South Korean Financial Crisis: An Analysis of Expert Opinion","authors":"Kevin Amess, Panicos O. Demetriades","doi":"10.1111/j.1467-9701.2009.01225.x","DOIUrl":"https://doi.org/10.1111/j.1467-9701.2009.01225.x","url":null,"abstract":"This paper provides a novel analysis of the South Korean financial crisis drawing on the findings of a unique survey of IMF/World Bank and South Korean experts. The survey reveals that over-optimism and inadequate recognition of financial risks inadvertently led to excessive risk-taking by Korean financial intermediaries. It also indicates that the sources of over-optimistic assessments of East Asian economies were mainly to be found outside East Asia and included the Bretton Woods Institutions themselves, Western media and analysts. In Korea, weaknesses in risk management were the result of (i) lack of expertise in relation to handling the risks associated with capital flows, and (ii) disincentives to manage risks emanating from a relatively successful history of government-provided safety nets for both industry and banking. Financial liberalisation widened risk-taking opportunities, by allowing Korean financial institutions to both borrow from and lend to institutions outside Korea. It also created additional disincentives for managing risk by intensifying competition and eroding bank franchise values. Weaknesses in prudential regulation allowed bank portfolios to become riskier, especially in terms of increased liquidity risk as a result of maturity mismatches between dollar-denominated assets and liabilities. The liquidity crisis, which followed the re-assessment of the South Korean economy by international lenders in late 1997, triggered a full-blown financial crisis because of the absence of an effective international lender of last resort.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124981646","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":"Current Account Balance Estimates for Emerging Market Economies","authors":"Leandro Medina, Jordi Prat, A. Thomas","doi":"10.5089/9781451962994.001.A001","DOIUrl":"https://doi.org/10.5089/9781451962994.001.A001","url":null,"abstract":"This paper uses a modified version of the methodology used by the IMF's Consultative Group on Exchange Rate Issues (CGER) to calculate equilibrium current account balances (or ?norms?) for a sample of 33 emerging market economies. We find that the fundamental determinants of the equilibrium current account balances are similar to those identified by the CGER using a sample that also comprises advanced economies. However, the fiscal balance has a considerably stronger impact on current account norms for emerging markets. This paper also offers estimates for the equilibrium current account balances of eleven smaller emerging market economies that are not currently included in the country sample used by the CGER.","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122866933","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 Researchers Collaborate with Industry? An Analysis of the Wine Sector in Chile, South Africa and Italy","authors":"Roberta Rabellotti, E. Giuliani, C. Pietrobelli, A. Morrison","doi":"10.2139/ssrn.1526485","DOIUrl":"https://doi.org/10.2139/ssrn.1526485","url":null,"abstract":"This paper explores the determinants of the linkages between industry and research organizations – including universities. We present new evidence on three wine producing areas – Piedmont, a region of Italy, Chile, South Africa - that have successfully reacted to the recent structural changes experienced in the industry worldwide. Based on an original dataset, we carry out an econometric exercise to study the microeconomic determinants of researchers’ collaborations with industry. The evidence reveals that individual researcher characteristics, such as embeddedness in the academic system, age and sex, matter more than their publishing record or formal degrees","PeriodicalId":188920,"journal":{"name":"INTL: Managing in Emerging Markets (Topic)","volume":"174 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128634630","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}