{"title":"Foreign Direct Investment in Brazil: The Effects of Productivity and Aggregate Consumption","authors":"M. H. Dias","doi":"10.4172/2168-9458.1000127","DOIUrl":"https://doi.org/10.4172/2168-9458.1000127","url":null,"abstract":"The objective of this paper is to analyze the effects of shocks from productivity changes on the flow of foreign direct investment (FDI) to the Brazilian economy, over the period from 1992 to 2011. We hypothesize that domestic productivity increases may encourage foreign direct investment inflows, while foreign productivity increases may discourage the same, ceteris paribus. We also test if aggregate demand plays a role in attracting FDI over the long run. SVAR (Structural Vector Auto-Regression) models were estimated based on the proposed hypotheses. We did find evidence that FDI inflows into Brazil react to productivity as well as consumption variations in the directions predicted. Brazilian productivity growth attracts FDI and US productivity growth lowers FDI to Brazil. As expected, long run consumption growth generates an increase in FDI to Brazil. In sum, economic policies that foster countries’ long run productivity growth are the recommended ones to attract FDI, according to the results.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"150 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130947588","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 Behavioural Model of European Bond Markets","authors":"Bodo Herzog","doi":"10.4172/2168-9458.1000126","DOIUrl":"https://doi.org/10.4172/2168-9458.1000126","url":null,"abstract":"This paper builds a new theory of euro area sovereign bond markets. The theory explains the anomalous bond pricing and increasing spreads during the ‘Euro-Crisis’. I show that the malfunctioning of euro area bond markets is triggered by asymmetric information and weak reputation in economic and fiscal policy. Both factors trigger a standard bond market to turn into turmoil. In the end, those markets are prone to self-fulfilling bubbles due to animal spirits. Consequently, mispricing of sovereign debt is inherent in the Eurozone and creates more macroeconomic instability than in a stand-alone country.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116153788","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":"Noninterest Income Generating Activities and the Future of Banking","authors":"Christian Calmès, Raymond Théoret","doi":"10.4172/2168-9458.1000125","DOIUrl":"https://doi.org/10.4172/2168-9458.1000125","url":null,"abstract":"Firms’ financial structure has changed drastically over the last decades. Entrepreneurs can get access to direct financing much more easily than they used to. With accelerating financial innovation, this better access to financial markets coincides with financial deepening, and it importantly contributes to disintermediation. To accommodate this structural mutation, banking regulation has adapted. It now allows financial institutions to be much more involved in market-based activities (e.g., securitization, investment banking and trading). Consequently, the banking landscape has completely mutated compared to the traditional model of the seventies. This paper discusses the implications of such a change for the future of banking, with a particular focus on the challenges related to macroprudential policies and tools, as they currently stand, and as they are likely to evolve to fulfil their role – i.e., optimally -- in monitoring and supervising bank systemic risk.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126442828","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 Development and Instability: A Theoretical Perspective","authors":"Krishna Reddy Chittedi","doi":"10.4172/2168-9458.1000123","DOIUrl":"https://doi.org/10.4172/2168-9458.1000123","url":null,"abstract":"The financial sector mobilizes savings and allocates credit across space and time. It provides not only payment services, but more importantly products that enable firms and households to cope with economic uncertainties by hedging, pooling, sharing, and pricing risks. An efficient financial sector reduces the cost and risk of producing and trading goods and services and thus makes an important contribution to raising standards of living [1,2].","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133307032","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 Not Use Robots to Stabilize Stock Markets","authors":"Sergio Da Silva","doi":"10.4172/2168-9458.1000120","DOIUrl":"https://doi.org/10.4172/2168-9458.1000120","url":null,"abstract":"Why not set up some public-service robot traders to counteract the behavior of traders when it snowballs into extreme moves? I show a blueprint of how this can be accomplished taking advantage of the theory of complex systems.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"439 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133614696","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 Present and Future of Financial Economics","authors":"C. M. Costa","doi":"10.4172/2168-9458.1000122","DOIUrl":"https://doi.org/10.4172/2168-9458.1000122","url":null,"abstract":"","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126312144","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 Renminbi as an Emerging World Currency","authors":"R. Burdekin","doi":"10.4172/2168-9458.1000118","DOIUrl":"https://doi.org/10.4172/2168-9458.1000118","url":null,"abstract":"Although capital controls ensure that worldwide use of China’s currency, the Renminbi, has lagged far behind the nation’s influence on world markets, China’s currency is seeing greatly increased use in cross-border trade as a vehicle currency. This trend accelerated in the aftermath of the global financial crisis amidst successive agreements with neighbouring countries such as Japan and Russia to move away from the dollar in favour of using their own currencies for bilateral trade. Other key steps include the establishment of a full offshore Renminbi market in Hong Kong in 2010 and the September 2013 establishment of the Shanghai free-trade zone. Meanwhile, offshore Renminbi bond issuance not only reached a cumulative total of nearly RMB 400 billion in Hong Kong by the third quarter of 2013 but also was being joined by such new offshore Renminbi bond centres as Singapore, Taiwan and London. It is no longer so farfetched to imagine the greenback being replaced by a new ‘redback’ standard in the long run.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124725926","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 Informational Loadings of a Stock","authors":"V. Polimenis","doi":"10.4172/2168-9458.1000114","DOIUrl":"https://doi.org/10.4172/2168-9458.1000114","url":null,"abstract":"In this short paper, I selectively review some recent developments related to the idea that jumps in stock prices incorporate the most valuable information, and thus the quantification of a stock’s exposure to jump events is important for financial risk management and portfolio construction. There are two main methodologies of estimating jump betas: a) the more widely used high or ultra high frequency procedures that rely on the asymptotical behavior of elaborate and sophisticated econometric constructs, such as the bi-power variation or local averaging techniques in order to isolate market microstructure noise at high frequencies, and b) very recently a new non-parametric skew-based methodology that does not rely on the use of high frequency data and is thus immune to market microstructure noise.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"296 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121661379","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 European Debt Crisis: Causes and Consequences","authors":"V. Beker","doi":"10.4172/2168-9458.1000115","DOIUrl":"https://doi.org/10.4172/2168-9458.1000115","url":null,"abstract":"A common explanation for the European debt crisis has been that the introduction of the euro in 2001 caused interest rates to fall in those countries where expectations of high inflation previously kept interest rates high. Bond buyers assumed that a bond issued by any government in the European Monetary Union was equally safe. As a result, the interest rates on Greek, Italian, etc. government bonds were not significantly different from the interest rate on the German government bonds. Governments responded to the low interest rates by increasing their borrowing. However, data do not endorse this explanation, as is shown in the paper. An alternative explanation has been that the European debt crisis was just a consequence of the American subprime one. Again, data do not entirely support this hypothesis although the connection between both crises is explored in the paper. A third argument states that the introduction of the euro, and its effects on external competitiveness, triggered mounting disequilibria and debt accumulation in the noncore countries or periphery. This argument seems to be valid to a certain extent just in the cases of Greece and Portugal, but not for the rest of the countries involved in the crisis where other factors seem to have played a major role. A distinction is made between a first group of countries whose debt problems have roots before 2007 but did not worsen significantly after that year and a second one of ‘’new’’ highly indebted countries. Finally, Spain appears as a special case. The development of the indebtedness process in these three different types of countries allows isolating the factors which were determinant in each case. The conclusion is that the European indebtedness process does not accept a unique explanation and its solution will necessarily require resource transfers from the richer to the poorer countries of the euro-zone.","PeriodicalId":315937,"journal":{"name":"Journal of Stock & Forex Trading","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132745983","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}
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