INTL: Economic & Financial Issues (Topic)最新文献

{"title":"Alternative Development Strategies for Azerbaijan Economy and Sectoral Analysis","authors":"D. Aliyev, E. Suleymanov","doi":"10.2139/SSRN.2184484","DOIUrl":"https://doi.org/10.2139/SSRN.2184484","url":null,"abstract":"The paper outlines aspects of economic growth after oil exports in Azerbaijan, and allocation of oil income to develop main sectors of economy: agriculture, tourism, power engineering, machine building industry, food industry and energy security. From oil contracts during 2008-2015 years the income is expected to be 35-42 billion USD. If one barrel of oil is 30 60 dollar till the last period of the project, exactly till 2029-2030 years, the total income amount taking from this area is expected to be in the amount of 120-140 billion USD. So there is great chance and obligation of developing non-oil sector. During this development main questions are how much of the oil income spend now and how much to keep for future generations; how and where to spend the oil income; how to control spending of oil money. Paper provides suggestions for those questions. In sectoral analysis, paper describes current situation in the above mentioned sectors of economy, lists problems in those sectors, and provide suggestions help making a decision about managing profits from oil industry to develop the other sectors and economy of the country as a whole.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"226 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121624681","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":"Incomplete Specialization and Offshoring Across Europe","authors":"Richard Frensch, J. Hanousek, E. Kočenda","doi":"10.2139/ssrn.2059959","DOIUrl":"https://doi.org/10.2139/ssrn.2059959","url":null,"abstract":"Recent empirical studies have been searching for evidence on and driving forces for offshoring. Frequently, this has been done by analyzing gross trade flows related to offshore activities using gravity equations augmented by ad hoc measures of supply-side country differences. This paper suggests that gravity formulations of this sort are mis-specified, due to theoretically unmotivated attempts to allow for both complete and incomplete specialization influences on gross trade flows within the same gravity framework. We suggest an alternative specification rooted in incomplete specialization that views bilateral gravity equations as statistical relationships constrained on countries’ multilateral specialization patterns. This view reveals that countries’ multilateral specialization incentives drive bilateral trade, corresponding to and competing with the role of multilateral trade resistance. Our results support evidence for offshoring activities across Europe, driven by countries’ multilateral specialization incentives, as expressed by supply-side country differences relative to the rest of the world.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"99 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129363608","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":"When is a Supervisory Recognized External Rating Worthwhile for a Medium-Sized Enterprise and its Bank? – An Empirical Analysis Against the Background of Basel III","authors":"Stefan Stein, D. Kaltofen","doi":"10.2139/SSRN.2047649","DOIUrl":"https://doi.org/10.2139/SSRN.2047649","url":null,"abstract":"In Germany, more than 95% of the credit institutions report their regulatory capital requirements for counterparty risk by means of the credit risk standardized approach (CRSA) instead of the more sophisticated internal rating based approach (IRBA). Though the CRSA allows a partially risk sensitive calculation of the banks’ regulatory capital German CRSA-banks cannot benefit from this provision as only around 100 non-financial companies have the required published agency rating on hand. We examine, whether the upcoming re-regulation of the banking business Basel III is a driver for both CRSA-banks and their preponderantly medium-sized corporate borrowers to push the use of external corporate ratings. Evaluating a unique sample of 26,025 data sets of German medium-sized companies, we find that under the provisions of Basel III CRSA-banks may experience only minor savings of about 0.5 billion euros in their regulatory capital if their corporate customers had a supervisory recognized rating available. Projected to the total population of German corporates, the exposures of around 9,000 of them potentially qualify for lower risk weights within the CRSA, while estimated 200 are eligible for financial benefits that match or even overcompensate the incurred costs of an external rating. Respectively, for the majority of German companies the benefits of such ratings rather reflect improvements in strategic management issues than lower financing costs.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127775428","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":"Are Thai Manufacturing Exports and Imports of Capital Goods Related?","authors":"Komain Jiranyakul","doi":"10.4236/ME.2012.32033","DOIUrl":"https://doi.org/10.4236/ME.2012.32033","url":null,"abstract":"This paper examines the relationship between manufacturing exports and imports of capital goods in Thailand using monthly data from January 2000 to July 2011. The results from bounds testing for cointegration show that there exists long-run equilibrium relationship between exports and imports of capital goods in manufacturing sector. In addition, the positive relationship between the growth rate of imports of capital goods and the growth rate of manufacturing exports is observed. The results support the notion that foreign capital is essential in the process of industrialization, and thus economic growth. A decline in imports of capital goods will reduce manufacturing exports and impedes economic growth in the future. It is also likely that exports of manufactured products are the main source of foreign exchanges to finance imports of capital goods which cannot be produced in the country due to comparative disadvantage.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"168 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115960882","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":"Market Expansion and Productivity Growth: Do New Domestic Markets Matter as Much as New International Markets?","authors":"J. Baldwin, Beiling Yan","doi":"10.2139/ssrn.2026497","DOIUrl":"https://doi.org/10.2139/ssrn.2026497","url":null,"abstract":"This paper asks how market expansion contributes to productivity growth. It investigates whether entry to both new international markets and new domestic markets is associated with greater productivity growth. It also examines whether exit from export markets is necessarily associated with deteriorating performance or whether it too can lead to success when associated with movements to new markets. Finally, the paper examines the strategy of firms that move to new markets after they withdraw from export markets in order to examine the differences that set them apart from their counterparts that do not find themselves able to adapt because they simply withdraw to their home domestic markets.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114467139","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":"Were Multinational Banks Taking Excessive Risks Before the Recent Financial Crisis?","authors":"A. Gulamhussen, C. Pinheiro, A. Pozzolo","doi":"10.2139/ssrn.2024077","DOIUrl":"https://doi.org/10.2139/ssrn.2024077","url":null,"abstract":"The recent financial crisis has clearly shown that the relationship between bank internationalization and risk is complex. Multinational banks can benefit from portfolio diversification, reducing their overall riskiness, but this effect can be offset by incentives going in the opposite direction, leading them to take on excessive risks. Since both effects are grounded on solid theoretical arguments, the answer of what is the actual relationship between bank internationalization and risk is left to the empirical analysis. In this paper, we study such relationship in the period leading to the financial crisis of 2007-2008. For a sample of 384 listed banks from 56 countries, we calculate two measures of risk for the period from 2001 to 2007 – the expected default frequency (EDF), a market-based and forward-looking indicator, and the Z-score, a balance-sheet-based and backward-looking measure – and relate them to their degree of internationalization. We find robust evidence that international diversification increases bank risk.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114301501","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":"Is Canada Losing its Status as a Debtor Nation?","authors":"Guy Gellatly, R. Macdonald","doi":"10.2139/ssrn.2026494","DOIUrl":"https://doi.org/10.2139/ssrn.2026494","url":null,"abstract":"This Economic Insights article reports on long-run changes in the value of Canada's external financial assets and liabilities. It summarizes results from the research paper, Canada's International Investment Position: Recent Trends and Implications for Aggregate Measures of Income and Wealth, and is part of an ongoing research program at Statistics Canada that investigates the international dimensions of the Canadian economy.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132527759","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":"Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization","authors":"G. Chin","doi":"10.2139/ssrn.1998014","DOIUrl":"https://doi.org/10.2139/ssrn.1998014","url":null,"abstract":"This paper examines the evolving dynamics between economic globalization and Asian regional interdependence, and asks whether and how the global financial crisis impacted Asian regionalism. The analysis suggests that the global crisis did trigger advances in regional policy cooperation from 2007 onwards, especially in the area of financial and monetary cooperation. Although the first order response of Asian countries was to join the broader global effort to contain financial freefall at the world level, there emerged a second order response at the level of regional institutional building, specifically to “multilateralize” the Chiang Mai Initiative, and to develop a regional trust fund to help strengthen Asian bond markets.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121568534","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":"Foreign Holdings of U.S. Treasuries and U.S. Treasury Yields","authors":"Daniel O. Beltran, Maxwell Kretchmer, Jaime R. Marquez, Charles P. Thomas","doi":"10.2139/ssrn.2014172","DOIUrl":"https://doi.org/10.2139/ssrn.2014172","url":null,"abstract":"Foreign official holdings of U.S. Treasuries increased from $400 billion in January 1994 to about $3 trillion in June 2010. Most of this growth is accounted for by a handful of emerging market economies that have been running large current account surpluses. These countries are channeling their savings through the official sector, which is then acquiring foreign exchange reserves. Any shift in policy to reduce their current account surpluses or dampen the rate of reserves accumulation would likely slow the pace of foreign official purchases of U.S. Treasuries. Would such a slowing of foreign official purchases of Treasury notes and bonds affect long-term Treasury yields? Most likely yes, and the effects appear to be large. By our estimates, if foreign official inflows into U.S. Treasuries were to decrease in a given month by $100 billion, 5-year Treasury rates would rise by about 40-60 basis points in the short run. But once we allow foreign private investors to react to the yield change induced by the shock to foreign official inflows, the long-run effect is about 20 basis points.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131037499","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 Venture Capital: Challenges and Opportunities","authors":"T. Gstraunthaler, G. Sagieva, Higher School of Economics RPS Submitter","doi":"10.17323/1995-459X.2011.4.66.76","DOIUrl":"https://doi.org/10.17323/1995-459X.2011.4.66.76","url":null,"abstract":"Thomas Gstraunthaler- Leading Research Fellow, Laboratory for Economics of Innovation, Institute for Statistical Studies and Economics of Knowledge, National Research University - Higher School of Economics, E-mail: tgstraunthaler@hse.ru Address: 20 Myasnitskaya str., Moscow, 101000, Russian Federation.Galina Sagieva- Head, Division for Intellectual Property and Technology Transfer Studies, Institute for Statistical Studies and Economics of Knowledge, National Research University - Higher School of Economics, E-mail: sagieva@hse.ru Address: 20 Myasnitskaya Str., Moscow, 101000, Russian Federation.This paper attempts to summarize and systematize the landscape of the global venture capital industry. It presents major basic business models and investment strategies, assesses the contribution of venture capital (VC) to economic growth, and the incentives and constraints for VC’s development, and it identifies research gaps in this area.Venture capital is often regarded as the only source of support for start-ups, particularly for those in high-tech innovative sectors. The authors explore the reasons for this. In contrast to more traditional investors, VCs provide targeted investment, and they maintain a long-term strategic focus. Financial capital is only one benefit they provide for entrepreneurs. They provide industry knowledge and social capital, often vital for success. Also, venture capital serves as an intermediation device in finding further finance. These benefits focus the attention of public administration in venture capital and pro-investment policies to build strength and assure future competitiveness. The authors conclude that governments can only do so much to spur creative thinking and entrepreneurial activities. Their support is best placed in education, oriented toward a culture which rewards competitive and entrepreneurial thinking. Results of such policy mature slowly but they can be vital.In conclusion, the authors point to the need to introduce new and refined research strategies promoting VC. One key focus to study venture capital is to understand how the industry itself is developing through its own drive. It would help to examine comparatively a country’s initiatives, which would allow policy makers to understand where the industry is going and how best to support or participate in growth. It would also allow distinguishing among segments of the venture capital market. Finally, further analysis of the VC industry should be conducted through the prism of its internationalization.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"222 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122046939","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}