Essays On International Macroeconomics And Corporate Finance
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Essays On International Macroeconomics And Corporate Finance
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Author : Yi Huang
language : en
Publisher:
Release Date : 2011
Essays On International Macroeconomics And Corporate Finance written by Yi Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Studies In International Economics And Finance
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Author : Naoyuki Yoshino
language : en
Publisher: Springer Nature
Release Date : 2022-03-30
Studies In International Economics And Finance written by Naoyuki Yoshino and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-03-30 with Business & Economics categories.
This festschrift volume presents discussions on contemporary issues in international economics and finance. It is aimed to serve as a reference material for researchers. There are two broad sections of the book -- International Macroeconomics and International Finance. The chapters in the International Macroeconomics section discuss critical topics like aggregate level macro model for India with a new Keynesian perspective, balance of payments, service sector exports, foreign exchange constraints for import demands, foreign direct investment and knowledge spill over, the relationship between forex rate fluctuation and investment, Institutional quality-trade openness-economic growth nexus, currency crises and debt-deficit relationship in the BRICS countries in the backdrop of COVID-19. Apart from these, various analytical issues related to macroeconomic policies are also covered in this section. The topics discussed includes the nature of forex market interventions, the issue of disinvestment and privatization, changing nature of fiscal policy, the inflation-growth nexus, macroeconomic simulation modelling, measuring core inflation, central bank credibility, monetary policy, inflation targeting, Infrastructure, trade, unemployment and inequality nexus. In the International Finance section, topics such as COVID-19 induced financial crisis, commodity futures volatility, stock market connectivity, volatility persistence, determinants of sovereign bond yields, FII and stock market volatility, cryptocurrency price formation, financialization of Indian commodity market, and a Keynesian view of the financial crisis are discussed. Overall, thirty two chapters in the volume discuss cutting edge research in the areas of the two sections. A tour de force... a lucid guide to some of the diverse and complex issues in International Macroeconomics and Finance. This collection of scholarly works is a fitting tribute to respected Prof. Bandi Kamaiah and his enviable academic contributions. - Prof. Y V Reddy, Former Governor, Reserve Bank of India This volume comprising thoughtful essays by our leading scholars on some of important policy issues that India is facing is indeed a rich tribute to Professor Bandi Kamaiah . This book will greatly benefit the academic community as well as our policy makers. - Prof. Vijay Kelkar, Chairman, 13th Finance Commission of India; Chairman, India Development Foundation, Mumbai, India Noted economists from India and abroad gather to apply the rigorous searchlight that Professor Bandi Kamaiah used so effectively in his career. Major current topics in macroeconomics and international finance are effectively explored in the volume. - Prof. Ashima Goyal, Emeritus Professor, Indira Gandhi Institute of Development Research, Mumbai, India; and Member, Monetary Policy Committee of Reserve Bank of India This volume of 32 papers in macroeconomics, international economics, and international finance is intended as a tribute to the eminent econometrician , Prof B Kamaiah. Post-graduate students and researchers will find much valuable literature in the volume, which is a fitting tribute to Prof Kamaiah. The editors and authors deserve rich compliments. - Prof. K L Krishna, Former Director, Delhi School of Economics, New Delhi, India I am so happy to hear that Dr. Kamaiah's colleagues and ex-students are bringing out a special volume of articles in his honor. Nothing can be more appropriate. Dr. Kamaiah, being a man of tremendous publications, deserves this tribute. I wish all the luck and success to the new book. - Prof. Kishore Kulkarni, Distinguished Professor of Economics, Metropolitan State University of Denver, USA
Emerging Asia
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Author : R. Rajan
language : en
Publisher: Springer
Release Date : 2011-04-28
Emerging Asia written by R. Rajan and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-28 with Business & Economics categories.
This book on the different aspects of international economic policy covers financial crises, reserve accumulation, capital flows and currency wars as well as issues relating to foreign direct investment and developments in China and India.
Essays In Macroeconomics And Corporate Finance
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Author : Ander Perez
language : en
Publisher:
Release Date : 2008
Essays In Macroeconomics And Corporate Finance written by Ander Perez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Managing International Risk
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Author : Richard J. Herring
language : en
Publisher: Cambridge University Press
Release Date : 1983-06-30
Managing International Risk written by Richard J. Herring and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983-06-30 with Business & Economics categories.
The point of departure for this book is the fundamental assertion that managers of international enterprises must cope not only with the hazards that jeopardize the success of ordinary domestic transactions but also with additional perils that are uniquely international. Two of the most important of these are the risk of a breakdown in the rules and practices that govern international trade and investment flows, and country risk - the risk that a sovereign power will interfere with the repatriation of profits, interest payments, principal repayments, or the control of foreign assets. The issues addressed include the prospects for foreign exchange crises, trade wars, international banking crises, and oil shortages; the factors that generate economic, political, and social risk; organizational strategies for mitigating country risk; and the scope for insuring against international risks. The contributors include academic experts from the fields of economics and finance and distinguished practitioners from international corporations, financial institutions, and international agencies.
Three Essays In International Macroeconomics And Finance
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Author : Enrique Martinez-Garcia
language : en
Publisher:
Release Date : 2007
Three Essays In International Macroeconomics And Finance written by Enrique Martinez-Garcia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Essays In Macroeconomics And Finance
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Author : Congyan Tan
language : en
Publisher:
Release Date : 2011
Essays In Macroeconomics And Finance written by Congyan Tan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
For the past two decades, economists have focused intensive effort on building Macroeconomics on a firm Microeconomic foundation. As Macroeconomic research are more integrated with Microeconomics, more and better micro evidence has been examined to verify Macroeconomic theories. One recent development in this line of research uses detailed firm-level evidence to modify current Macroeconomic theories. In this dissertation extensive firm-level evidence are studied to shed light on important macro issues such as investment dynamics, financial frictions, regulations and productivity growth. In this study firm behaviors are studied and modeled by utilizing theories from a variety of fields in Corporate Finance, Public Finance, International Economics, Macroeconomic Dynamics etc. Implications of these evidence on the economic theory are carefully examined and subsequent extension of existing models are proposed. This dissertation consists of three chapters. All chapters study firm behaviors and their implications on macroeconomics, however, the focus of each is different. The first chapter studies issues of credit conditions, uncertainty and investment; the second chapter (co- authored with Zhiyong An) engages the issues of taxation and international corporate finance; the third chapter show how regulations are likely impact foreign investment. The first chapter explores the heterogeneity in firms' response to high economic uncertainty. I show that the effect of high economic uncertainty on firms' investment varies significantly with the degree of financial constraints. Firm decisions are studied in a model of non-convex adjustment costs and time-varying second moment shocks, with financial constraints. In my model, uncertainty makes financially-constrained firms cautious in capital spending and creates long periods of under-investment for these firms. Estimates from firm-level data show that publicly-traded companies' investment-to-capital ratio falls by an average of around 15% in response to a one standard deviation increase in uncertainty. Firms with easier access to credit are found to be much less responsive to uncertainty, consistent with the model's predictions. This implies that the effectiveness of stimulus policy may largely depend on firms' accessibility to credit in episodes of high uncertainty. The second chapter (co-authored with Zhiyong An) studies how firms respond to a quasi-experiment in China. China's new Corporate income Tax Law was passed in March 2007 and took effect on January 1, 2008. It increases the effective corporate income tax rate from about 15% to 25% for foreign investment enterprises (FIEs), while keeps that unchanged at 25% for domestic enterprises (DEs). This study uses a difference-in-differences approach to investigate FIEs' response to the law. Employing the Chinese Industrial Enterprises Database (2002-2008) to implement the analysis, we find evidence that FIEs are responding to the law by shifting their income out of China. Second, the magnitude of the estimated response is larger for enterprises larger in size, which suggests the greater capability of shifting income across countries for larger enterprises. In addition, the response is more acute for investment enterprises from Hong Kong, Macau, or Taiwan (HMT) than that for other FIEs, which is consistent with the tax haven status of Hong Kong and Macau. The third chapter studies productivity spillovers to domestic firms from foreign direct investment (FDI). Such productivity gain from FDI is considered to be the basis of policies that promote FDI in many countries. In this chapter, firm-level panel data from six European countries are examined to test a number of hypotheses regarding the impact of FDI on the productivity of domestic firms. I find evidence for the backward linkage channel of the FDI spillovers. Using a new dataset, Investing Across Borders 2010 that documents and scores regulations for FDI in 87 countries, this study goes further to explore how FDI-specific policies and institutions impact the spillovers from FDI inflows. Empirical evidence shows that good investment climate is associated with productivity gains, either by direct productivity contribution or by productivity increase in upstream industries. Higher ownership limit is shown to be significantly and positively correlated with productivity. However, productivity impact varies greatly across different investment climate measures.
Three Essays In International Macroeconomics
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Author : Adam Hubert Gulan
language : en
Publisher:
Release Date : 2011
Three Essays In International Macroeconomics written by Adam Hubert Gulan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Macroeconomics categories.
This dissertation consists of three separate essays in the field of international macroeconomics. The objective of the first and third chapters is to add to the understanding of some of the aspects of international business cycle fluctuations, both of developed economies, as well as developing ones. The second chapter sheds some new light on the behavior of current account positions in advanced economies. In the first chapter, I revisit the consumption correlation as well as the Backus--Smith puzzles by inspecting the role of financial markets. Relative to the existing literature, I introduce explicit international trade in stocks and bonds in an otherwise standard model of international business cycles. The results show that markets with symmetric trade in stocks allow for a high degree of risk sharing and closely mimic the Arrow--Debreu economy despite being formally incomplete. Risk sharing decreases in asymmetric stock and nominal bond markets, but is still higher than in a single commodity bond economy. The results, therefore, cast doubt on the explanation of the two puzzles based on highly restricted asset trade and large degree of market incompleteness. I also provide empirical evidence that output net of investment and government spending tends to be less correlated across countries than consumption, much less than output itself. This constitutes a new form of the consumption correlation puzzle. The puzzle can be accounted for in the presence of high home bias and low elasticities of substitution between domestic and foreign baskets. In the second chapter, I apply the weak axiom of revealed preference theory (WARP) in the context of a 2-period model of the current account. According to this argument, certain changes in current account positions should be precluded. In particular, a country which initially ran a current account deficit, should remain in deficit after the exogenously given interest rate drops. Similarly, a country running a surplus should remain a lender if the interest rate goes up. The argument holds for both an endowment economy as well as for a model with production. To check whether the changes in CA positions are in line with WARP I employ econometric models of binary choice on a panel of 22 developed economies. The results suggest that the axiom is largely at work, i.e. I find no statistical evidence of violations of the revealed preference axiom in all but one regression. In the third chapter, I turn the attention to the peculiarities of business cycle fluctuations in developing countries. Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging markets. In order to capture this, most business cycle models of emerging economies have nonetheless relied on ad hoc and exogenous countercyclical interest rate processes. I offer a solution to this shortcoming by embedding a financial contract a la citet{bgg1999} into a standard real business cycle model of a small open economy. Because of the existence of agency problems between foreign lenders and domestic borrowers, this financial structure allows me to fully endogenize the existence of an external finance premium that drives country interest rates. I then take the model to data from emerging economies and show that this modification allows to properly account for many of the stylized facts of business cycles in emerging economies, particularly the strong volatility and countercyclicality of interest rates. I also fit the model to data from developed small open economies and find that the estimated parameters that define the financial contract differ in nontrivial ways from those estimated to emerging economies.
Why The World Economy Needs A Financial Crash And Other Critical Essays On Finance And Financial Economics
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Author : Jan Toporowski
language : en
Publisher: Anthem Press
Release Date : 2010-12-01
Why The World Economy Needs A Financial Crash And Other Critical Essays On Finance And Financial Economics written by Jan Toporowski and has been published by Anthem Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.
Essays In Macroeconomics And Corporate Finance
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Author : Jonathan Elliot Goldberg
language : en
Publisher:
Release Date : 2011
Essays In Macroeconomics And Corporate Finance written by Jonathan Elliot Goldberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This thesis examines questions at the intersection of macroeconomics and finance. Chapter 1 studies the persistent effects of a decrease in firms' ability to borrow. I develop a tractable model of deleveraging that emphasizes (i) firms as suppliers of financial assets to consumers and (ii) the ability of firms and consumers to alleviate financial frictions by accumulating wealth. In the model, a permanent decrease in the ability of firms to borrow leads to: increased capital misallocation and decreased total factor productivity (TFP); an increased wedge between the average marginal product of capital and the interest rate; and increased riskiness of consumption. An endogenous decrease in the interest rate is shown to amplify these effects by discouraging wealth accumulation. In a calibration using U.S. firm-level data, I find these amplification effects are large. Chapter 2 studies how proprietary trading and advising are combined on Wall Street even though a firm that engages in both of these activities may be tempted to mislead its clients. Chapter 3 studies the effects of government purchases of long-term debt. According to one interpretation, the preferred-habitat model of Vayanos and Vila (2009) implies that Federal Reserve purchases of long-term bonds generate a reduction in long-term interest rates. In this paper, I clarify this interpretation. In particular, in a Vayanos and Vila (2009) preferred-habitat model, I show that maturity-lengthening open-market operations have no effect on long-term interest rates if agents in the economy ultimately receive the profits from the government's portfolio via lump-sum taxes or transfers. I then introduce limited participation - an assumption that some agents are restricted from trading bonds of certain or all maturities. I show that limited participation implies that open-market operations do reduce the long-term interest rate. What drives this result is limited participation, not preferred-habitat preferences. With this motivation, I develop a model, with a more reasonable form of limited participation and without preferred-habitat preferences, in which open-market operations are relevant. Finally, I use these models to discuss how arbitrageurs' wealth covaries with technology or endowment shocks, and how this covariance is affected by open-market operations.