Author: Philippe BacchettaPublisher:
ISBN:
Category : Análisis de costos y beneficios - Modelos matemáticos
Languages : en
Pages : 30
Book Description
Do Capital Market Imperfections Exacerbate Output Fluctuations?
Author: Philippe BacchettaPublisher:
ISBN:
Category : Análisis de costos y beneficios - Modelos matemáticos
Languages : en
Pages : 30
Book Description
Imperfect Capital Markets and Economic Fluctuations
Author: Eric HansenPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 34
Book Description
Financial Market Imperfections and Corporate Decisions
Author: Emilio ColomboPublisher: Springer Science & Business Media
ISBN: 379081671X
Category : Business & Economics
Languages : en
Pages : 179
Book Description
We would like to thank Akos Valentinyi and Mark Schaffer for their advice on various stages of this research project. We also would like to thank our col leagues at the Department of Economics of the University of Milan - Bicocca for their advice and support. This book is the result of a long term project financed by various research grants: in particular the Phare-Ace programme (Project P-96-6151-R) and a research grant from the Italian Ministry of Education under the young researchers scheme. Milan, March 2005 Emilio Colombo Luca Stanca Contents Introduction 1 Financial market imperfections and corporate decisions: theory and evidence 7 2. 1 Introduction 7 2. 2 Financial market imperfections, investment and cycles 9 2. 2. 1 The Stiglitz view 9 2. 2. 2 Agency costs and macroeconomic fluctuations 15 2. 2. 3 Assessing the differences 18 2. 2. 4 Further developments 20 2. 2. 5 Empirical evidence 22 2. 3 Financial market imperfections and corporate capital structure 24 2. 3. 1 Asymmetric information and capital structure choice . . 25 2. 3. 2 Agency costs and capital structure choice 30 2. 3. 3 Empirical evidence 32 The transformation of the Hungarian financial system 35 3. 1 Introduction 35 3. 2 Macroeconomic background 36 3. 3 Liberalisation, privatisation and financial development 44 3. 3. 1 Banking and credit 45 3. 3. 2 Equity market 48 3. 3. 3 Foreign direct investment 49 3. 4 Financial sector reform 50 3. 4.
Financial Intermediary Development and Growth Volatility
Author: Thorsten BeckPublisher: World Bank Publications
ISBN:
Category : Banks and banking
Languages : en
Pages : 56
Book Description
Panel data for 63 countries in 1960-97 reveal no robust relationship between the development of financial intermediaries and the volatility of growth.
Complexities of Financial Globalisation
Author: Tony CavoliPublisher: Routledge
ISBN: 1000067475
Category : Business & Economics
Languages : en
Pages : 275
Book Description
Since the 1990s, several emerging market and developing economies (EMDEs) have, to varying degrees, embraced the process of financial globalisation, broadly defined as a set of policies that involve allowing for greater openness to cross-border capital flows as well as greater market access to foreign financial institutions. This book provides a systematic empirical analysis on the complex interactions between financial sector development, macroeconomic and financial stability in EMDEs in general and those in the Asian region in particular. The book consists of three sections pertaining to monetary and exchange rate policies under financial globalisation; financial inclusion and macroeconomic policies in the context of financial liberalisation; and finally, the dynamics of foreign direct investment flows and their real impacts in EMDEs. Each of the chapters analyse important economic policy issues of contemporary relevance and is informed by data and rigorous empirical analysis. The book will be appealing to anyone interested in exploring the implications of a key set of issues emanating from financial globalisation on EMDEs in a rigorous but readable manner.
Capital Market Liberalization and Development
Author: Joseph E. StiglitzPublisher: Oxford University Press, USA
ISBN: 0199230587
Category : Business & Economics
Languages : en
Pages : 388
Book Description
Capital market liberalization has been a key part of the ongoing debate on globalization. Bringing together leading researchers and practitioners in the field, this book provides a unique analysis of both the risks associated with capital market liberalization and the alternative policy options available to enhance macroeconomic management.
Finance and Marcoeconomic Volatility
Author: Cevdet DenizerPublisher: World Bank Publications
ISBN:
Category : Banks and banking
Languages : en
Pages : 34
Book Description
Countries with more developed financial sectors, experience fewer fluctuations in real per capita output, consumption, and investment growth. But the manner in which the financial sector develops matters. The relative importance of banks in the financial system is important in explaining consumption, and investment volatility. The proportion of credit provided to the private sector, best explains volatility of consumption, and output. The authors generate their main results using fixed-effects estimates with panel data from seventy countries for the years 1956-98. Their general findings suggest that the risk management, and information processing provided by banks, maybe especially important in reducing consumption, and investment volatility. The simple availability of credit to the private sector, probably helps smooth consumption, and GDP.
Liquidity Needs and Vulnerability to Financial Undervelopment
Author: Claudio E. RaddatzPublisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 53
Book Description
Can labor market imperfections explain changes in the inverse farm size-productivity relationship ?
Author: Deininger, KlausPublisher: Intl Food Policy Res Inst
ISBN:
Category : Political Science
Languages : en
Pages : 32
Book Description
To understand whether and how inverse relationship between farm size and productivity changes when labor market performance improves, we use large national farm panel from India covering a quarter-century (1982, 1999, 2008) to show that the inverserelationship weakened significantly over time, despite an increase in the dispersion of farm sizes. A key reason was the substitution of capital for labor in response to nonagricultural labor demand. In addition, family labor wasmore efficient than hired labor in the 1982–1999 period, but not during the 1999–2008period.In line with labor market imperfections as a key factor, separability of labor supply and demand decisions cannot be rejected in the second period,except in villages with very low nonagricultural labor demand.
Author: Claudia M. Buch