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Managing Public Investment Funds: Best Practices and New Challenges

Mitchell, Olivia; Piggott, John; Kumru, Cagri - National Bureau of Economic Research (NBER) - 2008

Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and...

Persistent link: https://www.econbiz.de/10005579916

Comparing Macroeconomic Returns on human and Public Capital: An Empirical Analysis of the Portuguese Case (1960-2001)

Aubyn, Miguel ST.; Pina, Álvaro - ISEG - School of Economics and Management, Department … - 2004

The impact of human and public capital on growth is a major issue in economic theory and in policy evaluation. Using a cointegrated VAR, we estimate a Cobb-Douglas production function for Portugal with public and human capital. Return rates are then computed with and without dynamic feedbacks....

Persistent link: https://www.econbiz.de/10005592992

On the Role of Absorptive Capacity: FDI Matters to Growth

Kinoshita, Yuko; Lu, Chia-Hui - William Davidson Institute, University of Michigan - 2006

The paper studies the effects of foreign direct investment (FDI) on economic growth when sufficient provisions of infrastructure is a pre-requisite. In the overlapping generations setting, we show that technology spillovers via FDI take place only when the host country has the sufficient level...

Persistent link: https://www.econbiz.de/10005652677

Migration, Congestion Externalities, and the Evaluation of Spatial Investments

Dinkelman, Taryn; Schulhofer-Wohl, Sam - National Bureau of Economic Research (NBER) - 2015

The direct benefits of infrastructure in developing countries can be large, but if new infrastructure induces in-migration, congestion of other local publicly provided goods may offset the direct benefits. Using the example of rural household electrification in South Africa, we demonstrate the...

Persistent link: https://www.econbiz.de/10011240282

Nominal and Real Convergence in Estonia: The Balassa-Samuelson (dis)connection

Égert, Balázs - William Davidson Institute, University of Michigan - 2003

The objective of the paper is to analyse the nominal and real convergence process in Estonia drawing on the Balassa …

Persistent link: https://www.econbiz.de/10005207900

Testing for convergence from the micro-level

Fazio, Giorgio; Piacentino, Davide - Department of Economics, Adam Smith Business School - 2011

In the growth literature, researchers are typically concerned with macro convergence. However, to the extent that macro … dynamics result from the underlying microeconomic relations, convergence should also be investigated at the micro-level. In … this paper, we suggest an approach that allows exploiting large micro panels to test for convergence. Compared to the …

Persistent link: https://www.econbiz.de/10009398858

Interprovincial disparities in China since the reforms: convergence or divergence?

Noorbakhsh, Farhad; Wang, Zhikai - Department of Economics, Adam Smith Business School - 2010

been coupled with increasing disparities amongst the Chinese provinces. The paper utilises a few models of convergence … identify the possible absolute and conditional convergence since the economic reforms. The coverage and impact of the …

Persistent link: https://www.econbiz.de/10008516216

International Output Convergence: Evidence from an AutoCorrelation Function Approach

Caggiano, G; Leonida, L - Department of Economics, Adam Smith Business School

This paper uses an AutoCorrelation Function approach to develop new tests for international output convergence. Using … per capita GDP for 15 OECD countries observed over a century, we find that the hypothesis of conditional convergence is …

Persistent link: https://www.econbiz.de/10005075696

Deindustrialisation and Structural Change During the Post-Communist Transition

Mickiewicz, Tomasz; Zalewska, Anna - William Davidson Institute, University of Michigan - 2001

The aim of this paper is to model the evolution of employment structure in post-communist economies in the broader context of deindustrialisation. The paper builds on the model of structural change developed by Rowthorn and Wells (1987). We show that the starting point of high industry sector...

Persistent link: https://www.econbiz.de/10005677406

Objectivity, Proximity and Adaptability in Corporate Governance

Boot, Arnoud W.A.; Macey, Jonathan R. - William Davidson Institute, University of Michigan - 1999

Countries appear to differ considerably in the basic orientations of their corporate governance structures. We postulate the trade-off between objectivity and proximity as fundamental to the corporate governance debate. We stress the value of objectivity that comes with distance (e.g. the market...

Persistent link: https://www.econbiz.de/10005677455