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Wei, Shang-Jin - 2000

This paper offers a new interpretation of the connection between openness and good governance. Assuming that corruption … open economy' as determined by its size and geography would devote more resources to building good institutions and would … display lower corruption in equilibrium. In data, naturally more open economies' do exhibit less corruption even after taking …

Persistent link: https://www.econbiz.de/10012470985

Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises

Wei, Shang-Jin - 2001

literature: corruption may affect a country's composition of capital inflows in a way that makes it more likely to experience a …

Persistent link: https://www.econbiz.de/10012470539

How Taxing is Corruption on International Investors?

Wei, Shang-Jin - 1997

nor Japanese investors treat corruption in East Asia any differently from that in other parts of the world. There are …This paper studies the effect of corruption on foreign direct investment. The sample covers bilateral investment from … the tax rate on multinational firms or the corruption level in a host country reduces inward foreign direct investment …

Persistent link: https://www.econbiz.de/10012472787

Global Macro-Financial Cycles and Spillovers

Ha, Jongrim - 2020

We develop a new dynamic factor model that allows us to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers...

Persistent link: https://www.econbiz.de/10012479322

On the Global Impact of Risk-off Shocks and Policy-put Frameworks

Caballero, Ricardo J. - 2019

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may trigger severe recessions. Policy responses were more complex for developed economies with very low interest rates after the Global Financial Crisis (GFC). We document, however,...

Persistent link: https://www.econbiz.de/10012479979

International Equity and Debt Flows : Composition, Crisis, and Controls

Ma, Chang - 2020

We propose a theory of endogenous composition of capital flows that highlights two asymmetries between international equity and debt financing. In our model, poor institutional quality leads to an inefficiently low share of equity financing as well as an inefficiently high volume of total...

Persistent link: https://www.econbiz.de/10012481712

A Darwinian Perspective on "Exchange Rate Undervaluation"

Du, Qingyuan - 2011

Though the real exchange rate is a key price for most economies, our understanding of its determinants is still incomplete. This paper studies the implications of status competition in the marriage market for the real exchange rate. In theory, a rise in the sex ratio (increasing relative surplus...

Persistent link: https://www.econbiz.de/10012461869

The Chinese Corporate Savings Puzzle : A Firm-level Cross-country Perspective

Bayoumi, Tamim - 2010

China's high corporate savings rate is commonly claimed to be a key driver for the country's large current account surplus. The mainstream explanation for high corporate savings is a combination of windfall profits in state-owned firms, especially in resource sectors, and mis-governance of...

Persistent link: https://www.econbiz.de/10012462224

Give Credit Where Credit Is Due : Tracing Value Added in Global Production Chains

Koopman, Robert - 2010

This paper provides both a conceptual framework for decomposing a country's gross exports into value-added components by source and a new bilateral database on value-added trade. Our parsimonious framework integrates all previous measures of vertical specialization and value-added trade in the...

Persistent link: https://www.econbiz.de/10012462230

Does a Leapfrogging Growth Strategy Raise Growth Rate? Some International Evidence

Wang, Zhi - 2010

While openness to trade is a well-recognized hallmark of many successful emerging market economies known as "growth miracles," another component of the growth model is a leapfrogging strategy - the use of policies to guide the industrial structural transformation ahead of a country's factor...

Persistent link: https://www.econbiz.de/10012462266