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According to the consensus view in growth and development economics, cross country differences in per-capita income largely reflect differences in countries' total factor productivity. We argue that this view has powerful implications for patterns of capital flows: everything else equal,...
Persistent link: https://www.econbiz.de/10012465044
We contribute to the long debated issue of whether inward foreign direct investment (FDI) can stimulate investment in … of FDI on total investment - measured as the ratio of gross fixed capital formation to GDP - but only if multinational …
Persistent link: https://www.econbiz.de/10012455631
We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We … evidence, and quantify the relevance for monetary transmission to aggregate investment …
Persistent link: https://www.econbiz.de/10013210051
This essay discusses the reasons for and implications of the decline in real interest rates around the world over the past several decades. It suggests that the decline in interest rates is largely explicable from trends in saving, growth, and markups. In this environment, greater government...
Persistent link: https://www.econbiz.de/10013210052
, scope, and investment decisions, and we outline their connection to recent macroeconomic and financial trends in the US …
Persistent link: https://www.econbiz.de/10013362030
We evaluate the 2017 Tax Cuts and Jobs Act. Combining reduced-form estimates from tax data with a global investment … model, we estimate responses, identify parameters, and conduct counterfactuals. Domestic investment of firms with the mean ….S. multinationals rises substantially. These incentives also boost domestic investment, indicating complementarity between domestic and …
Persistent link: https://www.econbiz.de/10014512034
As a bridge between Chinese mainland and international financial markets, the Stock Connect program allows investors on both sides to gain mutual access. By analyzing how cross-border flows respond to macro-related shocks, we show that compared with possibly homemade foreign investors, genuine...
Persistent link: https://www.econbiz.de/10013537785
We study the provision of financial services to small firms, consumers, and workers in developing countries as part of value chain relationships: value chain microfinance (VCMF). We first explore how VCMF can both overcome barriers to financial access - including asymmetric information,...
Persistent link: https://www.econbiz.de/10014468284
Contagion or epidemic models of financial markets are proposed in which interest in or attention to individual stocks is spread by word of mouth. The models give alternative interpretations of the random walk character of stock prices. A questionnaire survey of institutional investors was...
Persistent link: https://www.econbiz.de/10012477225
In his Fisher-Schultz Lecture, Martin Feldstein examined the effects of non-neutral tax rules on business investment by … existing U.S. tax rules, substantially discouraged investment in the past 15 years." In a detailed examination of Feldstein … with the relatively robust levels of net investment between 1965 and 1981 actually shown in the newly benchmarked National …
Persistent link: https://www.econbiz.de/10012477376