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Institutional Efficiency, Monitoring Costs, and the Investment Share of FDI

Aizenman, Joshua - 2002

obstacles associated with corruption and weak institutions. We model these circumstances in a principal-agent framework with … economic corruption as an indicator of the strength of property right enforcement within a given country. We compare corruption … levels for a large cross section of countries in 1989 to subsequent FDI flows from 1990 to 1999. We find that corruption is …

Persistent link: https://www.econbiz.de/10012469382

Exchange Rate Flexibility, Volatility and the Patterns of Domestic and Foreign Direct Investment

Aizenman, Joshua - 1992

This paper investigates the factors determining the impact of exchange rate regimes on the behavior of domestic investment and foreign direct investment (FDI). Producers may diversify internationally in order to increase the flexibility of production. We characterize the possible equilibria in a...

Persistent link: https://www.econbiz.de/10014398688

FDI and Trade -- Two Way Linkages?

Aizenman, Joshua - 2005

The purpose of this paper is to investigate the intertemporal linkages between FDI and disaggregated measures of international trade. We outline a model exemplifying some of these linkages, describe several methods for investigating two-way feedbacks between various categories of trade, and...

Persistent link: https://www.econbiz.de/10012467278

Endogenous Financial Openness : Efficiency and Political Economy Considerations

Aizenman, Joshua - 2003

openness of the economy to international trade, the efficiency of the tax system (which in turn may be affected by political … economy considerations), and on political polarization and the degree of opportunism. Similar predictions are obtained in a … reduces financial openness by 3.5%, and a one standard deviation increase in corruption is associated with a 3% reduction of …

Persistent link: https://www.econbiz.de/10012468550

How Important Are Terms Of Trade Shocks?

Schmitt-Grohé, Stephanie - 2015

three-sector open economy model and estimate key structural parameters country by country. We find that at the country level …

Persistent link: https://www.econbiz.de/10012457414

Pegs, Downward Wage Rigidity, and Unemployment : The Role of Financial Structure

Schmitt-Grohé, Stephanie - 2012

, a pegging economy might be better off with a closed than with an open capital account. Second, the welfare gain from …

Persistent link: https://www.econbiz.de/10012460437

Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds

Aizenman, Joshua - 2010

government's delegation of responsibilities and by various parameters of the economy, such as the volatility of equity returns …

Persistent link: https://www.econbiz.de/10012462264

Volatility, employment and the patterns of FDI in emerging markets

Aizenman, Joshua - 2002

The purpose of this paper is to explore the implications of the deepening presence of multinationals in emerging markets on the cost of macroeconomic volatility there. We find that macroeconomic volatility has a potentially large impact on employment and investment decisions of multinationals...

Persistent link: https://www.econbiz.de/10012469306

The Merits of Horizontal versus Vertical FDI in the Presence of Uncertainty

Aizenman, Joshua - 2001

This paper examines the impact of uncertainty on the profitability of vertical and horizontal foreign direct investment (FDI). Vertical FDI takes place when the multinational fragments the production process internationally, locating each stage of production in the country where it can be done...

Persistent link: https://www.econbiz.de/10012470085

Uncertainty and the Disappearance of International Credit

Aizenman, Joshua - 1999

We show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight...

Persistent link: https://www.econbiz.de/10012471396