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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

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

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

Volatility and the Welfare Costs of Financial Market Integration

Agenor, Pierre-Richard - 1998

funds and congestion externalities. It is shown, in particular, that opening the economy to unrestricted inflows of capital …

Persistent link: https://www.econbiz.de/10012472031

Capital Mobility in a Second Best World -- Moral Hazard With Costly Financial Intermediation

Aizenman, Joshua - 1998

welfare on the banks' cost of funds has an inverted U shape. For such an economy, financial integration and reforming the …

Persistent link: https://www.econbiz.de/10012472110

Controlled Openness and Foreign Direct Investment

Aizenman, Joshua - 1997

The purpose of this paper is to offer an explanation of why a developing country may adopt a partial reform under which foreign direct investments are controlled. We consider a country where the ruling elite [referred to as State capital] prevents the entry of Foreign capital and taxes the...

Persistent link: https://www.econbiz.de/10012472688

Contagion and Volatility with Imperfect Credit Markets

Agenor, Pierre-Richard - 1997

volatility of aggregate shocks impinging on the domestic economy. The implications of this approach are analyzed in a model with …

Persistent link: https://www.econbiz.de/10012472734