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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

Pollution Havens and Foreign Direct Investment : Dirty Secret or Popular Myth?

Smarzynska, Beata K. - 2001

possibility that some features of FDI host countries, such as bureaucratic corruption, may deter inward FDI, but are positively … explicitly into account corruption level in host countries and using a firm-level data set on investment projects in 24 …

Persistent link: https://www.econbiz.de/10012470253

Corruption and Composition of Foreign Direct Investment : Firm-Level Evidence

Smarzynska, Beata K. - 2000

This paper studies the impact of corruption in a host country on foreign investor's preference for a joint venture … versus a wholly-owned subsidiary. There is a basic trade-off in using local partners. On the one hand, corruption makes local … hand, corruption decreases the effective protection of investor's intangible assets and lowers the probability that …

Persistent link: https://www.econbiz.de/10012470767

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

Coping with disasters : two centuries of international official lending

Horn, Sebastian; Reinhart, Carmen M.; Trebesch, Christoph - 2020

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official...

Persistent link: https://www.econbiz.de/10012233649

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

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

The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets

Aizenman, Joshua - 2019

This paper examines determinants of the international reserves (IR) currency composition before and after the Global Financial Crisis (GFC). Applying the annual data of 58 countries, we confirm that countries that trade more with the US, euro zone, UK, and Japan, and issue more debt denominated...

Persistent link: https://www.econbiz.de/10012479884

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

Corona politics : the cost of mismanaging pandemics

Herrera, Helios; Konradt, Maximilian; Ordoñez, Guillermo; … - 2020

The Covid-19 pandemic is a major test for governments around the world. We study the political consequences of (mis …

Persistent link: https://www.econbiz.de/10012269818