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Political Risk Spreads
Bekaert, Geert; Harvey, Campbell; Lundblad, Christian; … - National Bureau of Economic Research (NBER) - 2014
We introduce a new, market-based and forward looking measure of political risk derived from the yield spread between a country's U.S. dollar debt and an equivalent U.S. Treasury bond. We explain the variation in these sovereign spreads with four factors: global economic conditions,...
Persistent link: https://www.econbiz.de/10010951038
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Productivity Growth and Capital Flows: The Dynamics of Reforms
Buera, Francisco J.; Shin, Yongseok - National Bureau of Economic Research (NBER) - 2009
Why doesn't capital flow into fast-growing countries? In this paper, we provide a quantitative framework incorporating heterogeneous producers and underdeveloped domestic financial markets to study the joint dynamics of total factor productivity (TFP) and capital flows. When an unexpected...
Persistent link: https://www.econbiz.de/10005034319
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What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
Kalemli-Ozcan, Sebnem; Kamil, Herman; Villegas-Sanchez, … - National Bureau of Economic Research (NBER) - 2010
We quantify the effects of the lending and balance sheet channels on corporate investment, by comparing the performance of foreign-owned exporters to that of domestic during two types of financial crises: "currency" and "twin." A currency crisis involves a depreciated currency, whereas a twin...
Persistent link: https://www.econbiz.de/10008727862
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Globalization and innovation in emerging markets
Gorodnichenko, Yuriy; Svejnar, Jan; Terrell, Katherine … - National Bureau of Economic Research (NBER) - 2008
Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data on firms in 27 emerging market economies, we estimate the effects of foreign competition, vertical linkages with foreign firms, and international...
Persistent link: https://www.econbiz.de/10005064825
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The Effects of Bilateral Tax Treaties on U.S. FDI Activity
Blonigen, Bruce A.; Davies, Ronald B. - National Bureau of Economic Research (NBER) - 2000
The effects of bilateral tax treaties on FDI activity have been unexplored, despite significant ongoing activities by ….S. inbound and outbound FDI over the period 1966-1992. Our estimates suggest a statistically significant average annual increase … of FDI activity for each additional year of a treaty which ranges from 2% to 8%, depending on the FDI activity measure …
Persistent link: https://www.econbiz.de/10005828940
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Do Bilateral Tax Treaties Promote Foreign Direct Investment?
Blonigen, Bruce A.; Davies, Ronald B. - National Bureau of Economic Research (NBER) - 2002
We explore the impact of bilateral tax treaties on foreign direct investment using data from OECD countries over the period 1982-1992. We find that recent treaty formation does not promote new investment, contrary to the common expectation. For certain specifications we find that treaty...
Persistent link: https://www.econbiz.de/10005829641
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Capital Controls and Financial Crises
Aizenman, Joshua - National Bureau of Economic Research (NBER) - 1999
may induce the emerging market's capitalists to support opening up the economy to FDI. This attitude switch is more likely … -- they would prefer to maintain the restrictions on 'green field' FDI. …
Persistent link: https://www.econbiz.de/10005829717
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A Review of the Empirical Literature on FDI Determinants
Blonigen, Bruce A. - National Bureau of Economic Research (NBER) - 2005
This paper surveys the recent burgeoning literature that empirically examines the foreign direct investment (FDI …) decisions of multinational enterprises (MNEs) and the resulting aggregate location of FDI across the world. The contribution of … the paper is to evaluate what we can say with relative confidence about FDI as a profession, given the evidence, and what …
Persistent link: https://www.econbiz.de/10005830121
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Grossman-Hart (1986) Goes Global: Incomplete Contracts, Property Rights, and the International Organization of Production
Antras, Pol - National Bureau of Economic Research (NBER) - 2011
I survey the influence of Grossman and Hart's (1986) seminal paper in the field of International Trade. I discuss the implementation of the theory in open-economy environments and its implications for the international organization of production and the structure of international trade flows. I...
Persistent link: https://www.econbiz.de/10009321289
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The Value-Added Tax Reform Puzzle
Harrison, Ann E.; Cai, Jing - National Bureau of Economic Research (NBER) - 2011
We explore the impact of a tax reform in some provinces of China which eliminated the value-added tax on some investment goods. While the goal of the experiment was to encourage upgrading of technology, our results suggest that there was no evident increase overall in fixed investment, and...
Persistent link: https://www.econbiz.de/10009325535