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Much has been recently written about the Multilateral Agreement on Investment (MAI) that has been negotiated by OECD countries. Perhaps even more has been said by the critics of those who would like to see an agreement of this kind extended among other countries. There has indeed been a great...
Persistent link: https://www.econbiz.de/10010229104
This paper examines the influence of political risk guarantees of bilateral investment treaties on debt and equity flows using panel data on middle income countries for the period 1984-2011. Adopting system GMM methodology, the paper empirically finds that ratified bilateral investment treaties...
Persistent link: https://www.econbiz.de/10010506255
In this paper the author empirically examines whether the influence of bilateral investment treaties' political risk guarantees extends to other types of capital flows - FDI, private debt, public debt and portfolio equity. The paper uses panel data on middle and low income countries during the...
Persistent link: https://www.econbiz.de/10011317969
International financial relations have largely been defined by cross-border trade, foreign direct investments, and global banking relations. This paper demonstrates that another activity, sovereign investments by special vehicles known as sovereign wealth funds, is rapidly redefining the...
Persistent link: https://www.econbiz.de/10014156884
This paper analyzes, both theoretically and empirically, the link between capital inflows and the quality of economic institutions. To this purpose, we construct a small-open economy model of the “soft budget constraint” syndrome wherein persistently cheap funding from abroad (i) raises the...
Persistent link: https://www.econbiz.de/10012107008
This paper examines the influence of political risk guarantees of bilateral investment treaties on debt and equity flows using panel data on middle income countries for the period 1984-2011. Adopting system GMM methodology, the paper empirically finds that ratified bilateral investment treaties...
Persistent link: https://www.econbiz.de/10013072300
This article considers whether Malaysian capital controls were effective in reducing short-term capital flows, as the authorities intended. Although the controls began in September 1998, the effectiveness of Malaysian capital controls has not been demonstrated.This article analyzes the...
Persistent link: https://www.econbiz.de/10013060913
Global firms finance themselves through foreign subsidiaries, often shell companies in tax havens, which obscures their nationality in aggregate statistics. We associate the universe of traded securities with their issuer's ultimate parent and restate bilateral investment positions to better...
Persistent link: https://www.econbiz.de/10012843191
Compared with China's pre-eminent status in world trade, its role in global finance is poorly understood. This paper studies the size, characteristics, and determinants of China's capital exports building a new database of 5000 loans and grants to 152 countries, 1949-2017. We find that 50% of...
Persistent link: https://www.econbiz.de/10012159810
This paper explores the empirical determinants of external crises on a world panel dataset of 62 countries over the fifty-year period 1970-2019 and estimates their risk trade-offs with the aim of informing macrofinancial prudential policies. The determinants include countries' external balance...
Persistent link: https://www.econbiz.de/10014480077