1,721,354 research outputs found
Private investment, government policy, and foreign capital in Zimbabwe
Full text linkPolicy measures to encourage recovery of private investment in Zimbabwe should focus not on measures to raise current profits but on measures to relieve supply side constraints, to reduce perceived risk, to clearly define the rules of the game for foreign investors, and to create a more favorable environment for investment decision making. Together these measures would constitute a radical shift in the business environment - one that need not lead to an unwarranted rise in either the foreign share of profits or the share of foreign capital in the economy. Dailami and Walton conclude that no simple policy shift will initiate and sustain the recovery of private investment in Zimbabwe. The reasons for weak private investment are complex. Adjustments in conventional areas are unlikely to work when the problem also lies in the overall environment for investment decision making and intangible perceptions of future risk.Economic Theory&Research,Environmental Economics&Policies,International Terrorism&Counterterrorism,Trade and Regional Integration,Financial Intermediation
The Bolsheviks and the Jangali revolutionary movement, 1915-1920*
No full textPezhmann Dailami, The Bolsheviks and the Jangali revolutionary movement, 1915-I920.
This article examines the activities of the Bolsheviks in the Gilan province of Iran during the years 1915 to 1920 when the Jangali revolutionary movement dominated the politics of that province. It questions the established belief that the Bolsheviks only entered the politics of Gilan in 1920 when their forces landed on the Gilan coast of the Caspian. It examines the role that the Bolsheviks played in Gilan and sheds light on the hitherto unexplored history of the Jangali-Bolshevik relations prior to the establishment of the "Soviet Republic of Iran" (in Gilan) in May 1920. The article concludes that their relationship was firm and generally friendly and calls for a «examination of Jangali-Bolshevik relations during the Republic.Pezhmann Dailami, Les bolcheviks et le mouvement révolutionnaire djengali, 1915-1920.
Cet article examine les activités des bolcheviks dans le Gilan (Iran) au cours des années 1915-1920 où le mouvement révolutionnaire djengali dominait la politique de cette province. Il remet en question la thèse selon laquelle les bolcheviks ne s'étaient mêlés de la politique du Gilan qu'en 1920 lorsque leurs forces avaient débarqué sur la côte de la mer Caspienne. Il étudie le rôle joué au Gilan par les bolcheviks et éclaire l'histoire jusqu'à ce jour inexplorée des relations djengali -bolcheviques avant la création de la République soviétique d'Iran (au Gilan) en mai 1920. L'article conclut que celles-ci étaient fermes et généralement amicales et invite à réexaminer les relations djengali-bolcheviques pendant la république.Dailami Pezhmann. The Bolsheviks and the Jangali revolutionary movement, 1915-1920*. In: Cahiers du monde russe et soviétique, vol. 31, n°1, Janvier-Mars 1990. pp. 43-59
What macroeconomic policies are"sound?"
Full text linkMost people agree that the soundness of macroeconomic policies should be judged by their efficacy in meeting the objectives of steady growth, full employment, stable prices, and a viable external payments situation. What people debate about are the links between macroeconomics and economic structure--and in the current environment, the openness to foreign capital flows. As developing countries become more integrated into international financial markets, volatility may become an increasing fact of life. Faced with such volatility, how should these countries frame their macroeconomic policies? What broad principles should guide their macroeconomic management? In many developing countries, the openness of the capital account has been significant. Many countries have made the transition toward an open-economic paradigm. As a result, fluctuations in international capital and currency markets, as well as shifts in foreign investors'attitudes and confidence, have greatly affected local stock market prices, the level of foreign exchange reserves, and the scope for monetary and interest rate policy. Capital controls and foreign exchange restrictions have been significantly dismantled in a number of developing and transition economies. In 1970, only 34 countries--or 30 percent of the International Monetary Fund's membership-had assumed Article VIII of the IMF Articles of Agreement, declaring their currency convertible on current account transactions. By 1997, this figure had increased to 77 percent. Does financial integration make it more difficult to achieve macroeconomic stability? Apparently not, on the whole, although at times large short-term capital flows can lead to misaligned asset prices, including exchange rates. What financial integration does do is limit how far countries can pursue policies incompatible with medium-term financial stability. The disciplining effect of global financial and product markets applies not only to policymakers-through pressures on financial markets-but also to the private sector. Rather than constrain the pursuit of appropriate policies, globalization may add leverage and flexibility to such policies, easing financing constraints and extending the time during which countries can make adjustments. But markets will provide this leeway only if they perceive that countries are undertaking adjustments that address fundamental choices.Economic Theory&Research,Fiscal&Monetary Policy,Payment Systems&Infrastructure,Banks&Banking Reform,Environmental Economics&Policies,Banks&Banking Reform,Environmental Economics&Policies,Financial Intermediation,Economic Theory&Research,Macroeconomic Management
The effects of debt subsidies on corporate investment behavior
Full text linkThis paper argues that credit subsidies are ineffective in stimulating business investment in productive assets. Instead, they lead to an increase in corporate holdings of financial assets and real estate. For empirical verification, the investment patterns in a sample of 241 Korean corporations listed on the Korean Stock Exchange between 1984 and 1988 were examined. The authors found a significant positive relation between corporate speculative asset holding and access to subsidized loans. Their estimates indicate that without interest rate controls and other forms of subsidy, corporate holdings of speculative assets would have been one-seventh of observed levels. Moreover, most corporate real estate holdings appear to be unrelated to production activities. Little evidence is found that the Korean government's interest rate controls and credit allocation policy have accelerated expansion of corporate investment. If anything, the controls are partly to blame for the overheated Korean stock market during 1986-88.Economic Theory&Research,International Terrorism&Counterterrorism,Banks&Banking Reform,Environmental Economics&Policies,Municipal Financial Management
Infrastructure project finance and capital flows : a new perspective
Full text linkThe success with which middle-income indebted developing countries have gained access to private international finance in the 1990s is a tribute to their own domestic economic performance, international policy in dealing with the debt crisis of the 1980s, and innovation in international financial markets. Emphasizing the role of private infrastructure investment as a vehicle for attracting foreign capital to developing countries in the 1990s, the authors develop an analysis model to examine what determines the credit-risk premium on infrastructure projects in the country-risk environment of developing countries. They also provide tentative quantitative evidence of the importance of macroeconomic and project-specific attributes of project risk. Their key finding is that the market seems to impose a high-risk premium on loans to countries with high inflation and to projects in the road sector.Payment Systems&Infrastructure,Banks&Banking Reform,Financial Intermediation,International Terrorism&Counterterrorism,Environmental Economics&Policies,Financial Intermediation,Economic Theory&Research,Environmental Economics&Policies,Public Sector Economics&Finance,Banks&Banking Reform
Prospects for a multipolar international monetary system
No full textIn this DIIS Report, Dr Mansoor Dailami and Professor Paul Masson envisage a fundamental change in the international monetary system, one that is likely to recognize the growing economic and financial clout of emerging market economies, particularly China. The authors see three possible international currency scenarios for the period 2011-25 emerging. First, the US dollar’s dominance remains unchallenged. Second, a multipolar international monetary system emerges, most likely with the dollar, euro, and renminbi at the center. Third, dissatisfaction with an international currency system based on national currencies leads to reforms that make supply of the world’s currency the result of multilateral decisions
Reflections on credit policy in developing countries: its effect on private investment
Full text linkPrevious approaches to credit policy in the stabilization and adjustment of developing countries have emphasized either the role of the availability of credit or the role of its price - that is, the interest rate. The authors argue that effective credit policy in developing countries must take into account both interest rate and credit channels. The authors develop their argument in the context of the link between credit policy and private investment, using a model of firms'investment behavior in an economy with exogenous, time-varying borrowing constraints. The model incorporates a credit ceiling linked to the firms'net worth and the state of the credit market. The state of the credit market depends on factors such as credit and interest rate policy, regulatory and supervisory practices, and market sentiments that banks consider in making lending decisions. These factors affect banks'decisions independent of a borrower's creditworthiness. Thus, in times of tight money, firms that would otherwise have received loans may be denied them and have to postpone or cut back investment plans. The authors use their model to specify an equation relating aggregate private investment to aggregate output and to two credit market variables. Their findings show that interest rates and credit volume exert a joint influence on the behavior of private investment in the countries examined.Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,Financial Intermediation,International Terrorism&Counterterrorism
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Stock markets in developing countries : key issues and a research agenda
Full text linkThere is much debate in both developed and developing countries about what kinds of financial institutions and markets best serve economic growth. To what extent can the superior performance of Japanese and German economies be attributed to their market-based system (with a focus on short-term gains)? Prominent in current debates about the competitiveness of industrial nations are issues of corporate financial structure and financial market organization. Drawing on recent experiences in India and Korea, the authors consider key issues that arise in connection with the development of equity markets in developing countries. Under what conditions does it make sense to encourage the development of equity markets? Is a functioning equity market a prerequisite for the liberalization of the banking system? Is it useful to think in terms of an optimal debt/equity mix for a developing economy, or for a corporation in a developing economy? What is the appropriate regulatory regime for a developing country's securities market? Without effective regulation, international investors will not have the confidence to commit the resources to developing country markets. Good managment skills are scarce in developing countries. How can matters be arranged to make optimal use of those resources? The stock market's role in effecting changes in corporate governance could be enormously helpful to economic development.Economic Theory&Research,Financial Intermediation,Banks&Banking Reform,Environmental Economics&Policies,International Terrorism&Counterterrorism
- …
