466 research outputs found
Private investment, government policy, and foreign capital in Zimbabwe
No full textPolicy 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
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
What macroeconomic policies are"sound?"
No full textMost 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
No full textThis 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
Reflections on credit policy in developing countries: its effect on private investment
No full textPrevious 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
Prescribing trend and pharmacoeconomics evaluation of antiepileptic drugs / Nuur Ramizah Ahmad Dailami
No full textAntiepileptic drugs (AEDs) are the mainstay of treatment for people with epilepsy. Therefore, knowledge on AEDs prescribing trend is vital for healthcare provider. The costs of AEDs have also become more expensive. Thus, pharmacoeconomics evaluation is concerned to measure the costs, outcomes and comparison of the cost and consequences of therapeutic alternatives. This study aimed to determine the prescribing trend of AEDs and to conduct cost-minimization analysis (CMA) of AEDs. A retrospective study was carried out in out-patient department (OPD) of Hospital Tengku Ampuan Rahimah (HTAR) and Hospital Selayang (HS). Prescriptions containing AEDs for patient of any age were included. Those who had taken oral liquid preparation and non-complete prescription were excluded. The demographic information and details of treatment were recorded. Based on prescription selection, AEDs were screened to find the most frequent AEDs used and this were expressed in percentages. Carbamazepine and lamotrigine were selected in conducting CMA as it was assumed to have equal efficacy. Direct medical costs were identified by using acquisition cost, concomitant medications cost and therapeutic drug monitoring (TOM) cost. The treatment costs were expressed as a total cost and average cost per patient. The data were analyzed by using SPSS 12 for Windows. In this study, a total of 116 prescriptions of AEDs were screened. Forty prescriptions were found to contain carbamazepine (n=33) and lamotrigine (n=7) in HTAR. While, 21 prescriptions contained carbamazepine (n=l 7) and lamotrigine (n=4) in HS. Carbamazcpine was shown to be the most frequent drug prescribed in HTAR with 38.4% whereby in HS, it was phenytoin (29.5%). Besides that, lamotrigine, gabapentin and topiramate contributed not more than 12% of the total AEDs prescribed for both government hospitals (GHs). With regard to CMA, it was shown that the average cost per patient was RM 13 7 .36 for carbamazepine and RM204.06 for lamotrigine in HTAR. While in HS, RMl 15.96 and RM314.06 were the average cost per patient for carbamazepine and lamotrigine respectively. The findings in this study showed that the older generation AEDs were most preferred by physicians. Whereas, new generation of AEOs were the least use for both hospitals. Carbamazepine was also found to have lower treatment cost compared to lamotrigine and thus had the potential to save cost. Therefore, the trend of AEDs prescribing coupled with selection of the most cost-saving medications in the management of epilepsy are crucial for quality healthcare delivery
Policy changes that encourage private business investment in Colombia
No full textPrivate business investment has expanded remarkably in Colombia's recent economic recovery. Sustained expansion of this investment is considered crucial to continued economic growth and increases in production. Having analyzed demand, the cost of capital, and the availability and allocation of investable funds, the paper makes the following conclusions. First, motivating firms to expand capacity is a key requirement for continued expansion. Secondly, frequent forecasting of such variables as GDP, interest and exchange rates, and credit and monetary aggregates, would tend to improve the climate for investment. Also, the real (marginal) cost of capital to the nonfinancial corporate sector is high: currently about 16 percent. Policy efforts that induce corporations to substitute equity for debt financing should lead to a more balanced corporate capital structure and possibly a lower overall cost of capital. It could also be reduced by shifting the tax treatment of depreciation allowances away from historical cost accounting system toward a replacement cost accounting system. Finally, high inflation and low savings rates keep the prevailing lending rates high in Colombia - and it is generally easier for larger firms to get capital than for small and medium-size firms.Economic Theory&Research,Environmental Economics&Policies,International Terrorism&Counterterrorism,Banks&Banking Reform,Financial Intermediation
Stock markets in developing countries : key issues and a research agenda
No full textThere 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
Financial policy and corporate investment in imperfect capital markets : the case of Korea
No full textCentral to the effectiveness of financial policies geared towards promoting real business investment is the interaction between corporations'financing and investment decisions. The objectives of this paper are twofold : 1) develop an integrated approach towards the problem of optimal corporate real investment and finance in the context of a financial model of a developing economy characterized by credit rationing, controlled banking sector and an organized equity market; and 2) apply the model to the nonfinancial corporate sector of the economy. The paper is organized as follows : Section I is the introduction; Section II describes the theoretical model of companies'optimal investment and financing behavior ( Tobin's Q approach ), but extended to incorporate some important tax and financial features of the economy; Section III discusses the estimation of the model, with annual data from 1963 to 1986; Section IV concludes with a brief discussion of some relevant policy implications and lessons.Financial Intermediation,Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,International Terrorism&Counterterrorism
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