Статьи
Всего статей в данном разделе : 18
Опубликовано на портале: 03-12-2007
Gabriel Di Bella, Mark Lewis, Aurelie Martin
IMF ,Working Paper.
2007.
No. 07/201.
Assessing a country's competitiveness routinely starts with an analysis of the real
exchange rate. However, in low-income countries, empirical analysis of the real exchange
rate is often subject to important limitations that seriously weaken the results.
This paper summarizes the methodologies used to assess real exchange rate misalignments
and discusses the range of obstacles common to low-income countries. Recognizing
the importance of using a wide range of indicators for assessing competitiveness
in low-income countries, the paper discusses alternative competitive measures and
then proposes a template of indicators to allow for a systematic assessment of competitiveness
in low-income countries. The template is then used to rank countries according to
their competitiveness performance in 2006.
Опубликовано на портале: 16-04-2007
Jae-Seung Baek, Jun-Koo Kang, Kyung Suh Park
Journal of Financial Economics.
2004.
Vol. 71.
No. 2.
P. 265-313.
We show that during the 1997 Korean financial crisis, chaebol firms with higher ownership
concentration by unaffiliated investors experience a smaller reduction in their share
value. Firms with higher disclosure quality and alternative sources of external financing
also suffer less. In contrast, chaebol firms with concentrated ownership by controlling
family shareholders experience a larger drop in the value of their equity. Firms
in which the controlling shareholders' voting rights exceed their cash flow rights,
borrow more from the main banks, and are highly diversified also have lower returns.
Finally, we find that downsizing (diversifying expansionary) actions during the crisis
have a positive (negative) effect on the value of chaebol firms. Our results suggest
that change in firm value during such a crisis is a function of firm-level differences
in corporate governance measures and owner-manager incentives.
Опубликовано на портале: 12-02-2007
Varouj Aivazian, Ying Ge, Jiaping Qiu
Journal of Banking & Finance.
2005.
No. 29.
P. 1459-1481.
This paper examines empirically the quality of the governance mechanisms of Chinese
state-owned enterprises from 1994–1999, a period marked by substantial changes
in policies affecting the governance structure of these firms. It shows that the
restructuring of these enterprises according to corporate law improved the effectiveness
of their governance system. Specifically, restructuring strengthened the links between
manager turnover and firm performance.
The results indicate that firm performance was significantly and negatively related
to manager demotion for incorporated state-owned enterprises, while this relationship
was insignificant for unincorporated enterprises. They also indicate that manager
turnover was a viable incentive mechanism for improving future enterprise performance.
Опубликовано на портале: 13-02-2007
Charles P. Oman
OECD Working Papers.
2001.
No. 180.
Corporate governance matters for national development. Case studies of Argentina, Brazil, Chile, China, India, Malaysia and South Africa suggest that it has a role of growing importance to play in helping to increase the flow of financial capital
to firms in developing countries. Equally important are the potential benefits of improved corporate governance for overcoming barriers, including the actions of vested interest groups, to achieving sustained productivity growth. Improved corporate governance, however, cannot be considered in isolation. In the financial sector, attention must also be given to measures to strengthen the banking sector, and a country’s financial institutions as a whole. In the “real” sector, close attention must be given to competition policy and sector–specific regulatory reform. Forces working in favour of improved corporate governance in developing countries include those operating both on the demand and on the supply side of
domestic and international portfolio equity flows to corporations in those countries.
Forces working against significantly improved corporate governance (which may nonetheless give lip service to the need for such improvement) include many dominant shareholders and other corporate insiders — in the private and public sectors
— in entrenched distributional cartels. The heightened risk of regulatory capture in countries
with clientelistic relationship–based (as opposed to rules–based) systems of governance
reinforces the fact that good corporate governance requires good political governance, and vice–versa.
Опубликовано на портале: 16-04-2007
Bernard S. Black, Hasung Jang, Woochan Kim
Journal of Law, Economics, and Organization.
2006.
Vol. 22.
No. 2.
P. 366-413.
We report strong OLS and instrumental variable evidence that an overall corporate
governance index is an important and likely causal factor in explaining the market
value of Korean public companies. We construct a corporate governance index (KCGI,
0~100) for 515 Korean companies based on a 2001 Korea Stock Exchange survey. In OLS,
a worst-to-best change in KCGI predicts a 0.47 increase in Tobin's q (about a 160%
increase in share price). This effect is statistically strong (t = 6.12) and robust
to choice of market value variable (Tobin's q, market/book, and market/sales), specification
of the governance index, and inclusion of extensive control variables.
We rely on unique features of Korean legal rules to construct an instrument for KCGI.
Good instruments are not available in other comparable studies. Two-stage and three-stage
least squares coefficients are larger than OLS coefficients and are highly significant.
Thus, this paper offers evidence consistent with a causal relationship between an
overall governance index and higher share prices in emerging markets.
We also find that Korean firms with 50% outside directors have 0.13 higher Tobin's
q (roughly 40% higher share price), after controlling for the rest of KCGI. This
effect, too, is likely causal. Thus, we report the first evidence consistent with
greater board independence causally predicting higher share prices in emerging markets.
Опубликовано на портале: 22-12-2007
Alex Segura-Ubiergo, Alejandro Simone, Sanjeev Gupta
IMF, Working Paper.
2006.
No. 06/244.
This paper analyzes the relationship between fiscal adjustment and real GDP growth
in a
panel of 26 transition economies during 1992–2001. Unlike most previous studies
using
cross-country regressions, the paper finds a positive and statistically significant
relationship
between fiscal adjustment and growth that is robust to different model specifications
and
estimation methods. The paper also presents country experiences to delve deeper into
the
mechanisms that may underlie this statistical relationship.
The Growth Performance of Developing Countries in the Last Thirty Years. Who gained?
Who Lost? [статья]
Опубликовано на портале: 03-12-2007
Horst Siebert
Kiel Working Papers.
2006.
No. 1280.
This paper answers the question which developing countries have gained and which
have lost in the international division of labor during the last thirty years. The
indicators used are GDP per capita in constant purchasing power parity and relative
distance to the United States. Nearly all developing countries have improved in absolute
terms over the last thirty years; many, among them China and India with large populations,
have also reduced their relative distance to the United States. The paper classifies
developing countries and discusses impediments to economic development and core elements
of a growth strategy.
Опубликовано на портале: 01-11-2006
Eugene K. Lawson, E. Neville Isdell
Внешнеэкономические связи.
2005.
Т. 20.
№ 8.
С. 40-44.
3-4 октября 2005 года Американо-Российский Деловой Совет провел 13-е ежегодное заседание членов и директоров Совета в Москве. На конференции выступили официальные лица и представители бизнеса, которые обсудили такие темы как американо-российские отношения, страны БРИК (Бразилия, Россия, Индия, Китай), корпоративная социальная ответственность, потребительские расходы, сотрудничество в энергетическом секторе и т.д. Статья рассказывает о результатах встречи.
Опубликовано на портале: 03-12-2007
Felix Hammermann, Mark J. Flanagan
IMF ,Working Paper.
2007.
No. 07/189.
Panel estimates based on 19 transition economies suggests that some central banks
may aim at comparatively high inflation rates mainly to make up for, and to perhaps
exploit, lagging internal and external liberalization in their economies. Out-of-sample
forecasts, based on expected developments in the underlying structure of these economies,
and assuming no changes in institutions, suggest that incentives may be diminishing,
but not to the point where inflation levels below 5 percent could credibly be announced
as targets. Greater economic liberalization would help reduce incentives for higher
inflation, and enhancements to central bank independence could help shield these
central banks from pressures.
Опубликовано на портале: 12-11-2004
Людмила Александровна Аносова
Экономическая наука современной России.
1999.
№ 2.
С. 87-93.
Экономическое сотрудничество Европы и Азии — это обширное поле деятельности
для испытания новых его форм, ведущих к обоюдовыгодному результату. В статье рассмотрена
концепция наведения «моста» между Западной Европой и Россией, между Западной
Европой и Азией. Новые возможности развития экономического и торгового сотрудничества
открывает инициатива Китая, призвавшего создать объединенными усилиями заинтересованных
стран Евразийский континентальный «мост», протяженностью около 11 тыс.
км, который должен соединить более 40 стран с населением 2,2 млрд. чел. На фоне этой
перспективы западные страны начинают заново познавать и оценивать Китай как державу
мирового плана.
Все дороги ведут в Китай [статья]
Опубликовано на портале: 15-12-2006
Внешнеэкономические связи.
2004.
Т. 10.
№ 10.
С. 54-55.
В статье рассматриваются результаты международного сотрудничества России и Китая
в 2004 году. Приведены данные по внешнеторговому обороту между Россией и Китаем,
по общему объему экспорта и импорта и т.д.
Как притормозить Китай? [статья]
Опубликовано на портале: 01-11-2006
Владимир Квинт
Внешнеэкономические связи.
2005.
Т. 20.
№ 8.
С. 33.
В статье Владимира Квинта – профессора международного бизнеса Высшей школы бизнеса Американского университета, рассматриваются концепции абсолютно свободной международной торговли, экономическое развитие Китая.
Опубликовано на портале: 31-12-2010
Лю Кселин, Наннан Лундин
Форсайт.
2007.
Т. 1.
№ 4.
С. 20-31.
Стремительный рост экономики Китая в последние два с лишним десятилетия – естественное следствие эффективной политики государства по ее трансформации в открытую и рыночную форму. Аналогичные изменения претерпела и инновационная система. Основной упор сделан на сотрудничество науки и бизнеса, коммерциализацию научных исследований. Как результат - деятельность отдельных высокотехнологичных компаний Китая уже обрела глобальные масштабы, а сам Китай стал чрезвычайно привлекательным местом для размещения производств и исследовательских центров зарубежными транснациональными компаниями.
Особенности китайских офшоров [статья]
Опубликовано на портале: 15-12-2006
Внешнеэкономические связи.
2004.
Т. 10.
№ 10.
С. 56-57.
Несмотря на быстрые изменения, Китай все таки остается централизованной страной,
достаточно строго регламентирующей деятельность иностранного бизнеса. Тем не менее
есть районы, предоставляющие сравнительно мягкий режим. В статье предлагается метод,
который позволяет облегчить регистрационные процедуры в Китае, - учредить офшорную
компанию в Гонконге и управлять вашим бизнесом оттуда.
Опубликовано на портале: 06-10-2006
Рустем Махмутович Нуреев
TERRA ECONOMICUS.
2004.
Т. 2.
№ 4.
С. 30-59.
Статья посвящена институциональному анализу специфики стран третьего мира, возникших
в результате крушения колониальной системы. Исторический экскурс и статистический
материал позволяют автору проиллюстрировать асинхронность, характеризующую процессы,
протекающие в экономической и социальной сферах соответствующей группы стран. Вместе
с тем, в статье обозначены факторы, обусловливающие тенденции как синхронизации,
так и асинхронизации развития стран третьего мира. Автор концентрируется на эволюции
стратегий догоняющего развития, явившихся реакцией на проблему технической, социальной
и экономической отсталости развивающихся стран, а также показаны результаты попыток
их практического применения.
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