Статьи
Всего статей в данном разделе : 7
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: 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: 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: 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.


Разговор с Галиной Курочкиной. «Хотелось бы видеть в России больше иберо-американского
бизнеса» [статья]
Опубликовано на портале: 18-02-2005
Александр Николаевич Моисеев, Галина Ивановна Курочкина
Галина Ивановна Курочкина – заместитель заведующего отделом стран Америки Министерства
экономического развития и торговли РФ.


