Всего статей в данном разделе : 7
Опубликовано на портале: 03-12-2007Gabriel 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: 16-04-2007Jae-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: 13-02-2007Charles 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: 22-12-2007Alex 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: 03-12-2007Horst 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: 03-12-2007Felix 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: 18-02-2005Александр Николаевич Моисеев, Галина Ивановна Курочкина
Галина Ивановна Курочкина – заместитель заведующего отделом стран Америки Министерства экономического развития и торговли РФ.