The composition of private capital flows to emerging market economies: theory and empirical evidence
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| Format: | Abschlussarbeit Buch |
| Sprache: | German |
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Aachen
Shaker
2008
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| Schriftenreihe: | Berichte aus der Volkswirtschaft
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| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIX, 291 S. graph. Darst. 21 cm |
| ISBN: | 9783832272012 |
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| 245 | 1 | 0 | |a The composition of private capital flows to emerging market economies |b theory and empirical evidence |c Michael W. Sket |
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Datensatz im Suchindex
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| adam_text | CONTENTS
List of Tables IX
List of Figures XI
List of Abbreviations XIII
List of Symbols XVI
1. Introduction 1
2. The Evolution of Capital Flows to Emeiging Market Economies: Booms
and Busts 7
2.1 The Emergence of World Financial Markets 8
2.1.1 Aggregate Saving, Investment and Capital Flows to EMEs 9
2.1.2 Recent Current Account Surpluses in EMEs and Trends in
Global Imbalances 11
2.2 Changing Patterns of Capital Flows to EMEs 15
2.2.1 Evolution of International Debt Finance 18
2.2.1.1 International Bank Lending 18
2.2.1.2 International Bond Finance 22
2.2.2 Shifting Forms of Equity Finance 27
2.2.2.1 Trends in Portfolio Equity 27
2.2.2.2 Foreign Direct Investment 34
2.2.3 Derivative Securities 38
2.2.4 International Migrant Remittances 41
3. The Investment Environment in Emerging Market Economies: Institu-
tionai Quality and Economic Policies 45
3.1 Corruption and Legal Foundations 47
3.1.1 Corruption and Crony Capitalism 49
3.1.2 Investor Protection: Shareholder and Creditor Rights ... 52
3.1.3 Enforceability of Contracts 56
IV Contents
3.2 Frictions in Emerging Financial Systems 57
3.2.1 Informational Frictions on Financial Markets 58
3.2.2 Agency Costs and the Separation of Ownership from Cor-
porate Control 64
3.2.2.1 Agency Costs and Capital Flows 65
3.2.2.2 Corporate Control Issues in EMEs 67
3.3 Financial Repression 71
3.3.1 Regulation of Interest Rates 72
3.3.2 Credit Controls 73
3.3.3 Government Control of Financial Market Access 75
3.3.4 Restrictions on Capital Flows: Efficacy, Costs and Biased
Capital Flows 76
3.4 Default, Expropriation and Sovereign Risk 80
3.4.1 Repudiation: Sovereign Default and Expropriation 81
3.4.1.1 The Logic of Sovereign Debt Default 82
3.4.1.2 Expropriation of Foreign Direct and Portfolio Eq-
uity Investment 84
3.4.1.2.1 Discriminatory Taxation and Seignorage 85
3.4.1.2.2 Confiscation and Nationalization .... 88
3.4.1.3 The Composition of Capital Flows in the Presence
of Sovereign Risk 89
3.4.2 Inability to Pay: Currency and Financial Crises 91
3.4.2.1 The Standard Theory of Currency Crises: A Brief
Review 92
3.4.2.2 The Balance-Sheet Approach: Currency Crises
and Contagion 9(
3.5 Exchange Rate Regimes, Moral Hazard and the Composition of
Capital Flows . 103
3.5.1 Pegged Exchange Rates, Currency Risk and Capital Flows 104
3.5.2 Investor and Borrower Moral Hazard in Emerging Financial
Markets 109
3.5.2.1 Explicit and Implicit Government Guarantees . • 109
3.5.2.2 Do Credit Facilities provided by the IMF Bias the
Composition of Capital Flows?
3.6 Of Institutions and Policies: Recent Developments 113
4. Corporate Policies and Capital Flows to Emerging Market Economies . 117
4.1 Does Corporate Finance in EMEs Matter at all? 119
Contents V
4.2 Capital Structure and the Cost of Capital: The Trade-off Theory
and Taxation in EMEs 121
4.2.1 Corporate and Personal Income Taxes: The Tax Shield . . 121
4.2.2 The Tax-Shelter-Bankruptcy-Cost Model 123
4.2.3 A Dynamic Extension of the Trade-off Model: Covenants,
Asset Value, and Bankruptcy 125
4.2.3.1 Debt without Protective Covenants and Optimal
Leverage 126
4.2.3.2 Positive Net-Worth Covenants and Optimal Lever¬
age 127
4.2.4 Taxation and the Realities of EMEs 129
4.3 Asymmetrie Information, Corporate External Finance and Capital
Flows 132
4.3.1 Adverse Selection in Financial Markets and the Pecking-
order of Corporate Finance 133
4.3.1.1 The Lemons Problem and the Dilution Cost of
Equity Finance 133
4.3.1.2 An Equilibrium Model of Corporate Capital Struc¬
ture in EMEs 137
4.3.2 Adverse Selection and Foreign Investment Appraisal .... 142
4.3.2.1 Types of Capital Inflows in the Light of Adverse
Selection 143
4.3.2.2 The Composition and Relevance of Capital Inflows 146
4.3.3 Moral Hazard and Costly Bank Monitoring 148
4.3.3.1 Borrowing with Costly Bankruptcy and Bank Mon¬
itoring 151
4.3.3.2 FDI, Portfolio Equity and Monitoring Costs ... 152
4.3.3.3 The Composition of International Corporate Fi-
nancing 154
4.3.4 Asymmetrie Information between Foreign and Domestic In¬
vestors: A Qualified View of FDI 155
4.3.4.1 The Choice between Greenfield Foreign Direct In¬
vestment and Mergers and Acquisitions (M A) . 156
4.3.4.2 Foreign Direct Investors Facing Liquidity Shocks 161
4.3.5 Impact of Asymmetrie Information on International Capi¬
tal Flows 164
4.4 Corporate Agency Costs, Expropriation Risk and Cross-Border
Capital Flows 167
VI Contents
4.4.1 The Agency Costs of Debt and Equity 168
4.4.1.1 Conflicts between Equityholders and Managers:
External Debt as a Means to Limit Managerial
Entrenchment 170
4.4.1.1.1 Firm Value, Liquidation and Expansion 171
4.4.1.1.2 The Maturity Structure Reconsidered . . 171
4.4.1.2 Conflicts between Equityholders and Debtholders:
The Debt Agency Problem 174
4.4.1.2.1 Default on Public Debt and Bank Debt . 178
4.4.1.2.2 The Optimal Quantity of Bank Debt and
Public Debt 180
4.4.2 The Dual Agency Problem and Capital Flows to EMEs . . 183
4.5 Private Capital Flows to EMEs: Is There a Common Ground? . • 185
5. Empirical Evidence *9
5.1 A Survey of the Related Literature 194
5.1.1 Estimating the Composition of Capital Flows !96
5.1.1.1 Montiel and Reinhart (1999) 197
5.1.1.2 Garibaldi, Mora, Sahay, and Zettelmeyer (2002) . 199
5.1.1.3 Carlson and Hernandez (2002) ....••••• 200
5.1.1.4 Ahmed, Arezki, and Funke (2005) ...•••¦¦¦ 202
5.1.2 Estimating the Structure of the Foreign Asset Position . • 203
5.1.2.1 Kraay, Loayza, and Serven (2000) 203
5.1.2.2 Lane and Milesi-Ferretti (2001a) ...¦••••• 205
5.1.2.3 Faria and Mauro (2004) ...-•¦ 206
9fl7
5.1.3 An Assessment of the Empirical Literature
5.2 What Determines the Composition of Capital Flows to EMEs?:
Econometric Analysis ...•¦¦ 209
5.2.1 Data Selection and Descriptive Statistics
217
5.2.2 Econometric Methodology ...¦¦•
5.2.2.1 Static Panel Data Models ...••¦ 219
5.2.2.2 Dynamic Panel Data Models ...••¦ 222
224
5.2.3 A Note on Unit Roots in Panel Data ...•••
5.2.4 Determinants of the Composition of Capital Flows to EMEs 227
6. CoDclusions and Policy Implications ...-••
Contents VU
Appendix 243
A. Tables 245
B. Data 255
Bibliogmphy 261
Index 287
LIST OF TABLES
2.1 Episodes of Capital Flows to EMEs since the 1970s 8
2.2 Changes in Bank Exposure to EMEs 22
2.3 Original Brady/Exchange Issue Amounts 25
2.4 Selected Capital Raisings in EMEs using ADR Programs in 2004 . 30
2.5 Top 25 International Equity Deals in 2003 32
2.6 Types of FDI Flows by Region, 1995-2002 36
3.1 Corruption Perception Index 2005 50
3.2 The State of Investor Rights in EMEs 55
3.3 Degree of Contract Enforcement in EMEs 57
3.4 Selected Emerging Market Companies Recent Problems 68
3.5 Withholding Taxes in Selected EMEs (U.S.-Based Institutional In¬
vestors, End-2002) 87
3.6 Economic Performance Across Exchange Rate Regimes 93
3.7 Financial Crises in EMEs with Immediate International Repercus-
sions, 1990-2000 102
4.1 International Capital Flows Subject to Financial Market Imper-
fections 189
5.1 Categorization of Capital Flows according to the IMF 196
5.2 Descriptive Statistics - Net Capital Inflows 1996-2005 to EMEs . . 211
5.3 Descriptive Statistics - Explanatory and Control Variables .... 218
5.4 Hausman Test Statistics 222
5.5 MW Panel Unit Root Test Statistics 227
5.6 Fixed and Random Estimates for the Composition of Capital Flows 229
5.7 Fixed Effect Estimates for Types of Capital Inflows as Percent of
GDP, 1996-2005 230
5.8 Differenced GMM Estimates for the Composition of Capital Flows
(inpercentof total inflows), 1996-2005 231
5.9 Differenced GMM Estimates for the Composition of Capital Flows
(in percent of GDP), 1996-2005 233
X List of TabJes ^__
6.1 Properties of Different Forms of Capital Inflows 239
A.l Selected Aspects of Foreign Capital Controls in Key EMEs, 2003 . 246
A.2 De Facto Exchange Rate Arrangements and Anchors of Monetary
Policy in EMEs as of June 30, 2004 248
A.3 List of Countries Included in the Empirical Study 249
A.4 Net Capital Inflows to North and Sub-Saharan Africa, 1996-2005 . 249
A.5 Net Capital Flows to South and East Asia, 1996-2005 250
A.6 Net Capital Flows to Central and Eastern Europe, 1996-2005 ... 250
A.7 Net Capital Flows to Latin America and Caribbean, 1996-2005 . . 251
A.8 Net Capital Flows to the Middle East, 1996-2005 251
A.9 Correlation Matrix of Main Explanatory Variables and Control
Variables 252
A.10 Random Effect Estimates, 1996-2005 253
B.l Sources of WBI Aggregate Governance Indicators 258
LIST OF FIGURES
2.1 The Saving-Investment Relationship and the Current Account Bal¬
ance in EMEs 10
2.2 Comparing Recent Current Account Developments in the Euro
Area, in the US and in EMEs 12
2.3 Regional Contribution to EMEs Current Account Balances .... 13
2.4 Taxonomy of International Finance in EMEs 16
2.5 Composition of Net Capital Flows to EMEs 16
2.6 Composition of Gross Capital Flows to EMEs 17
2.7 Net Bank Lending to EMEs 21
2.8 Net Bond Flows to EMEs 24
2.9 Net Equity Flows to EMEs 31
2.10 Net FDI Flows to EMEs 35
2.11 Regional Shares of FDI Flows 38
2.12 Notional Amounts of OTC Equity-Linked Forwards and Swaps
Outstanding 40
2.13 Notional Amounts of OTC Equity-Linked Options Outstanding . 40
2.14 Net Remittance Flows to Developing Countries 42
2.15 Top 20 Remittance-recipient Countries in 2004 43
2.16 Top 20 Remittance-recipient Countries in 2004 44
3.1 The Financial System s Legal Pyramid 48
3.2 Information Imperfections and Under-investment 60
3.3 Interest Rate Ceilings on Bank Deposits 73
3.4 Reserve Requirements and Directed Credit 74
3.5 The Elements of Sovereign Risk 81
3.6 Links between the Investment Environment, Balance Sheets and
Volatility in EMEs 97
3.7 Credit Rationing, Output Shocks and Currency Crises 100
4.1 The Tax-Shield-Bankruptcy-Costs Trade-off 125
4.2 The Issue-Invest Decision in the Myers-Majluf Model 136
XII List ofFigures
4.3 The Pecking-order for Corporate Finance in EMEs with High In-
termediation Costs 139
4.4 The Pecking-order for Corporate Finance with Low Intermediation
Costs 140
4.5 The Time Structure of the Razin-Sadka Model 143
4.6 The Pecking-order of International Capital Flows according to the
Razin-Sadka Model 148
4.7 The Pecking-order of International Capital Flows according to the
Neumann Model 154
4.8 The Choice between FDI and Portfolio Investment 163
4.9 The Cost of Default on Bank Debt I79
4.10 Desirable and Undesirable Default 181
4.11 Agency Problems Faced by International Investors 184
|
| adam_txt |
CONTENTS
List of Tables IX
List of Figures XI
List of Abbreviations XIII
List of Symbols XVI
1. Introduction 1
2. The Evolution of Capital Flows to Emeiging Market Economies: Booms
and Busts 7
2.1 The Emergence of World Financial Markets 8
2.1.1 Aggregate Saving, Investment and Capital Flows to EMEs 9
2.1.2 Recent Current Account Surpluses in EMEs and Trends in
Global Imbalances 11
2.2 Changing Patterns of Capital Flows to EMEs 15
2.2.1 Evolution of International Debt Finance 18
2.2.1.1 International Bank Lending 18
2.2.1.2 International Bond Finance 22
2.2.2 Shifting Forms of Equity Finance 27
2.2.2.1 Trends in Portfolio Equity 27
2.2.2.2 Foreign Direct Investment 34
2.2.3 Derivative Securities 38
2.2.4 International Migrant Remittances 41
3. The Investment Environment in Emerging Market Economies: Institu-
tionai Quality and Economic Policies 45
3.1 Corruption and Legal Foundations 47
3.1.1 Corruption and Crony Capitalism 49
3.1.2 Investor Protection: Shareholder and Creditor Rights . 52
3.1.3 Enforceability of Contracts 56
IV Contents
3.2 Frictions in Emerging Financial Systems 57
3.2.1 Informational Frictions on Financial Markets 58
3.2.2 Agency Costs and the Separation of Ownership from Cor-
porate Control 64
3.2.2.1 Agency Costs and Capital Flows 65
3.2.2.2 Corporate Control Issues in EMEs 67
3.3 Financial Repression 71
3.3.1 Regulation of Interest Rates 72
3.3.2 Credit Controls 73
3.3.3 Government Control of Financial Market Access 75
3.3.4 Restrictions on Capital Flows: Efficacy, Costs and Biased
Capital Flows 76
3.4 Default, Expropriation and Sovereign Risk 80
3.4.1 Repudiation: Sovereign Default and Expropriation 81
3.4.1.1 The Logic of Sovereign Debt Default 82
3.4.1.2 Expropriation of Foreign Direct and Portfolio Eq-
uity Investment 84
3.4.1.2.1 Discriminatory Taxation and Seignorage 85
3.4.1.2.2 Confiscation and Nationalization . 88
3.4.1.3 The Composition of Capital Flows in the Presence
of Sovereign Risk 89
3.4.2 Inability to Pay: Currency and Financial Crises 91
3.4.2.1 The Standard Theory of Currency Crises: A Brief
Review 92
3.4.2.2 The Balance-Sheet Approach: Currency Crises
and Contagion 9("
3.5 Exchange Rate Regimes, Moral Hazard and the Composition of
Capital Flows . 103
3.5.1 Pegged Exchange Rates, Currency Risk and Capital Flows 104
3.5.2 Investor and Borrower Moral Hazard in Emerging Financial
Markets 109
3.5.2.1 Explicit and Implicit Government Guarantees . • 109
3.5.2.2 Do Credit Facilities provided by the IMF Bias the
Composition of Capital Flows?
3.6 Of Institutions and Policies: Recent Developments 113
4. Corporate Policies and Capital Flows to Emerging Market Economies . 117
4.1 Does Corporate Finance in EMEs Matter at all? 119
Contents V
4.2 Capital Structure and the Cost of Capital: The Trade-off Theory
and Taxation in EMEs 121
4.2.1 Corporate and Personal Income Taxes: The Tax Shield . . 121
4.2.2 The Tax-Shelter-Bankruptcy-Cost Model 123
4.2.3 A Dynamic Extension of the Trade-off Model: Covenants,
Asset Value, and Bankruptcy 125
4.2.3.1 Debt without Protective Covenants and Optimal
Leverage 126
4.2.3.2 Positive Net-Worth Covenants and Optimal Lever¬
age 127
4.2.4 Taxation and the Realities of EMEs 129
4.3 Asymmetrie Information, Corporate External Finance and Capital
Flows 132
4.3.1 Adverse Selection in Financial Markets and the Pecking-
order of Corporate Finance 133
4.3.1.1 The Lemons Problem and the Dilution Cost of
Equity Finance 133
4.3.1.2 An Equilibrium Model of Corporate Capital Struc¬
ture in EMEs 137
4.3.2 Adverse Selection and Foreign Investment Appraisal . 142
4.3.2.1 Types of Capital Inflows in the Light of Adverse
Selection 143
4.3.2.2 The Composition and Relevance of Capital Inflows 146
4.3.3 Moral Hazard and Costly Bank Monitoring 148
4.3.3.1 Borrowing with Costly Bankruptcy and Bank Mon¬
itoring 151
4.3.3.2 FDI, Portfolio Equity and Monitoring Costs . 152
4.3.3.3 The Composition of International Corporate Fi-
nancing 154
4.3.4 Asymmetrie Information between Foreign and Domestic In¬
vestors: A Qualified View of FDI 155
4.3.4.1 The Choice between Greenfield Foreign Direct In¬
vestment and Mergers and Acquisitions (M A) . 156
4.3.4.2 Foreign Direct Investors Facing Liquidity Shocks 161
4.3.5 Impact of Asymmetrie Information on International Capi¬
tal Flows 164
4.4 Corporate Agency Costs, Expropriation Risk and Cross-Border
Capital Flows 167
VI Contents
4.4.1 The Agency Costs of Debt and Equity 168
4.4.1.1 Conflicts between Equityholders and Managers:
External Debt as a Means to Limit Managerial
Entrenchment 170
4.4.1.1.1 Firm Value, Liquidation and Expansion 171
4.4.1.1.2 The Maturity Structure Reconsidered . . 171
4.4.1.2 Conflicts between Equityholders and Debtholders:
The Debt Agency Problem 174
4.4.1.2.1 Default on Public Debt and Bank Debt . 178
4.4.1.2.2 The Optimal Quantity of Bank Debt and
Public Debt 180
4.4.2 The Dual Agency Problem and Capital Flows to EMEs . . 183
4.5 Private Capital Flows to EMEs: Is There a Common Ground? . • 185
5. Empirical Evidence *9
5.1 A Survey of the Related Literature 194
5.1.1 Estimating the Composition of Capital Flows !96
5.1.1.1 Montiel and Reinhart (1999) 197
5.1.1.2 Garibaldi, Mora, Sahay, and Zettelmeyer (2002) . 199
5.1.1.3 Carlson and Hernandez (2002) .••••• 200
5.1.1.4 Ahmed, Arezki, and Funke (2005) .•••¦¦¦ 202
5.1.2 Estimating the Structure of the Foreign Asset Position . • 203
5.1.2.1 Kraay, Loayza, and Serven (2000) 203
5.1.2.2 Lane and Milesi-Ferretti (2001a) .¦••••• 205
5.1.2.3 Faria and Mauro (2004) .-•¦ 206
9fl7
5.1.3 An Assessment of the Empirical Literature
5.2 What Determines the Composition of Capital Flows to EMEs?:
Econometric Analysis .•¦¦ 209
5.2.1 Data Selection and Descriptive Statistics
217
5.2.2 Econometric Methodology .¦¦•
5.2.2.1 Static Panel Data Models .••¦ 219
5.2.2.2 Dynamic Panel Data Models .••¦ 222
224
5.2.3 A Note on Unit Roots in Panel Data .•••
5.2.4 Determinants of the Composition of Capital Flows to EMEs 227
6. CoDclusions and Policy Implications .-••
Contents VU
Appendix 243
A. Tables 245
B. Data 255
Bibliogmphy 261
Index 287
LIST OF TABLES
2.1 Episodes of Capital Flows to EMEs since the 1970s 8
2.2 Changes in Bank Exposure to EMEs 22
2.3 Original Brady/Exchange Issue Amounts 25
2.4 Selected Capital Raisings in EMEs using ADR Programs in 2004 . 30
2.5 Top 25 International Equity Deals in 2003 32
2.6 Types of FDI Flows by Region, 1995-2002 36
3.1 Corruption Perception Index 2005 50
3.2 The State of Investor Rights in EMEs 55
3.3 Degree of Contract Enforcement in EMEs 57
3.4 Selected Emerging Market Companies' Recent Problems 68
3.5 Withholding Taxes in Selected EMEs (U.S.-Based Institutional In¬
vestors, End-2002) 87
3.6 Economic Performance Across Exchange Rate Regimes 93
3.7 Financial Crises in EMEs with Immediate International Repercus-
sions, 1990-2000 102
4.1 International Capital Flows Subject to Financial Market Imper-
fections 189
5.1 Categorization of Capital Flows according to the IMF 196
5.2 Descriptive Statistics - Net Capital Inflows 1996-2005 to EMEs . . 211
5.3 Descriptive Statistics - Explanatory and Control Variables . 218
5.4 Hausman Test Statistics 222
5.5 MW Panel Unit Root Test Statistics 227
5.6 Fixed and Random Estimates for the Composition of Capital Flows 229
5.7 Fixed Effect Estimates for Types of Capital Inflows as Percent of
GDP, 1996-2005 230
5.8 Differenced GMM Estimates for the Composition of Capital Flows
(inpercentof total inflows), 1996-2005 231
5.9 Differenced GMM Estimates for the Composition of Capital Flows
(in percent of GDP), 1996-2005 233
X List of TabJes ^_
6.1 Properties of Different Forms of Capital Inflows 239
A.l Selected Aspects of Foreign Capital Controls in Key EMEs, 2003 . 246
A.2 De Facto Exchange Rate Arrangements and Anchors of Monetary
Policy in EMEs as of June 30, 2004 248
A.3 List of Countries Included in the Empirical Study 249
A.4 Net Capital Inflows to North and Sub-Saharan Africa, 1996-2005 . 249
A.5 Net Capital Flows to South and East Asia, 1996-2005 250
A.6 Net Capital Flows to Central and Eastern Europe, 1996-2005 . 250
A.7 Net Capital Flows to Latin America and Caribbean, 1996-2005 . . 251
A.8 Net Capital Flows to the Middle East, 1996-2005 251
A.9 Correlation Matrix of Main Explanatory Variables and Control
Variables 252
A.10 Random Effect Estimates, 1996-2005 253
B.l Sources of WBI Aggregate Governance Indicators 258
LIST OF FIGURES
2.1 The Saving-Investment Relationship and the Current Account Bal¬
ance in EMEs 10
2.2 Comparing Recent Current Account Developments in the Euro
Area, in the US and in EMEs 12
2.3 Regional Contribution to EMEs' Current Account Balances . 13
2.4 Taxonomy of International Finance in EMEs 16
2.5 Composition of Net Capital Flows to EMEs 16
2.6 Composition of Gross Capital Flows to EMEs 17
2.7 Net Bank Lending to EMEs 21
2.8 Net Bond Flows to EMEs 24
2.9 Net Equity Flows to EMEs 31
2.10 Net FDI Flows to EMEs 35
2.11 Regional Shares of FDI Flows 38
2.12 Notional Amounts of OTC Equity-Linked Forwards and Swaps
Outstanding 40
2.13 Notional Amounts of OTC Equity-Linked Options Outstanding . 40
2.14 Net Remittance Flows to Developing Countries 42
2.15 Top 20 Remittance-recipient Countries in 2004 43
2.16 Top 20 Remittance-recipient Countries in 2004 44
3.1 The Financial System's Legal Pyramid 48
3.2 Information Imperfections and Under-investment 60
3.3 Interest Rate Ceilings on Bank Deposits 73
3.4 Reserve Requirements and Directed Credit 74
3.5 The Elements of Sovereign Risk 81
3.6 Links between the Investment Environment, Balance Sheets and
Volatility in EMEs 97
3.7 Credit Rationing, Output Shocks and Currency Crises 100
4.1 The Tax-Shield-Bankruptcy-Costs Trade-off 125
4.2 The Issue-Invest Decision in the Myers-Majluf Model 136
XII List ofFigures
4.3 The Pecking-order for Corporate Finance in EMEs with High In-
termediation Costs 139
4.4 The Pecking-order for Corporate Finance with Low Intermediation
Costs 140
4.5 The Time Structure of the Razin-Sadka Model 143
4.6 The Pecking-order of International Capital Flows according to the
Razin-Sadka Model 148
4.7 The Pecking-order of International Capital Flows according to the
Neumann Model 154
4.8 The Choice between FDI and Portfolio Investment 163
4.9 The Cost of Default on Bank Debt I79
4.10 Desirable and Undesirable Default 181
4.11 Agency Problems Faced by International Investors 184 |
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| building | Verbundindex |
| bvnumber | BV023415193 |
| classification_rvk | QM 352 |
| ctrlnum | (OCoLC)644387176 (DE-599)DNB988798190 |
| dewey-full | 332.673 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.673 |
| dewey-search | 332.673 |
| dewey-sort | 3332.673 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Thesis Book |
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| id | DE-604.BV023415193 |
| illustrated | Illustrated |
| index_date | 2024-07-02T21:29:06Z |
| indexdate | 2024-07-09T21:18:08Z |
| institution | BVB |
| isbn | 9783832272012 |
| language | German |
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| physical | XIX, 291 S. graph. Darst. 21 cm |
| publishDate | 2008 |
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| spelling | Sket, Michael W. Verfasser aut The composition of private capital flows to emerging market economies theory and empirical evidence Michael W. Sket Aachen Shaker 2008 XIX, 291 S. graph. Darst. 21 cm txt rdacontent n rdamedia nc rdacarrier Berichte aus der Volkswirtschaft Zugl.: Düsseldorf, Univ., Diss., 2007 Private Investition (DE-588)4454409-1 gnd rswk-swf Emerging Market (DE-588)4398432-0 gnd rswk-swf Kapitalimport (DE-588)4073215-0 gnd rswk-swf Portfolio-Investition (DE-588)4175391-4 gnd rswk-swf Direktinvestition (DE-588)4070496-8 gnd rswk-swf Schwellenländer (DE-588)4053920-9 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Schwellenländer (DE-588)4053920-9 g Private Investition (DE-588)4454409-1 s DE-604 Emerging Market (DE-588)4398432-0 s Direktinvestition (DE-588)4070496-8 s Portfolio-Investition (DE-588)4175391-4 s Kapitalimport (DE-588)4073215-0 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016597732&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sket, Michael W. The composition of private capital flows to emerging market economies theory and empirical evidence Private Investition (DE-588)4454409-1 gnd Emerging Market (DE-588)4398432-0 gnd Kapitalimport (DE-588)4073215-0 gnd Portfolio-Investition (DE-588)4175391-4 gnd Direktinvestition (DE-588)4070496-8 gnd |
| subject_GND | (DE-588)4454409-1 (DE-588)4398432-0 (DE-588)4073215-0 (DE-588)4175391-4 (DE-588)4070496-8 (DE-588)4053920-9 (DE-588)4113937-9 |
| title | The composition of private capital flows to emerging market economies theory and empirical evidence |
| title_auth | The composition of private capital flows to emerging market economies theory and empirical evidence |
| title_exact_search | The composition of private capital flows to emerging market economies theory and empirical evidence |
| title_exact_search_txtP | The composition of private capital flows to emerging market economies theory and empirical evidence |
| title_full | The composition of private capital flows to emerging market economies theory and empirical evidence Michael W. Sket |
| title_fullStr | The composition of private capital flows to emerging market economies theory and empirical evidence Michael W. Sket |
| title_full_unstemmed | The composition of private capital flows to emerging market economies theory and empirical evidence Michael W. Sket |
| title_short | The composition of private capital flows to emerging market economies |
| title_sort | the composition of private capital flows to emerging market economies theory and empirical evidence |
| title_sub | theory and empirical evidence |
| topic | Private Investition (DE-588)4454409-1 gnd Emerging Market (DE-588)4398432-0 gnd Kapitalimport (DE-588)4073215-0 gnd Portfolio-Investition (DE-588)4175391-4 gnd Direktinvestition (DE-588)4070496-8 gnd |
| topic_facet | Private Investition Emerging Market Kapitalimport Portfolio-Investition Direktinvestition Schwellenländer Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016597732&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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