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  1. When is quality of financial system a source of comparative advantage?
    Autor*in: Ju, Jiandong; Wei, Shang-jin
    Erschienen: 2008
    Verlag:  National Bureau of Economic Research, Cambridge, Mass.

    "Does finance follow the real economy, or the other way around? This paper unites the two competing schools of thought in a general equilibrium framework. Our key result is that there are threshold effects defined by a set of deep institutional... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (13984)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

    Standort:
    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
    Signatur:
    http://www.nber.org/papers/w13984.pdf
    Fernleihe:
    keine Fernleihe

     

    "Does finance follow the real economy, or the other way around? This paper unites the two competing schools of thought in a general equilibrium framework. Our key result is that there are threshold effects defined by a set of deep institutional parameters (cost of financial intermediation, quality of corporate governance, and level of property rights protection) which can be used to separate economies of high-quality institutions from those of low-quality institutions. On one hand, for economies with high-quality institutions, the view that finance follows the real economy is essentially correct. Equilibrium output and prices are determined by factor endowment. Further improvement in the institutions does not affect patterns of output. On the other hand, for economies with low-quality institutions, the view that finance is a key driver of the real economy is essentially correct. Not only is finance a source of comparative advantage, but an increase in capital endowment has no effect on outputs and prices. Our model extends a standard one-sector, partial equilibrium model of corporate finance to a multi-sector, general equilibrium analysis. Surprisingly, but consistent with data, we show that the size of financial markets (relative to GDP) does not change monotonically with either the quality of institutions or with the factor endowment. Free trade may reduce the aggregate income of an economy with low-quality institutions. Financial capital tends to flow from economies with low-quality institutions to those with high-quality institutions"--National Bureau of Economic Research web site

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: NBER working paper series ; 13984
    Schlagworte: Bruttoinlandsprodukt; Wettbewerb; Institutionelle Infrastruktur; Corporate Governance; Sachenrecht; Finanzsektor; Komparativer Vorteil; Theorie
    Umfang: 45 S., graph. Darst.
  2. Domestic institutions and the bypass effect of financial globalization
    Autor*in: Ju, Jiandong; Wei, Shang-jin
    Erschienen: 2007
    Verlag:  National Bureau of Economic Research, Cambridge, Mass.

    This paper proposes a simple model to study the relationship between domestic institutions - financial system, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under which... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (13148)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

    Standort:
    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
    Signatur:
    82/766 B-13148
    Fernleihe:
    keine Fernleihe

     

    This paper proposes a simple model to study the relationship between domestic institutions - financial system, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under which financial globalization can be a substitute for reforms of domestic financial system. Inefficient financial system and poor corporate governance in a country may be completely bypassed by two-way capital flows in which domestic savings leave the country in the form of financial capital outflows but domestic investment takes place via inward foreign direct investment. While financial globalization always improves the welfare of a developed country with a good financial system, its effect is ambiguous for a developing country with an inefficient financial sector/poor corporate governance. However, the net effect for a developing country is more likely to be positive, the stronger its property rights protection. This is consistent with the observation that developed countries are often more enthusiastic about capital account liberalization around the world than many developing countries. A noteworthy feature of this theory is that financial and property rights institutions can have different effects on capital flows.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: NBER working paper series ; 13148
    Schlagworte: Internationaler Finanzmarkt; Kapitalmobilität; Globalisierung; Institutionelle Infrastruktur; Corporate Governance; Finanzsystem; Sachenrecht; Wohlfahrtsanalyse; Industrieländer; Entwicklungsländer
    Umfang: 41 S., graph. Darst.
    Bemerkung(en):

    Literaturverz. S. 35 - 37

    Internetausg.: papers.nber.org/papers/w13148.pdf - lizenzpflichtig
  3. Domestic institutions and the bypass effects of financial globalization
    Autor*in: Ju, Jiandong; Wei, Shang-jin
    Erschienen: 2007
    Verlag:  Centre for Economic Policy Research, London

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 32 (6343)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    RVK Klassifikation: QB 910
    Schriftenreihe: Array ; 6343
    Schlagworte: Internationaler Finanzmarkt; Kapitalmobilität; Globalisierung; Institutionelle Infrastruktur; Corporate Governance; Finanzsystem; Sachenrecht; Wohlfahrtsanalyse; Industrieländer; Entwicklungsländer; International trade; Globalization
    Umfang: 41 S., graph. Darst.
  4. Domestic institutions and the bypass effect of financial globalization
    Autor*in: Ju, Jiandong; Wei, Shang-jin
    Erschienen: 2010
    Verlag:  Hong Kong Inst. for Monetary Research, Hong Kong

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: HKIMR working paper ; 2010,22
    Schlagworte: Internationaler Finanzmarkt; Kapitalmobilität; Globalisierung; Institutionelle Infrastruktur; Corporate Governance; Finanzsystem; Sachenrecht; Wohlfahrtsanalyse; Industrieländer; Entwicklungsländer
    Umfang: Online-Ressource (42 S., 345,90 Kb), graph. Darst.