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  • 1
    Online Resource
    Online Resource
    Technology and finance / (2008)
    [Washington, District of Columbia] :International Monetary Fund,
    Details
    UID:
    edoccha_9958124720002883
    Format: 1 online resource (44 p.)
    Edition: 1st ed.
    ISBN: 1-4623-0534-2 , 1-4527-8843-X , 1-282-84133-5 , 1-4518-7040-X , 9786612841330
    Series Statement: IMF working paper ;
    Content: The benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics that are shared by industries that tend to grow relatively faster in more financially developed countries. This paper explores a range of technological characteristics that might underpin differences across industries in the need or the ability to raise external funding. The main finding is that industries that grow faster in more financially developed countries tend to display greater R&D intensity or investment lumpiness, indicating that well-functioning financial markets direct resources towards industries that grow by performing R&D.
    Note: Description based upon print version of record. , Contents; I. Introduction; II. Theories of Finance and Technology; A. Financial Development and the Ability to Raise Funds; B. Financial Development and the Need to Raise Funds; C. Financial Development and Industry Growth; D. Technology; Tables; 1. Production Technology: Need for External Finance vs. Ability to Raise External Funds; III. Data; A. Finance Dependence; B. Technological Measures; C. Financial Development Measures; IV. Empirical Relationships between Technological Measures and EFD; V. Technology, Financial Development and Industry Growth; VI. Persistence and Robustness , A. 1970's and 1990's B. Other Measures of Financial Development; C. Endogeneity of Financial Development; D. Does Firm Age Matter?; Figure; 1. EFD, LMP and RND over the Firm Lifecycle; VII. Concluding Remarks; 2A. Industry Classification and Technological Measures; 2B. Financial Development Measures; 3. Correlations Across Decades; 4. Correlations Among Technological Measures; 5. Correlations of Technological Measures with EFD; 6. Cross-country Industry Growth Regressions with CRE as a Measure of Financial Development; 7. The "Horse Race" between EFD, LMP and RND , 8. Cross-country Industry Growth Regressions with CAP as a Measure of Financial Development... 9. Cross-country Industry Growth Regressions with FOR as a Measure of Financial Development; 10. Cross-country Industry Growth Regressions with Lagged Financial Development Measures; 11. Cross-country Industry Growth Regressions with Instrumental Variables; 12. Correlations between RND, EFD, LMP for Young and Mature Firms; 13. Cross-country Industry Growth Regressions for Different Age Groups; References , English
    Additional Edition: ISBN 1-4519-1493-8
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    FU Berlin
    Charité
  • 2
    Online Resource
    Online Resource
    Does procyclical fiscal policy reinforce incentives to dollarize sovereign debt? / (2010)
    [Washington, D.C.] :International Monetary Fund,
    Details
    UID:
    edocfu_9958120561702883
    Format: 1 online resource (60 p.)
    ISBN: 1-4623-2446-0 , 1-4552-8788-1 , 1-282-84640-X , 9786612846403 , 1-4552-0179-0
    Series Statement: IMF working paper ; WP/10/168
    Content: This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange rate is countercyclical (i.e., the exchange rate depreciates during recessions), a more procyclical fiscal policy (i.e., expansionary in good times and contractionary in bad times) would lead, on average, to a more dollarized domestic sovereign debt. The empirical analysis using the Jeanne-Guscina EM Debt database (2006) on the currency structure of the central government debt in 22 emerging market countries over 1980 - 2005, supports these predictions.
    Note: "July 2010." , Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Cyclical Patterns in Macroeconomic and Policy Variables in EMs; III. The Model; A. Households; B. Fiscal Policy and Sovereign Debt Management; C. Equilibrium in the Domestic Bond Market; IV. Testing the Empirical Implications of the Model; A. Stylized Facts; B. Empirical Specification; C. Estimation Technique; D. Data and Variable Construction; E. Main Results and Robustness Tests; 1. Countercyclicality of the Exchange Rate: Summary Statistics; 2. Procyclicality of Fiscal Policy: Summary Statistics , 3. Results of Censored Tobit Estimation-Pooled Data: 1980-20051. Exchange Rate Countercyclicality; 2. Fiscal Procyclicality; 3. Dollarization of Sovereign Debt and Dollarization of Bank Loans & Deposits; 4a. Latin America-Domestic Sovereign Debt Structure-Selected Countries; 4b. EM Europe-Domestic Sovereign Debt Structures-Selected Countries; 5. Effect of Countercyclicality of the Exchange Rate on Dollarization of Sovereign Debt, for Different Levels of Fiscal Procyclicality; 4. Robustness Checks for Censored Tobit Estimation: 1980-2005; V. Concluding Remarks , Appendix I. Derivations of Theoretical Expressions A. The Household's Optimization Problem:; B. The Debt Manager's Optimization Problem:; C. Domestic Bond Market Clearing Condition:; Appendix II. Derivations of Corrected Interaction Effect; A. Marginal Effects of Variables in Levels and Interaction Term on E(y | x); Footnotes
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    FU Berlin
    Charité
  • 3
    Online Resource
    Online Resource
    Investment restrictions and contagion in emerging markets / (2005)
    [Washington, D.C.] :International Monetary Fund, International Capital Market Dept.,
    Details
    UID:
    edocfu_9958108002702883
    Format: 1 online resource (34 p.)
    ISBN: 1-4623-0139-8 , 1-4527-8144-3 , 1-283-51584-9 , 1-4519-0745-1 , 9786613828293
    Series Statement: IMF working paper ; WP/05/190
    Content: The objectives of this paper are: (1) to analyze an optimal portfolio rebalancing by a fund manager in response to a "volatility shock" in one of the asset markets, under sufficiently realistic assumptions about the fund manager's performance criteria and investment restrictions; and (2) to analyze the sensitivity of the equilibrium price of an asset to shocks originating in other fundamentally unrelated asset markets for a given mix of common investors. The analysis confirms that certain combinations of investment restrictions (notably short-sale constraints and benchmark-based performance criteria) can create additional transmission mechanisms for propagating shocks across fundamentally unrelated asset markets. The paper also discusses potential implications of recent and on-going changes in the investor base for emerging market securities for the asset price volatility.
    Note: "September 2005." , ""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. OPTIMAL INVESTMENT RULES""; ""IV. EQUILIBRIUM FRAMEWORK""; ""V. CONCLUSIONS""; ""References"" , English
    Additional Edition: ISBN 1-4518-6209-1
    Language: English
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    FU Berlin
    Charité
  • 4
    Online Resource
    Online Resource
    A multi-industry model of growth with financing constraints / (2009)
    [Washington, D.C.] :International Monetary Fund,
    Details
    UID:
    edocfu_9958108305002883
    Format: 52 p. : , ill.
    Edition: 1st ed.
    ISBN: 1-4623-0128-2 , 1-4518-7266-6 , 1-282-84334-6 , 9786612843341 , 1-4519-9029-4
    Series Statement: IMF working paper ; WP/09/119
    Content: This paper develops a multi-industry growth model in which firms require external funds to conduct productivity-enhancing R&D. The cost of research is industry-specific. The tightness of financing constraints depends on the level of financial development and on industry characteristics. Over time, a financially constrained economy may converge to the growth path of a frictionless economy, so long as an industry with the fastest expanding technological frontier does not permanently fall behind due to low R&D. The model’s industry dynamics map into a differences-in-differences regression, in which industry growth depends on the interaction between financial development and industry level R&D intensity.
    Note: Bibliographic Level Mode of Issuance: Monograph , Intro -- Contents -- I. Introduction -- II. Economic Environment -- A. Economic agents and firms -- B. Production -- C. Research -- D. Technological Frontier -- E. Aggregate equilibrium conditions -- III. Model Equilibrium -- A. Equilibrium research and productivity -- B. Industry growth -- C. Aggregate growth -- D. Industry growth patterns and structural change -- IV. Empirical analysis -- A. Decomposing industry growth -- B. Country data -- C. Industry data -- D. Empirical validity of model assumptions -- E. Cross-country industry growth regressions -- V. Concluding Remarks -- References -- Figures -- 1. Industry productivity dynamics, Region 1 -- 2. Industry productivity dynamics, Region 2 -- 3. Industry productivity dynamics, Region 3 -- 4. Productivity dynamics for different values of the borrowing limit -- 5. Structural change in a model economy with three industries -- 6. Patterns of industrial specialization along the growth path -- Tables -- 1. Regression of industry variables on RND at the firm level -- 2. Correlations between different industry measures -- 3. Interaction of R& -- D intensity and Ability measures with financial development in country-industry growth regressions. -- 4. Interaction of R& -- D intensity with financial development in country-industry growth regressions. -- 5. Interaction of Ability with financial development in country-industry growth regressions. , English
    Additional Edition: ISBN 1-4519-1696-5
    Language: English
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    Online Resource
    FU Berlin
    Charité
  • 5
    Online Resource
    Online Resource
    A Multi-Industry Model of Growth with Financing Constraints (2009)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845890417
    Format: Online-Ressource (52 p)
    Edition: Online-Ausg.
    ISBN: 1451872666 , 9781451872668
    Series Statement: IMF Working Papers Working Paper No. 09/119
    Content: This paper develops a multi-industry growth model in which firms require external funds to conduct productivity-enhancing R&D. The cost of research is industry-specific. The tightness of financing constraints depends on the level of financial development and on industry characteristics. Over time, a financially constrained economy may converge to the growth path of a frictionless economy, so long as an industry with the fastest expanding technological frontier does not permanently fall behind due to low R&D. The model’s industry dynamics map into a differences-in-differences regression, in which industry growth depends on the interaction between financial development and industry level R&D intensity
    Additional Edition: Erscheint auch als Druck-Ausgabe Ilyina, Anna A Multi-industry Model of Growth with Financing Constraints Washington, D.C. : International Monetary Fund, 2009 ISBN 9781451872668
    Language: English
    DOI: 10.5089/9781451872668.001
    URL: kostenfrei
    URL: kostenfrei
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    Online Resource
    Open Access Request
    Stabi Berlin
  • 6
    Online Resource
    Online Resource
    Investment Restrictions and Contagion in Emerging Markets (2005)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845910108
    Format: Online-Ressource (34 p)
    Edition: Online-Ausg.
    ISBN: 1451862091 , 9781451862096
    Series Statement: IMF Working Papers Working Paper No. 05/190
    Content: The objectives of this paper are: (1) to analyze an optimal portfolio rebalancing by a fund manager in response to a ""volatility shock"" in one of the asset markets, under sufficiently realistic assumptions about the fund manager''s performance criteria and investment restrictions; and (2) to analyze the sensitivity of the equilibrium price of an asset to shocks originating in other fundamentally unrelated asset markets for a given mix of common investors. The analysis confirms that certain combinations of investment restrictions (notably short-sale constraints and benchmark-based performance criteria) can create additional transmission mechanisms for propagating shocks across fundamentally unrelated asset markets. The paper also discusses potential implications of recent and on-going changes in the investor base for emerging market securities for the asset price volatility
    Additional Edition: Erscheint auch als Druck-Ausgabe Ilyina, Anna Investment Restrictions and Contagion in Emerging Markets Washington, D.C. : International Monetary Fund, 2005 ISBN 9781451862096
    Language: English
    DOI: 10.5089/9781451862096.001
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Open Access Request
    Stabi Berlin
  • 7
    Online Resource
    Online Resource
    Technology and Finance (2008)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845886010
    Format: Online-Ressource (42 p)
    Edition: Online-Ausg.
    ISBN: 145187040X , 9781451870404
    Series Statement: IMF Working Papers Working Paper No. 08/182
    Content: The benefits from financial development are known to vary across industries. However, no systematic effort has been made to determine the technological characteristics that are shared by industries that tend to grow relatively faster in more financially developed countries. This paper explores a range of technological characteristics that might underpin differences across industries in the need or the ability to raise external funding. The main finding is that industries that grow faster in more financially developed countries tend to display greater R&D intensity or investment lumpiness, indicating that well-functioning financial markets direct resources towards industries that grow by performing R&D
    Additional Edition: Erscheint auch als Druck-Ausgabe Ilyina, Anna Technology and Finance Washington, D.C. : International Monetary Fund, 2008 ISBN 9781451870404
    Language: English
    DOI: 10.5089/9781451870404.001
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Stabi Berlin
  • 8
    Online Resource
    Online Resource
    Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? (2010)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845893823
    Format: Online-Ressource (41 p)
    Edition: Online-Ausg.
    ISBN: 1455201790 , 9781455201792
    Series Statement: IMF Working Papers Working Paper No. 10/168
    Content: This paper explores the link between the cyclical patterns of macroeconomic and policy variables and the currency composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange rate is countercyclical (i.e., the exchange rate depreciates during recessions), a more procyclical fiscal policy (i.e., expansionary in good times and contractionary in bad times) would lead, on average, to a more dollarized domestic sovereign debt. The empirical analysis using the Jeanne-Guscina EM Debt database (2006) on the currency structure of the central government debt in 22 emerging market countries over 1980 - 2005, supports these predictions
    Additional Edition: Erscheint auch als Druck-Ausgabe Ilyina, Anna Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt? Washington, D.C. : International Monetary Fund, 2010 ISBN 9781455201792
    Language: English
    DOI: 10.5089/9781455201792.001
    URL: kostenfrei
    URL: kostenfrei
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    Online Resource
    Open Access Request
    Stabi Berlin
  • 9
    Online Resource
    Online Resource
    Technology and finance / (2008)
    [Washington, District of Columbia] :International Monetary Fund,
    Details
    UID:
    almahu_9948319147802882
    Format: 1 online resource (44 pages) : , illustrations (some color), tables.
    Series Statement: IMF working paper ;
    Language: English
    Keywords: Electronic books.
    URL: Click to View
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    Online Resource
    HU Berlin
  • 10
    Online Resource
    Online Resource
    A multi-industry model of growth with financing constraints (2009)
    [Washington, D.C.] :International Monetary Fund,
    Details
    UID:
    almahu_9948319763802882
    Format: 52 p. : , ill.
    Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
    Series Statement: IMF working paper ; WP/09/119
    Language: English
    Keywords: Electronic books.
    URL: Click to View
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    Online Resource
    HU Berlin
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