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The Impact of Capital and Foreign Exchange Flowson the Competitiveness of Developing Countries
Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. This paper investigates this dilemma by comparing the impact of six types of capital and foreign exchange flows on real exchange rate behavior in a sample of 57 developing countries covering Africa, Europe, Asia, Latin America, and the Middle East. The results reveal that portfolio investments, foreign borrowing, aid, and income lead to real exchange rate appreciation, while remittances have disparate effects across regions. Foreign direct investments have no effect on the real exchange rate, contributing to resolve the above dilemma.
GCC Monetary Union and the Degree of Macroeconomic Policy Coordination
Coordinating macroeconomic policies is a pre-requisite to a successful launch of the common currency in the GCC countries. Relying on the Behavioral Equilibrium Exchange Rate approach as a theoretical framework, we apply the Pooled Mean Group methodology to determine the similarity of the impact of a selected set of macroeconomic indicators on the real exchange rate in each country. Our empirical evidence points to a clear coordination of monetary policy, fiscal policy, government consumption, and openness across the member countries. While RER misalignments also show a substantial convergence building over time, differences in the misalignments of the two polar cases remain rather substantial, calling for further coordination and policy harmonization.
The Impact of Capital and Foreign Exchange Flowson the Competitiveness of Developing Countries
Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. This paper investigates this dilemma by comparing the impact of six types of capital and foreign exchange flows on real exchange rate behavior in a sample of 57 developing countries covering Africa, Europe, Asia, Latin America, and the Middle East. The results reveal that portfolio investments, foreign borrowing, aid, and income lead to real exchange rate appreciation, while remittances have disparate effects across regions. Foreign direct investments have no effect on the real exchange rate, contributing to resolve the above dilemma.
Contribution à l'estimation de la sous-évaluation des introductions sur le nouveau marché
Ce travail de recherche nous a permis de présenter les différentes techniques d'évaluation et d'analyser leur pertinence dans le cadre de la fixation du prix d'introduction en bourse puisque le degré de sous-évaluation des titres à l'introduction en dépent tout particulièrement. Puis, nous avons mené une réflexion sur la fixation du prix d'introduction en borse des sociétés de croissance pour intriduire la notion de sous-évaluation initiale des titres. Enfin, nous avons examiné la littérature financière traitant de l'introduction en bourse. Par ailleurs, l'étude empirique a été centrée sur l'estimation du degré de sous-évaluation de 135 sociérés introduites sur le nou...
The Declaration of Dependence
When it comes to investing, its not all about earnings per share. Many investors pay just as muchif not moreattention to whether a company pays dividends, dividend yields, and how fast dividends are expected to grow. Whether youre an investor or corporate executive, its important to consider how dividend policy can inflate or deflate stock prices. This book provides valuable insights into how dividend payouts affect success. Topics include: origins and types of dividend payments; taxes as an influence on dividend payments; stockholder reactions to dividend omissions, initiations, and reductions; utilities and why they consistently pay high dividends. The author highlights how managers of larger, more mature firms establish a declaration of dependence between their firms and their investors. The payment of a regular dividend, which fluctuates much less than underlying earnings, is not required by law but can be a sacred compact among investors and managers. Take a key step in evaluating your company and/or investment portfolio and stay on track with The Declaration of Dependence: Dividends in the Twenty-First Century.
QFINANCE
QFINANCE (3rd Edition): The Ultimate Resource is the first-stop reference for the finance professional or the student of finance. Its coverage and author quality reflect a fine blend of practitioner and academic expertise which provides the reader with an thorough education in 2 million words. The expansive coverage of QFINANCE (3rd Edition) offers both practical and thought-provoking guidance to satisfy the demands of the finance professional. The book includes over 250 best practice and thought leadership articles covering key concerns such as accounting standards, management development and the problems with mainstream economics.QFINANCE also includes: Checklists: more than 250 practical guides and solutions to daily financial challenges; Finance Information Sources: 200+ pages spanning 65 finance areas; International Financial information: up-to-date country and industry data; Management Library: over 130 summaries of the most popular finance titles; Finance Thinkers: 50 biographies covering their work and life; Quotations and Dictionary.
