In the past several years, South Africa has taken a number of steps, such as budget-deficit reduction and adoption of a more flexible exchange rate regime, that have helped reduce its vulnerability to adverse external shocks. In addition, the SARB has made considerable strides in reducing the net open forward position (NOFP), which has represented a major source of external vulnerability, has been lowered significantly. The NOFP, however, remains relatively large. As such, it continues to represent a source of concern to investors that is reflected in South Africa’s sovereign risk spreads. The SARB has, therefore, expressed its commitment to...

Chapter 4 examined the effects of FTAs on foreign investment in member countries, focusing on the case of Mexico under NAFTA. As discussed in that chapter, an FTA may both raise the profitability and reduce the risk from investing in FTA member countries, prompting an increase in their investment inflows. Some evidence of this effect was found in the case of Mexico.

Recent events in East Asia have highlighted the risks of financial structures in a financially integrated world. This paper documents that the buildup of vulnerabilities in East Asia was mainly the result of weaknesses in domestic financial intermediation, poor corporate governance, and deficient government policies, including poor macro-economic policy responses to large capital inflows. Weak due diligence by external creditors, in part fueled by ample global liquidity, also played a role in building up vulnerabilities, but global factors were more important in triggering the crises than in causing them. In spite of these policies and weaknesses, we argue,...

Joseph Schumpeter argued in 1911 that banks play a pivotal role in economic development because they choose which firms get to use society’ s savings. According to this view, the banking sector alters the path of economic progress by affecting the allocation of savings and not necessarily by altering the saving rate. Thus, the Schumpeterian view of finance and development highlights the impact of banks on productivity growth and technological change.

Thần Kỳ Châu Á tạo ra bởi các nền Kinh tế Đông Á sau 1950. Nhật Bản_ tạo thần kỳ sớm nhất. Tiếp theo là Hồng Kông, Hàn Quốc, Singapore và Đài loan. Gần đâyp; Indonesia, Thái Lan, Malaysia, Philippines; Hổ Châu Á ( Asian Tigers): Hồng Kông, Hàn Quốc, Singapore, và Đài Loan; Hổ mới Châu Á ( New Asian Tiger): Indonesia, Thái Lan, Malaysia, Philippines; Tiếp theo: Trung Quốc ( và Việt Nam).

In an age of uncertainty, peering 15 years into the future may seem like hubris. But ignoring long-term trends—demographic, economic, corporate—is an even less attractive option. Understanding the long-term future is vital in ensuring that strategies are sustainable, that opportunities are identified at an early stage and that challenges are addressed beforethey become insurmountable. This report assesses likely changes to the global economy, to eight major industries and to corporate structures between now and 2020. Our research drew on three main initiatives....

Báo cáo này được chuẩn bị cho Bộ kế hoạch và Đầu tư và Chương trình Phát triển Liên hợp quốc, trong khuôn khổ của Nghiên cứu về Hiệu quả của Hợp tác Kỹ thuật tại Việt Nam từ năm 1994, với kinh phí từ Dự án VIE/98/012 " Hỗ trợ Quản lý Chương trình" của UNDP. Báo cáo được chuẩn bị bởi một Đoàn chuyên gia tư vấn độc lập gồm Giáo sư Tiến sĩ Brian Vanarkadie làm Trưởng đoàn và các ông Vũ Tất Bội và Trần Dũng Tiến là chuyên gia tư vấn trong nước....

„- No unique concept „- Conventional concept: Economics is a social science that studies the allocation of scare resources to competing uses in order to maximize the benefit of individuals, organizations and economy. „- A different perspective: Economics as a science studying markets (James Buchanan).

„ Receivables come from sales in credit „ Credit sales Increasing revenue Increasing profit „ Credit sales increasing receivables Increasing operating costs „ Objective of receivables management is: „ to determine whether increasing in revenue and profit is large enough to offset increasing in costs, or „ to determine whether saving in cost is large enough to offset decreasing in profit.

Extensive evidence confirms that creating the conditions for a deep and efficient financial system can contribute robustly to sustained economic growth and lower poverty (e.g., see Beck, Levine, and Loayza 2000, Honohan 2004a, and World Bank 2001a). Moreover, in all levels of development, continued efficient and effective provision of financial services requires that financial policies and financial system structures be adjusted as needed in response to financial innovations and shifts in the broader macroeconomic and institu- tional environment....

This chapter presents an overview of quantitative indicators of financial structure, devel- opment, and soundness. It provides guidance on key system-wide and sectoral indicators, including definitions, measurement, and usage. Key data sources for these indicators are explained in appendix C (Data Sources for Financial Sector Assessments). Detailed analysis and benchmarking of these indicators are discussed in chapters 3 and 4. More detailed data requirements are presented in appendix B (Illustrative Data Questionnaires for Comprehensive Financial Sector Assessments)....

The last two decades have witnessed an extensive growth in foreign direct investment (FDI) flows to developing countries. This has been accompanied by an increase in competition amongst the developing countries to attract FDI, resulting in a rise in investment incentives offered by the host governments and removal of restrictions on operations of foreign firms in their countries. This has also led to an ever-increasing number of bilateral investment treaties (BITs) and regional agreements on...

Trên thực tế, việc lập mô hình và ước lượng không phải là một vấn đề đơn giản. Chẳng hạn như trong ví dụ 4.2 về nhu cầu đầu tư ở Mỹ (1968 – 82). Cho dù lý thuyết kinh tế vĩ mô đã gợi ý rằng, cầu về đầu tư chịu ảnh hưởng bởi hai yếu tố chính là GNP và lãi suất. Tuy nhiên, việc Ngân hàng trung ương Mỹ sử dụng chính sách tiền tệ chặt trong thời kỳ đó đã đòi hỏi ta phải đưa thêm biến xu thế vào mô hình...

Mô hình hồi quy đơn đã trình bày ở các chương 2 và 3 là khá hữu dụng cho rất nhiều trường hợp khác nhau. Mặc dù vậy, nó trở nên không còn phù hợp nữa khi có nhiều hơn một yếu tố tác động đến biến cần được giải thích. Hồi quy đa biến cho phép chúng ta nghiên cứu những trường hợp như vậy. Hãy xét các ví dụ sau:

The three chapters of this report cover an assessment on the impacts of China ’s accession to the WTO (World Trade Organization), an analysis on Free Trade Areas in China, Japan and Korea, and an analysis on the perspectives and issues of Japanese and Korean direct investment in China, with a focus on technology transfer. These three areas represent the major issues related to the trend toward liberalized trade and investment in Northeast Asia.

Autocorrelation (also called serial correlation) is violation of the assumption that the error terms are not correlated, i.e., with autocorrelation E(∈i, ∈j) ≠ 0 (∈i ≠ ∈j). That is, the error in the period t is not independent of previous errors. Since we do not know the population line, we do not know the actual errors (∈s), but we estimate them by the residuals (e). Hence a look at the residual plot for a regression that (i) has no autocorrelation; (ii) has positive autocorrelation, and, (iii) has negative autocorrelation. The positive autocorrelation is the common problem in economics. ...

Collinearity refers to linear relationships between two X variables. Multicollinearity encompasses linear relationships between more than two X variables. Multiple regression is impossible in the presence of perfect collinearity or multicollinearity. If X1 and X2 have no independent variation, we cannot estimate the effects of X1 adjusting for X2 or vice versa. One of the variables must be dropped. This is no loss, since a perfect relationship implies perfect redundancy. Perfect multicollinearity is, however, rarely practice problem. Strong (not perfect) multicollinearity, which permits estimation but makes it less precise, is more common. When the multicollinearity is present, the interpretation of...

(1) Since the simpler model features less regressor than the larger model, it follows that the VIF of the simpler model will be less than that of the larger model. The reason is that the more variables we include in the model, the greater multicollinearity, and, hence, the greater Rj 2 , unless the omitted variables happen to be orthogonal to the regressors included in the simpler model. The simpler model, which omits relevant variables, produces bias estimates but with smaller variances. Consequently, there appears to be a tradeoff between bias and precision. ...

Multiple regression is the extension of simple regression, to take account of more than one independent variable X. In multiple regression, we study the relationship between Y and a number of explanatory variable (X1, X2, …, Xk). The model we assume is as follows: Yi = β0 + β1X1 + β2X2 + … + βkXk + ei

The quantitative independent variables used in regression equations, which usually take values over some continuous range. Frequently, one may wish to include the quality independent variables, often called dummy variables, in the regression model in order to (i) capture the presence or absence of a ‘quality’, such as male or female, poor or rich, urban or rural areas, college degree or do not college degree, different stages of development, different period of time; (ii) to capture the interaction between them; and, (iii) or to take on one or more distinct values. ...