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Foreign Entry Into Underwriting Services by Mark M. Spiegel Pdf
Examines the impact of foreign underwriting activity on bond markets using issue-level data in the Japanese ¿Samurai¿ and euro-yen bond markets. Firms choosing Japanese underwriters tend to be Japanese, riskier, and smaller. Japanese underwriting fees, while higher overall on average, are actually lower after conditioning for issuer characteristics. The authors conducted a matching exercise to examine the 1995 liberalization of foreign access to the ¿Samurai¿ bond market, using yen-denominated issues in the euro-yen market as a control. Foreign entry led to a significant decrease in underwriting fees in the Samurai bond market. The market for underwriting services is segmented by nationality, as issuers appear to have preferred habitats. Illus.
Asia and China in the Global Economy by Yin-Wong Cheung,Guonan Ma Pdf
The volume represents a collection of papers that examine important topical themes related to the rise of China and Asia in the global economy. It offers many useful insights on several issues that are hotly debated in the international community, especially in the aftermath of the recent global financial crisis. The contributors are renowned experts from academic institutions, central banks, and international organizations. Their analyses and points of view offer valuable insights for researchers and policymakers who are interested in the recent developments in China, Asia, and the global economy. Specifically, the thirteen chapters contained in the volume address four broad themes. The first theme is on open macroeconomics and transmission mechanisms that highlight the interactions between countries in the globalization era. The second theme covers the contentious issue of renminbi valuation, which has significant implications for the debate on global imbalances. The third theme covers currency internationalization and financial markets in Asia. In particular, two chapters discuss renminbi internationalization and yen internationalization, while the other two papers examine yen carry trade and the Asian credit card market. The fourth theme is external demand and fiscal stimulus in Asian countries. Contents:Open Macroeconomics and Transmission Mechanisms:Trilemma Configurations in Asia in an Era of Financial Globalization (Joshua Aizenman, Menzie D Chinn and Hiro Ito)Some Market Measures of Capital Account Liberalization in India (Michael Hutchison, Gurnain Kaur Pasricha and Nirvikar Singh)A Simple Model for “China Factor” in a Small Open Economy (Xiao Xiao, Lihua Tang, Shuzhan Zhou and Jie Li)The Renminbi Valuation Debate:Renminbi Misaligned — Results from Meta-regressions (Iikka Korhonen and Maria Ritola)The Equilibrium Real Exchange Rate of China: A Productivity Approach (Vikas Kakkar, Isabel Yan and Vincent Yip)A Note on the Debate over Renminbi Undervaluation (Yin-Wong Cheung, Menzie D Chinn and Eiji Fujii)Currency Internationalization and Financial Markets:The Internationalization of the RMB (Yongding Yu and Haihong Gao)Internationalizing the Yen, 1984–2003: Unfinished Agenda or Mission Impossible? (Shinji Takagi)Bond Currency Denomination and the Yen Carry Trade (Christopher A Candelaria, Jose A Lopez and Mark M Spiegel)Growing Asian Credit Card Markets Amid the Global Financial Crisis (Tae Soo Kang and Guonan Ma)External Demand and Fiscal Stimulus:Macroeconomic Effects of China's Fiscal Stimulus (Pietro Cova, Massimiliano Pisani and Alessandro Rebucci)How Much Do Exports Matter for China's Growth? (Li Cui, Chang Shu and Xiaojing Su)The Effect of Government Purchases on Economic Growth in Japan (Federico Guerrero and Elliott Parker) Readership: Students, journalists, academic economists, policymakers and financial market participants. Keywords:Renminbi Valuation;Currency Internationalization;Open Macroeconomics;Monetary and Fiscal policies;Financial Markets;Carry Trade;Credit Card Market;TrilemmaKey Features:These days, the Chinese and Asian economies are the foci of intense discussions on the topics of economic development, exchange rate policy, global imbalances and globalization. The book offers a timely collection of papers addressing some of these hotly debated economic issuesThe chapter contributors are known experts on China and Asia from both the academic circle, central banks and international organizations. Their analyses represents some of the most informed and sought-after studies on these subjectsThe edited volume comprises academically vigorous studies and policy-orientated analyses. Thus, it would appeal to a broad range of readers including researchers, market practitioners, members of the media, and policymakers
Author : Christopher Gerteis,Timothy S. George Publisher : A&C Black Page : 337 pages File Size : 44,5 Mb Release : 2013-02-14 Category : History ISBN : 9781441101181
China's International Investment Strategy by Julien Chaisse Pdf
Since China adopted its 'open door' policy in 1978, which altered its development strategy from self-sufficiency to active participation in the world market, its goal has remained unchanged: to assist the readjustment of China's economy, to coordinate its modernization programs, and to improve its quality of life. With the 1997 launch of the 'Going Global' policy, an outward focus regarding foreign investment was added, to circumvent trade barriers and improve the competitiveness of Chinese firms. In order to accommodate inward and outward investment, China's participation in the international investment regime has underpinned its efforts to join multilateral investment-related legal instruments and conclude international investment agreements. This collection, compiled by award-winning scholar Professor Julien Chaisse, explores the three distinct tracks of China's investment policy and strategy: bilateral agreements including those with the US and the EU; regional agreements including the Free Trade Area of the Asia Pacific; and global initiatives, spear-headed by China's presidency of the G20 and its 'Belt and Road initiative'. The book's overarching topic is whether these three tracks compete with each other, or whether they complement one another - a question of profound importance for the country's political and economic future and world investment governance.
Open Doors by Robert E. Litan,Paul R. Masson,Michael Pomerleano Pdf
The extensive reforms and liberalization of financial services in emerging markets worldwide call for cutting-edge strategies to capture the benefits of new investment opportunities. In Open Doors, a volume of papers from the third annual Financial Markets and Development conference, multidisciplinary financial sector experts analyze current economic and political trends and prescribe practical advice to the financial development community. The book addresses the key issues of concern regarding the emerging markets, including the trends, motivations, and scope of FDI in finance; policy options that will best capture the opportunities of foreign entry; and the role of foreign institutions in e-finance innovation. The authors focus on specific topics such as foreign participation in emerging market banking systems and securities industries, WTO policies and enforcement, the role of foreign banks, liberalization of insurance markets, the need for capital markets, and the policy, regulatory, and legal issues associated with e-finance. For policymakers and financial practitioners affected by the WTO's Financial Services Agreement, this timely book should be of particular interest. Contributors include Donald Mathieson (International Money Fund), Pierre Sauvé (Trade Directorate, OECD), George J. Vojta (formerly with Bankers Trust and Citibank), Harold D. Skipper (J. Mack Robinson College of Business, Georgia State University), Benn Steil (Council on Foreign Relations), Morris Goldstein and Edward M. Graham (Institute for International Economics), Nicolas Lardy (Brookings Institution), Phillip Turner (Bank of International Settlements), and Robert Ledig (Fried, Frank, Shriver & Jacobson).
China and the WTO by Deepak Bhattasali,Shantong Li,William J. Martin Pdf
China's accession to the WTO requires a great many specific policy reforms. However, if the best results are to be obtained, it is important that these reforms be implemented as part of a consistent development program, rather than simply by treating them as a recipe. To do this, policy makers must understand the range and nature of the policy changes required by accession, their implications for the economy, and the availability and effects of supporting policies. 'China and the WTO' analyzes the nature of the reforms involved in China's accession to the WTO, assesses their implications for the world economy, and examines the implications for individual households, particularly the poor. Its key objective is to provide the information that will allow policy makers to implement WTO commitments and formulate supporting policies to contribute strongly to economic development and poverty reduction. Individual chapters by leading scholars analyze the nature of the reforms in key areas, such as agriculture, services, intellectual property and safeguards and anti-dumping. These chapters form the building blocks for later chapters which analyze the implications of reform for the economy. The book also includes a series of studies that assess the implications for households, taking into account the social safety net policies applying in China, and the impacts of complementary policies in areas such as labor market reform and investments in human capital. Of interest to policymakers, academe and students studying international trade issues and to practitioners in the area of trade and development, 'China and the WTO' is a valuable addition to the wealth of information provided by the World Bank Trade and Development Series.
China Under Hu Jintao by Tun-jen Cheng,Jacques Delisle,Deborah Brown Pdf
The fourth generation of leaders of the People's Republic of China, while benefiting from the prestige of China's entry into the World Trade Organization and the honor of hosting the 2008 Olympic Games, also needs to contemplate the sobering side-effects of a rapid and internationally-interdependent economy and a troubled and only partly reformed political system.This important book approaches the study of the PRC under Hu Jintao in a two-fold manner: by examining the new political parameters within which the party-state functions and by analyzing the prominent issues ? at home and abroad ? that are commanding the attention of China's new leaders. The book tackles a comprehensive range of topics, including elites, institutions and state-society relations, politics and the political implications of economic change, domestic politics and foreign relations.
Routledge Handbook of Japanese Business and Management by Parissa Haghirian Pdf
The Routledge Handbook of Japanese Business and Management provides a comprehensive overview of management and business processes and practices in Japanese companies. The contributors combine theoretical findings and research results with a practical and contemporary view on how corporations and firms are managed in Japan. The handbook is divided into eight sections covering: historical perspectives on Japanese management; structure and theory of the Japanese firm; the corporate environment in Japan; the Japanese work environment; the Japanese market; manufacturing and logistics; interaction and communication; the future of Japanese management. This book is an essential reference resource for students and scholars working on Japanese companies, the Japanese market-place, Japanese consumers, or management processes in the Japanese firm. The book also provides an interesting and informative read for managers who need to deepen their knowledge on Japanese business processes.
National Strategies for Regional Integration by Joseph Francois,Pradumna B. Rana,Ganeshan Wignaraja Pdf
‘National Strategies for Regional Integration: South and East Asian Case Studies’ examines how each country’s integration with its neighbours and more distant regional economies might be improved. The country cases illustrate the diversity of Asian development experience and offer lessons for other countries and regions interested in developing national strategies to foster regional integration.