This study explores the relations between the development level of capital markets sub-components and economic growth over the past 50 years in Emerging Markets. There is a long-term cointegrating relationship between capital markets development and economic growth and a unidirectional causality running from capital markets development to economic growth. Although the focus of my paper is on capital markets but using a linear regression model, I find other factors are negatively and positively associated with economic growth. Capital markets play a critical role in economic development by pooling together domestic savings and mobilizing foreign capital for productive long-term investment. Emerging markets are projected to grow strongly over the next couple of years, and sophisticated capital markets will only enhance future growth and ensure the competitiveness of those economies globally.
{"title":"Equity Markets Development and Economic Growth in Emerging Markets","authors":"A. Khawaja","doi":"10.2139/ssrn.3832244","DOIUrl":"https://doi.org/10.2139/ssrn.3832244","url":null,"abstract":"This study explores the relations between the development level of capital markets sub-components and economic growth over the past 50 years in Emerging Markets. There is a long-term cointegrating relationship between capital markets development and economic growth and a unidirectional causality running from capital markets development to economic growth. Although the focus of my paper is on capital markets but using a linear regression model, I find other factors are negatively and positively associated with economic growth. Capital markets play a critical role in economic development by pooling together domestic savings and mobilizing foreign capital for productive long-term investment. Emerging markets are projected to grow strongly over the next couple of years, and sophisticated capital markets will only enhance future growth and ensure the competitiveness of those economies globally.","PeriodicalId":170565,"journal":{"name":"INTL: Other Emerging Markets: Regional Perspective (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122409822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Korean Abstract: 중남미 지역이 안정적인 성장을 계속하며 한국기업에 기회의 땅으로 다가오고 있다. 본 연구는 중남미 국가 가운데 우리의 중소기업들이 가장 효과적으로 접근하거나 진출할 수 있는 남미 대륙의 서북쪽 태평양 연안에 위치한 콜롬비아와 페루, 칠레의 안데스(Andean) 3국을 연구 분석의 대상국으로 삼았다. 중남미 국가 가운데 이들 안데스 3국은 우리나라와 자유무역협정(FTA)을 맺은 중남미의 유일한 3국일 뿐만 아니라, 태평양에 자리한 지리적 위치와 성장 잠재력 측면에서도 우리 중소기업들이 진출하기에 양호한 조건을 보유하고 있다. 특히 최근 이들 안데스 3국과 멕시코 4개국은 '태평양동맹(Alianza del Pacifico)'을 창설해 중남미 대륙의 태평양 연안 지역을 대표하는 강력한 경제공동체로 급부상하고 있다. 이 연구의 목적은 중남미 국가 가운데 안데스 3국의 경제 현황, 인프라, 산업구성, 정부정책 등을 분석하여 한국 중소기업의 진출 유망 분야와 유망 지역을 선정한 후, 한국 중소기업의 산업 분야별 현지 시장에서의 경쟁력을 평가하여 한국 중소기업의 현지국 진출방안과 관련정책을 모색하는 데 있다. 이를 위해 본 연구는 우리 기업의 중남미 안데스 3국에 대한 수출입 통계와 투자동향, 현지국의 경쟁환경 등을 심층 분석하여 관련 중소기업의 진출 가능성을 검토하는 한편, 해외직접투자이론 가운데 하나인 OLI 패러다임(절충이론)과 단계적 진입이론 등을 통해 한국 중소기업의 중남미 지역 수출과 투자 현상을 설명하고 진출 확대방안을 탐색한다. English Abstract: Central and South America is approaching to Korea companies as a land of opportunities continuing a stable growth. This research covered the three countries around northwest-pacific, Colombia, Peru and Chile ("Andean three countries"), where our SMEs can access or enter into its market in the most effective way. Among Central and South American countries, Andean three countries not only signed the Free Trade Agreement with Korea but also have a great condition in order that our SMEs can make inroad to its market in view of both geographical position and potentiality of growth. In particular, Andean three countries and Mexico established the economy community, the Pacific Alliance (Alianza del Pacifico), and its economic community is strongly emerging as a representative of Pacific coast of Central and South America. The main purpose of this research is: (a) to analyze the present condition of economy, infrastructure, industrial composition, government policy, etc, (b) to evaluate the competitiveness of Korean SMEs in each industry field of local market after choosing the promising field and area to make inroad for their business, and (c) to seek the plans for expansion of Korean SMEs' business in the local market and the related policies.
Korean Abstract:中南美地区持续稳定的增长，正在成为韩国企业的机会之地。本研究将位于中南美国家中韩国中小企业最能接近或进军的南美大陆西北太平洋沿岸的哥伦比亚、秘鲁、智利的安迪斯三国作为研究分析对象国。在中南美国家中，安第斯三国是与韩国签署自由贸易协定(FTA)的中南美唯一的三国，而且在位于太平洋的地理位置和增长潜力方面，也为韩国中小企业进军提供了良好的条件。特别是最近安德斯三国和墨西哥四国创建了“太平洋同盟(Alianza del Pacifico)”，迅速跃升为代表中南美大陆太平洋沿岸地区的强有力的经济共同体。该研究的目的是中南美国家中,安第斯三国的经济现状、基础设施、产业结构、政府政策等进行分析,韩国中小企业有望进军的领域和朝阳地区选定后,韩国中小企业的产业领域,韩国中小企业竞争力的评价在当地市场上的摸索进军当地国家方案和相关政策。为此,本研究对我国企业的中南美洲安第斯三国进出口统计,투자동향和当地国家的竞争环境等,深入分析有关中小企业的可能性研究进军的同时,对外直接投资理论之一——oli范式(折衷理论)和通过阶段性进入理论等韩国中小企业的出口和中南美地区投资并说明现象,探索扩大进军的方案。英语Abstract: Central and South America is approaching to Korea companies as a land of opportunities continuing a stable growth。This research covered the three countries around northwest-pacific, Colombia, Peru and Chile(“Andean three countries”)，where our SMEs can access or enter into its market in the most effective way。美国中部与南方美国Andean three countries not only signed the Free Trade Agreement with Korea but also have a great condition in order that our SMEs can make inroad to its market in view of both geographical positionand potentiality of growth。In particular, Andean three countries and Mexico established the economy community, the Pacific Alliance (Alianza del Pacifico)and its经济community is strongly emerging as a representative of Pacific coast of Central and South America。这个研究的main purpose:(a) to analyze the present condition of economy, infrastructure, industrial composition, government policy, etc;(b) to evaluate the competitiveness of Korean SMEs in each industry field of local market after choosing the promising field and area to make inroad for their business;and (c) to seek the plans for expansion of Korean SMEs' business in the local market and the related policies。
{"title":"대 중남미 중소기업 진출방안 연구: Oli 패러다임 분석을 중심으로 (Strategies for Korean Smes to Break into Latin American Markets: Based on the Oli Paradigm)","authors":"Seungil Kim, Hwaseok Oh, Hyun Seo Kee","doi":"10.2139/SSRN.2443669","DOIUrl":"https://doi.org/10.2139/SSRN.2443669","url":null,"abstract":"Korean Abstract: 중남미 지역이 안정적인 성장을 계속하며 한국기업에 기회의 땅으로 다가오고 있다. 본 연구는 중남미 국가 가운데 우리의 중소기업들이 가장 효과적으로 접근하거나 진출할 수 있는 남미 대륙의 서북쪽 태평양 연안에 위치한 콜롬비아와 페루, 칠레의 안데스(Andean) 3국을 연구 분석의 대상국으로 삼았다. 중남미 국가 가운데 이들 안데스 3국은 우리나라와 자유무역협정(FTA)을 맺은 중남미의 유일한 3국일 뿐만 아니라, 태평양에 자리한 지리적 위치와 성장 잠재력 측면에서도 우리 중소기업들이 진출하기에 양호한 조건을 보유하고 있다. 특히 최근 이들 안데스 3국과 멕시코 4개국은 '태평양동맹(Alianza del Pacifico)'을 창설해 중남미 대륙의 태평양 연안 지역을 대표하는 강력한 경제공동체로 급부상하고 있다. 이 연구의 목적은 중남미 국가 가운데 안데스 3국의 경제 현황, 인프라, 산업구성, 정부정책 등을 분석하여 한국 중소기업의 진출 유망 분야와 유망 지역을 선정한 후, 한국 중소기업의 산업 분야별 현지 시장에서의 경쟁력을 평가하여 한국 중소기업의 현지국 진출방안과 관련정책을 모색하는 데 있다. 이를 위해 본 연구는 우리 기업의 중남미 안데스 3국에 대한 수출입 통계와 투자동향, 현지국의 경쟁환경 등을 심층 분석하여 관련 중소기업의 진출 가능성을 검토하는 한편, 해외직접투자이론 가운데 하나인 OLI 패러다임(절충이론)과 단계적 진입이론 등을 통해 한국 중소기업의 중남미 지역 수출과 투자 현상을 설명하고 진출 확대방안을 탐색한다. English Abstract: Central and South America is approaching to Korea companies as a land of opportunities continuing a stable growth. This research covered the three countries around northwest-pacific, Colombia, Peru and Chile (\"Andean three countries\"), where our SMEs can access or enter into its market in the most effective way. Among Central and South American countries, Andean three countries not only signed the Free Trade Agreement with Korea but also have a great condition in order that our SMEs can make inroad to its market in view of both geographical position and potentiality of growth. In particular, Andean three countries and Mexico established the economy community, the Pacific Alliance (Alianza del Pacifico), and its economic community is strongly emerging as a representative of Pacific coast of Central and South America. The main purpose of this research is: (a) to analyze the present condition of economy, infrastructure, industrial composition, government policy, etc, (b) to evaluate the competitiveness of Korean SMEs in each industry field of local market after choosing the promising field and area to make inroad for their business, and (c) to seek the plans for expansion of Korean SMEs' business in the local market and the related policies.","PeriodicalId":170565,"journal":{"name":"INTL: Other Emerging Markets: Regional Perspective (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113967316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using data from five South American countries from 2001 to 2008, this paper examines how foreign ownership affects the loan cost of borrowers. We find that the cost of debt financing is significantly higher for firms whose largest shareholder is a foreign institutional one. The results suggest that due to potential agency conflicts between shareholders and creditors, having block institutional shareholders tend to increase the borrowers’ debt burden. We also find that for firms with better information transparency and countries with stronger creditor right protection and less exposure to financial crises, the effects of foreign institutional ownership on costs of bank loans appear to be weaker. More interestingly, our results indicate that for firms whose largest foreign shareholder is from the same country as its lead bank, the effects of foreign institutional shareholders on loan prices become smaller, suggesting milder conflicts between the same-base-county pair of shareholders and creditors. Our findings supplement the existing literature on linkages between corporate ownership structure and cost of capital.
{"title":"Effects of Foreign Institutional Ownership on Foreign Bank Lending: Evidence from South America","authors":"Liangliang Jiang, Yi Zhu","doi":"10.2139/ssrn.1930714","DOIUrl":"https://doi.org/10.2139/ssrn.1930714","url":null,"abstract":"Using data from five South American countries from 2001 to 2008, this paper examines how foreign ownership affects the loan cost of borrowers. We find that the cost of debt financing is significantly higher for firms whose largest shareholder is a foreign institutional one. The results suggest that due to potential agency conflicts between shareholders and creditors, having block institutional shareholders tend to increase the borrowers’ debt burden. We also find that for firms with better information transparency and countries with stronger creditor right protection and less exposure to financial crises, the effects of foreign institutional ownership on costs of bank loans appear to be weaker. More interestingly, our results indicate that for firms whose largest foreign shareholder is from the same country as its lead bank, the effects of foreign institutional shareholders on loan prices become smaller, suggesting milder conflicts between the same-base-county pair of shareholders and creditors. Our findings supplement the existing literature on linkages between corporate ownership structure and cost of capital.","PeriodicalId":170565,"journal":{"name":"INTL: Other Emerging Markets: Regional Perspective (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133107482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We build an optimising framework to analyse a class of economies that adopt an ECU-type basket currency while in transition to increased flexibility of the exchange rate regime. Instead of conventional basket pegging, such an economy uses an ECU-type currency index as a benchmark for monitoring and assessing exchange rate movements. This provides an anchoring device for the nation’s exchange rate regime and allows the home currency’s exchange rate to fluctuate. Under the assumption that the central bank is chiefly interested in maintaining stability, the optimal structure of the basket currency is based on its contribution to minimizing the volatility of the country’s external account. A currency invariance index is applied to capture the effect of the country’s exit from exclusive linkage with the US dollar. The approach is illustrated by Chinese exchange rate policy. We find it advisable and viable for China to form a basket currency with a diversified portfolio of currencies. While the portfolio’s weighting scheme could favour the dollar, euro and Japanese yen, we show that the composition of the basket is open to a wide range of possibilities. Moreover, contrary to general fears, there is considerable potential for China to engage in currency diversification, which will not necessarily affect the dollar’s position.
{"title":"China’s New Exchange Rate Regime, Optimal Basket Currency and Currency Diversification","authors":"Zhichao Zhang, Nan Shi, Xiaoli Zhang","doi":"10.2139/ssrn.1914296","DOIUrl":"https://doi.org/10.2139/ssrn.1914296","url":null,"abstract":"We build an optimising framework to analyse a class of economies that adopt an ECU-type basket currency while in transition to increased flexibility of the exchange rate regime. Instead of conventional basket pegging, such an economy uses an ECU-type currency index as a benchmark for monitoring and assessing exchange rate movements. This provides an anchoring device for the nation’s exchange rate regime and allows the home currency’s exchange rate to fluctuate. Under the assumption that the central bank is chiefly interested in maintaining stability, the optimal structure of the basket currency is based on its contribution to minimizing the volatility of the country’s external account. A currency invariance index is applied to capture the effect of the country’s exit from exclusive linkage with the US dollar. The approach is illustrated by Chinese exchange rate policy. We find it advisable and viable for China to form a basket currency with a diversified portfolio of currencies. While the portfolio’s weighting scheme could favour the dollar, euro and Japanese yen, we show that the composition of the basket is open to a wide range of possibilities. Moreover, contrary to general fears, there is considerable potential for China to engage in currency diversification, which will not necessarily affect the dollar’s position.","PeriodicalId":170565,"journal":{"name":"INTL: Other Emerging Markets: Regional Perspective (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133128943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Between 1964 and 1990, Texaco dumped about 16 billion gallons of toxic substances into the surface water of the Amazon, relied upon by indigenous Amazon and remote farmers. Texaco also created hundreds of unlined pits in the jungle floor and filled them with toxic sludge. In 1993, the Amazon indigenous communities and remote farmers sued Texaco in the United States, its home jurisdiction, seeking redress for damages caused by Texaco’s operations. From 1993 to 2002 Texaco and later Chevron, when it acquired Texaco, fought to have the case dismissed and moved to Ecuador as the more appropriate forum to try the case. Ultimately, the U.S. action was dismissed in exchange for promises by Chevron to accept jurisdiction in Ecuador and satisfy any judgment rendered by an Ecuadorian court. The case was re-filed and tried in Ecuador. On February 14, 2011 the Provincial Court of Sucumbios awarded the Ecuadorian plaintiffs $8.6 billion in damages, with $5.6 billion going toward environmental remediation. Anticipating the worst, Chevron took preemptive action back in the United States. With the judgment not final and no attempt by the Ecuadorian plaintiffs to enforce in the U.S., Chevron filed a complaint against the Ecuadorians seeking declaratory relief for non-recognition of the Ecuadorian judgment and a preliminary injunction enjoining the Ecuadorians from seeking to have the Ecuadorian judgment recognized or enforced anywhere in the world. On March 7, 2011, the U.S. Federal District Court in the Southern District of New York granted the preliminary injunction in this Opinion. The Ecuadorian's have appealed and this amicus brief was filed on June 9, 2001 in support of the Ecuadorians. The brief seeks to show that the District Court erred in granting the injunction and that international legal obligations of the United States requires that the injunction be dissolved and the case dismissed.
{"title":"Brief of International Law Professors as Amici Curiae in Support of Defendants in Chevron versus Donziger","authors":"D. Anton","doi":"10.2139/SSRN.1863047","DOIUrl":"https://doi.org/10.2139/SSRN.1863047","url":null,"abstract":"Between 1964 and 1990, Texaco dumped about 16 billion gallons of toxic substances into the surface water of the Amazon, relied upon by indigenous Amazon and remote farmers. Texaco also created hundreds of unlined pits in the jungle floor and filled them with toxic sludge. In 1993, the Amazon indigenous communities and remote farmers sued Texaco in the United States, its home jurisdiction, seeking redress for damages caused by Texaco’s operations. From 1993 to 2002 Texaco and later Chevron, when it acquired Texaco, fought to have the case dismissed and moved to Ecuador as the more appropriate forum to try the case. Ultimately, the U.S. action was dismissed in exchange for promises by Chevron to accept jurisdiction in Ecuador and satisfy any judgment rendered by an Ecuadorian court. The case was re-filed and tried in Ecuador. On February 14, 2011 the Provincial Court of Sucumbios awarded the Ecuadorian plaintiffs $8.6 billion in damages, with $5.6 billion going toward environmental remediation. Anticipating the worst, Chevron took preemptive action back in the United States. With the judgment not final and no attempt by the Ecuadorian plaintiffs to enforce in the U.S., Chevron filed a complaint against the Ecuadorians seeking declaratory relief for non-recognition of the Ecuadorian judgment and a preliminary injunction enjoining the Ecuadorians from seeking to have the Ecuadorian judgment recognized or enforced anywhere in the world. On March 7, 2011, the U.S. Federal District Court in the Southern District of New York granted the preliminary injunction in this Opinion. The Ecuadorian's have appealed and this amicus brief was filed on June 9, 2001 in support of the Ecuadorians. The brief seeks to show that the District Court erred in granting the injunction and that international legal obligations of the United States requires that the injunction be dissolved and the case dismissed.","PeriodicalId":170565,"journal":{"name":"INTL: Other Emerging Markets: Regional Perspective (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126088243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-12-01DOI: 10.5089/9781451874228.001.A001
Nadeem Ilahi, F. Alturki, Jaime Espinosa-Bowen
We test the extent to which growth in the 11 CIS countries (excluding Russia) was associated with developments in Russia, overall, as well as through the trade, financial and remittance channels over the last decade or so. The results point to the continued existence of economic links between the CIS countries and Russia, though these links may have altered since the 1998 crisis. Russia appears to influence regional growth mainly through the remittance channel and somewhat less so through the financial channel. There is a shrinking role of the trade (exports to Russia) channel. Russian growth shocks are associated with sizable effects on Belarus, Kazakhstan, Kyrgyz Republic, Tajikistan, and, to some extent, Georgia.
{"title":"How Russia Affects the Neighborhood: Trade, Financial, and Remittance Channels","authors":"Nadeem Ilahi, F. Alturki, Jaime Espinosa-Bowen","doi":"10.5089/9781451874228.001.A001","DOIUrl":"https://doi.org/10.5089/9781451874228.001.A001","url":null,"abstract":"We test the extent to which growth in the 11 CIS countries (excluding Russia) was associated with developments in Russia, overall, as well as through the trade, financial and remittance channels over the last decade or so. The results point to the continued existence of economic links between the CIS countries and Russia, though these links may have altered since the 1998 crisis. Russia appears to influence regional growth mainly through the remittance channel and somewhat less so through the financial channel. There is a shrinking role of the trade (exports to Russia) channel. Russian growth shocks are associated with sizable effects on Belarus, Kazakhstan, Kyrgyz Republic, Tajikistan, and, to some extent, Georgia.","PeriodicalId":170565,"journal":{"name":"INTL: Other Emerging Markets: Regional Perspective (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129643936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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