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International Monetary Fund

directly into the outlets. An information technology company may be able to design superior systems for electronic banking if the information exchange, technical and financial, between client and supplier is unfettered under common ownership. However, such economies may often be more apparent than real. If the value of the space for a bank branch within a retail outlet is appropriately valued at its opportunity cost, its economic worth may be independent of who owns it. 4. There are also costs to expanding industrial/commercial ownership : Allowing commercial

International Monetary Fund

are telephone lines leased out by telecommunications companies for the purposes of data and voice transfer. There are three common types of leased circuits used by information technology companies, namely the larger “T-l” circuit, the 256 kbps circuit and the smaller 64/56 kbps circuit. 10 The choice of a particular circuit would depend on the volume of data flow as well as nature of the operation. For example, a large scale call center would need a “T-l” circuit, while a company sending data periodically would only need the smaller 64/56 kbps circuit. Some

International Monetary Fund. Asia and Pacific Dept

:// Crass , Dirk and Bettina Peters , 2014 , “Intangible Assets and Firm-Level Productivity,” ZEW-Center for European Economic Research Discussion Paper No. 14–120 Li , Hanran and Wenshu Wang , 2014 , “Impact of Intangible Assets on Profitability of Hong Kong Listed Information Technology Companies,” Business and Economic Research, Macrothink Institute , Vol. 4 , N. 2 ., pp. 98 – 113 . 10.5296/ber.v4i2.6009 Marrocu , Emanuela and Raffaele Paci , 2012 , “Intangible Capital and Firms

Mr. A. Salehizadeh, Mr. Peter Berezin, and Mr. Elcior Santana
It is typically assumed that countries in the Caribbean suffer from a lack of output and export diversification. Contrary to this popular perception, we find no evidence that output variability is higher in Caribbean countries than in larger, more diversified, developing economies. In addition, we find no evidence that export earnings are more volatile in the Caribbean economies than elsewhere. In fact, export earnings are quite stable in the Caribbean, reflecting the fact the region is rather unique in that most of its export earnings are generated from service exports, which tend to be considerably less volatile than goods exports.
Mr. Luis Catão and Mr. Robin Brooks

sample as a whole has a maximum of 624 information technology stocks worldwide, with the U.S. accounting for 277 or 44 percent of these. In capitalization terms however the picture is very different. Information technology stocks amount to about 24 percent of global market capitalization, with U.S. information technology companies accounting for about 17 percent of the world market. In capitalization terms the U.S. therefore accounts for 71 percent of all information technology companies. As a result the value-weighted regressions attribute more of the excess returns

International Monetary Fund

implications for business and consumer confidence in the euro area. Movements in the U.S. and euro-area stock markets have been strongly correlated since the mid-1990s; in the past couple of years, particularly high correlations are evident in the prices of the stocks of “high technology” companies ( Figure 3 ). In particular, recent declines in euro-area share prices have reflected a fallout from financial difficulties encountered by telecommunications companies in the United States and in Europe and a general revaluation of prospects for information technology companies

Mr. Luis Catão and Mr. Robin Brooks
This paper revisits the relative importance of global versus country-specific factors underlying stock returns. It constructs a new firm level data set covering emerging and developed markets and estimates a simple factor model, which breaks down stock returns into a global business cycle factor, global industry factors, country-specific factors and firm-level effects. The results indicate that the share of variation in stock returns explained by global industry factors has grown sharply since the mid-1990s, at the expense of country-specific factors. Foremost among the global factors is a “new economy” factor, which has become a key determinant of global stock returns.
International Monetary Fund

investments by authorized investment and mutual funds). Although Indian DRs have been available in the United States since 1992, when Reliance Industries made a private placement of ADRs, the first public listings of Indian ADRs occurred in 1999, when two information technology companies, Infosys and Satyam Infoway, were listed on the NASDAQ, and ICICI, a financial conglomerate, was listed on the NYSE. In late March, ICICI Bank, a subsidiary of ICICI, also listed on the NYSE. Rules governing DRs . Until recently Indian companies faced strict constraints governing which

Ruchir Agarwal, Patrick Gaule, and Mr. Alfred Schipke

-specific tax that pharmaceutical companies may face (as opposed to say information technology companies), whereby if the drug is likely to serve a large population then it becomes politically/socially untenable for the company to make large profits from the drug’s success. Moreover, the bigger the market size the stronger the political pressure for governments is likely to be to ensure the drug companies do not charge a high price for access to the vaccines or treatments. 7 Thus, this force (’the paradox of market size’) moderates the classic market size mechanism that

International Monetary Fund

) tax country underpays (overpays) for goods or services, are widespread and difficult to prevent where unique assets such as intellectual property are concerned. Real investment and profit shifting are linked insofar as companies with more capital invested outside the U.S. have a greater capacity to (credibly) shift profits offshore. The ability to shift profits also depends on the economic sector; those with more investment in intellectual property, such as pharmaceutical and information technology companies, have greater capacity to shift profits. 10. The 1997