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Business and Economics > Investments: Stocks

You are looking at 1 - 10 of 42 items for :

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Cover IMF Staff Country Reports
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Regulation and Supervision of Secondary Markets
International Monetary Fund. Monetary and Capital Markets Department
Hong Kong SAR has, over the recent years, become an equity trading hub catering to domestic and foreign investors, including increasingly to investors from Mainland China. Most trading is conducted on markets operated by recognized exchange companies, with limited domestic trading happening via automated trading services (ATS) providers in the form of alternative liquidity pools. The introduction of Stock Connect in 2014 enabled investors from Hong Kong (including domestic and foreign) to directly invest in the Shanghai and later Shenzhen markets and investors from the Mainland to directly access the Hong Kong market. Trading via Stock Connect has seen a steady rise over the last few years, increasing the linkages between Hong Kong SAR and the Mainland. Mainland companies currently account for over 60 per cent of market capitalization of the equities traded on the Stock Exchange of Hong Kong (SEHK).
Keywords:
People's Republic of China-Hong Kong Special Administrative Region; China securities regulatory commission; Hong Kong exchange; ATS provider; market risk monitoring; Financial Sector Assessment Program; Trade systems; Securities; Stocks; Stock markets; Global
Cover IMF Working Papers
Global Smartphones Sales May Have Peaked
Mr. Joannes Mongardini
and
Aneta Radzikowski
Global smartphone sales may have peaked. After reaching nearly 1.5 billion units in 2016, global smartphone sales have since declined, contributing negatively to world trade in 2019 and suggesting that the global market may now be saturated. This paper develops a simple model to forecast smartphone sales, which shows that sales are likely to decline further. As tech companies shift to embedded services (cloud computing, content subscriptions, and financial services), the impact on global trade may also be shifting in favor of services exports mostly from advanced economies.
Keywords:
WP; iPhone; Apple; iPhone sale; trade; global supply chains; global trade; tech cycle; smartphone sale; ICT-enabled services; services export; PC sales; ICT services; Apple cash; Mobile internet; Service exports; Stocks; Exports; Global; merchandise export; Asia and Pacific
Cover IMF Working Papers
International Knowledge Spillovers
Johannes Eugster
,
Giang Ho
,
Ms. Florence Jaumotte
, and
Mr. Roberto Piazza
How important is foreign knowledge for domestic innovation outcomes? How is this relation shaped by globalization and the attendant intensification of international competition? Our empirical approach extends the previous literature by analyzing a large panel comprising industries in both advanced and emerging economies over the past two decades. We find that barriers to the domestic diffusion of foreign knowledge have fallen significantly for emerging economies. For all countries, and especially for emerging economies, inflows of foreign knowledge have a growing and quantitatively important impact on domestic innovation. Controlling for the amount of domestic R&D, we find evidence that increases in international competitive pressure at the industry level had a positive effect on domestic innovation outcomes
Keywords:
WP; countries R&D; country-sector level; citing country-industry level; China shock; cited country; market share; originating country-sector; knowledge spillovers; knowledge barriers; international competition; recipient country-sector; import penetration from China; importing country-sector; Competition; Stocks; Emerging and frontier financial markets; Productivity; Imports; Global
Cover IMF Working Papers
Investment in Brazil: From Crisis to Recovery
Mr. Ivo Krznar
and
Mr. Troy D Matheson
While Brazil’s deep recession has been broad based, it has been marked by a particularly large fall in investment. Real investment fell by around 30 percent between the beginning of 2014 and the beginning of 2017. This paper finds that a variety of factors contributed to the investment decline, including a deterioration in Brazil’s medium-term growth prospects, rising real interest rates, falling terms of trade, rising uncertainty related to economic policy, rising levels of corporate leverage and lower cash flow. Some of the factors that have weighed on investment over recent years have begun to normalize providing some impetus for a recovery. However, still-high levels of corporate leverage and the prospect of continued uncertainty related to economic policy settings suggest a turnaround in investment is likely to be subdued.
Keywords:
WP; financing investment; Investment; Recession; policy uncertainty; drive investment decision; growth expectation; investment growth; investment equation; cash flow ratio; Terms of trade; Gross fixed investment; Real interest rates; Labor costs; Stocks; Global
Cover IMF Working Papers
Financial Frictions, Underinvestment, and Investment Composition: Evidence from Indian Corporates
Miss Sonali Das
and
Mr. Volodymyr Tulin
This paper studies private investment in India against the backdrop of a significant investment decline over the past decade. We analyze the potential causes of weaker investment at the firm level, using both firm-level financial statements and a novel dataset on firms’ investment project decisions, and find that financial frictions have played a role in the slowdown. Firms with higher financial leverage invest less, as do firms with lower earnings relative to their interest expenses. Consistent with the notion of credit constraints leading to pro-cyclical investment, we also find that firms with higher leverage are (i) less likely to undertake new investment projects, (ii) less likely to complete investment projects once begun, and (iii) undertake shorter-term investment projects.
Keywords:
WP; firm; investment; investment rate; financial leverage; Corporate Leverage; India; investment project; Project length; firm investment; investment expenditure; investment decision; investment slowdown; Stocks; Exports; Capital adequacy requirements; Financial frictions; Private investment; Global
Cover Policy Papers
Heavily Indebted Poor Countries Initiative and Multilateral Debt Relief Initiative - Statistical Update
International Monetary Fund
The HIPC Initiative and MDRI are nearly complete with 35 countries having already reached the completion point under the HIPC Initiative. One country, Chad, remains in the interim phase. Debt relief under the Initiatives has substantially alleviated debt burdens in recipient countries and has enabled them to increase their poverty-reducing expenditure by two and a half percentage points between 2001 and 2013. Creditor participation in the Initiative has been strong amongst the multilateral and Paris Club creditors; however participation from the other creditor groups still needs to be strengthened. The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$75.0 billion, while the costs to the four multilateral creditors providing relief under the MDRI is estimated to be US$41.1 billion in end-2013 present value terms.
Keywords:
PP; country; IMF HIPC Initiative; Point HIPCs; HIPC Initiative; completion point; millions of U.S. dollars; debt service projection; HIPC debt relief; HIPC country document; IMF MDRI assistance; country document; IMF JSAN; PV terms; MDRI assistance; Debt relief; Debt service; Exports; Stocks; Arrears; Africa; West Africa
Cover IMF Staff Country Reports
France: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper reviews business investment patterns in France during the crisis. The main motivation is to explore whether investment has recently evolved in line with established determinants or displayed somewhat unconventional dynamics. This paper addresses three distinct questions. First, has recent investment behavior essentially been consistent with past trends or is there any discernible structural break as a result of the crisis. Second, what drove the contraction in investment during the crisis. Third, what is the investment outlook and can a swift and strong rebound going forward be expected. The paper presents main results and the outlook for investment.
Keywords:
ISCR; CR; France; export; investment; value; business investment; support investment activity; investment plan; equity ratio; investment outlook; investment growth; investment outlay; investment behavior; gross export; Exports; Private investment; Export performance; Capacity utilization; Imports; Global
Cover IMF Working Papers
Safe-Haven Korea? - Spillover Effects from UMPs
Mr. Jack J Ree
and
Seoeun Choi
We examine how Korea’s capital flows and trade have been affected by the quantitative easing (QE) of the United States and the quantitative and qualitative easing (QQME) of Japan. Korea is an intriguing case due to its borderline position between advanced and emerging market country groups, and the common perception that Korea competes fiercely with Japan in the world market for trade. We find that QE had little direct impact on capital flows to Korea, and tapering is unlikely to cause capital outflows from it owing to partial safe-haven behavior of capital flows to Korea. We also find that the exchange rate spillover from QQME to Korea has been limited both on trade and capital flow fronts.
Keywords:
WP; value chain; capital flow; yield curve; Unconventional monetary policy; spillover; trade; Korea's gain Japan's loss; safe-haven Korea; market share gain; Foreign Value-Added; QE exit; Korea's export; world market share; Capital flows; Bonds; Unconventional monetary policies; Exchange rates; Exports; Global; Asia and Pacific
Cover Policy Papers
Heavily Indebted Poor Countries Initiative and Multilateral Debt Relief Initiative - Statistical Update
International Monetary Fund
This report provides an update on the status of implementation of the HIPC Initiative and the MDRI over the past year. Given that most HIPCs have reached the completion point, in November 2011, the IMF and IDA Boards2 endorsed staff’s proposal to further streamline reporting of progress under the HIPC Initiative and MDRI. It was agreed that the annual HIPC Initiative/MDRI status of implementation report will be discontinued, while the core information—on debt service and poverty reducing expenditure, the cost of debt relief, creditor participation rates, and litigation against HIPCs—should continue to be made available and updated regularly on the IMF and World Bank websites.
Keywords:
PP; IMF HIPC Initiative; MDRI-type; dollar; Point HIPCs; enhanced HIPC Initiative; MDRI assistance; completion point; millions of U.S. dollars; IMF MDRI assistance; MDRI status; IMF MDRI assistance to Cambodia; Debt relief; Debt service; Exports; Stocks; Poverty reduction; Africa; West Africa
Cover IMF Staff Country Reports
German-Central European Supply Chain-Cluster Report: Staff Report, First Background Note, Second Background Note, Third Background Note
International Monetary Fund. European Dept.
This paper discusses key findings of the Cluster Report on German-Central European Supply Chain (GCESC). Since the 1990s, a GCESC has evolved, manufacturing goods for export to the rest of the world. Reflecting this, bilateral trade linkages between Germany and the Czech Republic, Hungary, Poland, and the Slovak Republic (CE4) have expanded rapidly. Participation in the GCESC has led to technology transfers to CE4 countries and accelerated income convergence. Export growth in knowledge-intensive sectors has been particularly rapid in the CE4. It is also observed that complementarities between supply chain activities and domestic production have led to greater synchronization of the business cycle among GCESC countries.
Keywords:
ISCR; CR; GDP; CE4 FDI; Germany; CE4 Countries Based; banking; trade linkage; stock position; exports to Germany; FDI stock; aggregate demand demand shock; safe haven status; Exports; Foreign direct investment; Financial statements; Spillovers; Stocks; Global; Asia and Pacific; Europe