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Business and Economics > Investments: Stocks

You are looking at 1 - 8 of 8 items for :

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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 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
The External Impact of China'S Exchange Rate Policy: Evidence From Firm Level Data
Mr. Barry J. Eichengreen
and
Mr. Hui Tong
We examine the impact of renminbi revaluation on foreign firm valuations, considering two surprise announcements of changes in China’s exchange rate policy in 2005 and 2010 and employing data on some 6,000 firms in 44 economies. Stock returns rise with renminbi revaluation expectations. This reaction appears to reflect a combination of improvements in general market sentiment and specific trade effects. Expected renminbi appreciation has a positive effect on firms exporting to China but a negative impact on those providing inputs for the country’s processing exports. Stock prices rise for firms competing with China in their home market but fall for firms importing Chinese products with large imported-input content. There is also some evidence that expected renminbi appreciation reduces the valuation of financially-constrained firms, presumably because appreciation implies reduced Chinese purchases of foreign securities. The results carry over when we consider ten instances of market-perceived changes in prospective Chinese currency policy.
Keywords:
WP; firm; China; exports to China; exchange rate; external impact; stock market; China's processing; renminbi appreciation; processing export; imports from China; market beta; Exports; Imports; Currencies; Stocks; Exchange rates; Global
Cover IMF Working Papers
Holding International Reserves in an Era of High Capital Mobility
Mr. Robert P Flood
and
Ms. Nancy P. Marion
Why do countries hold so much international reserves? Global reserve holdings (excluding gold) were equivalent to 17 weeks of imports at the end of 1999. That is almost double what they were at the end of 1960 and about 20 percent higher than they were at the start of the 1990s. In this paper we study countries’ reserve holdings in light of both the increased financial volatility experienced in the last decade and diminished adherence to fixed exchange rates. We find that buffer-stock reserve models work about as well in the modern floating-rate period as they did during the Bretton Woods regime. During both periods, however, the models’ fundamentals explain only a small portion (10-15 percent) of reserves volatility.
Keywords:
WP; reserve holding; holding; volatility measure; International reserves; capital mobility; adjustment cost; reserve authority; lower bound; Imports; Stocks; Gold reserves; Exchange rates; Global
Cover IMF Working Papers
Technology and Epidemics
Mr. Alberto Chong
and
Ms. Luisa Zanforlin
Evidence from historical and epidemiological literatures show that epidemics tend to spread in the population according to a logistic pattern. We conjecture that the impact of new technologies on output follows a pattern of spread not unlike that of typical epidemics. After reaching a critical mass, rates of growth will accelerate until the marginal benefits of technology are fully utilized. We estimate spline functions using a GMM dynamic panel methodology for 79 countries. We use imports of machinery and equipment as a fraction of gross domestic product as a proxy for the process of technological adoption. Results confirm our hypothesis.
Keywords:
WP; rate of growth; epidemic pattern; upper bound; growth; epidemics; logistic; technology transfer; machinery and equipment; GMM system estimator method; technology coefficient; high-rate-of contagion interval; Estimation techniques; Imports; Emerging technologies; Stocks; East Asia
Cover IMF Working Papers
Are There International R&D Spillovers Among Randomly Matched Trade Partners? A Response to Keller
Mr. David T. Coe
and
Mr. Willy A Hoffmaister
Keller (1998) reexamines Coe and Helpman’s (1995) analysis of international R&D spillovers focusing on the weights used to define the foreign R&D capital stock. Keller creates “random” weights and shows that they give rise to positive estimates of international R&D spillovers, casting doubts on the robustness of Coe and Helpman’s findings. We show that Keller’s “random” weights are essentially simple averages with a random error. We derive alternative random weights and present regressions showing that when they are used to define the foreign R&D capital stock, the estimated international R&D spillover estimates are nonexistent, as would be expected.
Keywords:
WP; research and development; share; R&D; spillovers; technology; total factor productivity; import share; R&D capital stock; spillover estimate; random sampling; import weight; Imports; Stocks; Trade balance; Plurilateral trade
Cover IMF Working Papers
North-South RandD Spillovers
Mr. Elhanan Helpman
,
Mr. David T. Coe
, and
Mr. Willy A Hoffmaister
We examine the extent to which developing countries that do little, if any, research and development themselves benefit from R&D that is performed in the industrial countries. By trading with an industrial country that has a large “stock of knowledge” from its cumulative R&D activities, a developing country can boost its productivity by importing a larger variety of intermediate products and capital equipment embodying foreign knowledge, and by acquiring useful information that would otherwise be costly to obtain. Our empirical results, which are based on observations over the 1971-90 period for 77 developing countries, suggest that R&D spillovers from the industrial countries in the North to the developing countries in the South are substantial.
Keywords:
WP; R&D capital stock; capital stock; rate of return; import share; industrial country; trade partner; total factor productivity estimation result; vis-à-vis column-country k; Total factor productivity; Stocks; Imports; Productivity; East Asia; Europe
Cover IMF Working Papers
International RandD Spillovers
Mr. Elhanan Helpman
and
Mr. David T. Coe
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Keywords:
WP; R&D capital stock; import share; TFP growth; R&D effort; spillover elasticity; R&D spillover; R&D investment; Total factor productivity; Stocks; Productivity; Imports; Return on investment; Global