Waseda Institute of Political Economy早稲田大学 現代政治経済研究所

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10月31日現政研セミナー(Paul S. K. Luk先生)のご案内 the WINPEC Seminar on October 31

※For English please scroll down.

10月31日(火)に行われます、現政研セミナーの日程、場所などにつきましてご案内申し上げます。

 

【日 時】10月31日(火)10:40~12:10

 

【場 所】早稲田大学 早稲田キャンパス3号館10階 第一会議室

 

【報告者】Paul S. K. Luk 先生(Hong Kong Baptist University)

 

【タイトル】Foreign Direct Investment and Debt Financing in Emerging Economies

 

【概要】

This paper analyzes the dynamics of capital financing in emerging economies over the business cycle. We show empirically that external debt is always procyclical, but FDI is procyclical only in normal times. During crises the correlation of FDI and output drops substantially. We then build a small open economy model in which firms are subject to borrowing constraints, and are either owned domestically or by foreign investors who purchase firms through FDI. During a financial crisis, the valuation gap per unit net worth between foreign and domestic investors widens, which triggers more FDI inflow. Our model produces business cycle moments consistent with empirical observations.

 

 

【招聘教員】 上田 晃三 先生

 

【使用言語】 英語

 

 

*English

This notice is to inform you of the Waseda Institute of Political Economy (WINPEC) Seminar on Oct. 31st.

 

【TIME】31st, October Tuesday, 10:40-12:10

 

【Venue】The meeting room (conference room) #1, BUILDING 3 – Floor 10.

 

【Presenter】Prof. Paul S. K. Luk (Assistant Professor, Hong Kong Baptist University, School of Business, Department of Economics)

 

【Title】Foreign Direct Investment and Debt Financing in Emerging Economies

 

【 Abstract 】

This paper analyzes the dynamics of capital financing in emerging economies over the business cycle. We show empirically that external debt is always procyclical, but FDI is procyclical only in normal times. During crises the correlation of FDI and output drops substantially. We then build a small open economy model in which firms are subject to borrowing constraints, and are either owned domestically or by foreign investors who purchase firms through FDI. During a financial crisis, the valuation gap per unit net worth between foreign and domestic investors widens, which triggers more FDI inflow. Our model produces business cycle moments consistent with empirical observations.

 

【Organizer】Prof. Kozo UEDA

【Language】 English

 

We encourage your participation.

 

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