\u203bFor English please scroll down.<\/p>\n
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\u3010\u5831\u544a\u8005\u3011Paul S. K. Luk\u3000\u5148\u751f\uff08Hong Kong Baptist University\uff09<\/p>\n
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\u3010\u30bf\u30a4\u30c8\u30eb\u3011Foreign Direct Investment and Debt Financing in Emerging Economies<\/p>\n
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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.<\/p>\n
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*English<\/p>\n
This notice is to inform you of the Waseda Institute of Political Economy (WINPEC) Seminar on Oct. 31st.<\/p>\n
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\u3010TIME\u301131st, October Tuesday, 10:40-12:10<\/p>\n
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\u3010Venue\u3011The meeting room (conference room) #1, BUILDING 3 – Floor 10.<\/p>\n
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\u3010Presenter\u3011Prof. Paul S. K. Luk (Assistant Professor, Hong Kong Baptist University, School of Business, Department of Economics)<\/p>\n
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\u3010Title\u3011Foreign Direct Investment and Debt Financing in Emerging Economies<\/p>\n
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\u3010 Abstract \u3011<\/p>\n
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.<\/p>\n
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\u3010Organizer\u3011Prof. Kozo UEDA<\/p>\n
\u3010Language\u3011 English<\/p>\n
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We encourage your participation.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
\u203bFor English please scroll down. \uff11\uff10\u6708\uff13\uff11\u65e5\uff08\u706b\uff09\u306b\u884c\u308f\u308c\u307e\u3059\u3001\u73fe\u653f\u7814\u30bb\u30df\u30ca\u30fc\u306e\u65e5\u7a0b\u3001\u5834\u6240\u306a\u3069\u306b\u3064\u304d\u307e\u3057\u3066\u3054\u6848\u5185\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002 \u3010\u65e5\u3000\u6642\u3011\uff11\uff10\u6708\uff13\uff11\u65e5\uff08\u706b\uff09\uff11\uff10\uff1a\uff14\uff10\uff5e\uff11\uff12 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[103,104,105,1],"tags":[99,18],"class_list":["post-5762","post","type-post","status-publish","format-standard","hentry","category-news-en","category-other-en","category-other","category-news","tag-events-en","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/5762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/comments?post=5762"}],"version-history":[{"count":0,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/5762\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/media?parent=5762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/categories?post=5762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/tags?post=5762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}