The Experts below are selected from a list of 70281 Experts worldwide ranked by ideXlab platform
Garry D. Bruton - One of the best experts on this subject based on the ideXlab platform.
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Entrepreneurship and Strategy in Emerging Economies
Strategic Entrepreneurship Journal, 2013Co-Authors: Garry D. Bruton, Igor Filatotchev, Mike WrightAbstract:The goals of the special issue are to: (1) publish work that builds knowledge about the nature of strategic and entrepreneurial activities in Emerging Economies, as well as their antecedents and consequences; and (2) develop a theoretical foundation for future research. In this introduction to the special issue, we initially review the existing literature and the major definitions used to date for Emerging Economies. We then develop a framework for the analysis of where strategic entrepreneurship in Emerging Economies now stands that, in turn, allows us to develop an understanding of where the field needs to move in the future. We subsequently identify how each article in this special issue informs our research questions as we develop an agenda for future research.
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Venture Capital in Emerging Economies: Networks and Institutional Change
Entrepreneurship Theory and Practice, 2006Co-Authors: David Ahlstrom, Garry D. BrutonAbstract:Emerging Economies are characterized by fundamental and comprehensive institutional transformations as their Economies begin to mature. How venture capitalist functions in environments that differ so fundamentally from those of the mature markets where venture capital was initially developed has only begun to be addressed. This article builds a framework to further the understanding of venture capital practice in Emerging markets. Specific attention is focused on the impact of networks in the model, in particular, how networks and other informal institutions can act to supplement or replace formal institutions when they are weak. The article goes on to examine what the implications are for venture capital and the role of informal institutions in Emerging Economies as formal institutions become more established. The research and resulting model is grounded in 65 semistructured interviews with venture capitalists in Emerging Economies around East Asia. This article contributes to the literature by drawing attention to the impact of networks and changing institutional environments on venture capital during different phases of an economic transition process in Emerging Economies. The findings have implications for understanding institutional impact on venture capital activity as well as entrepreneurs and entrepreneurial ventures that seek venture capital financing in Emerging Economies.
Ju Hyun Pyun - One of the best experts on this subject based on the ideXlab platform.
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international reserves for Emerging Economies a liquidity approach
Journal of International Money and Finance, 2016Co-Authors: Kuk Mo Jung, Ju Hyun PyunAbstract:The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-bonds by Emerging Economies, are still an important puzzle. Why do Emerging Economies continue to willingly loan to the United States despite the low rates of return? We suggest that a dynamic general equilibrium model incorporating international capital markets, characterized by decentralized trade and U.S. T-bonds as facilitators of trade, can provide one possible resolution to this question. Declining financial frictions in these over-the-counter (OTC) markets would generate rising liquidity premium on U.S. T-bonds, thereby causing low U.S. real interest rates. Meanwhile, the superior liquidity properties of the U.S. T-bonds would induce recipients of foreign investments, namely Emerging Economies, to hold more liquidity, that is U.S. T-bonds, in equilibrium. The prediction of our model is confirmed by an empirical simultaneous equations approach considering an endogenous relationship between OTC capital inflows and reserve holdings.
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international reserves for Emerging Economies a liquidity approach
MPRA Paper, 2015Co-Authors: Kuk Mo Jung, Ju Hyun PyunAbstract:The massive stocks of foreign exchange reserves, mostly held in the form of U.S. T-Bonds by Emerging Economies, are still an important puzzle. Why do Emerging Economies continue to willingly loan to the United States despite the low rates of return? We propose that a dynamic general equilibrium model incorporating international capital markets, characterized by a non-centralized trading mechanism and U.S. T-Bonds as facilitators of trade, can provide an answer to this question. Declining financial frictions in these over-the-counter (OTC) markets would generate rising liquidity premiums on U.S. T-Bonds. Meanwhile, the higher liquidity properties of the U.S. T-Bonds would induce recipients of foreign investments, namely Emerging Economies, to hold more liquidity, that is U.S. T-Bonds, in equilibrium. The prediction of our model is confirmed by an empirical simultaneous equations approach considering an endogenous relationship between OTC capital inflows and reserves holdings.
Arnaud Mehl - One of the best experts on this subject based on the ideXlab platform.
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Risky public domestic debt composition in Emerging Economies
Journal of International Money and Finance, 2010Co-Authors: Arnaud Mehl, Julien ReynaudAbstract:Abstract This paper explains why public domestic debt composition in Emerging Economies can be risky, namely in foreign currency, with a short maturity or indexed. It analyses empirically the determinants of these risk sources separately, developing a new large dataset compiled from national sources for 33 Emerging Economies over 1994–2006. The paper finds that economic size, the breadth of the domestic investor base, inflation and fiscal soundness are all associated with risky public domestic debt compositions, yet to an extent that varies considerably in terms of magnitude and significance across sources of risk. Only inflation impacts all types of risky debt, underscoring the overarching importance of monetary credibility to make domestic debt compositions in Emerging Economies safer. Given local bond markets' rapid development, monitoring risky public domestic debt compositions in Emerging Economies becomes increasingly relevant to global financial stability.
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The Yield Curve as a Predictor and Emerging Economies
Open Economies Review, 2008Co-Authors: Arnaud MehlAbstract:This paper tests whether the slope of the yield curve in Emerging Economies predicts inflation and growth. It also investigates whether the USA and euro area curves help to predict. It finds that the yield curve in Emerging Economies contains information for future inflation and growth, with differences across countries being seemingly linked to market liquidity. The US and euro area yield curves are also found to contain information for future inflation and growth in Emerging Economies. In particular, for those Economies with exchange rates pegged to the US dollar, the US yield curve is often a better predictor than the domestic curves and causes their movements. This suggests that monetary policy changes in the USA are drivers of international financial linkages through base interest pass-through and the low end of the yield curve.
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The Yield Curve as a Predictor and Emerging Economies
SSRN Electronic Journal, 2006Co-Authors: Arnaud MehlAbstract:This paper investigates the extent to which the slope of the yield curve in Emerging Economies predicts domestic inflation and growth. It also examines international financial linkages and how the US and the euro area yield curves help to predict. It finds that the domestic yield curve in Emerging Economies has in-sample information content even after controlling for inflation and growth persistence, at both short and long forecast horizons, and that it often improves out-of-sample forecasting performance. Differences across countries are seemingly linked to market liquidity. The paper further finds that the US and the euro area yield curves also have in- and out-of-sample information content for future inflation and growth in Emerging Economies. In particular, for Emerging Economies that have an exchange rate peg to the US dollar, the US yield curve is often found to be a better predictor than these Economies' own domestic curve and to causally explain their movements. This suggests that monetary policy changes and short-term interest rate pass-through are key drivers of international financial linkages through movements from the low end of the yield curve.
Chad P. Bown - One of the best experts on this subject based on the ideXlab platform.
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Emerging Economies, Trade Policy, and Macroeconomic Shocks - Emerging Economies, trade policy, and macroeconomic shocks
Journal of Development Economics, 2013Co-Authors: Chad P. Bown, Meredith A. CrowleyAbstract:This paper estimates the impact of aggregate fluctuations on the time-varying trade policies of thirteen major Emerging Economies over 1989-2010; by 2010, these WTO member countries collectively accounted for 21 percent of world merchandise imports and 22 percent of world GDP. The paper examines determinants of carefully constructed, bilateral measures of new import restrictions on products arising through the temporary trade barrier (TTB) policies of antidumping, safeguards, and countervailing duties. The paper presents evidence of a counter-cyclical relationship between macroeconomic shocks and new TTB import restrictions as well as an important role for fluctuations in bilateral real exchange rates. Furthermore, the trade policy responsiveness coinciding with WTO establishment in 1995 suggests a significant change relative to the pre-WTO period; i.e., new import restrictions became more counter-cyclical and sensitive to real exchange rate shocks over time. Finally, the paper also presents results that explicitly address changes to the institutional environment facing these Emerging Economies as they joined the WTO and adopted disciplines to restrain their application of other trade policies such as applied import tariffs.
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Emerging Economies and the Emergence of South-South Protectionism - Emerging Economies and the emergence of south-south protectionism
Policy Research Working Papers, 2012Co-Authors: Chad P. BownAbstract:Do exports resume when import-restricting temporary trade barriers such as antidumping are finally removed? To establish the importance of this question for Emerging Economies, this paper uses newly available data from the World Bank's Temporary Trade Barriers Database to update a number of inter-temporal indicators of import protection along three dimensions: additional time coverage through 2011, additional policy-imposing country coverage, and a more comprehensive depiction of impacted trading partner coverage. It then turns to the Emerging economy exporters affected by temporary trade barriers and highlights the economic significance of frequently bilateral import restrictions imposed by other Emerging Economies, i.e., South-South protectionism. Finally, it then investigates empirically whether country-level exports resume when the previously imposed -- but temporary -- import protection is finally removed. China's exporters respond quickly and aggressively to the market access opening embodied in the removal of such import restrictions. This differs markedly from the slow and tepid export response of other Emerging Economies, especially when the import protection had been imposed by another Emerging economy trading partner. This evidence suggests a previously unidentified long-run cost associated with such South-South protectionism that merits further research and inquiry.
Mike Wright - One of the best experts on this subject based on the ideXlab platform.
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Entrepreneurship and Strategy in Emerging Economies
Strategic Entrepreneurship Journal, 2013Co-Authors: Garry D. Bruton, Igor Filatotchev, Mike WrightAbstract:The goals of the special issue are to: (1) publish work that builds knowledge about the nature of strategic and entrepreneurial activities in Emerging Economies, as well as their antecedents and consequences; and (2) develop a theoretical foundation for future research. In this introduction to the special issue, we initially review the existing literature and the major definitions used to date for Emerging Economies. We then develop a framework for the analysis of where strategic entrepreneurship in Emerging Economies now stands that, in turn, allows us to develop an understanding of where the field needs to move in the future. We subsequently identify how each article in this special issue informs our research questions as we develop an agenda for future research.
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strategy research in Emerging Economies challenging the conventional wisdom
Journal of Management Studies, 2005Co-Authors: Mike Wright, Robert E. Hoskisson, Igor Filatotchev, Mike W. PengAbstract:This review and introduction to the Special Issue on 'Strategy Research in Emerging Economies' considers the nature of theoretical contributions thus far on strategy in Emerging Economies. We classify the research through four strategic options: (1) firms from developed Economies entering Emerging Economies; (2) domestic firms competing within Emerging Economies; (3) firms from Emerging Economies entering other Emerging Economies; and (4) firms from Emerging Economies entering developed Economies. Among the four perspectives examined (institutional theory, transaction cost theory, resource-based theory, and agency theory), the most dominant seems to be institutional theory. Most existing studies that make a contribution blend institutional theory with one of the other three perspectives, including seven out of the eight papers included in this Special Issue. We suggest a future research agenda based around the four strategies and four theoretical perspectives. Given the relative emphasis of research so far on the first and second strategic options, we believe that there is growing scope for research that addresses the third and fourth.
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guest editors introduction strategy research in Emerging Economies challenging the conventional wisdom
2005Co-Authors: Mike Wright, Robert E. Hoskisson, Igor Filatotchev, Mike W. PengAbstract: This review and introduction to the Special Issue on ‘Strategy Research in Emerging Economies’ considers the nature of theoretical contributions thus far on strategy in Emerging Economies. We classify the research through four strategic options: (1) firms from developed Economies entering Emerging Economies; (2) domestic firms competing within Emerging Economies; (3) firms from Emerging Economies entering other Emerging Economies; and (4) firms from Emerging Economies entering developed Economies. Among the four perspectives examined (institutional theory, transaction cost theory, resource-based theory, and agency theory), the most dominant seems to be institutional theory. Most existing studies that make a contribution blend institutional theory with one of the other three perspectives, including seven out of the eight papers included in this Special Issue. We suggest a future research agenda based around the four strategies and four theoretical perspectives. Given the relative emphasis of research so far on the first and second strategic options, we believe that there is growing scope for research that addresses the third and fourth.
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Strategy in Emerging Economies
Academy of Management Journal, 2000Co-Authors: Robert E. Hoskisson, Lorraine Eden, Chung-ming Lau, Mike WrightAbstract:Emerging Economies are low-income, rapid-growth countries using economic liberalization as their primary engine of growth. They fall into two groups: developing countries in Asia, Latin America, Africa, and the Middle East and transition Economies in the former Soviet Union and China. Private and public enterprises have had to develop unique strategies to cope with the broad scope and rapidity of economic and political change in Emerging Economies. This Special Research Forum on Emerging Economies examines strategy formulation and implementation by private and public enterprises in several different regional settings and from three primary theoretical perspectives: institutional theory, transaction cost economics, and the resource-based view of the firm. In this introduction, we show how different theoretical perspectives can provide useful insights into enterprise strategies in Emerging Economies. We discuss the special methodological as well as empirical challenges associated with doing research in emer...
