The Experts below are selected from a list of 360 Experts worldwide ranked by ideXlab platform
Anthony J. Venables - One of the best experts on this subject based on the ideXlab platform.
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absorbing a windfall of foreign exchange dutch disease dynamics
Journal of Development Economics, 2013Co-Authors: Frederick Van Der Ploeg, Anthony J. VenablesAbstract:Abstract The permanent income rule is seldom the optimal response to a windfall of foreign exchange, such as that from a resource discovery. Absorptive capacity constraints require domestic investment, and investment in structures requires non-traded inputs the supply of which is constrained by the Initial Capital stock. This, particularly when combined with intra-sectoral Capital immobility, delays adjustment and creates short run ‘Dutch disease’ symptoms as the real exchange rate sharply appreciates and overshoots its long run value. Optimal revenue management requires investing in the domestic non-traded goods sector and a slow build up of consumption. Accumulation of foreign assets adjusts to accommodate the time-paths of domestic consumption and investment.
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absorbing a windfall of foreign exchange dutch disease dynamics
2010Co-Authors: Frederick Van Der Ploeg, Anthony J. VenablesAbstract:The response of an economy to a windfall of foreign exchange (be it aid or natural resource revenues) is often constrained by absorptive capacity. We provide a micro-founded analysis of absorption constraints, based on the idea that expanding the economy's Capital stock (in aggregate or sectorally) requires non-traded inputs, the supply of which is constrained by the Initial Capital stock. Given this constraint, the economy will manifest 'Dutch disease' symptoms, although many of them are temporary. On impact there is sharp appreciation of the real exchange rate, which will then depreciate back to its equilibrium level. In contrast to the permanent income hypothesis, real consumption jumps part of the way to its new long-run level, and then continues to rise. Depending on the Capital-intensity of the investments needed for the adjustment, the economy may run a current account deficit or surplus in early years.
Frederick Van Der Ploeg - One of the best experts on this subject based on the ideXlab platform.
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absorbing a windfall of foreign exchange dutch disease dynamics
Journal of Development Economics, 2013Co-Authors: Frederick Van Der Ploeg, Anthony J. VenablesAbstract:Abstract The permanent income rule is seldom the optimal response to a windfall of foreign exchange, such as that from a resource discovery. Absorptive capacity constraints require domestic investment, and investment in structures requires non-traded inputs the supply of which is constrained by the Initial Capital stock. This, particularly when combined with intra-sectoral Capital immobility, delays adjustment and creates short run ‘Dutch disease’ symptoms as the real exchange rate sharply appreciates and overshoots its long run value. Optimal revenue management requires investing in the domestic non-traded goods sector and a slow build up of consumption. Accumulation of foreign assets adjusts to accommodate the time-paths of domestic consumption and investment.
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absorbing a windfall of foreign exchange dutch disease dynamics
2010Co-Authors: Frederick Van Der Ploeg, Anthony J. VenablesAbstract:The response of an economy to a windfall of foreign exchange (be it aid or natural resource revenues) is often constrained by absorptive capacity. We provide a micro-founded analysis of absorption constraints, based on the idea that expanding the economy's Capital stock (in aggregate or sectorally) requires non-traded inputs, the supply of which is constrained by the Initial Capital stock. Given this constraint, the economy will manifest 'Dutch disease' symptoms, although many of them are temporary. On impact there is sharp appreciation of the real exchange rate, which will then depreciate back to its equilibrium level. In contrast to the permanent income hypothesis, real consumption jumps part of the way to its new long-run level, and then continues to rise. Depending on the Capital-intensity of the investments needed for the adjustment, the economy may run a current account deficit or surplus in early years.
Mirjam Van Praag - One of the best experts on this subject based on the ideXlab platform.
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Initial Capital constraints hinder entrepreneurial venture performance
The Journal of Private Equity, 2005Co-Authors: Mirjam Van Praag, Gerrit De Wit, Niels BosmaAbstract:This article investigates empirically whether and to what extent Initial Capital constraints hinder entrepreneurial performance once the venture has been started. Prior empirical research in this area could investigate this issue only indirectly by lack of data. The key contribution of this article is that the authors are able—due to their comprehensive data set—to measure the influence of Capital constraints more directly. The authors find that Initial Capital constraints during the start-up phase of business have quite a substantial negative influence on performance as measured by the survival probability of the venture and entrepreneurial earnings. These results appear quite robust.
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Initial Capital constraints hinder entrepreneurial venture performance
Research Papers in Economics, 2004Co-Authors: Mirjam Van Praag, Gerrit De Wit, Niels BosmaAbstract:This article investigates empirically whether and to what extent Initial Capital constraints hinder entrepreneurial performance once the venture has been started. Prior empirical research in this area could investigate this issue only indirectly by lack of data. The key contribution of this article is that the authors are able—due to their comprehensive data set—to measure the influence of Capital constraints more directly. The authors find that Initial Capital constraints during the start-up phase of business have quite a substantial negative influence on performance as measured by the survival probability of the venture and entrepreneurial earnings. These results appear quite robust. This discussion paper has resulted in a publication in The Journal of Private Equity , Winter 2005, 9(1), 36-44.
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Initial Capital Constraints Hinder Entrepreneurial Venture Performance: An Empirical Analysis
2003Co-Authors: Mirjam Van PraagAbstract:A novel method is applied to evaluate the effect of Capital constraints on entrepreneurial performance on a panel of 1,000 Dutch entrepreneurs. We find that Initial Capital constraints hinder entrepreneurs in their performance, even when we control for various human Capital and other factors that might affect both performance and credit scoring outcomes. We use a direct individual indicator variable for Initial Capital constraints. Previous research with the same objective used indirect indicators of wealth, inheritances or windfall gains, where it remains unknown whether the entrepreneur indeed suffered from Capital constraints. This drawback is not attached to our (neither perfect) approach so that policy implications will become more evident.
Sewon Oh - One of the best experts on this subject based on the ideXlab platform.
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economic analysis of dry bottom ash handling system in a pulverized coal thermal power plant in korea ii case study for retrofitting the existing facility
Journal of the Korean Institute of Resources Recycling, 2005Co-Authors: Sewon OhAbstract:Economic feasibility for retrofitting the wet bottom ash handling system to the dry system in a existing 500MW2 units pulverized coal thermal power plant in Korea was studied. Replacing to the dry system requires the Initial Capital costs of 13,415,127,000\, and saves the operating costs of 935,345,000\ per year. Economic analyses based on these results showed that the Initial Capital cost would not be recovered within the service life of the facilities at the interest rate of 10%, and the internal rate of return of 5.6% were obtained. Thus, the retrofitting to the dry system was not economically favorable in the current condition. However, the retrofitting would be profitable when the ash disposal cost and ash selling price were increased over 15,000\/MT or 17,000\/MT, respectively.
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economic analysis of dry bottom ash handling system in a pulverized coal thermal power plant in korea
Journal of the Korean Institute of Resources Recycling, 2004Co-Authors: Sewon OhAbstract:Economic benefits of the dry bottom ash handling system over the wet bottom ash handling system in a new 500MW2units pulverized coal thermal power plant in Korea were evaluated. The higher Initial Capital cost in the dry bottom ash handling system was estimated. However, this higher Initial Capital costs would be compensated with reductions of the operating cost mainly due to the recycling of bottom ash. Economic analysis showed that the payback period of 4.9 years and the internal rate of return at 21.1% were expected for the additional Initial Capital cost of the dry bottom ash handling system.
Niels Bosma - One of the best experts on this subject based on the ideXlab platform.
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Initial Capital constraints hinder entrepreneurial venture performance
The Journal of Private Equity, 2005Co-Authors: Mirjam Van Praag, Gerrit De Wit, Niels BosmaAbstract:This article investigates empirically whether and to what extent Initial Capital constraints hinder entrepreneurial performance once the venture has been started. Prior empirical research in this area could investigate this issue only indirectly by lack of data. The key contribution of this article is that the authors are able—due to their comprehensive data set—to measure the influence of Capital constraints more directly. The authors find that Initial Capital constraints during the start-up phase of business have quite a substantial negative influence on performance as measured by the survival probability of the venture and entrepreneurial earnings. These results appear quite robust.
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Initial Capital constraints hinder entrepreneurial venture performance
Research Papers in Economics, 2004Co-Authors: Mirjam Van Praag, Gerrit De Wit, Niels BosmaAbstract:This article investigates empirically whether and to what extent Initial Capital constraints hinder entrepreneurial performance once the venture has been started. Prior empirical research in this area could investigate this issue only indirectly by lack of data. The key contribution of this article is that the authors are able—due to their comprehensive data set—to measure the influence of Capital constraints more directly. The authors find that Initial Capital constraints during the start-up phase of business have quite a substantial negative influence on performance as measured by the survival probability of the venture and entrepreneurial earnings. These results appear quite robust. This discussion paper has resulted in a publication in The Journal of Private Equity , Winter 2005, 9(1), 36-44.
