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Some questions of need of improving the regional investment policy under the market relations development as one of the major tasks for creating an attractive investment climate in the region are considered. The basic principles a...
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Some questions of need of improving the regional investment policy under the market relations development as one of the major tasks for creating an attractive investment climate in the region are considered. The basic principles and stance of the investment policy in the Rostov region at the present stage are discussed.
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This qualitative research based on phenomenology might prove useful in writing the Investment Policy for Institutional Investors in nascent capital markets. The study provides insight into how institutional investors prepare for i...
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This qualitative research based on phenomenology might prove useful in writing the Investment Policy for Institutional Investors in nascent capital markets. The study provides insight into how institutional investors prepare for imminent occurrence of extreme market conditions and the measures they adopt to mitigate the consequences of such extreme market conditions on their investment portfolios. The responses were collected over nearly one and a half years, from March 2013 to September 2014, using various forums held in different cities of the world. The study adopted the methodological triangulation approach to reinforce the findings and build credibility whilst enhancing the usefulness of the findings. This was done by interacting with different groups of respondents and different forums to confirm the findings. All of the respondents were senior decision makers from a wide variety of Institutional Investment entities. From the detailed analysis of the responses emerged concise but dominant topics and strategies. Some of these include risk-based diversification, volatility regimes and risk indicators, low volatility anomalies, rebalancing, going long volatility, longer horizon, rule-based decision making and corporate governance, counter-cyclicality, benchmark agnostic strategies and valuation fundamentals.
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Governments occasionally intervene in private sector economic activities to promote specific industries and enhance economic growth. During Japan's high-growth era, the government used various policy tools to intervene in private ...
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Governments occasionally intervene in private sector economic activities to promote specific industries and enhance economic growth. During Japan's high-growth era, the government used various policy tools to intervene in private sector capital investments. We examine the effects of these policy tools on capital accumulation. We employ firm-level data sets, identify policy actions using historical records and find that they were applied intensively to specific sectors and firms and that government intervention partially affected those firms' capital investment decisions. For some industries, such as steel, investment promoting policy tools resulted relatively higher resource allocations of capital to labour. There were also cases in which policy actions aimed at curbing investments resulted in slower investments, but the effects were weak and small. Discouraging policy tools had contradictory effects on some industries, such as steel and textiles, and enhanced capital investments. The latter phenomenon was often observed when the government attempted to control private sector capital investments based on the current share of production or production capacities or based on the prediction of demands being inclined to have upward bias during the high-growth period. (C) 2018 Elsevier B.V. All rights reserved.
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This article examines the contribution of foreign investment to industrial development by comparing the Philippine experience with two ASEAN neighbors: Malaysia and Thailand. Instead of viewing a failure to attract foreign investm...
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This article examines the contribution of foreign investment to industrial development by comparing the Philippine experience with two ASEAN neighbors: Malaysia and Thailand. Instead of viewing a failure to attract foreign investment as a binding development constraint, we focus on the appropriateness of such flows for industrial upgrading. Likewise, we underscore political economy factors-particularly the presence of effective state interventions and conducive state-business ties-as prime features of countries that have leveraged FDI for more successful industrial development. Without discounting flaws in these interventions in the cases of Thailand and Malaysia, we find that such forms of government involvement have been vital in driving both countries' strong investment and industrial growth records relative to that of the Philippines. Revived industrial policy initiatives in developing Asia would be well-advised to heed these lessons on investment-related intervention, so as to reorient their investment policies for maximum impact on industrial development in the years ahead.
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This article examines the contribution of foreign investment to industrial development by comparing the Philippine experience with two ASEAN neighbors: Malaysia and Thailand. Instead of viewing a failure to attract foreign investm...
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This article examines the contribution of foreign investment to industrial development by comparing the Philippine experience with two ASEAN neighbors: Malaysia and Thailand. Instead of viewing a failure to attract foreign investment as a binding development constraint, we focus on the appropriateness of such flows for industrial upgrading. Likewise, we underscore political economy factors-particularly the presence of effective state interventions and conducive state-business ties-as prime features of countries that have leveraged FDI for more successful industrial development. Without discounting flaws in these interventions in the cases of Thailand and Malaysia, we find that such forms of government involvement have been vital in driving both countries' strong investment and industrial growth records relative to that of the Philippines. Revived industrial policy initiatives in developing Asia would be well-advised to heed these lessons on investment-related intervention, so as to reorient their investment policies for maximum impact on industrial development in the years ahead.
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The implementation of an effective regional policy requires the development of an investment market. In considering the development of a regional investment market, it is helpful to assess its current situation. The investment mar...
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The implementation of an effective regional policy requires the development of an investment market. In considering the development of a regional investment market, it is helpful to assess its current situation. The investment market in Ukraine's Odesskaya Oblast' is dominated by objects of real investment: investment projects involving the construction of new facilities, the reconstruction or technical re-equipping of existing facilities, acquiring new equipment and new technologies. Between 1990 and 2002, the level of capital investment in Odesskaya Oblast's market for real investments fell sharply, reaching its lowest level in 1996 before rising again to levels that were still significantly lower than in 1990. Activity in the investment market has been hindered by a lack of financial resources in the region. Capital investment by the government continues to account for a major share of the market, although its relative importance has fallen (to 39.2% of total capital investment in 2002, compared with 70.2% in 1990). At the same time, capital investment by collectives has increased in importance, from 26.1% in 1990 to 54.5% in 2002. It is considered that investment in innovation is still inadequate in the oblast'. There needs to be a much higher level of investment in reconstruction and technical re-equipping of existing production facilities of enterprises in Odesskaya Oblast'.
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In the evaluation of investment subsidies one of the critical issues concerns the assessment of deadweight, that is, the degree to which projects would have been carried out without grant assistance. With the increasing restrictio...
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In the evaluation of investment subsidies one of the critical issues concerns the assessment of deadweight, that is, the degree to which projects would have been carried out without grant assistance. With the increasing restrictions on and cuts in subsidies for investment projects in the EU countries maximisation of the impact of the public resources that remain can be achieved through their allocation for projects with minimum deadweight. This paper studies the profile of subsidised zero deadweight investment projects - projects that would be abandoned without public subsidies - in Finland. The empirical analysis is conducted using micro level data on investment projects by private sector firms. The data set comprises 3,423 projects that were granted public investment subsidies between 2001 and 2003. Our results show that the likelihood of zero deadweight is significantly dependent on the characteristics of the subsidised firm, the characteristics of the investment project and the location of the subsidised firm.
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This study examines themacroeconomic effects of investment policies aimed at extending the life of expressways in Japan based on a stochastic Ramsey model.Theresults of numerical analysis suggest that the benefits of life-extensio...
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This study examines themacroeconomic effects of investment policies aimed at extending the life of expressways in Japan based on a stochastic Ramsey model.Theresults of numerical analysis suggest that the benefits of life-extension investment in expressways can be increased by raising the level of maintenance intensity of expressways. The benefits of life-extension investment in expressways can be decomposed into the stock effect and the smoothing effect. Decomposition of life-extension benefits shows that the contribution of the stock effect ismore than 90 percent,while that of the smoothing effect is less than 10 percent.Theimplementation of life-extension investment policies regarding expressways offers advantages in terms of reducing economic fluctuations and user charges. In addition, if relative risk aversion is high, efficiency is low and intergenerational equity is high. Furthermore, a higher level of technology leads to greater efficiency and intergenerational equity.
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The introduction of industry policies creates a non-market-oriented policy arbitrage space, which in turn triggers enterprises to adopt "strategic" investments to obtain government policy preferences, which may induce irrational o...
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The introduction of industry policies creates a non-market-oriented policy arbitrage space, which in turn triggers enterprises to adopt "strategic" investments to obtain government policy preferences, which may induce irrational over-investment behaviors and even lead to long-term investment inefficiencies. For an empirical study of the impact of industry policy for the cross-region enterprise investment in specific locations, we manually collected information on industry policy in various regions, as well as data on the establishment of subsidiaries of Chinese listed companies from 2006 to 2019.The results show that enterprises are more likely to invest in regions supported by industry policies. If the enterprise's location is not supported by policies, the impact of this policy "gap" will be strengthened. We find that the higher the level of finance in the region where the enterprise is located, the greater the possibility of the enterprise's cross-region investment. Our research also shows that private enterprise has more substantial incentives to engage in "policy arbitrage, and state-owned enterprises are less affected. In china, a lot of enterprises in regions with high returns on capital have been investing in regions with low returns has increased. However, the increased intensity of investment in low-return regions will significantly inhibit the production efficiency of these enterprises. Our findings help clarify the effect of public policies on the enterprise's investment behavior and efficiency, which enriches the research on the impact of government macroeconomic policies on enterprise micro decision-making. We believe that, when promoting regional industrial upgrades through industry policies, it is necessary to guide enterprises to follow market rules to make market-oriented investments.
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An education system needs valid and objective information on student learning outcomes at a sufficiently disaggregated geographical level. Such data can inform policymakers on specific aspects in each geographical area that requir...
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An education system needs valid and objective information on student learning outcomes at a sufficiently disaggregated geographical level. Such data can inform policymakers on specific aspects in each geographical area that require attention and provide an indication of the returns to public investments in education. They are the starting point for any effort to improve the performance of an education system. Without information on learning outcomes, policy reforms or higher public investments in education are unlikely to be effective. Indonesia's education system does not currently have such information. In this paper, we take advantage of a government policy to change the mode of the national examination administration, from paper-based to computer-based testing, to estimate the quality of education in Indonesia at the district level. Our results indicate that education quality across the country's districts is highly heterogeneous. The gap in results between the highest-scoring and lowest-scoring districts shows that children in the latter have been attending schools for nine years with minimal learning outcomes. We find that, over the course of one year, the average quality of education has increased slightly and the variation in quality has declined slightly. However, these national averages mask significant heterogeneities across and within districts.
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