کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5095098 1376268 2009 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Financial liberalization, private investment and portfolio choice: Financialization of real sectors in emerging markets
چکیده انگلیسی
Using firm level panel data, we analyze the impacts of rates of return gap between financial and fixed investments under uncertainty on real investment performance in three emerging markets, Argentina, Mexico and Turkey. Employing a portfolio choice model to explain the low fixed investment rates in developing countries during the 1990s, we suggest that rather than investing in irreversible long-term fixed investments, firms may choose to invest in reversible short-term financial investments depending on respective rates of returns and the overall uncertainty in the economy. The empirical results show that increasing rates of return gap and uncertainty have an economically and statistically significant fixed investment reducing effect while the opposite is true with respect to financial investments.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Development Economics - Volume 88, Issue 2, March 2009, Pages 314-324
نویسندگان
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