| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1865 |
| DP1865 Does PPP-Adjusted Data Exaggerate the Relative Size of Poor Economies | |
| Patrick Honohan | |
| 发表日期 | 1998-04-30 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | Foreign direct investment (FDI) is observed to be a predominant form of capital flows to low- and middle-income countries with insufficiently developed capital markets. This paper analyses the problem of channelling domestic savings into productive investment, in the presence of asymmetric information between the managing owners of firms and other portfolio stakeholders. We emphasize the crucial role played by FDI in sustaining equity-financed capital investment for economies plagued by such information problems. The paper identifies how, in the presence of information asymmetry, different capital market structures may lead to foreign over- or under-investment and to domestic under- or over-saving, and thus to inefficient equilibria. We show how corrective tax-subsidy policies, consisting of taxes on corporate income and the capital incomes of both residents and non-residents, can restore efficiency. |
| 主题 | International Macroeconomics |
| 关键词 | Asymmetric information Foreign direct investment International taxation Portfolio debt and equity flows |
| URL | https://cepr.org/publications/dp1865 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531007 |
| 推荐引用方式 GB/T 7714 | Patrick Honohan. DP1865 Does PPP-Adjusted Data Exaggerate the Relative Size of Poor Economies. 1998. |
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