| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6338 |
| 来源ID | Working Paper 6338 |
| Channeling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment | |
| Assaf Razin; Efraim Sadka; Chi-Wa Yuen | |
| 发表日期 | 1997-12-01 |
| 出版年 | 1997 |
| 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 analyzes the problem of channeling 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. Similar problems also exist for foreign portfolio debt flows. 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 nonresidents can restore efficiency. |
| 主题 | International Economics ; International Factor Mobility |
| URL | https://www.nber.org/papers/w6338 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563845 |
| 推荐引用方式 GB/T 7714 | Assaf Razin,Efraim Sadka,Chi-Wa Yuen. Channeling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6338.pdf（1378KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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