capital

Taking the Bad with the Good: Volatility of Foreign Portfolio Investment and Financial Constraints of Small Firms

The author examines the impact of the volatility of foreign portfolio investment on the financial constraints of small firms. Using a dataset of over 195,000 firm-year observations across 53 countries, the author examines the impact of foreign portfolio investment instability on capital issuance and firm growth across countries and firm characteristics, in particular size.

Evaluation of the Performances of Equity Measures

The main purpose of this paper is to illustrate some of the challenges that arise in addressing efficiency and equity of a package of instruments with a partial equilibrium model of transport model. The paper provides an overview of some equity measures and their properties. The performances of these equity measures are evaluated in the case of a road-pricing scheme for Oslo.

Human Capital, the Structure of Production, and Growth

Theories of international specialization point to human capital accumulation as another important determinant of growth in human-capital-intensive industries. Using data for a large sample of countries, the authors find significant positive effects of human capital levels and human capital accumulation on output and employment growth in human-capital-intensive industries.

Capital Flows to Developing Countries: Does the Emperor Have Clothes?

This paper begins by examining the pattern of capital flows first to low-income countries, and then to emerging economies. The behaviour of flows to emerging economies heavily influences both present and potential future flows to low-income countries. The paper concludes with the policy implications at both source countries and low-income recipient countries.