Hona hemen Olafur Margeirsson1-en tesia: Financial Instability and Foreign Direct Investment
(https://www.academia.edu/25317316/Financial_Instability_and_Foreign_Direct_Investment)
Contents
Formáli
Acknowledgments
Abstrac
Introduction
What is post-Keynesian economics?
The construction of the thesis and its contribution to knowledge
Chapter 1 – Foreign Direct Investment: a focused literature review
FDI and economic growth
Technological spillovers and growth
Increased competition and economic growth
Labour force and economic growth
FDI, trade and economic growth
Domestic policies and economic growth
Attracting FDI
FDI and other types of capital flows
FDI and the balance of payments
The origin of funds for FDI
The effects on the balance of payments
FDI and financial stability
Conclusion to chapter 1
Chapter 2 – FDI in financial services and its uniqueness
What do banks do?
Banks and the payment system
On money, credit and banks
Banks as intermediaries
Specific issues on FDI in banking
FDI in banking, financial development and economic growth
Some reasons why banks go abroad and where they go
The Unique Effects of Investment Activity in Financial Services
The central position of the financial sector in the economy
The unique use of banks’ product (credit)
The (possible) unique self-supporting mechanism of banking-FDI
Contagion risks from financial-FDI
Financial-FDI, credit availability, credit stability and capital flows
A focus case: Standard Chartered
Conclusion to chapter 2
Chapter 3 – Financial stability
Defining and measuring financial stability
Defining financial stability
Measuring financial (in)stability
Why is financial stability important?
Investment levels and financial stability
The origin of financial instability: Minsky’s view
Minsky’s Financial Instability Hypothesis
The nature of the cash flows within the economy
Minsky’s hedge, speculation and Ponzi units
The effects of speculation and Ponzi units
Applying Minsky’s FIH to measure financial stability
The appropriate use of two time horizons
“Short term” financial stability
“Long term” financial stability
The clash between long term and short term financial instability
Conclusion to chapter 3
Chapter 4 – Methodology, Data and Results
The construction of the indices
The Hakkio & Keeton methodology and the expansions made
Some notes on the methodology
Data availability
The indices
Do the indices tell us anything useful?
The FDI data and the necessary changes to the indices
Results
Annual data
Quarterly data
Conclusion: where from here?
Chapter 5 – A Suggestion, Part I: On Credit
FDI, credit expansion and financial stability
FDI and credit expansions
Credit expansion and some of its effects
Domestic credit expansion and current account deficits
Domestic credit expansion and the depletion of foreign reserves
Domestic credit expansion and inflation
Domestic credit expansion and devaluation of the currency
Controlling credit
Central bank credit controls
Credit controls’ pros and cons: selected issues
Official take-over of credit creation (“debt-free money”)
Debt-free money’s pros and cons: selected issues
A Suggestion, Part II: The OERS monetary system
4 Introduction
The basic functionality of the system: the OERS
The banks’ profit maximisation problem in the OERS
Banks and the exchange rate in the OERS
Banks, the inflation and the unemployment
A graphical representation of the regulatory DFX surface
Why those foundations?
The foreign reserves base
Inflation, employment and the exchange rate
Fiscal activity
Deficit-spending by the government: how it incentivises the banks
Public debt, its management and the rate of interest
On the governors of the system
A note on capital flows in the proposed system
Capital flows and banks’ profit incentive
The behaviour of capital flows in the system as proposed
Selected issues and problems
Simultaneously low unemployment and low inflation
Can banks spend other banks’ foreign reserves?
Will banks stop lending at home?
Responsibly sharing the power to create money
Will the government misuse its power to deficit-spend?
The deal
An empirical case: Croatia
Conclusion to chapter 5
Conclusion
Policy implications of this work
Where from here: the next steps in research
Appendix 1
Appendix 2 – Reasoning for the selection of indicators
Indicators in the short term index
Income-flow covered balance sheet flow
Portfolio-flow covered balance sheet flow
Behavioural factors
Indicators in the long term index
Appendix 3 – Data Appendix
UK tables
US tables
Net FDI data
Appendix 4
Bibliography
Gehigarriak:
Islandiak frogatzen du nazio-estatua bizirik eta ongi dagoela (1)
Islandiak frogatzen du nazio-estatua bizirik eta ongi dagoela (eta 2)
Islandia eta DTM (Bill Mitchell-en eskutik) (1)
Islandia eta DTM (Bill Mitchell-en eskutik) (2)
Islandia eta DTM (Bill Mitchell-en eskutik) (3)
Islandia eta DTM (Bill Mitchell-en eskutik) (eta 4)
Islandiak frogatzen du nazio-estatua bizirik eta ongi dagoela (1)
Islandiak frogatzen du nazio-estatua bizirik eta ongi dagoela (eta 2)
Islandia, 10 urte beranduago. Turismoaren garrantzia
Islandia: moneta propioaren garrantzia
Islandia: eredurik ereduena
1 Olafur Margeirsson is a Research Scholar at the Binzagr Institute for Sustainable Prosperity. He finished his PhD in economics (“Financial Instability and Foreign Direct Investment”) from the University of Exeter (UK) in 2014, previously having earned Dean’s Commendation and The Philip Norman Memorial Prize for his MSc. Money & Banking studies at the same university. He worked as a Junior Economist at Kaupthing Bank Research Department in Reykjavik before the fall of the Icelandic financial system. He has repeatedly assisted policy makers in his home country, Iceland, on policy matters concerning financial stability and consumer finance. His views have been projected by the Icelandic and international media alike, including the Financial Times and Le Monde. Research interests include real estate; banking; monetary history, policy and developments; financial crises; and sustainable development, in particular in relation with energy and real estate. Olaf lives and works in Switzerland.
joseba says:
Islandia: eredurik ereduena
https://www.unibertsitatea.net/apunteak/gizarte-zientziak/ekonomia/islandia-eredurik-ereduena