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on Transition Economics |
| By: | Jérôme Héricourt (Université de Sciences et de Technologies Lille 1); Sandra Poncet (Centre d'Economie de la Sorbonne) |
| Abstract: | In this paper, we analyze whether incoming foreign investment in China plays an important role in alleviating domestic firms' credit constraints. Access to external finance is a crucial determinant of business expansion. Using firm-level data on 2,200 domestic companies for the period 1999-2002, we investigate the extent to which firms are fiancially constrained and whether direct foreign investment relaxes financing constraints of firms. When we split domestic firms into public and private firms, we find that public firms' investment decisions are not sensitive to debt ratios or the cost of debt. Nor is there any evidence that public firms are affected by foreign firms presence. We interpret this as evidence in support of the notion of a soft budget constraint for public firms. In contrast, private domestic firms appear more credit constrained than state-owned firms but their financing constraints tend to ease in a context of abundant foreign investment. |
| Keywords: | Financial constraint, corporate finance, Foreign Direct Investment. |
| JEL: | E22 E44 G31 O16 |
| Date: | 2007–02 |
| URL: | http://d.repec.org/n?u=RePEc:mse:cesdoc:bla07009&r=tra |
| By: | Dominique Finon (CIRED - Centre international de recherche sur l'environnement et le développement - [CIRAD : UMR56][CNRS : UMR8568] - [Ecole des Hautes Etudes en Sciences Sociales][Ecole Nationale des Ponts et Chaussées][Ecole Nationale du Génie Rural des Eaux et des Forêts]); Catherine Locatelli (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - [CNRS : FRE2664] - [Université Pierre Mendès-France - Grenoble II]) |
| Abstract: | This article analyses the economic risk associated with the dominant position of the Russian vendor in the European market, with a view to assessing the relevance of possible responses by European nations or the EU. It considers various aspects of the Russian vendor's dependence on the European market, before turning to the risks that Gazprom exerts market power on the European market. It concludes by considering the relevance of the possible responses open to the EU and member states to limit any risks by creating a gas single buyer or more simply by encouraging the development of a denser pan-European network, with additional sources of supply and increased market integration. |
| Keywords: | GAZPROM ; INTERNATIONAL GAS MARKET ; DEPENDENCE ; EUROPEAN GAS MARKET |
| Date: | 2007–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:papers:halshs-00129618_v1&r=tra |
| By: | Fabiosa, Jacinto F.; Beghin, John C.; Dong, Fengxia; Elobeid, Amani; Fuller, Frank H.; Matthey, Holger; Tokgoz, Simla; Wailes, Eric |
| Abstract: | Following a historical agreement on the EU enlargement, 10 new member states (NMS) acceded to the European Union on May 1, 2004. Although the European Union has expanded its membership in the past, this enlargement is unique in terms of its scope and diversity of the countries, area, and population involved. Thus, the effects of the EU enlargement on current and future member countries and on world commodity markets require careful consideration as the European Union is a major player in these markets. We analyze the effects of the Common Agricultural Policy (CAP) reform and enlargement on the EU-15, the NMS, and world agricultural markets. We compare three 10-year comprehensive agricultural outlook scenarios. In a "pre-enlargement" scenario, all pre-enlargement policies of the EU-15 are held in place and the 10 NMS maintain their independent economic policies and older technologies as if nothing happens. The second scenario considers the CAP reform in the EU-15. The third scenario is the 2004 Food and Agricultural Policy Research Institute (FAPRI) baseline projection, which incorporates both the CAP reforms and accession of the 10 NMS with the associated domestic and trade policy reforms and some convergence in technology within the EU-25. With prices in most commodities in the acceding countries historically below EU-15 prices, accession leads to a moderate decrease in the EU-15 prices, whereas for the 10 NMS, domestic prices of many commodities increase substantially. Holding income levels constant, consumption levels of agricultural products in these countries decrease in most instances because of higher food prices, while production levels rise. The impact of the two reforms on world markets is moderate to negligible. The CAP reform has a moderate impact on the EU-15. |
| Keywords: | CAP reform, Common Agricultural Policy, EU enlargement, European agriculture, New Member States. |
| Date: | 2007–02–23 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genres:12729&r=tra |
| By: | M.G. Attinasi; N. Melloni; A. Soci |
| Date: | 2006–11 |
| URL: | http://d.repec.org/n?u=RePEc:bol:bodewp:576&r=tra |
| By: | Hyun H.Son (International Poverty Centre) |
| Keywords: | Poverty, Vietnam, Growth, Employment generation |
| Date: | 2005–05 |
| URL: | http://d.repec.org/n?u=RePEc:ipc:opager:0014&r=tra |