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The Impact of Quantitative Easing on Emerging Markets – Literature Review

R eferences Aizenman, J., Binici, M., Hutchison, M.M. (2014). The Rransmission of Federal Reserve Tapering News to Emerging Financial Markets (No. w19980). National Bureau of Economic Research. Allen, F., Gale, D. (2000). Financial Contagion. Journal of Political Economy, 108 (1), 1-33. Arora, V., Cerisola, M. (2001). How Does US Monetary Policy Influence Sovereign Spreads in Emerging Markets? . IMF Staff papers, 474-498. Banerjee, R., Devereux, M.B., Lombardo, G. (2016). Self-oriented Monetary Policy, Global Financial Markets and

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Dependent versus state-permeated capitalism: two basic options for emerging markets

1 Introduction Research on emerging markets has been neglected in the comparative capitalism (CC) research tradition. The original Varieties of Capitalism (VoC) framework [ Hall and Soskice, 2001 ] did not pay attention to emerging markets at all. Its basic features, a juxtaposition of coordinated market economy (CME) and liberal market economy (LME), were mainly based on illustrations of the German and US economic systems. However, its basic features still are canonical for CC scholarship today, in particular the distinction of five institutional spheres

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FDI Inspired Energy Consumption in Selected Emerging Markets: Does Financial Development Matter?

, ‘Journal of Social and Economic Statistics’, 3 (2), 1–30. Bento, J. P. (2011), Energy savings via foreign direct investment? – Empirical evidence from Portugal , Working paper Number 2011/24, Maastricht School of Management, Maastricht, The Netherlands. Bowden, N. and Payne, J.E. (2009), The causal relationship between U. S. energy consumption and real output: A disaggregated analysis , ‘Journal of Policy Modelling’, 31 (2), 180–188. Cavusgil, S. T., Ghauri, P. N. and Akcal, A. A. (2013), Doing business in emerging markets , Sage Publications. 2 nd

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The Impact of Remittances on Poverty Alleviation in Selected Emerging Markets

Abstract

The study explored the impact of remittances on poverty in selected emerging markets. On the theoretical front, the optimistic view argued that remittances inflow into the labour exporting country reduces poverty whereas the pessimistic view proponents said that remittances dependence syndrome retards both economic growth and income per capita. Separately, using two measures of poverty [the poverty headcount ratio at US $1.90 and US $3.10 a day (% of population)] as dependent variables, the fixed effects approach produced results which supported the remittances led poverty reduction (optimistic) hypothesis whereas the pooled ordinary least squares (OLS) framework found that remittances inflow into the selected emerging markets led to an increase in poverty levels. The implication of the findings is that emerging markets should put in place policies that attract migrant remittances in order to reduce poverty levels. They should avoid over-reliance on remittances as that might retard economic growth and income per capita.

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Government Policies and Micro Lending in Emerging Markets

Abstract

Although microfinance institutions have expanded rapidly since their inception in 1983, their growth has varied substantially among countries. This study examines the impact of government expenditures, taxes and regulations on the volume of microcredit for 92 emerging market countries for the period 2000-2011. The Index of Economic Freedom data is used as a proxy for government intervention while microcredit is represented alternatively by either the Gross Loan Portfolio Per-Capita or Penetration Index variables. While excessive government intervention could potentially encourage more lending in the informal microfinance markets, our findings suggest that, for both credit variables, the net impact is to reduce microcredit. The variables appearing to be most responsible are business regulations, taxes, and corruption. Tests using subperiods and also with a dynamic version suggest that our model is quite robust.

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Complementarity Between Foreign Aid and Financial Development as a Driver of Economic Growth in Selected Emerging Markets

Abstract

This paper studied whether the complementarity between financial development and foreign aid promotes economic growth in selected emerging markets using the panel Fully Modified Ordinary Least Squares (FMOLS) approach, with data ranging from 1994 to 2014. Although (1) aid-growth and (2) finance-growth studies have been conclusively dealt with, the role of financial development in the aid-growth nexus has been hardly researched. Is financial development a channel through which foreign aid positively influences economic growth? The current study seeks to address these issues using selected emerging markets as a case study. The complementarity between foreign aid and financial development (domestic credit provided by the financial sector, domestic private credit provided by banks, outstanding domestic private debt securities and stock market turnover) resulted in a significant positive impact on economic growth. The study, therefore, urges selected emerging markets to implement policies which deepen the financial sector in order to allow foreign aid to positively contribute towards economic growth.

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Reverse Innovation and Intercultural Management Aspects

innovation in emerging markets. Research Technology Management , 54 (4), pp. 38-45. Bibliography – www DePasse, J., Lee, P. (2013) A Model for Reverse Innovation in Health Care. Globalization and Health, 9:40, www.globalizationandhealth.com/content/9/1/40 , [2 June 2015]. Reverse Innovation – Definition and Examples (2014) Case Study Inc. – Business and Management Case Studies, www.casestudyinc.com/reverse-innovation-definition-and-examples , [13 August 2015]. Soman, D., Kumar, V., Matcalfe, M., Wong, J. (2012) Reverse innovation brings social

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Comparison Of Patterns Of Convergence Among “Emerging Markets” Of Central Europe, Eastern Europe And Central Asia

Abstract

Based on analysis of economic growth indicators for 1989-2014, this article distinguishes the “emerging markets” of Central and Eastern Europe (with Russia included), from the other economies that fall in the broad ‘emerging markets’ category. Following the post–1989 reforms, the countries of the region share many of the same typical institutional features as other “emerging economies”, but not necessarily the associated economic outcomes. What characterizes “emerging economies” is that they grow fast enough to systematically close the distance dividing them from the advanced economies, creating convergence. Departing from this pattern, Central and Eastern Europe (and Russia) have so far fallen short in terms of the growth rates, and the region as a whole has not made much progress in catching up. By more than doubling its national product Poland is the only notable exception in the region, although Slovenia may fit in the same category. At the other extreme, some of the economies actually lost two decades in terms of reducing the gaps, and some even fell further behind (e.g., Serbia, Ukraine). These findings have potentially serious implications for economic theory in general and for the presumption that globalization processes act as a unifying developmental force.

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How to Measure Illiquidity on European Emerging Stock Markets?

and the bid-ask spread“, Journal of Financial Economics, Volume 17, Issue 2, pp. 223-249. 5. Bekaert, G., Harvey, C.R., Lundblad, C. (2007), „Liquidity and Expected Returns: Lessons from Emerging Markets”, Review of Financial Studies, Volume 20, Issue 6, pp. 1783-1831. 6. Chan, H.W. (2005), „Asset Pricing and the Illiquidity Premium“, Financial Review, Volume 40, Issue 4, pp. 429-458. 7. Datar, V.T., Naik, N.Y., Radcliffe, R. (1998), „Liquidity and stock returns: An alternative test“, Journal of Financial Markets

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Herding Behavior of Institutional Investors in Romania. An Empirical Analysis

-wide Herding and the Impact of Institutional Investors in the Indian Capital Market.” Journal of Emerging Market Finance 12 (2): 197–237. doi:10.1177/0972652713494046. 16. Lakonishok, J., A. Shleifer, and R. W. Vishny. 1992. “The impact of institutional trading on stock prices.” Journal of Financial Economics 32 (1): 23–43. doi:10.1016/0304-405X(92)90023-Q. 17. Lin, A. Y., and Y.-N. Lin. 2014. “Herding of institutional investors and margin traders on extreme market movements.” International Review of Economics & Finance 33:186–98. doi:10.1016/j.iref.2014

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