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Economic Research Papers on Investment



International Liquidity Management Since the Financial Crisis International Liquidity Management Since the Financial Crisis
Richhild Moessner & William A. Allen , World Economics, December 2015
This article discusses how international liquidity management has been affected by the recent crisis. It notes that since the Bretton Woods system collapsed in 1971 it was expected that the demand for international reserves would diminish, since countries were no longer ... More


The Illusory Economic Gains from Hosting the Olympics & World Cup The Illusory Economic Gains from Hosting the Olympics & World Cup
Andrew Zimbalist, World Economics, March 2015
The IOC's Olympic Games and FIFA's World Cup are the two most popular global sporting events. Winning the rights to host these competitions comes with great fanfare. Yet except under special circumstances, the scholarly evidence suggests that hosting either event is no ... More


Applying Reputation Data to Enhance Investment Performance Applying Reputation Data to Enhance Investment Performance
Simon Cole, Mike Brown & Brian Sturgess, World Economics, December 2014
The fact that corporate reputations deliver tangible shareholder value has been recognised by managers for some time. More recently, techniques have emerged that allow them to measure just how much value reputation delivers and identify the driving factors in order to s ... More


How The Crown Estate Could Become Britain’s First Sovereign Wealth Fund How The Crown Estate Could Become Britain’s First Sovereign Wealth Fund
Brian Sturgess & Keith Boyfield, World Economics, December 2013
The United Kingdom is one of a few larger economies without a national wealth fund. This paper investigates the feasibility of a recent proposal to turn The Crown Estate, one of Britain’s largest property investment and management businesses, into such a Sovereign wealt ... More


The New Transparency in Development Economics The New Transparency in Development Economics: Lessons from the Millennium Villages controversy
Michael Clemens & Gabriel Demombynes, World Economics, December 2013
The Millennium Villages Project is a high profile, multi-country development project that has aimed to serve as a model for ending rural poverty in sub- Saharan Africa. The project became the subject of controversy when the methodological basis of early claims of succes ... More


The Economic Impact of Private Equity The Economic Impact of Private Equity
Colin Ellis, World Economics, September 2013
Over the past half century, private equity has grown from a tiny part of the financial sector into a powerful industry, often controlling global brands. As the industry has grown, so too has academic interest in the sector. However, the vast majority of empirical resear ... More


Using Reputation to Grow Corporate Value Using Reputation to Grow Corporate Value
Simon Cole, Brian Sturgess & Michael Brown, World Economics, September 2013
Corporate reputations rank amongst companies’ most valuable assets. They are delivering substantial proportions of their market capitalisations and are a major source of value generation. Their significance is being felt in a wide variety of business sectors including r ... More


How Safe is SAFE’s Management of China’s Official Foreign Exchange Reserves? How Safe is SAFE’s Management of China’s Official Foreign Exchange Reserves?
Friedrich Wu, Robbert-Jan Korthals & Ng Kuan Khai, World Economics, June 2013
This paper examines whether the State Administration of Foreign Exchange (SAFE) and its subsidiary SAFE Investment Company (SIC), the sole managers of China’s gargantuan official foreign exchange reserves (OFER) until 2007, have shifted their investment behaviour since ... More


Measuring African GDP Measuring African GDP: The next success story?
Joe Downie, World Economics, June 2011
There is much speculation about the growth potential of African economies. But in the light of unreliable official statistics and the highly selective information often presented by investment companies with an incentive to highlight the positive, this article aims to p ... More


Vibrant Africa Continues to Attract Vibrant Africa Continues to Attract: The economic potential of Nigeria and Sub-Saharan Africa
Funmi Akinluyi, World Economics, June 2011
The global economic crisis of 2007–09 left Sub-Saharan countries relatively unscathed. There are a number of reasons for this, but one crucial factor has been the relative lack of integration of the economies of most Sub-Saharan countries with the world economy. This in ... More


A New Challenge A New Challenge: The myriad new opportunities offered by East Africa’s oil and gas basin
Ziwase Ndhlovu, World Economics, June 2011
Over the last five years there has been a noticeable shift in focus among leading oil and gas companies active in the continent of Africa. Rather than focusing on West and North Africa for investment opportunities, there has been a move to explore new prospects in East ... More


Connecting the African Continent Connecting the African Continent: Infrastructure, growth and poverty reduction
Peter Dearden, Nemat Shafik & Leonard Tedd, World Economics, June 2011
This paper provides an overview of the contribution of economic infrastructure to growth and human development in Africa. Challenges for infrastructure provision including finance, recurrent costs and public-sector responsibilities are covered, together with assessment ... More


Boosting Infrastructure Investments in Africa Boosting Infrastructure Investments in Africa
Donald Kaberuka, World Economics, June 2011
The absolute and relative lack of infrastructure in Africa suggests that the continent’s competitiveness could be boosted by scaling up investments in infrastructure. Such investments would facilitate domestic and international trade, enhance Africa’s integration into t ... More


The Unfolding Sovereign Debt Crisis The Unfolding Sovereign Debt Crisis
Bob McKee, World Economics, December 2010
After the excessive expansion of new forms of private sector credit over two decades of disinflation, a huge pyramid of global liquidity was accumulated. That sparked a boom in asset prices (stocks, bonds and real estate) way beyond anything experienced in the growth of ... More


Regionalising Infrastructure Reform in Developing Countries Regionalising Infrastructure Reform in Developing Countries
Ioannis N. Kessides, Roger G. Noll & Nancy C. Benjamin, World Economics, September 2010
The principal conclusion of this essay is that regionalisation of infrastructure regulation (i.e. the creation of supranational regulatory authorities such as WATRA or ECTEL) is likely to yield significant benefits that go beyond exploiting economies of scale in both in ... More


Paying the High Price of Active Management Paying the High Price of Active Management: A new look at mutual fund fees
Ross M. Miller, World Economics, September 2010
Financial economists have long known that actively managed mutual funds underperform comparable index funds and that investment management fees are a major contributor to this underperformance. This article shows that the impact of mutual fund fees is even greater when ... More


Are MENA Countries Reaping the Benefits of Inflows? Are MENA Countries Reaping the Benefits of Inflows?: A comparative analysis of migrants’ remittances and FDI flows
Magda Kandil & Ida Aghdas Mirzaie, World Economics, September 2009
Using data for a sample of developing countries, we analyse the effects of external flows, namely migrants’ remittances and FDI flows, on real output growth, price inflation and components of aggregate demand. The historical evidence indicates unstable patterns of FDI i ... More


Can Africa Catch Up? Can Africa Catch Up?
Arne Bigsten, World Economics, June 2002
The trend towards globalization of the last few decades has been manifested in the sustained growth of world trade and flows of investment and technology. For most regions this growing integration has led to rapidly growing per capita incomes, while Africa has stagna ... More