The literature on Foreign Direct Investment (FDI) has advanced several explanations of the links between financial market developments and FDI inflows across developing as well as developed countries. Empirical literature show that financial market development reduces informational frictions and improves resource allocation more efficiently. Also, financial systems are important for both produc...

We analyse the evolution of emerging market loan spreads at a more disaggregated level than other current studies, providing statistical support to the assumption of the “speciality” of the international interbank market, to the extent that the pricing of interbank credit is insensitive to the nature (public or private) of the borrower. In sharp contrast, the public or private nature of other b...

International Specialization and the Return to Capital How does factor accumulation affect the pattern of international specialization and returns to capital? We provide a new integrated treatment to this question using a panel of 44 developing and developed countries over the period 1976-2000. We confirm the HeckscherOhlin prediction that, with sufficient differences in country endowments, the...

It is a widely acknowledged result of the literature on capital tax competition that underprovision of public goods can only be avoided if tax coordination between governments is intensive and residence-based capital taxation can be enforced. In this paper we use a model where commodity and factor taxes are available and we show that governments competing for tax bases will choose a globally ef...

Being international’ has nearly become an undisputed aim for fi rms in a globalized world. Several papers fi nd a positive relationship between foreign direct investment (FDI) and the home performance of fi rms. In this paper we address the “FDI – export” relationship to better understand this pattern. Furthermore, by presenting fi rst results on fi rm’s post-divestiture employment growth at ho...

In this paper, we shed additional light on the complex relationship between multinational enterprises (MNEs), exporting and economic development by making a distinction between single and multi-product firms. As far as we are aware, the export behavior of foreign firms in a multi-product setting has not previously been considered for a developing country. Using firm-level data for Thailand we s...

This paper aims at assessing the nature of foreign direct investment (FDI) in transition countries. We provide an empirical application of the knowledge-capital model of multinationals (MNEs) to an original panel of a¢ liates of MNEs in seven transition countries. We succeed in proving that the strategies of MNEs are heterogeneous by looking at FDI ‡ows by sectors of activity and by source coun...

Feistel constructions have been shown to be indifferentiable from random permutations at STOC 2011. Whereas how to properly mix the keys into an un-keyed Feistel construction without appealing to domain separation technique to obtain a block cipher which is provably secure against known-key and chosen-key attacks (or to obtain an ideal cipher) remains an open problem. We study this, particularl...