IMF Staff Papers vol. 51, no. 3
نویسنده
چکیده
Government-linked companies (GLCs) have a significant presence in Singapore’s corporate sector. Unlike parastatals in many other countries, these companies are run on a competitive, commercial basis, ostensibly without government privileges. Based on data from publicly listed GLCs and non-GLCs, we indeed find no evidence that GLCs have easier access to credit. However, we do find that being a GLC is rewarded in financial markets with a positive premium, over and above what can be explained by the usual determinants of Tobin’s q. [JEL L32, L33, G32]
منابع مشابه
IMF Staff Papers, Vol. 51, No. 2
Well over a trillion dollars worth of state-owned firms have been privatized since 1980. The traditional argument is that governments choose to privatize in response to fiscal pressures. In this study, the authors examine the impact of IFI conditionality on privatization and find that IMF conditionality, in particular, has an important indirect economic benefit. Investors are willing to pay mor...
متن کاملIMF Staff Papers vol. 51, no. 3
We examine empirically whether asset prices and exchange rates may be admitted into a standard interest rate rule, using data for the United States, the United Kingdom, and Japan since 1979. Asset prices and exchange rates can be employed as information variables for a standard “Taylor-type” rule or as arguments in an augmented interest rate rule. Our empirical evidence, based on measures of th...
متن کاملIMF Staff Papers Vol. 48 No. 3, 2001
This paper quantifies the impact of changes in U.S. monetary policy on sovereign bond spreads in emerging market countries. Specifically, the paper explores empirically how country risk, as proxied by sovereign bond spreads, is influenced by U.S. monetary policy, country-specific fundamentals, and conditions in global capital markets. While country-specific fundamentals are important in explain...
متن کاملIMF Staff Papers Vol. 48 No. 3, 2001
The paper studies the employment effects of a deposit-refund scheme on labor in a simple search-theoretic model of the labor market. It is shown that if a firm pays a deposit when it fires a worker, to be refunded when it employs the same or another worker, the vacancy rate increases and the unemployment rate declines. The scheme introduces rigidities in the labor market, however, which may be ...
متن کاملIMF Staff Papers, Vol. 54, No. 3, 2007: Deficit Limits and Fiscal Rules for Dummies by Paolo Manasse
The paper shows that common fiscal rules, such as a limit to the deficit-output ratio, induce an ‘‘escape clause’’–type fiscal policy, similar to that studied for monetary policy by Flood and Isard (1988 and 1989) and Lohmann (1992): The government resorts to an active stabilization (for example, countercyclical) policy only during ‘‘exceptional times’’ by running deficits in recession phases a...
متن کامل