..........................................................................................................................................................1 The conceptual evolution of the role of community in development ..............................................................5 Community vis-à-vis market and state: complementarities and incompatibilities .....................................

In this paper, we conduct an analysis of the implications of capital controls for financial stability. We study a financial transaction (Tobin) tax applicable to cross-border capital flows in a multi-good, multi-country dynamic equilibrium model with incomplete financial markets and heterogeneous agents. The results derived from the model suggest that the impact of capital controls may vary con...

I review empirical research on the relation between capital markets and financial statements. The principal sources of demand for capital markets research in accounting are fundamental analysis and valuation, tests of market efficiency, and the role of accounting numbers in contracts and the political process. The capital markets research topics of current interest to researchers include tests ...

The purpose of the research is to examine the role of innovation capital in the creation of value for business organizations. Taking an intellectual capital (IC) perspective, the paper considers R&D investment and its impacts on the companies’ operating, financial, and market performance. To investigate the different components of intellectual capital using financial measures, a modified Value ...

Why doesn’t capital flow into fast-growing countries? This paper provides a model incorporating heterogeneous producers and underdeveloped domestic financial markets to study the joint dynamics of total factor productivity (TFP) and capital flows. When a large-scale reform eliminates idiosyncratic distortions and liberalizes capital flows, the TFP of our model economy rises gradually and capita...

Requiring many financial institutions to hold a risk-adjusted amount of capital when granting funds, the Basel II framework implies a risk dependent cost of capital for borrowing firms from year-end 2006 onwards. This novel policy of allocating capital creates and intensifies new challenges for manufacturing companies in innovative and capital intensive branches. In this regard, banks and other...

Opening the capital account allows financially constrained firms to raise capital from abroad. Since capital and skilled labor are relative complements, this increases the relative demand for skilled labor versus unskilled labor, leading to higher wage inequality. Using aggregate data and exploiting variation in the timing of capital account openings across 20 mainly European countries, I find ...

The foreign exchange market is one of the biggest markets in the global financial capital market. With current trends toward financial capital globalization, it is becoming more important to understand the co-movement of foreign exchange. Investors always want to get all kinds of messages to make decisions about investing. Moreover, they always look forward to making a profit. This study invest...

Global financial integration has substantially increased in recent decades. Initially, it manifested itself in growing capital flows between developed countries. In response to the removal of capital controls, financial innovation and technological progress, financial integration has subsequently spread to emerging market countries. Gross and net capital flows between developed and emerging eco...