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Alina Mungiu-Pippidi

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Structural Reforms for Growth and Cohesion

Lessons and Challenges for CESEE Countries and a Modern Europe

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

Effective and well-designed structural reforms are key to shaping Europe’s future in the context of the formidable challenges facing the continent today. This book examines the achievements and failures of past structural policies so that future ones can be adapted to address remaining and newly emerging challenges with greater success. Highlighting the social aspects and distributional effects of reforms that go beyond liberalization and deregulation, the book covers key issues facing future Europe, particularly those arising from technological innovation.
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Asli Demirgüç-Kunt and Ross Levine

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Asli Demirgüç-Kunt and Ross Levine

This research review brings together major contributions to the study of finance and growth. It considers conceptual and empirical papers that use a range of methodologies to discover the connections between financial systems——including financial contracts, markets, and intermediaries——and the functioning of the economy——including economic growth, entrepreneurship, technological innovation, poverty alleviation, the distribution of income, and the structure and volatility of economies. It also discusses contributions to the study of the legal, political, institutional, social capital and policy determinants of financial development.
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Asli Demirgüç-Kunt and Ross Levine

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Asli Demirgüç-Kunt and Ross Levine

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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

Chapter 4 examines a data set based on the questionnaire surveys in 2009 and 2013. Questionnaires were sent to head offices of all Japanese manufacturing firms listed on Japan’s stock exchanges and that reported foreign sales in their consolidated financial statements. Major findings are as follows: while yen invoicing is often chosen for arm’s-length trade, the importer’s currency tends to be used in invoicing in intra-firm trade. In exports to Asian subsidiaries, US dollars are widely used. Firm size does affect the choice of invoice currency because the larger (smaller) the size of a firm, the less (more) likely the yen is to be chosen. Growing and deepening regional production networks in Asia are likely to discourage yen-invoiced transactions, even by Japanese firms. Japanese production subsidiaries that export finished goods to the world tend to choose US dollar-invoiced transactions even for their imports of semi-finished goods from their head offices.

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Robert Cull, Maria Soledad Martinez Peria and Jeanne Verrier

This chapter presents recent trends in government and foreign bank ownership across countries and summarizes the evidence regarding the implications of bank ownership structure for bank performance and competition, financial stability, and access to finance. The empirical evidence reviewed suggests that foreign-owned banks tend to be more efficient than domestic banks in developing countries, promote competition in host banking sectors, and help stabilize credit when host countries face idiosyncratic shocks. But there are trade-offs, since foreign-owned banks can also transmit external shocks and might not always contribute to expanding access to credit. The record on the impact of government bank ownership suggests few benefits, especially for developing countries. While government-owned banks can help stabilize credit growth during crises, they have a negative impact on competition and performance and provide no clear benefits when it comes to expanding access to credit. In contrast, government bank ownership can lead to resource misallocation, since government-owned banks are prone to engage in political lending.

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Takatoshi Ito, Satoshi Koibuchi, Kiyotaka Sato and Junko Shimizu

Chapter 2 surveys recent developments in theoretical and empirical studies on the question of invoice currency choice. By examining aggregate data on invoice currency, published by the authorities, it is shown that the Japanese invoicing currency pattern violates well-known stylized facts: (1) trade between advanced countries tends to be invoiced in the exporter’s currency; (2) trade between advanced and developing countries tends to be invoiced in the advanced country’s currency; and (3) differentiated products tend to be invoiced in the exporter’s currency. More homogeneous products are typically invoiced in an international currency such as the US dollar. Chapter 2 presents two puzzles. First, Japanese exports to advanced countries tend to be invoiced in the importer’s currency; and second, the share of US dollar invoicing is higher than that of yen invoicing in trade with Asia. In order to solve these puzzles, subsequent chapters examine firm-level data obtained through interviews and questionnaire surveys.

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Randall Morck and Bernard Yeung

Japan, an isolated, backward country in the 1860s, industrialized rapidly to become a major industrial power by the 1930s. South Korea, among the world’s poorest countries in the 1960s, joined the ranks of First World economies in little over a single generation. China now seems poised to follow a similar trajectory. All three cases highlight the importance of marginalized traditional elites, intensive early investment in education, a degree of economic openness, free markets, equity financing, early-stage coordination of firms in diverse industries via arrangements such as business groups, and political institutions capable of curbing the power of families grown wealthy in early-stage rapid development to make way for prosperity sustained by efficient resource allocation to high-productivity firms.