Selin Sayek's Books

Multinational Affiliates and Local Financial Markets

By: Selin Sayek,Hyoung Goo Kang,Mr.Alexander Lehmann

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Multinational Affiliates and Local Financial Markets

By: Selin Sayek,Hyoung Goo Kang,Mr.Alexander Lehmann

We use data on the sources of debt finance of U.S. majority-owned foreign affiliates in 53 countries over the period 1983 to 2001 to examine the role of financial market development, and exposure to host country-specific risk on the financing choices of these affiliates. We find that total balance sheets are about four times as large as the cross-border component of foreign direct investment (FDI). The extent of financial leverage through local debt is positively related to host-country corporate tax rates, exchange rate variability, local currency-denominated sales, and financial development. Factors that further the role of local debt reduce that of parent company debt, and through this substitution overall leverage increases.

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International Monetary Fund

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ISBN 10

1451853017

ISBN 13

9781451853018

FDI Spillovers, Financial Markets, and Economic Development

By: Laura Alfaro,Areendam Chanda,Sebnem Kalemli-Ozcan,Selin Sayek

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FDI Spillovers, Financial Markets, and Economic Development

By: Laura Alfaro,Areendam Chanda,Sebnem Kalemli-Ozcan,Selin Sayek

This paper examines the role financial markets play in the relationship between foreign direct investment (FDI) and economic development. We model an economy with a continuum of agents indexed by their level of ability. Agents can either work for the foreign company or undertake entrepreneurial activities, which are subject to a fixed cost. Better financial markets allow agents to take advantage of knowledge spillovers from FDI, magnifying the output effects of FDI. Empirically, we show that well-developed financial markets allow significant gains from FDI, while FDI alone plays an ambiguous role in contributing to development.

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International Monetary Fund

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ISBN 10

1451859481

ISBN 13

9781451859485

FDI Spillovers, Financial Markets, and Economic Development

By: Laura Alfaro,Areendam Chanda,Sebnem Kalemli-Ozcan,Selin Sayek

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FDI Spillovers, Financial Markets, and Economic Development

By: Laura Alfaro,Areendam Chanda,Sebnem Kalemli-Ozcan,Selin Sayek

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International Monetary Fund

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ISBN 10

1451859481

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9781451859485

Local Financial Development and the Aid-Growth Relationship

By: Selin Sayek,Ms.Mwanza Nkusu

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Local Financial Development and the Aid-Growth Relationship

By: Selin Sayek,Ms.Mwanza Nkusu

With official development assistance (ODA) set to rise as countries strive to meet the Millennium Development Goals (MDGs), aid effectiveness remains an important area of development policy. An increasing number of studies support the notion that ODA can contribute to growth in a nonlinear relationship. In this paper, we investigate a new hypothesis regarding this relationship: that deeper financial markets in aid-recipient countries facilitate the management of aid flows, thereby enhancing aid effectiveness. An empirical analysis, using a panel data set, finds robust support for the hypothesis.

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INTERNATIONAL MONETARY FUND

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ISBN 10

1451875770

ISBN 13

9781451875775

Book's by Selin Sayek

Multinational Affiliates and Local Financial Markets

Multinational Affiliates and Local Financial Markets

FDI Spillovers, Financial Markets, and Economic Development

FDI Spillovers, Financial Markets, and Economic Development

FDI Spillovers, Financial Markets, and Economic Development

FDI Spillovers, Financial Markets, and Economic Development

Local Financial Development and the Aid-Growth Relationship

Local Financial Development and the Aid-Growth Relationship

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