International mobility and movement of capital

Name: International mobility and movement of capital
Author: Machlup et al

1972

by Machlup et al

Fritz MachlupCapital MovementsBalance of PaymentsEconomic DevelopmentExpectationsFrank KnightMonetary PolicyExchange ControlExchange RatesEuropean UnionDevaluationFiscal PolicyHuman CapitalPrice LevelUnemploymentMoney SupplyDeficit SpendingEffective DemandMonetary EquilibriumLabor MobilityInvestmentPhillips CurveSpecial Drawing RightsBankingJames TobinInterest RatesMathematical EconomicsSpeculationNational IncomeLorenz von SteinResource AllocationFederal ReserveEquilibriumInternational Monetary FundAccountingDepreciationCapital StructureBank of EnglandPlanned EconomyNationalismProfit and LossUncertaintyNationalizationConvertibilityMarket StructureInfrastructureEconomies of ScaleDivision of LaborInnovationBusiness CyclesTrade PolicyComparative AdvantageTax ReformMoney MarketTaxationInternational LiquidityReparationsTerms of TradePerfect CompetitionLiquidityRobert TriffinCapital AccumulationCredit ExpansionVelocity of Circulation

Table of Contents · 201 segments

Front Matter: Title Pages, NBER Series, Publication Data, Officers, Directors, and Research Staffessay

Contents: Opening Papers and Commentsessay

Relation of NBER Directors to Conference Publicationsessay

Universities–National Bureau Committee for Economic Researchessay

Contents: Remaining Papers, Comments, and Indexesessay

Introduction: Conference Background and Editorial Preparationchapter

Introduction: Mobility and Movementtheoretical

Introduction: Restrictions Imposed by Governmentchapter

Introduction: Internationalization of Capital Marketschapter

Introduction: Capital Movements and Balance of Paymentschapter

Introduction: Assemblage Without Visible Organizationchapter

Introductory Organization and Commentary Arrangementsessay

Abstracts of the Papersessay

Tabular Characterization of the Papersessay

The Commentatorsessay

The Editorsessay

Cohen: The United Kingdom as an Exporter of Capital, Introduction and Entrepôt Thesisessay

Cohen: Magnitude and Direction of British Capital Exportsessay

Cohen: Composition of Official, Private, Direct, and Portfolio Capital Movementsessay

Cohen: British Capital Controls and Policy Trade-Offsessay

Cohen Appendix: Cost Calculations for Demand Management and Trade Restrictionessay

Hawkins: Intra-EEC Capital Movements and Domestic Financial Markets, Introductionessay

Advantages, Costs, and EEC Approach to Financial-Market Integrationessay

Intra-EEC Capital Flows: Private Long-Term Capital Evidenceessay

Public, Short-Term, Eurodollar, and Eurobond Channels of EEC Financial Integrationessay

Harmonization of Interest Rates as Evidence of EEC Financial Integrationessay

Conclusion on the Slow Pace of EEC Financial Integrationessay

Arthur I. Bloomfield’s Comments on Cohen and Hawkinsessay

Raymond F. Mikesell’s Comments on Capital Movements, Britain, and EEC Integrationessay

John E. Floyd, Portfolio Equilibrium and the Theory of Capital Movements: Introductiontheoretical

Capital Movements in a Theory of Portfolio Equilibriumtheoretical

Capital Movements and Portfolio Equilibrium in a Fully Employed Economytheoretical

Diagrammatic Treatment of Asset, Goods, and Foreign-Exchange Equilibriumtheoretical

Monetary and Commercial Policy under Portfolio Equilibriumtheoretical

Fiscal Policy and Domestic Demandtheoretical

Foreign Inflation and the Domestic Economytheoretical

Conclusions: Portfolio-Balance Capital Movementsessay

References for the Portfolio-Balance Capital Movements Essaybibliography

Capital Mobility and Payments Equilibrium: Opening Framework and Notationessay

The Equilibrium Ratio of External Debt to Capitaltheoretical

The Adjustment Process — Perfectly Mobile Labortheoretical

The Adjustment Process — Completely Mobile Capital and Completely Immobile Labortheoretical

The External Constraint and the Characteristics of the Equilibriumtheoretical

The External Constraint and Fiscal Policytheoretical

Conclusion: Dynamic Balance-of-Payments Equilibriumtheoretical

Appendix: Difference Equation Model of External Constrainttheoretical

Robert Z. Aliber Comment: Portfolio Balance, Currency Areas, and International Financeessay

Anthony Lanyi Comment: External Balance, Long-Run Equilibrium, and Policy Relevanceessay

Leamer and Stern Paper Opening: Problems in Theory and Empirical Estimation of International Capital Movementstheoretical

Introduction: Difficulties in Capital-Account Analysistheoretical

Theoretical Problems: Activity Models and Portfolio Adjustmenttheoretical

Critique of Portfolio-Adjustment Activity Modelstheoretical

Transaction Models: Beginning a Transactor-Oriented Frameworktheoretical

Transaction Models: Transactor Categories and Behavioral Characteristicstheoretical

Choice of Explanatory Variables: Short-Term, Portfolio, and Direct Investmenttheoretical

Empirical Problems in Estimating International Capital Movementsessay

Empirical Evidence and Implications for Further Researchessay

Bryant and Hendershott: Empirical Analysis of Capital Flows—Basic Frameworkessay

Estimation of Lagged Responses: Reasons for Lagged Responsestheoretical

Methods of Estimating Lagged Responsestheoretical

Further Results: Lagged Responses in Japanese Foreign-Exchange Bank Borrowingessay

Testing the Linear Homogeneity Assumptionessay

1964–68 Estimates and Stability Testsessay

Alternative Specifications and Misspecification Problemsessay

Concluding Note on Econometric Research into Capital Flowsessay

References for Bryant and Hendershott Studybibliography

Stanley W. Black Comment on Leamer and Sternessay

Stanley W. Black Comment on Bryant and Hendershottessay

Elinor B. Yudin Comment: Activity Versus Transactoressay

Elinor B. Yudin Comment: Progress in Econometric Analysisessay

Elinor B. Yudin Comment: Uneasy Reactions to Strong A Priori Theoryessay

Miller and Whitman: Introduction to Short-Term U.S. Capital Outflowstheoretical

Miller and Whitman: The Risk-Return Model of Demand and Supplytheoretical

Miller and Whitman: Implementation and Estimating Equationstheoretical

Empirical Results: Regressions for the Foreign-Asset Ratioessay

Estimating the Short-Term Capital Flowessay

Effects of Changes in Explanatory Variables on Short-Term Capital Flowsessay

Appendix: Variable Definitions and Data Sourcesessay

References for the Short-Term Capital Flow Studybibliography

Policy Toward Short-Term Capital Movements: Introduction, Capital Flows, and Policyessay

Portfolio-balance model and 1960–64 estimates of U.S. short-term capital claimstheoretical

Impact of U.S. capital controls on short-term claims, 1965–68essay

Interest-rate constraints under sliding-parity exchange ratestheoretical

References for Branson and Willett paperbibliography

M. June Flanders comment on capital-mobility studiesessay

Rudolf R. Rhomberg comment on methodology, econometrics, and crawling pegsessay

Stevens introduction and definition of direct-investment capital flowsessay

Previous research on international firms and direct-investment modelsessay

Aggregative time-series model, Modigliani-Miller theorem, and exchange-risk minimizationtheoretical

Critique of the Department of Commerce direct-investment modelessay

Empirical Results: Data and Plant and Equipment Expendituresessay

Empirical Results: Investment in Current Assetsessay

Empirical Results: Financial Flow Equationsessay

Performance of the Department of Commerce Modelessay

Impact of 1965-68 Balance-of-Payments Programs: Plant and Equipmentessay

Impact of Balance-of-Payments Programs: Current Assets and Financial Flowsessay

Conclusionsessay

Appendix A: Theoretical Modelstheoretical

Appendix B: Current Assets, Financial Flows, and Total Asset Changesessay

100

Appendix B: Sales and Investment Data, 1957-68essay

101

Appendix B: Estimating Sales and Depreciationessay

102

Comments by Sidney Robbins and Robert B. Stobaugh: Overviewessay

103

Comments: Modigliani-Miller in the International Areaessay

104

Comments: Minimization of Exchange-Rate Lossesessay

105

Comments: Foreign Direct Investment Forecastingessay

106

Comments: Accounting Problems in Reported Dataessay

107

Comments: Expenditures for Plant and Equipmentessay

108

Comments: Homogeneity of the Sampleessay

109

Conclusion on Stevens's Financing Program Analysisessay

110

Robert E. Lipsey Comment on Stevens's Direct Investment Modelessay

111

Severn: Introduction to Investment and Financial Behavior of American Direct Investorsessay

112

Severn: Model Formulation, Variables, and Scaling Problemtheoretical

113

Severn: Scaling Justification, Normalized Equations, and Estimation Choicestheoretical

114

Severn: Empirical Results for Investment, Dividends, and Net Outflowessay

115

Severn: Policy Simulations for Recession and Corporate Tax Surchargeessay

116

Severn: Conclusions on Multinational Investment and Financial Behavioressay

117

Gillespie: Title Page for Policies of England, France, and Germany as Recipients of Foreign Direct Investmentchapter

118

Introduction to Gillespie’s Comparative Study of Inward Foreign Direct Investmentessay

119

Review of Policies: The English Caseessay

120

Review of Policies: The French Caseessay

121

Review of Policies: The German Caseessay

122

Comparative Analysis: Statistical Analysis of American Direct Investment Flowsessay

123

Comparative Analysis: Economic Determinantsessay

124

Political Determinants, EEC Policy, and Conclusionsessay

125

Comments by Merle Yahr Weissessay

126

Comments by Arnold W. Sametz and Opening of Prachowny Paperessay

127

Introduction to Prachowny's Portfolio Approach to Direct Investmentessay

128

Tobin-Markowitz Model of the Optimum Stock of Foreign Direct Investmenttheoretical

129

Capital Flows and Stock Changes in Direct Investmenttheoretical

130

General Empirical Estimation Equations for Direct-Investment Stocksessay

131

Data, Lags, and Estimating Techniquesessay

132

Findings on American Direct Investment Abroad and the Voluntary Restraint Programessay

133

Findings on Foreign Direct Investment in the United Statesessay

134

Policy Conclusions from the Portfolio Model of Direct Investmentessay

135

References for Prachowny's Direct Investment Paperbibliography

136

Introduction to Reuber and Roseman on Foreign Take-Overs in Canadaessay

137

Relative Importance of Foreign Take-Overs in Canadaessay

138

Leading Characteristics of Merging Firms in Canadaessay

139

Reported Reasons for Mergingessay

140

Interindustry Mix of Foreign Take-Over Activity: Definitions, Variables, and Main Resultschapter

141

Significant Associations: Foreign Control, Tariffs, and Internal Cash Flowchapter

142

Insignificant Associations in Foreign Take-Over Activitychapter

143

Macroeconomic Influences on Foreign Take-Overs: Conceptual Framework and Variableschapter

144

Estimated Time-Series Relationships for Foreign Take-Overschapter

145

Tests of the Foreign Take-Over Relationshipschapter

146

Summary and Conclusions on Foreign Take-Overs in Canadachapter

147

Appendix: Subperiod Estimates for Equation (5)chapter

148

Robert E. Lipsey Comment on Prachowny’s Direct Investment Modelessay

149

Robert E. Lipsey Comment on Reuber and Rosemanessay

150

Ronald I. McKinnon Comment on Prachownyessay

151

Ronald I. McKinnon Comment on Reuber and Rosemanessay

152

Dobell and Wilson: Introduction to Taxation, Capital Flows, and the Balance of Payments in Canadaessay

153

Equilibrium Conditions in the Dobell-Wilson Modeltheoretical

154

Specification of Behavioral Relations: Portfolio-Capital Flowstheoretical

155

Portfolio capital flow sensitivities and structural coefficientstheoretical

156

Direct investment and dividend outflowstheoretical

157

Net exports, domestic securities demand, and personal savingtheoretical

158

Corporate retentions of resident and foreign-owned firmstheoretical

159

Investment, new equity issues, and government revenue equationstheoretical

160

Alternative Canadian tax systems and revenue effectsessay

161

Impact vectors for tax reform shockstheoretical

162

Compensatory fiscal and monetary policy adjustmentstheoretical

163

Balance-of-payments effects of tax reformsessay

164

Capital market and sources-and-uses effects of tax reformsessay

165

Sensitivity checks and conclusions on tax reform constraintsessay

166

Capital movements and economic growth in developed countriestheoretical

167

Concept and Measurement of Net Factor Income Earned Abroadessay

168

Preliminary Sign Test of NFIEA and the Current Accountessay

169

Basic Steady-State Growth Model of Capital Movementstheoretical

170

The Share of GNP Savedtheoretical

171

The Share of GDP Investedtheoretical

172

Definitions of NFIEA and Determinants of the Steady-State Ratiotheoretical

173

Behavior Assumptions for the Open-Economy Growth Modeltheoretical

174

Statistical Testing of the Capital-Movements Modelessay

175

Conclusiontheoretical

176

Appendix: The Solution and Stability of the Modeltheoretical

177

Referencesbibliography

178

Comments by Lorie Tarshisessay

179

Comments by Bela Balassaessay

180

Financial Intermediation as an Explanation of Enduring Deficits: Introduction and IFI Hypothesistheoretical

181

Alternative Theories of Enduring Deficitstheoretical

182

Criticisms of the IFI Hypothesis and Policy Implicationstheoretical

183

Remaining Monetary-System Objections to International Financial Intermediationtheoretical

184

Criticisms of Positive Analysis of International Financial Intermediationtheoretical

185

Differences in Liquidity Preference as an Explanation of IFItheoretical

186

Greater Competitiveness of American Financial Intermediariestheoretical

187

Greater Efficiency of American Financial Intermediariestheoretical

188

U.S. Balance-of-Payments Changes Since 1968 and the IFI Hypothesistheoretical

189

Concluding Observations on Portfolio Balance and Equilibrium Deficitstheoretical

190

Addendum on Machlup's Transfer Gap of the United Statestheoretical

191

Addendum on Laffer's Anti-Traditional Theorytheoretical

192

References for the Salant Essay on International Financial Intermediationbibliography

193

Arthur B. Laffer, International Financial Intermediation: Introductionessay

194

Laffer's Formal Interpretation of International Financial Intermediationtheoretical

195

International Financial Intermediation: Empirical Analysischapter

196

Appendix: Quarterly Data and Sources for the IFI Regressionchapter

197

References for Laffer’s IFI Analysisbibliography

198

Joseph M. Burns Comment on Salant and Lafferessay

199

Franco Modigliani Comment on Salant’s IFI Hypothesisessay

200

Author Indexbibliography

201

Subject Indexbibliography