2006, ISBN: 9788171885800

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New Century Publications. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfoli… Mehr…

New Century Publications. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments—especially by foreign institutional investors (FIIs)—from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs—as reflected in the growing emphasis on equities of emerging market economies—include inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs., New Century Publications, 6, New Century Publications. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments—especially by foreign institutional investors (FIIs)—from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs—as reflected in the growing emphasis on equities of emerging market economies—include inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs., New Century Publications, 6, New Century Publications. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investmentsespecially by foreign institutional investors (FIIs)from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIsas reflected in the growing emphasis on equities of emerging market economiesinclude inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. Foreign Institutional Investors (FIIs) and Capital Market in India Kulwant Singh Phull, New Century Publications, 6, New Century Publications. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments—especially by foreign institutional investors (FIIs)—from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs—as reflected in the growing emphasis on equities of emerging market economies—include inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs., New Century Publications, 6, New Century Publications, 2014. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments—especially by foreign institutional investors (FIIs)—from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs—as reflected in the growing emphasis on equities of emerging market economies—include inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. CONTENTS 1. Foreign Investment: Theoretical Framework 1.1 Need for Foreign Capital/Investment 1.2 Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 1.2.1 Technology Transfer 1.2.2 Herd Behaviour 1.2.3 Fair-weather Friends 1.3 Advantages of Foreign Portfolio Investments 1.3.1 Supplementing Domestic Savings 1.3.2 Lowering Cost of Capital 1.3.3 Stabilizing Balance of Payments 1.3.4 Strengthening Corporate Governance 1.4 Risks Associated with FIIs 1.4.1 Management Control 1.4.2 Sudden Capital Outflows 1.4.3 Hedge Funds 1.4.4 Inflationary Potential 1.5 Why FIIs Invest in Market-driven EMEs Like India? 2. Review of Literature on FIIs 3. Structure of Capital Market in India 3.1 Significance of Capital Market 3.2 Capital Market Prior to 1991 3.3 Securities and Exchange Board of India (SEBI) 3.4 Capital Market Reforms since 1991 3.5 Modernisation of Stock Exchanges 3.5.1 Trading Infrastructure in Stock Exchanges 3.5.2 Corporatisation and Demutualisation of Stock Exchanges 3.6 Shortening of Settlement Cycle 3.7 Depository System 3.8 Dematerialisation (Demat) and Rematerialisation 3.8.1 Dematerialisation (Demat) 3.8.2 Rematerialisation 3.9 Introduction of Free Pricing 3.10 Strengthening of Disclosure Norms 3.11 Transparency and Efficiency 3.12 Growth of Service Providers 3.13 Protection of Investors 4. Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 4.1 FIIs in Historical Perspective 4.2 Effects of Liberalization 4.3 Foreign Direct Investment (FDI) 4.4 Foreign Institutional Investors (FIIs) 4.4.1 Meaning 4.4.2 Types of FIIs 4.4.3 Areas of Investment for FIIs 4.4.4 Entry Routes for FIIs 4.4.5 Criterion for Registration of FIIs 4.4.6 Documents Required 4.4.7 Restrictions on FIIs 4.4.8 Appeal Procedures in Case Registration is Denied by SEBI 4.5 Chronology of the Evolution of FII Policy in India 4.6 Summing Up 5. Dimensions of FIIs in India 5.1 Policy Framework for Foreign Investment 5.2 Foreign Investment Inflows 5.3 Number of FIIs 5.4 Major FIIs in India 5.5 Net FIIs Investment 5.6 Cumulative FIIs Investment 5.7 Source-wise FIIs/Countries of Origin 5.8 Equity versus Debt Investment 5.9 Market Capitalization 5.10 Forex Reserves 5.11 Custody of Custodians 6. Determinants of FIIs in India 6.1 Opening of Stock Markets to Foreign Investors 6.2 Results of Earlier Studies 6.3 Dimensions and Stat Printed Pages: 194., New Century Publications, 2014, 6, New Century Publications, 2014. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments—especially by foreign institutional investors (FIIs)—from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs—as reflected in the growing emphasis on equities of emerging market economies—include inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. CONTENTS 1. Foreign Investment: Theoretical Framework 1.1 Need for Foreign Capital/Investment 1.2 Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 1.2.1 Technology Transfer 1.2.2 Herd Behaviour 1.2.3 Fair-weather Friends 1.3 Advantages of Foreign Portfolio Investments 1.3.1 Supplementing Domestic Savings 1.3.2 Lowering Cost of Capital 1.3.3 Stabilizing Balance of Payments 1.3.4 Strengthening Corporate Governance 1.4 Risks Associated with FIIs 1.4.1 Management Control 1.4.2 Sudden Capital Outflows 1.4.3 Hedge Funds 1.4.4 Inflationary Potential 1.5 Why FIIs Invest in Market-driven EMEs Like India? 2. Review of Literature on FIIs 3. Structure of Capital Market in India 3.1 Significance of Capital Market 3.2 Capital Market Prior to 1991 3.3 Securities and Exchange Board of India (SEBI) 3.4 Capital Market Reforms since 1991 3.5 Modernisation of Stock Exchanges 3.5.1 Trading Infrastructure in Stock Exchanges 3.5.2 Corporatisation and Demutualisation of Stock Exchanges 3.6 Shortening of Settlement Cycle 3.7 Depository System 3.8 Dematerialisation (Demat) and Rematerialisation 3.8.1 Dematerialisation (Demat) 3.8.2 Rematerialisation 3.9 Introduction of Free Pricing 3.10 Strengthening of Disclosure Norms 3.11 Transparency and Efficiency 3.12 Growth of Service Providers 3.13 Protection of Investors 4. Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 4.1 FIIs in Historical Perspective 4.2 Effects of Liberalization 4.3 Foreign Direct Investment (FDI) 4.4 Foreign Institutional Investors (FIIs) 4.4.1 Meaning 4.4.2 Types of FIIs 4.4.3 Areas of Investment for FIIs 4.4.4 Entry Routes for FIIs 4.4.5 Criterion for Registration of FIIs 4.4.6 Documents Required 4.4.7 Restrictions on FIIs 4.4.8 Appeal Procedures in Case Registration is Denied by SEBI 4.5 Chronology of the Evolution of FII Policy in India 4.6 Summing Up 5. Dimensions of FIIs in India 5.1 Policy Framework for Foreign Investment 5.2 Foreign Investment Inflows 5.3 Number of FIIs 5.4 Major FIIs in India 5.5 Net FIIs Investment 5.6 Cumulative FIIs Investment 5.7 Source-wise FIIs/Countries of Origin 5.8 Equity versus Debt Investment 5.9 Market Capitalization 5.10 Forex Reserves 5.11 Custody of Custodians 6. Determinants of FIIs in India 6.1 Opening of Stock Markets to Foreign Investors 6.2 Results of Earlier Studies 6.3 Dimensions and Stat Printed Pages: 194., New Century Publications, 2014, 6, New Century Publications, 2014. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments—especially by foreign institutional investors (FIIs)—from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs—as reflected in the growing emphasis on equities of emerging market economies—include inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. CONTENTS 1. Foreign Investment: Theoretical Framework 1.1 Need for Foreign Capital/Investment 1.2 Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 1.2.1 Technology Transfer 1.2.2 Herd Behaviour 1.2.3 Fair-weather Friends 1.3 Advantages of Foreign Portfolio Investments 1.3.1 Supplementing Domestic Savings 1.3.2 Lowering Cost of Capital 1.3.3 Stabilizing Balance of Payments 1.3.4 Strengthening Corporate Governance 1.4 Risks Associated with FIIs 1.4.1 Management Control 1.4.2 Sudden Capital Outflows 1.4.3 Hedge Funds 1.4.4 Inflationary Potential 1.5 Why FIIs Invest in Market-driven EMEs Like India? 2. Review of Literature on FIIs 3. Structure of Capital Market in India 3.1 Significance of Capital Market 3.2 Capital Market Prior to 1991 3.3 Securities and Exchange Board of India (SEBI) 3.4 Capital Market Reforms since 1991 3.5 Modernisation of Stock Exchanges 3.5.1 Trading Infrastructure in Stock Exchanges 3.5.2 Corporatisation and Demutualisation of Stock Exchanges 3.6 Shortening of Settlement Cycle 3.7 Depository System 3.8 Dematerialisation (Demat) and Rematerialisation 3.8.1 Dematerialisation (Demat) 3.8.2 Rematerialisation 3.9 Introduction of Free Pricing 3.10 Strengthening of Disclosure Norms 3.11 Transparency and Efficiency 3.12 Growth of Service Providers 3.13 Protection of Investors 4. Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 4.1 FIIs in Historical Perspective 4.2 Effects of Liberalization 4.3 Foreign Direct Investment (FDI) 4.4 Foreign Institutional Investors (FIIs) 4.4.1 Meaning 4.4.2 Types of FIIs 4.4.3 Areas of Investment for FIIs 4.4.4 Entry Routes for FIIs 4.4.5 Criterion for Registration of FIIs 4.4.6 Documents Required 4.4.7 Restrictions on FIIs 4.4.8 Appeal Procedures in Case Registration is Denied by SEBI 4.5 Chronology of the Evolution of FII Policy in India 4.6 Summing Up 5. Dimensions of FIIs in India 5.1 Policy Framework for Foreign Investment 5.2 Foreign Investment Inflows 5.3 Number of FIIs 5.4 Major FIIs in India 5.5 Net FIIs Investment 5.6 Cumulative FIIs Investment 5.7 Source-wise FIIs/Countries of Origin 5.8 Equity versus Debt Investment 5.9 Market Capitalization 5.10 Forex Reserves 5.11 Custody of Custodians 6. Determinants of FIIs in India 6.1 Opening of Stock Markets to Foreign Investors 6.2 Results of Earlier Studies 6.3 Dimensions and Stat Printed Pages: 194., New Century Publications, 2014, 6, New Century Publications, 2014. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments‰ÛÓespecially by foreign institutional investors (FIIs)‰ÛÓfrom developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs‰ÛÓas reflected in the growing emphasis on equities of emerging market economies‰ÛÓinclude inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. CONTENTS 1. Foreign Investment: Theoretical Framework 1.1 Need for Foreign Capital/Investment 1.2 Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 1.2.1 Technology Transfer 1.2.2 Herd Behaviour 1.2.3 Fair-weather Friends 1.3 Advantages of Foreign Portfolio Investments 1.3.1 Supplementing Domestic Savings 1.3.2 Lowering Cost of Capital 1.3.3 Stabilizing Balance of Payments 1.3.4 Strengthening Corporate Governance 1.4 Risks Associated with FIIs 1.4.1 Management Control 1.4.2 Sudden Capital Outflows 1.4.3 Hedge Funds 1.4.4 Inflationary Potential 1.5 Why FIIs Invest in Market-driven EMEs Like India? 2. Review of Literature on FIIs 3. Structure of Capital Market in India 3.1 Significance of Capital Market 3.2 Capital Market Prior to 1991 3.3 Securities and Exchange Board of India (SEBI) 3.4 Capital Market Reforms since 1991 3.5 Modernisation of Stock Exchanges 3.5.1 Trading Infrastructure in Stock Exchanges 3.5.2 Corporatisation and Demutualisation of Stock Exchanges 3.6 Shortening of Settlement Cycle 3.7 Depository System 3.8 Dematerialisation (Demat) and Rematerialisation 3.8.1 Dematerialisation (Demat) 3.8.2 Rematerialisation 3.9 Introduction of Free Pricing 3.10 Strengthening of Disclosure Norms 3.11 Transparency and Efficiency 3.12 Growth of Service Providers 3.13 Protection of Investors 4. Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 4.1 FIIs in Historical Perspective 4.2 Effects of Liberalization 4.3 Foreign Direct Investment (FDI) 4.4 Foreign Institutional Investors (FIIs) 4.4.1 Meaning 4.4.2 Types of FIIs 4.4.3 Areas of Investment for FIIs 4.4.4 Entry Routes for FIIs 4.4.5 Criterion for Registration of FIIs 4.4.6 Documents Required 4.4.7 Restrictions on FIIs 4.4.8 Appeal Procedures in Case Registration is Denied by SEBI 4.5 Chronology of the Evolution of FII Policy in India 4.6 Summing Up 5. Dimensions of FIIs in India 5.1 Policy Framework for Foreign Investment 5.2 Foreign Investment Inflows 5.3 Number of FIIs 5.4 Major FIIs in India 5.5 Net FIIs Investment 5.6 Cumulative FIIs Investment 5.7 Source-wise FIIs/Countries of Origin 5.8 Equity versus Debt Investment 5.9 Market Capitalization 5.10 Forex Reserves 5.11 Custody of Custodians 6. Determinants of FIIs in India 6.1 Opening of Stock Markets to Foreign Investors 6.2 Results of Earlier Studies 6.3 Dimensions and Stat Printed Pages: 194., New Century Publications, 2014, 6, New Century Publications, 2014. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investmentsespecially by foreign institutional investors (FIIs)from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIsas reflected in the growing emphasis on equities of emerging market economiesinclude inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. CONTENTS 1. Foreign Investment: Theoretical Framework 1.1 Need for Foreign Capital/Investment 1.2 Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 1.2.1 Technology Transfer 1.2.2 Herd Behaviour 1.2.3 Fair-weather Friends 1.3 Advantages of Foreign Portfolio Investments 1.3.1 Supplementing Domestic Savings 1.3.2 Lowering Cost of Capital 1.3.3 Stabilizing Balance of Payments 1.3.4 Strengthening Corporate Governance 1.4 Risks Associated with FIIs 1.4.1 Management Control 1.4.2 Sudden Capital Outflows 1.4.3 Hedge Funds 1.4.4 Inflationary Potential 1.5 Why FIIs Invest in Market-driven EMEs Like India? 2. Review of Literature on FIIs 3. Structure of Capital Market in India 3.1 Significance of Capital Market 3.2 Capital Market Prior to 1991 3.3 Securities and Exchange Board of India (SEBI) 3.4 Capital Market Reforms since 1991 3.5 Modernisation of Stock Exchanges 3.5.1 Trading Infrastructure in Stock Exchanges 3.5.2 Corporatisation and Demutualisation of Stock Exchanges 3.6 Shortening of Settlement Cycle 3.7 Depository System 3.8 Dematerialisation (Demat) and Rematerialisation 3.8.1 Dematerialisation (Demat) 3.8.2 Rematerialisation 3.9 Introduction of Free Pricing 3.10 Strengthening of Disclosure Norms 3.11 Transparency and Efficiency 3.12 Growth of Service Providers 3.13 Protection of Investors 4. Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 4.1 FIIs in Historical Perspective 4.2 Effects of Liberalization 4.3 Foreign Direct Investment (FDI) 4.4 Foreign Institutional Investors (FIIs) 4.4.1 Meaning 4.4.2 Types of FIIs 4.4.3 Areas of Investment for FIIs 4.4.4 Entry Routes for FIIs 4.4.5 Criterion for Registration of FIIs 4.4.6 Documents Required 4.4.7 Restrictions on FIIs 4.4.8 Appeal Procedures in Case Registration is Denied by SEBI 4.5 Chronology of the Evolution of FII Policy in India 4.6 Summing Up 5. Dimensions of FIIs in India 5.1 Policy Framework for Foreign Investment 5.2 Foreign Investment Inflows 5.3 Number of FIIs 5.4 Major FIIs in India 5.5 Net FIIs Investment 5.6 Cumulative FIIs Investment 5.7 Source-wise FIIs/Countries of Origin 5.8 Equity versus Debt Investment 5.9 Market Capitalization 5.10 Forex Reserves 5.11 Custody of Custodians 6. Determinants of FIIs in India 6.1 Opening of Stock Markets to Foreign Investors 6.2 Results of Earlier Studies 6.3 Dimensions and Stat Printed Pages: 194. NA, New Century Publications, 2014, 6, New Century Publications, 2014. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments‰ÛÓespecially by foreign institutional investors (FIIs)‰ÛÓfrom developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs‰ÛÓas reflected in the growing emphasis on equities of emerging market economies‰ÛÓinclude inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. CONTENTS 1. Foreign Investment: Theoretical Framework 1.1 Need for Foreign Capital/Investment 1.2 Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 1.2.1 Technology Transfer 1.2.2 Herd Behaviour 1.2.3 Fair-weather Friends 1.3 Advantages of Foreign Portfolio Investments 1.3.1 Supplementing Domestic Savings 1.3.2 Lowering Cost of Capital 1.3.3 Stabilizing Balance of Payments 1.3.4 Strengthening Corporate Governance 1.4 Risks Associated with FIIs 1.4.1 Management Control 1.4.2 Sudden Capital Outflows 1.4.3 Hedge Funds 1.4.4 Inflationary Potential 1.5 Why FIIs Invest in Market-driven EMEs Like India? 2. Review of Literature on FIIs 3. Structure of Capital Market in India 3.1 Significance of Capital Market 3.2 Capital Market Prior to 1991 3.3 Securities and Exchange Board of India (SEBI) 3.4 Capital Market Reforms since 1991 3.5 Modernisation of Stock Exchanges 3.5.1 Trading Infrastructure in Stock Exchanges 3.5.2 Corporatisation and Demutualisation of Stock Exchanges 3.6 Shortening of Settlement Cycle 3.7 Depository System 3.8 Dematerialisation (Demat) and Rematerialisation 3.8.1 Dematerialisation (Demat) 3.8.2 Rematerialisation 3.9 Introduction of Free Pricing 3.10 Strengthening of Disclosure Norms 3.11 Transparency and Efficiency 3.12 Growth of Service Providers 3.13 Protection of Investors 4. Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 4.1 FIIs in Historical Perspective 4.2 Effects of Liberalization 4.3 Foreign Direct Investment (FDI) 4.4 Foreign Institutional Investors (FIIs) 4.4.1 Meaning 4.4.2 Types of FIIs 4.4.3 Areas of Investment for FIIs 4.4.4 Entry Routes for FIIs 4.4.5 Criterion for Registration of FIIs 4.4.6 Documents Required 4.4.7 Restrictions on FIIs 4.4.8 Appeal Procedures in Case Registration is Denied by SEBI 4.5 Chronology of the Evolution of FII Policy in India 4.6 Summing Up 5. Dimensions of FIIs in India 5.1 Policy Framework for Foreign Investment 5.2 Foreign Investment Inflows 5.3 Number of FIIs 5.4 Major FIIs in India 5.5 Net FIIs Investment 5.6 Cumulative FIIs Investment 5.7 Source-wise FIIs/Countries of Origin 5.8 Equity versus Debt Investment 5.9 Market Capitalization 5.10 Forex Reserves 5.11 Custody of Custodians 6. Determinants of FIIs in India 6.1 Opening of Stock Markets to Foreign Investors 6.2 Results of Earlier Studies 6.3 Dimensions and Stat Printed Pages: 194., New Century Publications, 2014, 6, New Century Publications, 2014. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investmentsespecially by foreign institutional investors (FIIs)from developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIsas reflected in the growing emphasis on equities of emerging market economiesinclude inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. CONTENTS 1. Foreign Investment: Theoretical Framework 1.1 Need for Foreign Capital/Investment 1.2 Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 1.2.1 Technology Transfer 1.2.2 Herd Behaviour 1.2.3 Fair-weather Friends 1.3 Advantages of Foreign Portfolio Investments 1.3.1 Supplementing Domestic Savings 1.3.2 Lowering Cost of Capital 1.3.3 Stabilizing Balance of Payments 1.3.4 Strengthening Corporate Governance 1.4 Risks Associated with FIIs 1.4.1 Management Control 1.4.2 Sudden Capital Outflows 1.4.3 Hedge Funds 1.4.4 Inflationary Potential 1.5 Why FIIs Invest in Market-driven EMEs Like India? 2. Review of Literature on FIIs 3. Structure of Capital Market in India 3.1 Significance of Capital Market 3.2 Capital Market Prior to 1991 3.3 Securities and Exchange Board of India (SEBI) 3.4 Capital Market Reforms since 1991 3.5 Modernisation of Stock Exchanges 3.5.1 Trading Infrastructure in Stock Exchanges 3.5.2 Corporatisation and Demutualisation of Stock Exchanges 3.6 Shortening of Settlement Cycle 3.7 Depository System 3.8 Dematerialisation (Demat) and Rematerialisation 3.8.1 Dematerialisation (Demat) 3.8.2 Rematerialisation 3.9 Introduction of Free Pricing 3.10 Strengthening of Disclosure Norms 3.11 Transparency and Efficiency 3.12 Growth of Service Providers 3.13 Protection of Investors 4. Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 4.1 FIIs in Historical Perspective 4.2 Effects of Liberalization 4.3 Foreign Direct Investment (FDI) 4.4 Foreign Institutional Investors (FIIs) 4.4.1 Meaning 4.4.2 Types of FIIs 4.4.3 Areas of Investment for FIIs 4.4.4 Entry Routes for FIIs 4.4.5 Criterion for Registration of FIIs 4.4.6 Documents Required 4.4.7 Restrictions on FIIs 4.4.8 Appeal Procedures in Case Registration is Denied by SEBI 4.5 Chronology of the Evolution of FII Policy in India 4.6 Summing Up 5. Dimensions of FIIs in India 5.1 Policy Framework for Foreign Investment 5.2 Foreign Investment Inflows 5.3 Number of FIIs 5.4 Major FIIs in India 5.5 Net FIIs Investment 5.6 Cumulative FIIs Investment 5.7 Source-wise FIIs/Countries of Origin 5.8 Equity versus Debt Investment 5.9 Market Capitalization 5.10 Forex Reserves 5.11 Custody of Custodians 6. Determinants of FIIs in India 6.1 Opening of Stock Markets to Foreign Investors 6.2 Results of Earlier Studies 6.3 Dimensions and Stat Printed Pages: 194. NA, New Century Publications, 2014, 6, New Century Publications, 2014. Hardcover. New. One of the major forces changing the face and structure of international capital markets since 1990s has been the flow of cross-border portfolio investments‰ÛÓespecially by foreign institutional investors (FIIs)‰ÛÓfrom developed countries to the developing economies. Portfolio investors provide institutional character to the capital markets, flavoured by highly intensive research and diversified investments. FIIs are specialised financial intermediaries managing savings collectively on behalf of investors, especially small investors, towards specific objectives in terms of risks, returns, and maturity of claims. FIIs make investments in various countries to provide a measure of portfolio diversification and hedging to their assets. The forces driving the recent change in the investment portfolio of FIIs‰ÛÓas reflected in the growing emphasis on equities of emerging market economies‰ÛÓinclude inter alia: (a) increased accessibility of these markets after liberalisation, (b) improved marketability, (c) fewer problems relating to thin trading, and (d) improved macroeconomic fundamentals of recipient countries. Investments by FIIs first started flowing into India in 1993. Since then, these investment inflows have been quite substantial. Policies relating to portfolio investment have been liberalised in recent years. This book provides a detailed account and examination of various dimensions, determinants, deterrents and other aspects of investment flows into India through FIIs. CONTENTS 1. Foreign Investment: Theoretical Framework 1.1 Need for Foreign Capital/Investment 1.2 Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 1.2.1 Technology Transfer 1.2.2 Herd Behaviour 1.2.3 Fair-weather Friends 1.3 Advantages of Foreign Portfolio Investments 1.3.1 Supplementing Domestic Savings 1.3.2 Lowering Cost of Capital 1.3.3 Stabilizing Balance of Payments 1.3.4 Strengthening Corporate Governance 1.4 Risks Associated with FIIs 1.4.1 Management Control 1.4.2 Sudden Capital Outflows 1.4.3 Hedge Funds 1.4.4 Inflationary Potential 1.5 Why FIIs Invest in Market-driven EMEs Like India? 2. Review of Literature on FIIs 3. Structure of Capital Market in India 3.1 Significance of Capital Market 3.2 Capital Market Prior to 1991 3.3 Securities and Exchange Board of India (SEBI) 3.4 Capital Market Reforms since 1991 3.5 Modernisation of Stock Exchanges 3.5.1 Trading Infrastructure in Stock Exchanges 3.5.2 Corporatisation and Demutualisation of Stock Exchanges 3.6 Shortening of Settlement Cycle 3.7 Depository System 3.8 Dematerialisation (Demat) and Rematerialisation 3.8.1 Dematerialisation (Demat) 3.8.2 Rematerialisation 3.9 Introduction of Free Pricing 3.10 Strengthening of Disclosure Norms 3.11 Transparency and Efficiency 3.12 Growth of Service Providers 3.13 Protection of Investors 4. Foreign Direct Investment (FDI) versus Foreign Portfolio Investment (FPI) 4.1 FIIs in Historical Perspective 4.2 Effects of Liberalization 4.3 Foreign Direct Investment (FDI) 4.4 Foreign Institutional Investors (FIIs) 4.4.1 Meaning 4.4.2 Types of FIIs 4.4.3 Areas of Investment for FIIs 4.4.4 Entry Routes for FIIs 4.4.5 Criterion for Registration of FIIs 4.4.6 Documents Required 4.4.7 Restrictions on FIIs 4.4.8 Appeal Procedures in Case Registration is Denied by SEBI 4.5 Chronology of the Evolution of FII Policy in India 4.6 Summing Up 5. Dimensions of FIIs in India 5.1 Policy Framework for Foreign Investment 5.2 Foreign Investment Inflows 5.3 Number of FIIs 5.4 Major FIIs in India 5.5 Net FIIs Investment 5.6 Cumulative FIIs Investment 5.7 Source-wise FIIs/Countries of Origin 5.8 Equity versus Debt Investment 5.9 Market Capitalization 5.10 Forex Reserves 5.11 Custody of Custodians 6. Determinants of FIIs in India 6.1 Opening of Stock Markets to Foreign Investors 6.2 Results of Earlier Studies 6.3 Dimensions and Stat Printed Pages: 194., New Century Publications, 2014, 6, Academic Foundation, 2006. Softcover. New. The World Economic and Social Survey 2006: Diverging Growth and Development According to the 2006 World Economic and Social Survey, world inequality is high and rising. The main reason is that in the industrialized world the income level over the last five decades has grown steadily, while it has failed to do so in many developing countries. Not more than a few developing countries have been growing at sustained rates in recent decades, but these include, most notably, the world’s two most populous countries, China and India. Considering that these two countries alone account for more than one third of world population, inequality across the globe is beginning to decline. When these countries are left out, however, international income inequality is seen as having continued to rise strongly from already high levels. Because more than 70 per cent of global inequality is explained by the income divergence between countries, its causes and implications are the focus of the 2006 Survey. Success in development depends both on country efforts and on an appropriate international environment. Greater income divergence is partly explained by a rising number of growth collapses. Countries with weak economic structures and institutions and low infrastructural and human development have less capacity to gain from integrating global markets. Such conditions make it more difficult for developing countries to grow out of poverty and reduce their vulnerability to global shocks. Hence, the greater likelihood of growth collapses and conflict as global inequality rises. The problem of rising global inequality thus has an important bearing on the implementation of the United Nations development agenda. Failure to redress the tendency towards growing global inequality could thus have wide-ranging consequences for human development. CONTENTS IN DETAIL : Preface Overview Contents Explanatory Notes I. Growth and development trends, 1960-2005 Patterns of economic growth divergence The big divide: developing versus developed countries Growth successes and collapses have been concentrated in time Geographical concentration of growth successes and collapses Growth divergence and human development Perpetuation of inequality and its implications for world development II. Structural change and economic growth Economic growth requires structural change Patterns of growth and structural change, 1970-2003 Investment patterns and structural change Employment, productivity and structural change Conclusions Appendix: Technical note on the decomposition of labour productivity growth and of the employment-to-population ratio III. Has trade integration caused greater divergence? The contribution of international trade to growth divergence Global markets dynamics and changes in the structure of merchandise exports Merchandise trade, specialization patterns and growth Specialization patterns in service exports and growth Foreign direct investment and the convergence-divergence dilemma Trends in FDI flows and stocks FDI in manufacturing: international production networks and growth Can FDI lead to faster growth in developing countries? Production sector development policies, diversification and export growth Creating dynamic comparative advantages: policies and outcomes Outward orientation, trade liberalization and growth Is there space for production sector development policies today? The road towards greater convergence Appendix: On data and methodology IV. Macroeconomic policies and growth divergence Macroeconomic stability and growth divergence Inflation and growth Macroeconomic imbalances and growth Financial development, gr Printed Pages: 212., Academic Foundation, 2006, 6<

2006, ISBN: 9788171885800

Gebundene Ausgabe

Harper Collins, 2020. 560, 16 col + b/w plates, 7 b/w maps. 240x159mm. HB. New copy, with vertical cut to rear of dust wrapper only.. A bold new history of how botany and global plant co… Mehr…

Harper Collins, 2020. 560, 16 col + b/w plates, 7 b/w maps. 240x159mm. HB. New copy, with vertical cut to rear of dust wrapper only.. A bold new history of how botany and global plant collecting - centred at Kew Gardens and driven by Joseph Banks - transformed the earth. Botany was the darling and the powerhouse of the eighteenth century. As European ships ventured across the Atlantic, Indian and Pacific oceans, discovery bloomed. Bounties of new plants were brought back, and their arrival meant much more than improved flowerbeds - it offered a new scientific frontier that would transform Europe's industry, medicine, eating and drinking habits, and even fashion. Joseph Banks was the dynamo for this momentous change. As botanist for James Cook's great voyage to the South Pacific on the Endeavour, Banks collected plants on a vast scale, armed with the vision - as a child of the Enlightenment - that to travel physically was to advance intellectually. His thinking was as intrepid as Cook's seafaring: he commissioned radically influential and physically daring expeditions such as those of Francis Masson to the Cape Colony, George Staunton to China, George Caley to Australia, William Bligh to Tahiti and Jamaica, among many others. Jordan Goodman's epic history follows these high seas adventurers and their influence in Europe, as well as taking us back to the early years of Kew Gardens, which Banks developed devotedly across the course of his life, transforming it into one of the world's largest and most diverse botanical gardens. In a rip-roaring global expedition, based on original sources in many languages, Goodman gives a momentous history of how the discoveries made by Banks and his collectors advanced scientific understanding around the world.. [9780007578832], Harper Collins, 2020, 0, London:: Routledge Studies on China in Transition,, 1998.. First edition.. Hardcover. VG+. xiv, (ii), 197pp. Faint mark to endpaper, contents otherwise very fresh and unmarked. Binding clean, firm and sharp, head of spine slightly blunted., Routledge Studies on China in Transition, 1998., 3, Academic Foundation, 2006. Softcover. New. The World Economic and Social Survey 2006: Diverging Growth and Development According to the 2006 World Economic and Social Survey, world inequality is high and rising. The main reason is that in the industrialized world the income level over the last five decades has grown steadily, while it has failed to do so in many developing countries. Not more than a few developing countries have been growing at sustained rates in recent decades, but these include, most notably, the world’s two most populous countries, China and India. Considering that these two countries alone account for more than one third of world population, inequality across the globe is beginning to decline. When these countries are left out, however, international income inequality is seen as having continued to rise strongly from already high levels. Because more than 70 per cent of global inequality is explained by the income divergence between countries, its causes and implications are the focus of the 2006 Survey. Success in development depends both on country efforts and on an appropriate international environment. Greater income divergence is partly explained by a rising number of growth collapses. Countries with weak economic structures and institutions and low infrastructural and human development have less capacity to gain from integrating global markets. Such conditions make it more difficult for developing countries to grow out of poverty and reduce their vulnerability to global shocks. Hence, the greater likelihood of growth collapses and conflict as global inequality rises. The problem of rising global inequality thus has an important bearing on the implementation of the United Nations development agenda. Failure to redress the tendency towards growing global inequality could thus have wide-ranging consequences for human development. CONTENTS IN DETAIL : Preface Overview Contents Explanatory Notes I. Growth and development trends, 1960-2005 Patterns of economic growth divergence The big divide: developing versus developed countries Growth successes and collapses have been concentrated in time Geographical concentration of growth successes and collapses Growth divergence and human development Perpetuation of inequality and its implications for world development II. Structural change and economic growth Economic growth requires structural change Patterns of growth and structural change, 1970-2003 Investment patterns and structural change Employment, productivity and structural change Conclusions Appendix: Technical note on the decomposition of labour productivity growth and of the employment-to-population ratio III. Has trade integration caused greater divergence? The contribution of international trade to growth divergence Global markets dynamics and changes in the structure of merchandise exports Merchandise trade, specialization patterns and growth Specialization patterns in service exports and growth Foreign direct investment and the convergence-divergence dilemma Trends in FDI flows and stocks FDI in manufacturing: international production networks and growth Can FDI lead to faster growth in developing countries? Production sector development policies, diversification and export growth Creating dynamic comparative advantages: policies and outcomes Outward orientation, trade liberalization and growth Is there space for production sector development policies today? The road towards greater convergence Appendix: On data and methodology IV. Macroeconomic policies and growth divergence Macroeconomic stability and growth divergence Inflation and growth Macroeconomic imbalances and growth Financial development, gr Printed Pages: 212., Academic Foundation, 2006, 6<

2006, ISBN: 9788171885800

Academic Foundation, 2006. Softcover. New. The World Economic and Social Survey 2006: Diverging Growth and Development According to the 2006 World Economic and Social Survey, world i… Mehr…

Academic Foundation, 2006. Softcover. New. The World Economic and Social Survey 2006: Diverging Growth and Development According to the 2006 World Economic and Social Survey, world inequality is high and rising. The main reason is that in the industrialized world the income level over the last five decades has grown steadily, while it has failed to do so in many developing countries. Not more than a few developing countries have been growing at sustained rates in recent decades, but these include, most notably, the world’s two most populous countries, China and India. Considering that these two countries alone account for more than one third of world population, inequality across the globe is beginning to decline. When these countries are left out, however, international income inequality is seen as having continued to rise strongly from already high levels. Because more than 70 per cent of global inequality is explained by the income divergence between countries, its causes and implications are the focus of the 2006 Survey. Success in development depends both on country efforts and on an appropriate international environment. Greater income divergence is partly explained by a rising number of growth collapses. Countries with weak economic structures and institutions and low infrastructural and human development have less capacity to gain from integrating global markets. Such conditions make it more difficult for developing countries to grow out of poverty and reduce their vulnerability to global shocks. Hence, the greater likelihood of growth collapses and conflict as global inequality rises. The problem of rising global inequality thus has an important bearing on the implementation of the United Nations development agenda. Failure to redress the tendency towards growing global inequality could thus have wide-ranging consequences for human development. CONTENTS IN DETAIL : Preface Overview Contents Explanatory Notes I. Growth and development trends, 1960-2005 Patterns of economic growth divergence The big divide: developing versus developed countries Growth successes and collapses have been concentrated in time Geographical concentration of growth successes and collapses Growth divergence and human development Perpetuation of inequality and its implications for world development II. Structural change and economic growth Economic growth requires structural change Patterns of growth and structural change, 1970-2003 Investment patterns and structural change Employment, productivity and structural change Conclusions Appendix: Technical note on the decomposition of labour productivity growth and of the employment-to-population ratio III. Has trade integration caused greater divergence? The contribution of international trade to growth divergence Global markets dynamics and changes in the structure of merchandise exports Merchandise trade, specialization patterns and growth Specialization patterns in service exports and growth Foreign direct investment and the convergence-divergence dilemma Trends in FDI flows and stocks FDI in manufacturing: international production networks and growth Can FDI lead to faster growth in developing countries? Production sector development policies, diversification and export growth Creating dynamic comparative advantages: policies and outcomes Outward orientation, trade liberalization and growth Is there space for production sector development policies today? The road towards greater convergence Appendix: On data and methodology IV. Macroeconomic policies and growth divergence Macroeconomic stability and growth divergence Inflation and growth Macroeconomic imbalances and growth Financial development, gr Printed Pages: 212., Academic Foundation, 2006, 6<

2006, ISBN: 9788171885800

Academic Foundation, 2006. Softcover. New. The World Economic and Social Survey 2006: Diverging Growth and Development According to the 2006 World Economic and Social Survey, world i… Mehr…

Academic Foundation, 2006. Softcover. New. The World Economic and Social Survey 2006: Diverging Growth and Development According to the 2006 World Economic and Social Survey, world inequality is high and rising. The main reason is that in the industrialized world the income level over the last five decades has grown steadily, while it has failed to do so in many developing countries. Not more than a few developing countries have been growing at sustained rates in recent decades, but these include, most notably, the world’s two most populous countries, China and India. Considering that these two countries alone account for more than one third of world population, inequality across the globe is beginning to decline. When these countries are left out, however, international income inequality is seen as having continued to rise strongly from already high levels. Because more than 70 per cent of global inequality is explained by the income divergence between countries, its causes and implications are the focus of the 2006 Survey. Success in development depends both on country efforts and on an appropriate international environment. Greater income divergence is partly explained by a rising number of growth collapses. Countries with weak economic structures and institutions and low infrastructural and human development have less capacity to gain from integrating global markets. Such conditions make it more difficult for developing countries to grow out of poverty and reduce their vulnerability to global shocks. Hence, the greater likelihood of growth collapses and conflict as global inequality rises. The problem of rising global inequality thus has an important bearing on the implementation of the United Nations development agenda. Failure to redress the tendency towards growing global inequality could thus have wide-ranging consequences for human development. CONTENTS IN DETAIL : Preface Overview Contents Explanatory Notes I. Growth and development trends, 1960-2005 Patterns of economic growth divergence The big divide: developing versus developed countries Growth successes and collapses have been concentrated in time Geographical concentration of growth successes and collapses Growth divergence and human development Perpetuation of inequality and its implications for world development II. Structural change and economic growth Economic growth requires structural change Patterns of growth and structural change, 1970-2003 Investment patterns and structural change Employment, productivity and structural change Conclusions Appendix: Technical note on the decomposition of labour productivity growth and of the employment-to-population ratio III. Has trade integration caused greater divergence? The contribution of international trade to growth divergence Global markets dynamics and changes in the structure of merchandise exports Merchandise trade, specialization patterns and growth Specialization patterns in service exports and growth Foreign direct investment and the convergence-divergence dilemma Trends in FDI flows and stocks FDI in manufacturing: international production networks and growth Can FDI lead to faster growth in developing countries? Production sector development policies, diversification and export growth Creating dynamic comparative advantages: policies and outcomes Outward orientation, trade liberalization and growth Is there space for production sector development policies today? The road towards greater convergence Appendix: On data and methodology IV. Macroeconomic policies and growth divergence Macroeconomic stability and growth divergence Inflation and growth Macroeconomic imbalances and growth Financial development, gr Printed Pages: 212., Academic Foundation, 2006, 6<