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Yuen, Chi-Wa 1960-

Works: 40 works in 383 publications in 1 language and 6,035 library holdings
Genres: Conference papers and proceedings 
Roles: Author, Editor
Classifications: HJ141, 339.52
Publication Timeline
Publications about Chi-Wa Yuen
Publications by Chi-Wa Yuen
Most widely held works by Chi-Wa Yuen
Fiscal policies and the world economy : an intertemporal approach by Jacob A Frenkel( Book )
17 editions published between 1996 and 2002 in English and held by 384 libraries worldwide
This paper examines the effects of fiscal policies on the evolution of real rates of interest and real exchange rates in the interdependent world economy. We construct an analytical framework suitable for a detailed examination of the various channels through which these variables are influenced by government spending and by tax policies. The analytical framework employs a general equilibrium approach highlighting the roles played by wealth effects and by temporal and intertemporal substitution effects. The general principle illustrated by the analysis of the dynamic effects of budget deficits is that the consequences of temporary tax policies stretch beyond the period during which the temporary policies are in effect. The counterpart to these dynamic implications is the rise in the economy's external debt induced by the budget deficit the service of which stretches into the indefinite future. By series of examples, allowing for both distortionary and non-distortionary taxes and for various patterns of government spending, it is shown that the quantitative and qualitative effects of fiscal policies on real exchange rates, real interest rates, debt accumulation and the like depend critically on the commodity composition of government spending and its intertemporal allocations on the one hand, and on the details of government debt issue and tax structure, including the timing of taxes and borrowing and the types of taxes used to finance the budget, on the other hand
Technology and the new economy by Chong-En Bai( Book )
10 editions published between 2002 and 2003 in English and Undetermined and held by 345 libraries worldwide
Ben shu yi tong su yi dong de yu yan wei xin xi ji shu de fa zhan ji qi dui jing ji de ying xiang deng yi xie zui ji chu de wen ti ti gong le xian suo,Tao lun suo she ji de fang mian you jing zheng zheng ce,Chuang xin ti zhi,Ding jian chuang xin xing gong si de zhang qi jia zhi,Huo bi zheng ce zai wen ding jing ji fang mian de you xiao xing deng
Quantitative implications of the home bias : foreign underinvestment, domestic oversaving, and corrective taxation by Assaf Razin( Book )
52 editions published between 1996 and 1997 in English and Undetermined and held by 219 libraries worldwide
There is strong evidence about a home-court advantage in international portfolio" investment. One explanation for the bias is an information asymmetry between domestic and" foreign investors about the economic performance of domestic firms. This asymmetry causes" two types of distortions: an aggregate production inefficiency and a production-consumption" inefficiency, leading to foreign underinvestment and domestic oversaving respectively. Such" market failures are found to be quite severe, slightly more so with equity flows than with debt" flows. These inefficiencies can nonetheless be corrected by a mix of tax-subsidy instruments consisting of taxes on corporate income and on the capital incomes of both residents and" nonresidents. When only a partial set of instruments is available, however each tax instrument can change radically and may even be reversed although the welfare gains" can be fairly substantial and sometimes close to the first best optimum. This partial set of" instruments appears to be more effective in handling the market failure in the case of equity" flows than in the case of debt flows
Convergence in growth rates : a quantitative assessment of the role of capital mobility and international taxation by Assaf Razin( Book )
31 editions published between 1991 and 1994 in English and Undetermined and held by 136 libraries worldwide
Abstract: We provide an exploratory quantitative analysis of the role of capital mobility and international taxation in explaining the observed cross-country diversity in the long-run rates of growth of per capita and total incomes as well as the population growth rates. Corroborative evidence is found for the theoretical results on the convergence/divergence in long-term population, per capita and total income growth rates obtained in Razin and Yuen (1992). In particular, the data (and casual observations) show that (1) population growth and per capita income growth are negatively correlated across countries, (2) the total income growth rates are less variable than the per capita income growth rates across countries, and (3) asymmetry in capital income tax rates, coupled with the residence principle of international income taxation, can be an important source of cross-country differences in per capita income growth. Our computer simulations indicate that although the effects of liberalizing capital flows on long-run growth may not be all that sizable, the growth effects of changes in capital income tax rates can be tremendously bigger with than without capital mobility due to cross-border policy spillovers
Exercises in intertemporal open-economy macroeconomics by Thomas H Krueger( Book )
11 editions published between 1993 and 1997 in English and Undetermined and held by 102 libraries worldwide
Exchange rate regimes and macroeconomic stability by Lok-sang Ho( Book )
7 editions published in 2003 in English and held by 85 libraries worldwide
The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods
Understanding the "problem of economic development" : the role of factor mobility and international taxation by Assaf Razin( Book )
11 editions published in 1999 in English and held by 79 libraries worldwide
Abstract: The problem of economic development,' as Lucas (1988) states it, is the problem of accounting for the observed diversity in levels and rates of growth of per capita income across countries and across time. We study conditions under which capital mobility and labor mobility (two seemingly income-equalizing forces) may interact with cross-country differences in income tax rates and income tax principles (two seemingly income-diverging forces) to generate such diversity. As a corollary, we also examine when countries with different initial endowments may finally converge in their income levels
Do debt flows crowd out equity flows or the other way round? by Assaf Razin( Book )
20 editions published between 1998 and 2000 in English and Undetermined and held by 76 libraries worldwide
In the presence of asymmetric information, the stage at which financing decisions are made about investment projects in a small open economy is crucial for the composition of international capital inflows as well as for the efficiency of channeling savings into investment. This paper compares the implications of two extreme cases regarding the information possessed by the firms at their financing stage for whether inflows of foreign debt may crowd out foreign equity or the other way round. The scope for corrective tax policies is examined. We also provide a welfare comparison between the two mechanisms of capital flows
Can capital controls alter the inflation-unemployment tradeoff? by Assaf Razin( Book )
15 editions published in 1995 in English and held by 72 libraries worldwide
It is well-known that, in the Mundell-Fleming model, capital mobility creates a channel through which permanent (transitory) shocks to aggregate demand such as fiscal and trade shocks are completely (partially) neutralized by the response of the real exchange rate. An important policy implication of the model which went largely unnoticed is how the transmission of these shocks under different degrees of capital mobility may alter the inflation-unemployment tradeoff, i.e., the Phillips Curve. In the context of the stochastic Mundell-Fleming model, we show that capital controls reduce the output/employment variations at the expense of bigger variations in inflation rates. When the policy maker puts heavier weight on stable employment than on stable inflation, therefore, his/her objective can be attained more easily under capital controls
The "new Keynesian" Phillips curve : closed economy vs. open economy by Assaf Razin( Book )
19 editions published in 2001 in English and held by 71 libraries worldwide
The paper extends Woodford's (2000) analysis of the closed economy Phillips curve to an open economy with both commodity trade and capital mobility. We show that consumption smoothing, which comes with the opening of the capital market, raises the degree of strategic complementarity among monopolistically competitive suppliers, thus rendering prices more sticky and magnifying output responses to nominal GDP shocks
Capital mobility and the output-inflation trade-off by Prakash Loungani( Book )
23 editions published between 1996 and 2000 in English and Undetermined and held by 66 libraries worldwide
Understanding the determinants of the output-inflation tradeoff (or the "sacrifice ratio") has been a key area of research in business cycle theory. The new classical approach [Lucas (1972, 1973)] and the new Keynesian approach [Ball, Mankiw and Romer (1988), Ball (1993)] offer competing explanations for the determinants of the tradeoff. Though these studies use cross-country data to test their models, both approaches are based on closed economy considerations
Capital income taxation and long run growth : new perspectives by Assaf Razin( Book )
15 editions published between 1994 and 1996 in English and held by 64 libraries worldwide
We study the effects of capital income taxation on long run growth in an endogenous growth framework with two distinguishing features: endogenous population and international capital mobility. Endogenizing population growth introduces a new channel for taxes to affect economic growth and enables us to discriminate the effects of taxes on total versus per capita income growth. Allowing for capital mobility in the open economy, we show how the effects of taxes on population growth and income growth across countries will vary in specific ways, depending on the international income tax regimes and the relative preference bias of people towards the 'quantity' and 'quality' of children. The numerical results based on our calibrated model for the G-7 also indicate that, although the effects of liberalizing capital flows on long run growth may not be very sizable, the growth effects of changes in capital income tax rates can be tremendously magnified by cross-border capital flows and cross-border spillovers of policy effects
Labor mobility and fiscal coordination by Assaf Razin( Book )
12 editions published between 1996 and 1998 in English and held by 64 libraries worldwide
Using a human capital based growth model, we show the essential role of labor mobility and cross-country tax harmonization in equalizing income levels of countries that start off from different initial income positions. Knowledge spillovers cum labor mobility are the driving forces behind the income level equalization process. In the absence of tax harmonization within an economic union, equality in income levels is not achievable. Coordination of educational subsidies necessary for the internalization of knowledge spillovers may or may not be necessary. These considerations constitute the basis for our efficient growth agenda for an economic union such as the EU
Factor mobility and income growth : two convergence hypotheses by Assaf Razin( Book )
12 editions published between 1995 and 1998 in English and held by 58 libraries worldwide
While technologies and policy fundamentals are presumably different internationally, inducing differences in growth rates, capital mobility is shown to be a powerful force in achieving complete growth rate equalization across countries. We provide evidence in support of this effect, showing that restrictions on capital flows tend to make individual country growth rates more divergent. In the context of regional growth, however, labor mobility is shown to be capable of generating income level equalization across regions in the presence of knowledge spillovers. Some supporting evidence is found for this effect, showing that restrictions on labor flows tend to make individual region/country per capita income more divergent
Why international equity inflows to emerging markets are inefficient and small relative to international debt inflows by Assaf Razin( Book )
12 editions published in 2001 in English and held by 52 libraries worldwide
This paper considers the financing of investment in the presence of asymmetric information between the 'insiders' and the 'outsiders' of the firms in a small open economy. It establishes a well-defined capital structure for the economy as a whole with the following features: low-productivity firms rely on the equity market to finance investment at a relatively low level; medium-productivity firms do not invest at all; and high-productivity firms rely on the debt market to finance investment at a relatively high level. It is shown that the debt market is efficient, with respect to both its scope and the amount of investment that each firm makes. However, the equity market fails: its scope is too narrow and the investment each firm makes is too little. A corrective policy requires just one instrument which is rather unconventional: lump-sum subsidies to those firms that choose to equity-finance their investment (i.e., equity-market-contingent grants)
Capital flows with debt- and equity-financed investments : equilibrium structure and efficiency implications by Assaf Razin( Book )
11 editions published in 1998 in English and Undetermined and held by 30 libraries worldwide
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Alternative Names
Chi-Wa Yuen.
Chi-Wa, Yuen 1960-
English (267)
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