Asset Accumulation (asset + accumulation)

Distribution by Scientific Domains


Selected Abstracts


Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance,

INTERNATIONAL FINANCE, Issue 3 2009
Joshua Aizenman
Concerns about the implications of foreign investments by sovereign wealth funds (SWFs) stem in large part from apprehensions about the objectives and governance quality of these institutions. This paper contributes to a better understanding of the stylized facts of SWFs by providing a statistical analysis of a range of characteristics of SWFs, including the motivation for their establishment as well as their size, governance and effect on reserve management behaviour. Specifically, it estimates what factors foster the establishment of SWFs as well as affect their size. It also investigates the extent to which the governance and transparency of individual SWFs correlate with domestic and global governance practices. Lastly, it analyses how asset accumulation by SWFs may affect central bank holdings of official reserves. [source]


Factors Influencing Housing Equity Withdrawal: Evidence from a Microeconomic Survey,

THE ECONOMIC RECORD, Issue 267 2008
CARL SCHWARTZ
The increase in housing equity withdrawal and coincident decline in aggregate savings rates in a number of countries in recent years is consistent with the consumption-smoothing model of housing equity withdrawal. However, there are a variety of other theoretical models that purport to explain why households withdraw and inject equity. To assess the relative importance of these various theories, we use a comprehensive survey of the equity withdrawal and injection decisions of Australian households. We find support for several theories. Life cycle considerations appear to be most important, with older households accounting for the bulk of equity withdrawn. Portfolio rebalancing considerations also appear important, with financial asset accumulation the primary use of withdrawn funds. Consumption-smoothing motives play an influential role, although primarily for smaller-value transactions. [source]


Productivity and Preferences in a Small Open Economy

THE MANCHESTER SCHOOL, Issue 2001
Jagjit S. Chadha
Following Hall (Journal of Labor Economics, Vol. 15 (1997), pp. S223,S250) it is increasingly common to incorporate preference, as well as productivity, perturbations in calibrated general equilibrium models. We assess the performance of a small open economy stochastic growth model (based on the Blanchard,Yaari framework) under alternative driving processes. Whilst both models provide familiar descriptions of the aggregate economy, we find that the model driven by productivity disturbances has clear advantages in explaining the behaviour towards foreign asset accumulation. [source]


Income Inequality in Malaysia,

ASIAN ECONOMIC POLICY REVIEW, Issue 1 2008
Haji Mat Zin RAGAYAH
The objective of this paper is to examine the changes in Malaysian income distribution during the last three and a half decades and the reasons for the changes. It was found that the Gini ratio for Malaysia peaked in 1976 and fell thereafter to 1990. However, inequality seems to reverse its direction since then. Policies that could explain the changes in income distribution include the promotion of export-oriented industrialization, education, and training, and the restructuring of equity ownership and assistance in asset accumulation. While the various other redistributive measures in the form of rural development helped in poverty eradication, their effectiveness in redistribution needs to be improved. Several hypotheses have been forwarded to explain the widening of income inequality after 1990. These include the difference in the growth rates of incomes of the rural and urban areas, trade and globalization, and impediments to the process of internal migration. [source]