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Globalization, Transparency and Economic Growth: The Vulnerability of Chinese Firms to Macroeconomic Shocks

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Author Info
Oxelheim, Lars () (Research Institute of Industrial Economics (IFN))

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Abstract

The process of globalization encompasses economic and financial integration. Abolition of capital controls and dismantling of barriers of different kinds are important ingredients of the process that will entirely change the exposure of previously sheltered companies to shocks on the global economic arena. Lessons learned by policy-makers in already globalized countries are that market participants should be prepared to meet the new exposure to fluctuating exchange rates, interest rates and inflation rates. China has recently adopted International Financial Reporting Standards (IFRS) in her efforts to improve the quality of information available for risk management and for pricing of risk. This paper claims that further improvements are needed and presents a new framework for how to understand and measure the impact of different scenarios on corporate performance. It also elaborates on how to communicate the macroeconomic effects to external stakeholders of the firm in a way that fosters further economic growth in China.

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Publisher Info
Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 768.

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Length: 26 pages
Date of creation: 24 Sep 2008
Date of revision:
Handle: RePEc:hhs:iuiwop:0768

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Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
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Related research
Keywords: International Financial Reporting Standards; Transparency; Economic Growth; Macroeconomic Impact; Globalization;

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Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
F15 - International Economics - - Trade - - - Economic Integration
F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
M21 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics - - - Business Economics

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June. [Downloadable!] (restricted)
    Other versions:
  2. Oxelheim, Lars, 2001. "Routes to equity market integration -- the interplay between politicians, investors and managers," Journal of Multinational Financial Management, Elsevier, vol. 11(2), pages 183-211, April. [Downloadable!] (restricted)
    Other versions:
  3. Oxelheim, Lars & Randoy, Trond, 2003. "The impact of foreign board membership on firm value," Journal of Banking & Finance, Elsevier, vol. 27(12), pages 2369-2392, December. [Downloadable!] (restricted)
    Other versions:
  4. Oxelheim, Lars & Ghauri, Pervez, 2008. "EU – China and the Non-transparent Race for Inward FDI," Working Paper Series 745, Research Institute of Industrial Economics. [Downloadable!]
    Other versions:
  5. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-64, April. [Downloadable!] (restricted)
    Other versions:
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