The first chapter in this book deals with an analysis of
determinants of both net international investment positions and net
costs of negative investment positions in transitive countries. It
defines sustainable conditions that assume foreign investors will
be prepared to continue to (re)finance negative investment
positions in short and long-time periods. The sustainability
conditions are derived from dynamics of both sources created
through net export surplus and negative net yields paid from an
international investment position. This chapter points out
important differences between a position of large advanced and
small transitive economies in the case of net costs of a negative
net investment position. The second chapter examines the
Messe-Rogoff puzzle, which demonstrates that exchange rate models
cannot outperform the random walk in out-of-sample forecasting. The
final chapter assesses the productivity change and efficiency of
banks in Ghana.
General
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