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Sovereign Debt Crises: Domestically Engineered Or Foreignly Influenced?, Michael C. Selfe
Sovereign Debt Crises: Domestically Engineered Or Foreignly Influenced?, Michael C. Selfe
Senior Theses and Projects
Throughout the last half century, the world has seen its fair share of systemic banking crises covering every corner of the globe. Recently, the Eurozone crisis of 2010 and ongoing Argentinian debt crisis have continued to plague the global economy. The motivation behind this thesis is to examine what causes these sovereign debt crises. More specifically, it aims to examine whether these crises are caused by monetary and fiscal policy decisions implemented by central banks or if outside factors including the role of financial institutions are to blame. This thesis examines a number of individual case studies with regards to …
Does Human Capital Play A Role In The Growing Income Inequality In The Oecd Countries?, Jordan A. Cram
Does Human Capital Play A Role In The Growing Income Inequality In The Oecd Countries?, Jordan A. Cram
Senior Theses and Projects
Researchers have tried to determine reasons for the growing income inequality in the OECD countries, but human capital is not a reason typically addressed. This paper empirically seeks to determine a relationship between human capital and income inequality using multiple regression analysis. I hypothesize a negative relationship; meaning increases in the independent variable, average human capital in a country, will cause a decrease in the dependent variable, income inequality due to the idea that increases in education should increase the incomes of the poor more than those of the rich. Income inequality will be measured by the Gini coefficient and …
Twin Crises And The Financial Accelerator, Andrew Calabrese
Twin Crises And The Financial Accelerator, Andrew Calabrese
Senior Theses and Projects
The incidence of simultaneous banking and currency crises is a recurring theme in emerging economies operating under fixed or quasi-fixed exchange rates. This thesis conducts an empirical analysis of the underlying determinants of so called “twin crises” by applying a probit econometric model to a sample of 48 emerging economies during the 1980-2013 period. Current account deficits are found to be a robust driver of twin crises, with vulnerability increasing in the size of the deficit relative to GDP. There is also evidence that real exchange rate appreciation and higher levels of short-term debt relative to reserves increase crisis probability. …