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Full-Text Articles in Social and Behavioral Sciences
Promesa, Puerto Rico And The American Empire, Pedro Caban
Promesa, Puerto Rico And The American Empire, Pedro Caban
Latin American, Caribbean, and U.S. Latino Studies Faculty Scholarship
As the United States ascended to hyper-power status during the late 1970s, it changed colonial policy in Puerto Rico. The change, which included the elimination of favorable tax legislation and demilitarization, devastated Puerto Rico’s economy. Puerto Rico borrowed heavily in a failed effort to offset the dramatic decline in capital inflows. The federal government enacted PROMESA after Puerto Rico announced it could not repay the debt. The law was designed to restore Puerto Rico to financial solvency by imposing oppressive austerity measures. PROMESA was a watershed event because it stripped Puerto Rico of the limited sovereignty the federal government had …
Three Essays On The Global Financial Crisis And Fiscal Policy, Kyonghoon Kim
Three Essays On The Global Financial Crisis And Fiscal Policy, Kyonghoon Kim
Legacy Theses & Dissertations (2009 - 2024)
In the first chapter, I show that external openness factors and valuation effects are significant to explain the diverse impact of the Global Financial Crisis across countries. Unlike previous crises in the late 20th century, most developing country groups performed better than advanced countries during the GFC. I find that countries with higher trade and financial openness are more seriously damaged from the external shock during the GFC. Moreover, significant differences in the composition of countries’ external portfolio contribute to the variety of the crisis impact. Emerging countries which have short position in equity and long position in bond are …