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Full-Text Articles in Social and Behavioral Sciences
Three Essays On Macroeconomics And Development, Guilherme Klein Martins
Three Essays On Macroeconomics And Development, Guilherme Klein Martins
Doctoral Dissertations
This dissertation is a collection of essays that relate, in different forms, macroeconomic policies to economic development. Essay 1 provides evidence that austerity shocks have longrun negative effects on GDP. Besides addressing the important gap in the growing fiscal research regarding the short time horizon of the estimations, the paper analyzes two other important assumptions made in the literature regarding the (i) symmetry of episodes of fiscal expansion and contraction and (ii) uniformity of fiscal multipliers for different sizes of shocks. We use narrative fiscal shocks and propensity score reweighting in a local projections setup to account for the potential …
Dimensions Of Us Global Financial Power: Essays On Financial Sanctions, Global Imbalances, And Sovereign Default, Mariam Majd
Dimensions Of Us Global Financial Power: Essays On Financial Sanctions, Global Imbalances, And Sovereign Default, Mariam Majd
Doctoral Dissertations
This dissertation examines how U.S. capabilities in the global financial arena enable it to affect outcomes to its advantage. The first essay presents theoretical support for the hypothesis that holdings of U.S. sovereign debt collateralize public and private dollar borrowing in developing and emerging market economies. The second essay empirically tests the theory presented in Chapter 1 and provides evidence that, indeed, a statistically significant relationship exists between a country’s official holdings of US Treasury securities and its level of outstanding dollar credit. Our results demonstrate that even after controlling for a persistence effect (i.e., inertia) in US Treasury security …
The Political Economy Of Accumulation In South Africa: Resource Extraction, Financialization, And Capital Flight As Barriers To Investment And Employment Growth, Seeraj Mohamed
Doctoral Dissertations
This dissertation uses a heterodox economics approach to explain poor levels of accumulation in South Africa. This approach to investment theory and models recognizes that many institutions are shaped to help people create stability in a world of fundamental uncertainty and irreversibility. Therefore, this dissertation examines the system of accumulation that developed in South Africa and its evolution. This approach to investment recognizes that beliefs and biases of people running institutions influence investment outcomes and shape ‘path dependence’. The corporations that grew to dominate the South African economy were formed during colonialism and apartheid. They grew around a core of …
Social Structure Of Accumulation In Turkey (1963 – 2015), Osman C. Icoz
Social Structure Of Accumulation In Turkey (1963 – 2015), Osman C. Icoz
Doctoral Dissertations
This dissertation analyzes capitalism in Turkey during post-1963 period from social structure of accumulation (SSA) theory perspective. The SSA theory is a theory of interaction of institutions and capital accumulation over long run. This dissertation will be the first book length study on Turkey using SSA Theory approach. It will enrich the SSA literature by adding a case of Turkey, which is a developing country; and hence it will be another example that SSA framework can be extended outside of US. I observe two different SSAs during the period of interest. The first one is Import Substitution Industrialization (ISI) SSA …
Three Essays On The Macroeconomic Impacts Of Rent Seeking, Kurt Von Seekamm
Three Essays On The Macroeconomic Impacts Of Rent Seeking, Kurt Von Seekamm
Doctoral Dissertations
Chapter 1 of this dissertation focuses on the political economy of rent seeking. Using trading in financial markets, patent litigation and managerial privilege as descriptive examples from the modern economy, it identifies situations where rent seeking opportunities occur. The challenge of correctly distinguishing between productive activities and rent seeking activities demonstrate the empirical challenges of examining rent seeking. This chapter also suggests that in addition to the opportunity cost of physical capital, modern rent seeking has a significant opportunity cost in the form of the misallocation of human capital. Chapter 2 explores the relationship between increased rent seeking, aggregate demand, …
Three Essays On U.S. Household Debt And The Sources Of Systemic Financial Fragility, Thomas Herndon
Three Essays On U.S. Household Debt And The Sources Of Systemic Financial Fragility, Thomas Herndon
Doctoral Dissertations
This dissertation consists of three essays which analyze the role of household debt in the financial crisis of 2007-2009, and weak recovery that followed. In these essays, I pursue the following research topics: 1) Estimation of the effects of mortgage fraud on losses to foreclosure, 2) Estimation of whether loan modifications increased or decreased debt, and 3) Analyzing the historical evolution of housing finance regulation to advance a proposal for reform. While formally independent, these essays share a common theoretical perspective located at the intersection of financial macroeconomics and political economy. These essays analyze how conflicts of interest and inside …
Three Essays In Macroeconomic History, Joshua W. Mason
Three Essays In Macroeconomic History, Joshua W. Mason
Doctoral Dissertations
Following Minsky, an economy can be understood as a set of units linked to each other by flows of money payments and by the commitments to future payments reflected on balance sheets. This dissertation offers three accounts of the historical evolution of the US economy, conceived of a network of balance sheets, over the course of 20th and early 21st century. The first essay looks at changes in the pattern of payment flows between nonfinancial corporations and financial markets associated with the ``shareholder revolution" of the 1980s. It argues that the shift in payouts to shareholders from a quasi-fixed stream …
The Financial Underpinnings Of The Eu Crisis: Financial Deregulation, Privatization, And Asymmetric State Power, Nina Q. Eichacker
The Financial Underpinnings Of The Eu Crisis: Financial Deregulation, Privatization, And Asymmetric State Power, Nina Q. Eichacker
Doctoral Dissertations
This dissertation asks the following questions. How has financial liberalization affected the incidence of financial crisis in Europe? How have power asymmetries within Western Europe facilitated the process of financial liberalization, and distributed the costs and gains from this liberalization? How have these dynamics been demonstrated at the state level? It charts the institutional liberalization and privatization of European finance from the 1960s onward and presents a survey of descriptive statistics that show how different financial stability, financial flow, and macroeconomic variables have changed in Western Europe since the early 1980s, generally increasing financial and economic instability. It also demonstrates …
The Financialization Of The Nonfinancial Corporation In The Post-1970 U.S. Economy, Leila Emami Davis
The Financialization Of The Nonfinancial Corporation In The Post-1970 U.S. Economy, Leila Emami Davis
Doctoral Dissertations
This dissertation analyzes the financialization of nonfinancial corporations (NFCs), emphasizing changes in firm-level financial behavior in the post-1970 U.S. economy. The dissertation consists of four essays. These essays ask what is the financialization of NFCs, explore why NFCs have ‘financialized’, and evaluate the implications for fixed investment behavior. Chapter 2 lays out a simple stylized framework describing firm-level portfolio choice and utilizes this framework to analyze the implications of increasing NFC involvement in the provision of financial services, increasingly entrenched shareholder value norms, and rising firm-level demand volatility for NFC financial structure. By articulating underlying determinants of firm-level portfolio and …