Macroeconomics Commons^™

Financial Inclusion And Monetary Policy - Investigating The Relationship Between Financial Inclusion And Monetary Policy: The Case Of Egypt, Salma Maher

Theses and Dissertations

In the past decade, financial inclusion has become an issue of increasing importance to developing nations. This is due to its perceived effects on poverty alleviation, sustainable growth and enhancing monetary policy effectiveness. Unfortunately, there is little empirical research on the effects of financial inclusion. The thesis hopes to contribute to the literature by inspecting the relationship between financial utilization indices and monetary policy in Egypt. The thesis utilizes quarterly data on outstanding deposits and loans from 2004 to 2020 as well as a VAR model – supplemented with an ARDL model – to test the aforementioned relationship. The thesis …

Essays On Inequality And Macroeconomic Stability, Thomas Hauner

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters. . .

Chapter 1: Aggregate Wealth and Its Distribution as Determinants of Financial Crises: Panel Evidence This essay investigates the relationship between wealth inequality and financial crises across a panel of nine advanced economies over the past 100 years. While substantiation of a role for income inequality is ambiguous in the literature, evidence is presented suggesting a unique capacity for the accumulation of assets to increase the likelihood of a future financial crisis episode. Testing long-run panel data with a reduced form, two-way fixed effects model, estimates suggest that increasing wealth inequality, in an …

Three Essays On The European Sovereign Debt Crisis With A Special Focus On Greece, Flora Leventi

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters where I examine several aspects of the European sovereign debt crisis. The first chapter focuses on systemic risk. Following the financial crisis of 2007-08, both in academic as well as policy circles, much of the research has focused toward the systemic importance of financial institutions. Parallel to that research, but to somewhat lesser extent, there have been improvements in our understanding of how risk is transmitted from the financial system to the real economy. This chapter investigates a related yet distinct manifestation of systemic risk, namely systemic sovereign risk. Using data on sovereign credit …

Monetary-Fiscal Policy Interaction: An Empirical Analysis In Egypt, Sahar M. Abdel-Haleim, Mohamed Hassan, Lobna M. Abdel-Latif

Business Administration

This paper examines the effect of the developments introduced since 2003 in Egypt on the nature of interaction of monetary and fiscal policies and the achievement of macroeconomic objectives. Utilizing the Structural Vector Autoregression (SVAR) approach, the dynamic interaction of policies and their effects on macroeconomic aggregates are investigated. The findings support the success of the developments in eliminating the fiscal dominance. However, coordination between policies is still weak to achieve the macroeconomic stabilization objectives. The results also prove the conventional Keynesian effect of fiscal policy on real GDP. However, the fiscal multiplier is very small. Likewise, expansionary monetary policy …

Cointegration Analysis Of Oil Prices And Consumer Price Index In South Africa Using Stata Software, Mphumuzi A. Sukati Mr

Mphumuzi A Sukati Mr

This paper investigates the concept of vector autoregression (VAR) and cointegration using a bivariate model of global oil prices and headline Consumer Price Index (CPI) in South Africa. The study aims to determine how much of inflation is driven by oil prices. Particular attention is paid to the theoretical underpinnings of cointergration analysis and the application of STATA software to undertake such analysis and perform test statistics. Contrary to the popular myth that a rise in global oil prices fuels inflation, this study has observed that global oil prices are not the drivers of inflation in South Africa. In this …

Income Inequality And Economic Incentives: Is There An Equity-Efficiency Tradeoff?, Lonnie K. Stevans

Lonnie K. Stevans

What is the basis and direction of relationship between income inequality and economic growth? The equity versus efficiency dictum which predicts a positive relationship between inequality, capital formation, and real GDP growth—emphasizes the importance of economic incentives. Subsequently, this was challenged by the incomplete markets and political outcomes theories, because of increasing empirical evidence of an inverse relationship between income inequality and economic growth. In this paper, a further explanation of the basis and nature of the inequality–capital–growth relationship is presented, which emphasizes the divergence between savings and investment. For the United States, over the period 1970–2006, we have found …