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Maintenance Of Value In The General Account And Valuation Of The Sdr In The Special Drawing Account Of The Imf, Robert C. Effros 2016 University of Georgia School of Law

Maintenance Of Value In The General Account And Valuation Of The Sdr In The Special Drawing Account Of The Imf, Robert C. Effros

Georgia Journal of International & Comparative Law

No abstract provided.


Broken Promesa: Puerto Rico Sinks, But The Life Rafts Can’T Save Everyone, Nico A. Grant 2016 Cuny Graduate School of Journalism

Broken Promesa: Puerto Rico Sinks, But The Life Rafts Can’T Save Everyone, Nico A. Grant

Capstones

Puerto Rico is in the midst of an economic calamity. The U.S. Territory faces a $73 billion debt, an economy on a downward spiral and hemorrhaging population numbers. In response, the U.S. Congress passed the PROMESA Act, which includes an oversight board to control Puerto Rico’s finances. But this purported pathway to prosperity won’t revitalize the Caribbean island.

As the board’s austerity measures fail to turn the economy around, ordinary Puerto Ricans are peddling to resurrect the island’s private sector. These stories from Puerto Rico illustrate the pain of economic decay and the hope ...


Education And Economic Dominance, Daniil Kashkarov 2016 University of Economics, Prague

Education And Economic Dominance, Daniil Kashkarov

Undergraduate Economic Review

The paper examines the role of national education in achieving leading positions in global economic relations. Theoretical part uses stock of knowledge accumulated by scholars in the sphere related to human capital. Empirical part uses logistic regressions in order to test for relationship between global economic dominance and national education. Membership in the G20 is used in the models as a dependent categorical variable indicating the fact of the worldwide leadership. The models indicate that human capital and its educational part have statistically significant influence on the probability of becoming worldwide economic leader.


Malthusian Stagnation Is Efficient, Juan C. Cordoba, Xiying Liu 2016 Iowa State University

Malthusian Stagnation Is Efficient, Juan C. Cordoba, Xiying Liu

Economics Working Papers

Malthusian economies are generally deemed inefficient: stagnated, highly unequal, and densely populated by a labouring class prone to high fertility. This article defines and characterizes efficient allocations in Malthusian environments of fixed resources and endogenous fertility. We show, that under general conditions, efficient allocations exhibit stagnation in standards of living, inequality, differential fertility, and a high population density of poorer individuals.


The Impact Of Culture, Institutions, And The Euro On Trade Flows In Europe, James Aylward 2016 University of California, Berkeley

The Impact Of Culture, Institutions, And The Euro On Trade Flows In Europe, James Aylward

Undergraduate Economic Review

This paper sets out to study the role of cultural and institutional differences across European countries in explaining patterns of bilateral trade within Europe by using a gravity model approach on panel data for 24 European countries, covering the years 2002 through 2006. It may be expected that cultural and institutional “distance” between Eurozone countries would have a comparatively smaller impact on bilateral trade flows by virtue of the countries’ shared currency relative to the impact of such determinants on bilateral trade flows between two countries that do not share a currency. Alternatively, such determinants could have a significant impact ...


The Identification And Estimation Of A Large Factor Model With Structural Instability, Badi H. Baltagi, Chihwa Kao, Fa Wang 2016 Syracuse University

The Identification And Estimation Of A Large Factor Model With Structural Instability, Badi H. Baltagi, Chihwa Kao, Fa Wang

Center for Policy Research

This paper tackles the identification and estimation of a high dimensional factor model with unknown number of latent factors and a single break in the number of factors and/or factor loadings occurring at unknown common date. First, we propose a least squares estimator of the change point based on the second moments of estimated pseudo factors and show that the estimation error of the proposed estimator is Op(1). We also show that the proposed estimator has some degree of robustness to misspecification of the number of pseudo factors. With the estimated change point plugged in, consistency of the ...


Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina 2016 Santa Clara University

Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina

Economics

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on commodity-price movements from the classical gold standard era, we then show that the model’s main prediction holds even for the canonical example of hard pegs. We identify a negative causal relationship between export-price shocks and currency-risk premia in emerging market economies, indicating that negative export-price shocks increased the probability that countries abandoned their pegs.


Stationary Points For Parametric Stochastic Frontier Models, William C. Horrace, Ian A. Wright 2016 Syracuse University

Stationary Points For Parametric Stochastic Frontier Models, William C. Horrace, Ian A. Wright

Center for Policy Research

The results of Waldman (1982) on the Normal-Half Normal stochastic frontier model are generalized using the theory of the Dirac delta (Dirac, 1930), and distribution-free conditions are established to ensure a stationary point in the likelihood as the variance of the inefficiency distribution goes to zero. Stability of the stationary point and "wrong skew" results are derived or simulated for common parametric assumptions on the model. Identification is discussed.


Invitation Strategy For Cutting Edge Industries Through Mncs And Global Talents: The Case Of Singapore, Kim Song TAN 2016 Singapore Management University

Invitation Strategy For Cutting Edge Industries Through Mncs And Global Talents: The Case Of Singapore, Kim Song Tan

Research Collection School Of Economics

Singapore presents an interesting case of how a country achieves dynamic economic development and innovation through the "invitation" strategy of a business hub. Despite being a small city-state with limited domestic market size and no meaningful hinterland or natural resources to speak of, Singapore has managed to transform its economy dramatically over the past 50 years by leveraging the strengths of other economies. Specifically, it has been able to attract (or "invite") various types of productive resources, including foreign capital, foreign technology and foreign workers (both skilled and unskilled) to make up for what it lacks. This has helped Singapore ...


Why Mandate Young Borrowers To Contribute To Their Retirement Accounts?, Torben M. Andersen, Joydeep Bhattacharya 2016 University of Aarhus

Why Mandate Young Borrowers To Contribute To Their Retirement Accounts?, Torben M. Andersen, Joydeep Bhattacharya

Economics Working Papers

Many countries, in an effort to address the problem that too many retirees have too little saved up, impose mandatory contributions into retirement accounts, that too, in an age-independent manner. This is puzzling because such funded pension schemes effectively mandate the young, who wish to borrow, to save for retirement. Further, if agents are present-biased, they disagree with the intent of such schemes and attempt to undo them by reducing their own saving or even borrowing against retirement wealth. We establish a welfare case for mandating the middle-aged and the young to contribute to their retirement accounts, even with age-independent ...


Why Ireland: How Bank Failure Was Their Key To Success, Nia R. Gillenwater 2016 Scripps College

Why Ireland: How Bank Failure Was Their Key To Success, Nia R. Gillenwater

Claremont-UC Undergraduate Research Conference on the European Union

Despite Ireland’s status as the first EU country to receive a bailout, Ireland appears to be bouncing back extremely well from the ongoing financial crisis in Europe and the EU. Looking at recent Irish economic statistics it begs the question whether the government’s complete guarantee of all Irish debts was the best response. Ireland’s financial crisis seemed quite similar to America’s: for both the root causes are freely lending for real estate and property. The responses however, were very different. While America let Lehman Brothers fail and only provided a partial guarantee to its banks, Ireland ...


Industrial Ecology Analysis Of The Potential For An Eastern Nebraska Industrial Symbiosis Network (Enisn): A Comparative Study, Bradley A. Behne 2016 University of Nebraska-Lincoln

Industrial Ecology Analysis Of The Potential For An Eastern Nebraska Industrial Symbiosis Network (Enisn): A Comparative Study, Bradley A. Behne

Dissertations & Theses in Natural Resources

The area of Eastern Nebraska north of Omaha, including the municipality of Blair is host to a collection of unique companies and industries. These industries, driven by the agricultural and urban economy of the area, as well as the geographic proximity to each other, make it an advantageous area to study the potential for a network where individual entities utilize the concept of industrial symbiosis. This potential network is referred to as the Eastern Nebraska Industrial Symbiosis Network (ENISN). Industrial symbiosis, a sub-set of industrial ecology, engages separate industries in a collaborative and collective approach, concerning itself with the flow ...


Natural Disasters In Latin America: The Role Of Disaster Type And Productive Sector On The Urban-Rural Income Gap And Rural To Urban Migration, Madeline Alice Messick 2016 University of Southern Mississippi

Natural Disasters In Latin America: The Role Of Disaster Type And Productive Sector On The Urban-Rural Income Gap And Rural To Urban Migration, Madeline Alice Messick

Dissertations

This research provides insight into the impact of natural disasters as drivers of rural to urban migration in Latin America and the Caribbean (LAC). Disasters of varying types are predicted to have differing impacts on the productive sectors of agriculture, industry, and services; which due to the concentration of the various productive sectors in either urban or rural areas, subsequently changes the urban-rural wage differential. Changes to the wage differential (as measured by the urban-rural income gap) are predicted to lead to movement between urban and rural areas until a new equilibrium wage is reached.

This dissertation first identifies a ...


Essays On Monetary Policy Rules And Inflation Dynamics, Saad Ahmad 2016 University of Arkansas, Fayetteville

Essays On Monetary Policy Rules And Inflation Dynamics, Saad Ahmad

Theses and Dissertations

There has been a growing trend to utilize nonlinear models to analyze key issues in monetary policy and international macroeconomics. Using traditional linear models to understand nonlinear relationships can often lead to inaccurate inference and erroneous policy recommendations. The three essays in this dissertation explore nonlinearity in the Federal Reserve’s policy response as well as between a country’s inflation dynamics and integration in the global economy. My aim in accounting for potential nonlinearity is to get a better understanding of the policy makers’ opportunistic approach to monetary policy and evaluate the inflation globalization hypothesis, which basically predicts that ...


Essays On Environmental Policy Instruments, Emissions Leakage And Public Policy, Shreekar Pradhan 2016 University of Tennessee, Knoxville

Essays On Environmental Policy Instruments, Emissions Leakage And Public Policy, Shreekar Pradhan

Doctoral Dissertations

This dissertation consists of three essays related to my research on environmental policy, emissions leakage, and public policy. In the first essay, I address how open economies respond to environmental policy instruments under uncertainty. I develop a dynamic stochastic general equilibrium model for a small open economy (SOE) and evaluate the macroeconomic fluctuations in response to cap-and-trade, pollution tax, and emissions intensity standard under two shocks: productivity and terms of trade. My findings suggest that cap-and-trade policies are most effective in dampening the macroeconomic volatility from productivity shock. However, under the terms-of-trade shock, pollution tax, and intensity target policies are ...


Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti 2016 Universidad Carlos III de Madrid

Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti

Economics Faculty Articles and Research

We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule ...


International Trade Effects Of Regional Economic Integration In Africa: The Case Of The Southern African Development Community (Sadc), Mengesha Yayo, Sisay Asefa 2016 Addis Ababa Science and Technology University

International Trade Effects Of Regional Economic Integration In Africa: The Case Of The Southern African Development Community (Sadc), Mengesha Yayo, Sisay Asefa

International Journal of African Development

Empirical studies on regional economic integration process in Africa exhibit sluggish progress, and there by limited level of intra-trade. The existing literature in Africa, particularly in the Southern African regional integration bloc, has neglected the effects of regional economic integration dealing with disaggregated data. This study analyzes trade creation and diversion effects of the Southern African Development Community (SADC) using disaggregated data. The investigation estimates an augmented gravity model using panel data and random effect estimator methods applying instrumental variables where needed.

The results show that intra-SADC trade is growing in the fuel and minerals and the heavy manufacturing sectors ...


The Effects Of Globalization On An Emerging Economy: The Case Of South Africa, Oluwasheyi S. Oladipo 2016 Graduate Center, City University of New York

The Effects Of Globalization On An Emerging Economy: The Case Of South Africa, Oluwasheyi S. Oladipo

All Dissertations, Theses, and Capstone Projects

This dissertation examines how globalization influences selected aspects of an emerging economy, using South Africa as a case study. The dissertation consists of three chapters: two microeconomic studies and one macroeconomic paper on the effects of globalization on some of the factors affecting economic growth. One micro paper explores the impacts of openness on inequality (Chapter 1), another investigates the impacts of trade liberalization on manufacturing sector wages (Chapter 2), and the macro study, which is the final chapter, examines the effects of inflation targeting on exchange rate pass through to domestic prices (Chapter 3).

In 1994, apartheid ended in ...


Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom 2016 Lawrence University

Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom

Lawrence University Honors Projects

Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.


The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr. 2016 University of San Francisco

The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr.

Master's Theses

Abstract: Involvement in the outbreak of an armed conflict can present a variety of potential risks to an involved nation’s economy. In this paper I examine if one one of those risks, specifically that a new war could scare away foreign investment actually occurs and whether the intensity of the conflict increases or lessens the potential impact. Using ordinary least squares on panel data from 1966 to 2015, I examine the short and long term impacts of armed conflict on global foreign direct investment (FDI) inflows using two measures of conflict intensity: Large conflicts or ‘wars’, with 1000 or ...


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