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Three Essays On International Economics And Finance, Juan Antonio Montecino 2017 University of Massachusetts - Amherst

Three Essays On International Economics And Finance, Juan Antonio Montecino

Doctoral Dissertations

This dissertation studies the macroeconomic and social impacts of two increasingly common macroeconomic policies: restrictions on international capital mobility -- capital controls -- and so-called unconventional monetary policy -- often referred to as “quantitative easing.”

The consensus view is that capital controls can effectively lengthen the maturity composition of capital inflows and increase the independence of monetary policy but are not generally effective at reducing net inflows and influencing the real exchange rate. The first essay presents empirical evidence that although capital controls may not directly affect the long-run equilibrium level of the real exchange rate, they may enable disequilibria to persist for ...


What Goes Up Must Come Down: The Relationship Between The Housing Market Boom And The Subsequent Economic Downturn: Evidence From The Msa Level, Bruce Dale Service 2017 Claremont McKenna College

What Goes Up Must Come Down: The Relationship Between The Housing Market Boom And The Subsequent Economic Downturn: Evidence From The Msa Level, Bruce Dale Service

CMC Senior Theses

Using MSA level data, the paper shows, that geographic areas which experienced the largest housing bubble generally suffered a more serious subsequent economic downturn. More specifically, the paper establishes that MSAs with larger declines in housing permits had larger increases in unemployment. There also appears to be strong evidence of a correlation between the magnitude of a housing boom and the timing of the decline in housing permits. MSAs which experienced larger real housing inflation offered early indications of the subsequent Great Recession.


The Political Impact Of Rising Trade Exposure: Evidence From 2000 - 2016 U.S. Presidential Elections, Xiaoyang Qian 2017 Claremont McKenna College

The Political Impact Of Rising Trade Exposure: Evidence From 2000 - 2016 U.S. Presidential Elections, Xiaoyang Qian

CMC Senior Theses

In this paper we analyze the impact of global imports on regional labor markets, and how such impact translates to changes in voting patterns in the U.S. Presidential elections from 2000 to 2016. We find that imports from different U.S. trading partners influence voting patterns in different ways. In particular, we observe an anti-incumbent effect caused by import competition from OECD countries. Such an effect cannot be observed for imports from low-income countries. There is also evidence that suggests high exposure to import competition tends to drive voters toward the Democratic candidate, who typically proposes better social welfare ...


Comments On “Rich Debt, Poor Debt: Assessing Household Indebtedness And Debt Repayment Capacity”, Sock Yong PHANG 2017 Singapore Management University

Comments On “Rich Debt, Poor Debt: Assessing Household Indebtedness And Debt Repayment Capacity”, Sock Yong Phang

Research Collection School Of Economics

This paper assesses the system-wide impacts of Malaysia’s rising household debt.Malaysia’s household debt-to-GDP ratio (HDGR) increased from 76% in 2009 to 89%in 2016. This increase has raised concerns regarding the implications for householdfinancial resilience and banking system stability. The paper uses a micro-level datasetthat integrates income and debt to calculate financial margin (FM) and the probabilityof default (PD) for individuals at the baseline, and when subject to various shocks.This allows the estimation of loss to lenders in the event of default, and from there,the banking system’s debt-at-risk. The findings show that default is ...


Going Solo: A Qualitative Comparison Of Single Women In Japan And Colombia, Maya Heins 2017 University of Colorado, Boulder

Going Solo: A Qualitative Comparison Of Single Women In Japan And Colombia, Maya Heins

Undergraduate Honors Theses

This thesis examines the economic, social, and cultural conditions of single women in Japan and Colombia as a medium for understanding how globalization impacts gender inequality around the world. The rise of single women around the world elicits questions about the changing nature of gender roles and how global economic policies impact the lives of women. The research finds that while large differences exist between the situation of single women in the Global North and South, by remaining single, women are afforded more bargaining power to renegotiate their place within oppressive systems. The rise in single women around the globe ...


"Big Government Get Off My Back Act": A Policy Analysis Of Missouri House Bill No. 45, Stephanie Stockton 2017 University of Colorado, Boulder

"Big Government Get Off My Back Act": A Policy Analysis Of Missouri House Bill No. 45, Stephanie Stockton

Undergraduate Honors Theses

This analysis quantifies the effect of House Bill No. 45, or the Big Government Get Off My Back Act passed in the state of Missouri. This bill was signed into effect in August 2011 and expired in 2014. The bill offers a tax deduction to small business owners who create full-time jobs and offer a competitive wage. A higher tax deduction can be applied if the employer provides an insurance premium to their employees and financially contributes to it. This research aims to measure effects from House Bill No. 45 on unemployment, job-related insurance enrollment, income, employer contribution to health ...


Growth Performance Of Transition Countries After 25 Years, Alena Kalodzitsa 2017 Eastern Illinois University

Growth Performance Of Transition Countries After 25 Years, Alena Kalodzitsa

Masters Theses

The present study provides with the most recent summary of growth performance in transition countries after 25 years since the change of the regime. The empirical analysis estimates growth, applying Generalized Least Squares (GLS) estimation technique using a panel of 26 transition countries for the period of 25 transition years (1990-2014). Empirical findings of this study confirm that growth performance can be explained by the degree of structural reforms, stabilization, and initial conditions along with other factors (external growth, regional tensions, government expenditure, and oil balance). Even if initial conditions are important for growth, its influence consistently declines.

The transition ...


Worker Selection, Hiring, And Vacancies, Ismail BAYDUR 2017 Singapore Management University

Worker Selection, Hiring, And Vacancies, Ismail Baydur

Research Collection School Of Economics

The ratio of hirings to vacancies in the U.S. has the following establishment level properties: (i) it steeply rises with employment growth rate; (ii) falls with establishment size; and (iii) rises with worker turnover rate. The standard Diamond-Mortensen Pissarides (DMP) matching model is not compatible with these observations. This paper augments selection of workers prior to hiring into a random matching model with multi-worker firms. In the calibrated model, worker selection accounts for about 30% of the variation in the hiring-vacancy ratio observed in the data. Compared to the standard model, the worker selection model has both qualitative and ...


Comments On “Rich Debt, Poor Debt: Assessing Household Indebtedness And Debt Repayment Capacity”, Sock Yong PHANG 2017 Singapore Management University

Comments On “Rich Debt, Poor Debt: Assessing Household Indebtedness And Debt Repayment Capacity”, Sock Yong Phang

Research Collection School Of Economics

This paper assesses the system-wide impacts of Malaysia’s rising household debt.Malaysia’s household debt-to-GDP ratio (HDGR) increased from 76% in 2009 to 89%in 2016. This increase has raised concerns regarding the implications for householdfinancial resilience and banking system stability. The paper uses a micro-level datasetthat integrates income and debt to calculate financial margin (FM) and the probabilityof default (PD) for individuals at the baseline, and when subject to various shocks.This allows the estimation of loss to lenders in the event of default, and from there,the banking system’s debt-at-risk. The findings show that default is ...


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 ...


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