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Full-Text Articles in Social and Behavioral Sciences
Does Exchange Market React To Central Bank Governor Replacements: Evidence From A New Dataset Using Narrative Approach, Siyang Xu
Honors Theses
This paper contributes to the literature that analyzes the exchange market reaction to the event of a central bank governor replacement. In order to solve the endogeneity problem, we develop a narrative approach-based on reports from credible newspapers-that classifies central bank governor replacements by their nature and causes. Using this new dataset on central bank independence for 31 countries over the period 1967-2012, we decompose all replacements into endogenous and exogenous cases with respect to inflation and financial market performance. We find that such a distinction is critical in understanding the exchange market reactions. We show that i) endogenous replacements, …
Media Coverage And Charitable Giving After The 2004 Tsunami, Philip H. Brown, Jessica H. Minty
Media Coverage And Charitable Giving After The 2004 Tsunami, Philip H. Brown, Jessica H. Minty
Working Papers in Economics
Media coverage of humanitarian crises is widely believed to influence charitable giving, yet this assertion has received little empirical scrutiny. Using Internet donations after the 2004 tsunami as a case study in a tobit framework, we show that media coverage of disasters increases charitable donations, with an additional minute of nightly news coverage increasing donations by 0.036 standard deviations from the mean. We repeat the analysis using instrumental variables in a tobit model to account for endogeneity, and the estimates are unchanged. We also show that the magnitude and sign of media impact vary by news source and relief agency.