Economics Commons^™

Measuring The Impact Of Loan-To-Deposit Ratio (Ldr) On Banks' Liquidity In Nigeria, A. O. Adenuga, J. A. Mohammed, C. V. Laniyan, A. A. Akintola, O. C Asuzu

Economic and Financial Review

The study measures the impact of loan to deposit ratio (LDR) on Banks' liquidity in Nigeria between 2000Q1 and 2019Q3. The paper applied the Factor-Augmented Vector Autoregressive (FAVAR-X) methodology for estimation and forecasting. The result suggests that an LDR of 70.0 per cent, which reduces Banks' liquidity from N187.95 billion in 2019Q4, through N153.09 billion in 2020Q2 to close at N135.15 billion in 2020Q4, may require cautious acceptance. Thus, increasing LDR beyond 70.0 per cent may impact Banks' liquidity negatively. Furthermore, a direct relationship is established between LDR and inflation. The findings conform to a priori expectations as higher LDRs …

Revisiting The Finance And Industrial Growth Nexus In Nigeria, E. A. Udeaja, E. O. Akanni, P. F. Offum

Economic and Financial Review

This paper re-examines the relationship between finance and industrial growth in Nigeria by including aggregate credit to the industrial sector and financial development index as additional variables into the industrial growth model. Using data spanning the last four decades, we apply the Autoregressive Distributed Lag (ARDL) bounds testing approach to estimate an industrial growth model that accounts for the role of finance-related variables, while also controlling for the impact of electricity consumption and structural breaks. The key findings in the study are threefold. First, our results confirm that finance is a significant driver of industrial growth in Nigeria. Second, the …

Are Nigerian Banks Vulnerable To Oil Price Shocks? A Stress Test Approach, A. T. Odu, A. R Sanusi

Economic and Financial Review

This study empirically examines the vulnerability of the Nigerian banking industry to extreme, but plausible, adverse oil price shocks. A structural vector autoregressive (SVAR-X) is adopted to achieve this objective. The study period covers 2007Q1 – 2020Q4. The simulations assess the asset quality performance of DMBs, using the NPLs, under three scenarios (baseline, adverse and severely adverse). The findings suggest that the entire banking industry, as well as individual DMBs, are vulnerable to adverse oil price shocks. Accordingly, the study recommends, strict compliance with the single obligor limit, by commercial banks, to mitigate adverse effects of volatilities in crude oil …

Colombian Women’S Experiences Of Cosmetic Surgery And Its Relationship To Body Image, Austin Gonzalez-Randolph

Dissertations

The purpose of this study was to understand women’s experiences of cosmetic surgery and its effects on body image on women from the Colombian cities of Bogotá and Pereira. The participants of this study were women of Colombian descent, who reside in Colombia. This was done with the hopes of better understanding how culture impacts views on cosmetic surgery. Colombia appears to have a culture that is very enmeshed with cosmetic surgery. This study provides an initial exploratory and qualitative investigation into the perception of body image as it relates to cosmetic surgery among six young women living in Colombia; …

Essays On Green Finance, Elsa Allman

Dissertations, Theses, and Capstone Projects

Chapter 1: Pricing Climate Change Risk in Corporate Bonds

Using a firm’s geographic footprint to measure its exposure to sea level rise (SLR), I find that corporate bonds bear a climate risk premium upon issuance. A one standard deviation increase in firms’ SLR exposure is associated with a 7 basis point premium, representing a 3% increase in average yield spread. This effect is more pronounced for geographically concentrated firms, within industries vulnerable to extreme weather conditions, and after the Paris Agreement. I do not find evidence that credit rating agencies account for SLR exposure at bond issuance. Results are robust …

Essays On Universal Basic Income, Nana Mukbaniani

Dissertations, Theses, and Capstone Projects

Universal Basic Income (UBI) is a program in which individuals receive a regular sum of money, usually from the government. The transfer amount is thought to be unconditional of income and enough to cover all subsistence needs. Such a system is easy and cheap to administer because the government does not need to check the eligibility of each applicant. UBI programs are growing as more cities, states and countries (Stockton, California, Newark, New Jersey, Ontario, Canada, Kenya, Finland, Germany, Spain, China, etc) implement experiments of such programs. The idea of a UBI is gaining ground in the U.S.. One of …

India’S Calorie Consumption Puzzle: Insights From The Stochastic Cost Frontier Analysis Of Calorie Purchases, Gautam Hazarika, Sourabh Bikas Paul

School of Economics and Finance Faculty Publications

Between the early 1970s and very nearly the present, Indians’ per capita calorie consumption declined. This decline, perplexing in the face of rising per capita income when malnutrition is rampant, has been termed India’s Calorie Consumption Puzzle. It has been partially attributed to a squeeze in the household food budget. This study employs Stochastic Cost Frontier Analysis to evaluate this explanation, upon the logic that such a squeeze shall likely result in the rising cost-efficiency of calorie purchases, that is, the more economical purchase of calories. Analysis of household expenditure data from India’s National Sample Survey reveals that Indian households’ …

The Impact Of Stronger Shareholder Control On Bondholders, Sadra Amiri-Moghadam, Siamak Javadi, Mahdi Rastad

School of Economics and Finance Faculty Publications

We study the impact of stronger shareholder control on bondholders. We find that the passage of shareholder-sponsored governance proposals causes a decline in CDS spreads, indicating a net positive effect on bondholders. Evidence suggests that the direct benefit of stronger shareholder control, through “management disciplining” channel, is larger than the combined adverse effects of directly escalating shareholder-bondholder conflict and indirectly exacerbating exposure to shareholder opportunism. Results are stronger for firms with existing high levels of shareholder-bondholder conflict and for proposals that mitigate managerial entrenchment without exacerbating risk-shifting. Finally, stronger shareholder control improves credit ratings and operating performance in the long-term.

Institutional Investors’ Ownership Stability And Their Investee Firms’ Equity Mispricing, Hamid Sakaki, Surendranath Jory, Dave Jackson

School of Economics and Finance Faculty Publications

This study examines the impact of institutional investors' equity ownership stability and their investment horizon to determine the impact on their investee firms' equity mispricing. Mispricing represents the difference between a firm’s market and fundamental values. We treat institutional investors as a heterogenous group, i.e., dedicated, transient, or quasi-indexer as defined by Bushee, 1998, Bushee, 2001 since their categorization determines their trading strategy. Higher institutional ownership, higher stability in institutional investors' equity ownership, and institutional investors classified as long-term are all associated with lower equity mispricing at investee firms.

Carbon Dioxide Emissions And The Macroeconomy: Evidence From The Asean Region, Mari Joy M. Buenavista, Rosalina Palanca-Tan

Economics Department Faculty Publications

This paper examined the effects of income, trade, and foreign direct investments (FDI) on carbon dioxide (CO2) emissions in the Association of Southeast Asian Nations (ASEAN) member countries for the period of 1970–2011 using the panel corrected standard errors (PCSE) estimation method. The results of the study were consistent with the environmental Kuznet’s curve (EKC) hypothesis – CO2 emissions increase as per capita GDP increases up to a certain income threshold, beyond which further increase in income is accompanied by lower emissions. However, the threshold per capita GDP (estimated to be USD 20,017) is way above the income levels of …

The Role Of Nonzero Conjectural Variation In Pollution Abatement And Output In The Design Of Emission Taxes, Luis Gautier

Economics Faculty Publications and Presentations

The presence of nonzero conjectural variations in pollution abatement and output make emission taxes less effective with respect to reducing emissions. This has implications for the characterization of the optimal emission tax, particularly in an international context where there are large asymmetries in pollution intensities. A higher degree of collusion in output between polluting firms results in higher emissions taxes in the non-cooperative equilibrium. In contrast, a higher degree of collusion in abatement between polluting firms results in lower emissions taxes in the non-cooperative equilibrium. These results rely on the presence of nonzero conjectural variations and large asymmetries in pollution …

Economic And Social Factors Of The Mexican Community In Queens, Robert Utzinger, Jose Higuera Lopez

CUNY Mexican Studies Institute

In this project, we hope to better understand the educational needs of the local Mexican communities across New York. We have used data drawn from the American Community Survey (ACS) public use microsample to see how the community has changed over time. For this study, we have focused on the borough of Queens, New York, with a particular focus on several key factors such as the average individual income levels, education levels, and age. In time, this will be followed up with more detailed reports into aspects of health, poverty, and family characteristics.

Essays On Market Structure, Price-Setting, And Spillovers, Nicholas J. Bauer

Dissertations, Theses, and Capstone Projects

Chapter 01: This paper explores the firm’s pricing-setting behavior through the lens of market structure and exchange rate pass-through. The basis for this chapter stems from a four-tiered nested constant elasticity of substitution demand function, where firms have non-negligible sector and subsector market shares. This model allows the firm to compete against firms within the same subsector, as well as against firms within other subsectors. From this model, I identify three propositions. First, a u-shaped price response in both sector and subsector market shares to an exchange rate movement. Second, a hump-shaped price response in subsector market share and a …

The Logic Of The Land: The Agrarian Roots Of Uneven Development In Brazil, Chris Carlson

Dissertations, Theses, and Capstone Projects

This dissertation seeks to explain the highly uneven pattern of economic development in Brazil during the 20^th century. Stark development differences between the northern and southern regions of the country have long been a problem of concern to scholars and policymakers and have generated a number of studies over the years. However, none of these have gotten to the root of the problem, and state policy has never adequately addressed the regional disparities. This study puts forth a new theory of uneven development based on the different ways that agricultural production has come to be organized in different parts …

Essays On Economic Uncertainty And Housing Market In China, Humenghe Zhao

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that covers topics in macroeconomics.

Chapter 1. Literature Survey of China’s Housing Market and Macroeconomic Uncertainty is a survey of the literature on the history and development of China’s housing market, its unique characteristics, the driving forces behind rising housing prices, and the empirical interactions among housing market, economic uncertainty and the macroeconomy in China.

Chapter 2. The Spatial Correlation of Regional Housing Prices and Economic Uncertainty in China

Rapid real estate development and house price growth in China have garnered significant attention in academia and policy circles. Investigation into highly differentiated but interrelated …

Borderplex Business Barometer, Volume 5, Number 6, Thomas M. Fullerton Jr., Steven L. Fullerton, Ana Gutierrez Zubiate

Border Region Modeling Project

No abstract provided.

Three Essays On Preferential Trade Agreement And Trade Policy, Kefang Yao

Dissertations and Theses Collection (Open Access)

This dissertation consists of three chapters on Preferential Trade Agreements (PTAs) and trade policies. Increasing in numbers rapidly since 1990s, PTAs have extended their traditional focus on tariff reduction to deeper policy integration in areas such as competition policy, intellectual property rights, investment, and movement of capital. The first chapter of the dissertation uses a recently released dataset of PTA contents to quantify impacts of the horizontal depth of trade agreements on bilateral trade flows and national welfare for the period of 1980-2015. The results indicate that agreements that are deeper (covering a wider range of policy areas) contribute to …

Essays On Economic Development And Environmental Sustainability, Rohan Ray

Dissertations and Theses Collection (Open Access)

The first chapter is a randomized controlled trial study that uses loss framing and information nudges to increase secondary school attendance in Bangladesh. Conditional cash transfers (CCTs) have become one of the most common policy interventions to increase school attendance, but the cost-effectiveness of such interventions has not attracted the attention it deserves. Hence, in addition to a standard CCT implementation, our rich unique dataset on daily attendance allows us to experimentally study two potential ways to improve the cost-effectiveness of school attendance interventions: (i) SMS information nudges and (ii) loss framing in CCTs. The former provides school attendance information …

Three Essays On Panel And Factor Models, Ji Feng

Dissertations and Theses Collection (Open Access)

The dissertation includes three chapters on panel and factor models.

In the first chapter, we introduce a two-way linear random coefficient panel data models with fixed effects and the cross-sectional dependence. We follow the idea of the within-group fixed effects estimator to estimate parameters of interests. We establish the limiting distributions of the estimates and also propose the two-way heterogeneity bias test to check the desirability of the estimation strategy. The specification tests then are constructed to examine the existence of the slope heterogeneity and time-varyingness. We study the asymptotic properties of the specification tests and employ two bootstrap schemes …

On Financial Quotient: Theory And Empirical Analysis, Gang Sun

Dissertations and Theses Collection (Open Access)

Financial Quotient (FQ) has become a common topic of concern in the global academic, business and social communities, but at this stage, academic research on FQ and its education are still immature, theoretical depth and empirical support basis are shortage, and influence factors of FQ and the degree of influence of each factor have not been systematically studied. Therefore, there is a large gap between research and practice.

The purpose of this Paper is to construct a set of scientific and reasonable FQ index for individuals, to find factors that can influence or predict personal financial quotient (PFQ), and to …

The Impact Of Mother's Bargaining Power On The Nutritional Status Of Children In Indonesia, Ahmad Yeyen Fidyani, Arief Anshori Yusuf

Economics and Finance in Indonesia

Poor nutritional status, especially during childhood, has a negative impact on one's early life as well as throughout their life. One of the factors that influences the improvement of children's nutritional status is the bargaining power of the mother. Previous studies have limitations in that they often use cross-sectional data and indirect approaches to measuring bargaining power. This study aims to measure the impact of maternal bargaining power on children's nutritional status in Indonesia. The unit of analysis is children aged 7 - 19 years (IFLS5) who still have and live with their parents (IFLS4). Using the OLS estimation method, …

Real Estate And Relative Risk Aversion With Generalized Recursive Preferences, Sungjun Huh, Insu Kim

Economics Faculty Research and Publications

This paper investigates how real estate wealth affects the household’s attitude toward risk, and derives the closed-form expressions for risk aversion with generalized recursive preferences. We find three channels through which real estate wealth affects risk aversion, and these channels are absent in the traditional measure of relative risk aversion as in Arrow (1965) and Pratt (1964). First, illiquidity and fluctuations in real estate value increase consumption risk, thereby increasing risk aversion. Second, real estate as an asset provides a cushion for absorbing negative shocks to households, reducing risk aversion. Third, an increase in real estate prices lowers the profit …

Incorporating Beliefs And Experiences Into Choice Experiment Analysis: Implications For The National Park Service, Sahan T. Dissanayake, Andrew G. Meyer

Economics Faculty Research and Publications

We show that respondents' beliefs about future outcomes and prior recreational experiences affect policy recommendations from choice experiments. For New England residents, we find that willingness to pay for a new national park in Maine differs based on respondents' stated beliefs about the status quo long-term land use. We also find that respondents who do (do not) hunt or snowmobile would pay significantly more (less) for a park allowing these activities. Land managers may find a two-park solution (one allowing the activities and one prohibiting them) would be best; this insight would be missed when neglecting to model conflicting recreational …

Did Covid Benefit Or Harm Horse Racing Wagering? A Comparison Of Trends, Thomas E. Lambert

Faculty and Staff Scholarship

Different media accounts during the recent Covid-19 pandemic have mentioned an upswing in horse racing gambling thanks to a decline in other forms of wagering at casinos and with sports gambling. This paper examines gambling trends across the US before and during the pandemic for these forms in gambling as well as lotteries. Horse racing wagering did see an increase, but not as dramatically as one would expect.

Sports Gaming, Casinos, And Horse Racing In New Jersey: The Record Before And During The Covid-19 Pandemic, Thomas E. Lambert

Faculty and Staff Scholarship

New Jersey was the first state to legalize sports gaming outside of Nevada after a landmark US Supreme Court decision in May 2018 struck down a federal law banning sports gambling in all other states and the District of Columbia (Liptak and Draper 2018). Some race tracks such as Monmouth Park race track began offering sports gambling as a way to bring back fans to parimutuel wagering which had been and still is in decline for several decades at tracks throughout the nation (Associated Press 2019). This brief paper examines trends in New Jersey on how sports gambling has grown …

Occupational Licensing And Intra-Msa Effects: Massage Therapists In The Us, Noah J. Trudeau

Economics Faculty Working Papers Series

Occupational licensing has been shown to have many pervasive economic effects. Licensing restricts competition, which causes wage premiums, potentially induces rent seeking, and ultimately results in consumers having to pay high prices through both channels of reduced supply and producers passing on increased cost of doing business.

Licensing laws are passed at the state level; and thus, there can be considerable variation across states. Should there be much economic activity at state borders, this would be inconsequential. Yet, the existence of metropolitan areas spanning state borders begs the question of what effects can restricting competition be when competitive substitutes are …

(Wp 2021-05) Heterogeneity In Individual Expectations, Sentiment, And Constant-Gain Learning, Stephen J. Cole, Fabio Milani

Economics Working Papers

This paper uses adaptive learning to understand the heterogeneity of individual-level expectations. We exploit individual Survey of Professional Forecasters data on output and inflation forecasts. We endow all forecasters with the same information set that they would have as economic agents in a benchmark New Keynesian model. Forecasters are, however, allowed to differ in the constant gain values that they use to update their beliefs and in their sentiments. The latter are defined as the degrees of excess optimism or pessimism about the economy that cannot be justified by the learning model. Our results highlight the heterogeneity in the gain …

Three Essays On Spatial Econometrics: The Matrix Exponential Spatial Specification, Ye Yang

Dissertations, Theses, and Capstone Projects

This thesis consists of three essays on the matrix exponential spatial specification. In the first essay, we study the generalized method of moments (GMM) estimation of matrix exponential spatial specification(p,q) (MESS(p,q)). We extend the model to a general higher order case and derive its GMM estimator. The large sample properties are also studied. Under homoskedasticity a best GMM estimator (BGMME) is derived and shown to be consistent and asymptotically normal. Under heteroskedasticity an optimal GMM estimator (OGMME) is derived and shown to be consistent and asymptotically normal as well. Monte Carlo experiments that discuss the large sample properties of quasi-maximum …

The Economics Of Giving: How Monetary Policy Impacts Charitable Giving, Asa J. F. Cort

Doctoral Dissertations (DBA)

This paper examines the impact of the monetary policy transmission mechanism specifically the Loan Supply (Narrow Credit Channel), Market Interest Rates (Interest Rate Channel) and Asset Price Levels (Wealth Channel) have on charitable giving within the United States. An OLS (Ordinary Least Squares) model is used to test whether the variables within each channel influences charitable giving. We find that each variable used (revolving credit, real estate loans, federal funds rate, inflation, real disposable income and housing prices) is statistically significant in influencing charitable giving within the United States.

The Insertion Of Syrian Refugees In The Egyptian Labor Market: With Special Focus On Food And Restaurants Sector, Mai Ali Hassan

Theses and Dissertations

This thesis is about the insertion of Syrian refugees in the Egyptian labor market. It specifically focuses on this insertion in the food and restaurants sector. It reviews the theoretical literature that tackled the economic integration of refugees and asylum seekers. It also examines the legal framework governing refugees in Egypt as well as the legal apparatus provisions related to their employment. Both are factors determining the access of refugees to the Egyptian labor market. The thesis finds that other economic and social factors also determine and facilitate the access of Syrian refugees to the Egyptian labor market. In the …