International Economics Commons^™

Essays On International Trade And Economic Growth, Mateo Hoyos

Doctoral Dissertations

In this dissertation I study the relationship between trade and economic growth, with a focus on developing economies. I specifically provide a critical review of the consensus view in trade and growth, according to which a liberal trade regime is generally the best policy stance to promote growth. In the first essay of this dissertation, I provide evidence that the relationship between trade policy and growth may depend on economic structure: tariff reductions are followed by higher levels of GDP per capita for manufacturer countries, but lower levels for nonmanufacturers. Testing for mechanisms, I find the heterogeneity seems to be …

Three Essays On The Political Economy Of The Cfa Franc, Francis Perez

Doctoral Dissertations

This dissertation is organized into three essays. The second essay provides a historical overview of the CFA franc and explores why the CFA franc has survived for so long. It argues that a historical and dialectical materialist analysis of the CFA’s history can best explain both its extraordinary longevity and the periodic major reforms to its functioning. The third essay assesses whether the Central Bank of West African States (BCEAO) has an independent monetary policy by examining the relationships between BCEAO’s foreign reserves and base money, and between BCEAO and the European Central Banks’s policy rates. The fourth essay evaluates …

The Political Economy Of The Cost Of Foreign Exchange Intervention, Devika Dutt

Doctoral Dissertations

Central Banks around the world increasingly intervene in the foreign exchange market for a variety of reasons, such as maintaining exchange rate stability and maintaining a buffer against the impact of capital flight. In fact, research shows that central banks can lean against the macroeconomic policy trilemma through maintaining reserves and intervening in the foreign exchange market, and thereby secure policy space. However, securing this policy space can come at substantial cost. This dissertation explores the political economy of these costs of foreign exchange intervention. Chapter I discusses the concept of the direct cost of intervention, calculates these costs for …

Essays On Financial Frictions, Shipping Frequency And Exchange Rate Pass-Through, Md Deluair Hossen

Doctoral Dissertations

In three chapters of this dissertation, I examine financing frictions, shipping frequency, and exchange rate pass-through.

In the first chapter, I develop a model of importer-exporter procurement where the importer is procuring international inputs from the exporting firms located in developing countries. The exporters are credit constrained for working capital, incur the per-shipment fixed costs, and get paid after goods delivered to the importer. The model shows that for high financing costs in origin and destination, the shipping frequency increases. Furthermore, longer delivery times increase shipping frequency as well as procurement costs. The model also shows that the higher per-shipment …

Three Chapters On Environmental Regulation, Pollution, And Trade Liberalization, Tingsi Wang

Doctoral Dissertations

The dissertation consists of three chapters in environmental economics and international trade. The first chapter identifies the effects of environmental regulation on Chinese manufacturing firms' markups. Difference-in-difference and triple-differenced estimates show that more stringent environmental regulation decreases firms' markups. Furthermore, environmental regulation has a significant impact on non-exporters' markups, but it has no impact on exporters. Examining pre-trends, we find that SOEs did not change their behavior in anticipation of environmental regulation, but non-SOEs started to adjust before the regulation was implemented. The second chapter evaluates how the market size affects the impact of environmental stringency on firms' economic activity. …

Dimensions Of Us Global Financial Power: Essays On Financial Sanctions, Global Imbalances, And Sovereign Default, Mariam Majd

Doctoral Dissertations

This dissertation examines how U.S. capabilities in the global financial arena enable it to affect outcomes to its advantage. The first essay presents theoretical support for the hypothesis that holdings of U.S. sovereign debt collateralize public and private dollar borrowing in developing and emerging market economies. The second essay empirically tests the theory presented in Chapter 1 and provides evidence that, indeed, a statistically significant relationship exists between a country’s official holdings of US Treasury securities and its level of outstanding dollar credit. Our results demonstrate that even after controlling for a persistence effect (i.e., inertia) in US Treasury security …

Currency Mismatch And Balance Sheet Effects Of Exchange Rate In Turkish Non-Financial Corporations, Serkan Demirkilic

Doctoral Dissertations

Until the East Asian Crisis of 1990s, literature exclusively focused on the assumed expansionary competitiveness channel of deprecation in the domestic currency. The East Asian and Latin American Crisis of 1990s proved that depreciation in the domestic currency caused fragilities through the deterioration in firms’ balance sheet net- worth. Many have argued that excessive reliance on short-term debt and un-hedged foreign currency borrowings of firms were responsible of fragilities, and resulting poor performances of firms in these countries. The latter body of the literature introduced the contractionary balance sheet effects of foreign currency indebtedness through depreciation, and argued that if …

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 …

Economic Forecasting With Many Predictors, Fanning Meng

Doctoral Dissertations

The dissertation is focused on the analysis of economic forecasting with a large number of predictors.

The first chapter develops a novel forecasting method that minimizes the effects of weak predictors and estimation errors on the accuracy of equity premium forecasts. The proposed method is based on an averaging scheme applied to quantiles conditional on predictors selected by LASSO. The resulting forecasts outperform the historical average, and other existing models, by statistically and economically meaningful margins.

In the second chapter, we find that incorporating distributional and high-frequency information into a forecasting model can produce substantial accuracy gains. Distributional information is …

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 …

The Environmental Effects Of Trade And Environmental Policy Within And Across Sectors, Lawrence Dale Laplue Iii

Doctoral Dissertations

In the first chapter of this dissertation I analyze how establishment-level choices and dynamics affect aggregate emissions outcomes. To do this I first decompose aggregate emissions into three channels: scale or country size, composition or sector market share, and aggregate technique or emissions intensity. I then extend the decomposition to show how the aggregate technique channel is driven by four establishment-level channels: entry, exit, reallocation of resources between survivors, and within-establishment adjustment of production techniques and emissions intensity. Using establishment-level emissions data and a unique empirical exercise I first show, empirically, how the relative importance of the composition and aggregate …

The Effects Of Trade Competition On Health, And Determinants Of Workplace Behavior, Thomas Clayton Mcmanus

Doctoral Dissertations

My dissertation consists of three essays related to workplace behavior. In the first paper, we design a controlled laboratory experiment to study image motives in a setting where decisions signal intelligence. The experiment results show that in some settings social scrutiny can discourage individuals from making choices that signal their intelligence, despite evidence that the signal was privately valuable. In the second paper, we study the effect of Chinese import competition on occupational safety and health at US manufacturers. We find that a change in US trade policy and Chinese import shocks significantly increases worker injury and illness rates in …

Economic Wealth And Social Welfare: A Longitudinal Analysis Of Transnational Well-Being, Kelly Brooke Martin

Doctoral Dissertations

Macro changes in the financial arena have prompted ongoing research focused on global economic trends. As America emerges from an era of stagnant wages, rising unemployment, and growing class stratification it is necessary to explore differences in cross-national socioeconomic behavior to address the changing needs of our country. Many studies attempt to describe statistical correlations between economic wealth and social well-being domestically and abroad by utilizing methodological perspectives that do not account for longitudinal change. To address the gap in existing research, this study seeks to measure variations in econometric indicators between the U.S. and Nordic countries to further explicate …

Output Fluctuations And Economic Growth In Latin America In The Aftermath Of The Great Recession, Gonzalo Hernandez Jimenez

Doctoral Dissertations

This dissertation examines the short and long run effects of the Great Recession on Latin America. For the short run, this study evaluates (i) the existence of a business cycle co-movement between the US and Latin America, (ii) the role of the Latin American export structure as an aspect that may amplify the growth spillover effects of the output fluctuations in the US, and (iii) the terms of trade as a determinant of the short run output fluctuations in Colombia, a primary commodity exporter that resembles the assumptions of open small dependent economies. Consistent with the historical evidence, the US …

The Financial Underpinnings Of The Eu Crisis: Financial Deregulation, Privatization, And Asymmetric State Power, Nina Q. Eichacker

Doctoral Dissertations

This dissertation asks the following questions. How has financial liberalization affected the incidence of financial crisis in Europe? How have power asymmetries within Western Europe facilitated the process of financial liberalization, and distributed the costs and gains from this liberalization? How have these dynamics been demonstrated at the state level? It charts the institutional liberalization and privatization of European finance from the 1960s onward and presents a survey of descriptive statistics that show how different financial stability, financial flow, and macroeconomic variables have changed in Western Europe since the early 1980s, generally increasing financial and economic instability. It also demonstrates …

Interpreting, Stephanie Jo Kent

Doctoral Dissertations

What do community interpreting for the Deaf in western societies, conference interpreting for the European Parliament, and language brokering in international management have in common? Academic research and professional training have historically emphasized the linguistic and cognitive challenges of interpreting, neglecting or ignoring the social aspects that structure communication. All forms of interpreting are inherently social; they involve relationships among at least three people and two languages. The contexts explored here, American Sign Language/English interpreting and spoken language interpreting within the European Parliament, show that simultaneous interpreting involves attitudes, norms and values about intercultural communication that overemphasize information and discount …

Essays On Trade Costs, Supply Chain Uncertainty And Ceo Compensation, Valentina Kozlova

Doctoral Dissertations

This dissertation consists of two chapters that examine high managerial pay and supply chain uncertainty.

Chapter 1 constructs a game-theoretic model in which high CEO pay emerges as the outcome of an arms race, with each firm paying its CEO highly to protect its competitive position against rivals who also pay highly. For an arms race to emerge, highly-paid CEOs must generate idiosyncratic, privately-known internal effects on profit, and CEO pay disparities must also generate asymmetric profit differences from external effects beyond the simple differences in pay. If the distribution of internal effects satisfies a key uniformity condition, an arms …

Foreign Direct Investment And Local Firm Productivity: Evidence From Thailand, Sasima Wongseree

Doctoral Dissertations

Abstract The enormous costs incurred to government for foreign direct investment (FDI) inflows raised question whether its benefits are worthwhile. In this dissertation, I use productivity estimates as outcomes to explore the direct and indirect impacts of FDI inflows on local firms in manufacturing sector of Thailand during 2001 to 2006.

Chapter 1, I introduce the overview of the entire dissertation.

Chapter 2, I briefly reviewed investment climates and FDI conditions in Thailand. Then I constructed a comprehensive firm-level dataset from several data sources for FDI examination. The main dataset offers quantity and capacity outputs along with revenues at product-level. …