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Full-Text Articles in International Economics

Natural Disasters, Foreign Aid And Economic Development, Valeriu Tomescu Jan 2016

Natural Disasters, Foreign Aid And Economic Development, Valeriu Tomescu

Honors Theses and Capstones

No abstract provided.

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The Use Of Catastrophe Bonds As A Means Of Economic Development In Emerging Economies, Lauren Mattucci Jan 2016

The Use Of Catastrophe Bonds As A Means Of Economic Development In Emerging Economies, Lauren Mattucci

Honors Theses and Capstones

Catastrophe bonds offer a way for entities located in natural disaster prone regions to safely and efficiently transfer the risk of insuring property to the financial markets and subsequently, create a financially attractive environment for insurers and investors. The opportunity for investors to utilize modeled loss analytical platforms such as those created by AIR, Risk Management Solutions, and EQECAT, could be used to bridge the growing gap in emerging economies between economic losses created by natural disasters and insured losses. Bridging this insurance gap in emerging economies could have positive global implications for the insurance industry, global trade, foreign direct …

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Maritime Economics In A Post-Expansion Panama Canal Era, Grace W. Y. Wang, Wayne Talley, Mary R. Brooks Jan 2016

Maritime Economics In A Post-Expansion Panama Canal Era, Grace W. Y. Wang, Wayne Talley, Mary R. Brooks

Economics Faculty Publications

(First paragraph) The 2016 opening of an expanded Panama Canal will allow for Post-Panamax containerships up to 12 500 twenty-foot equivalent unit (TEU) in size to transit the Panama Canal. In response, some US East Coast container ports are having their channels and berths dredged deeper—to allow Post-Panamax containerships from Asia (transiting the expanded canal) to call at their ports. What are the implications for the US West Coast ports? Will there be a cargo shift from West Coast to East Coast ports? These topics as well as the impacts of other changes in global shipping lanes (e.g., the Suez …

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Determinants Of Fdi Into Developing Countries, Hang Bich Phung Jan 2016

Determinants Of Fdi Into Developing Countries, Hang Bich Phung

Mark A. Israel '91 Endowed Summer Research Fund in Economics

Overall, the incentives for foreign direct investment (FDI) vary vastly across time periods and regions. A preliminary analysis suggests that since 1990, investors tend to look for countries which can provide them with advantages in services and knowledge – capital intensive manufacturing industries. These advantages include the human capital stock and market size of the host country. On the other hand, considering a longer period, from 1980 to 2014, the more predominant advantages are natural resources and labor force. In this paper, we study two questions regarding what drives FDI to developing countries. First, what are the determinants that make …

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An Innovative Matrix For Dispute Resolution: The Dubai World Tribunal And The Global Insolvency Crisis, Jayanth K. Krishnan, Harold Koster Jan 2016

An Innovative Matrix For Dispute Resolution: The Dubai World Tribunal And The Global Insolvency Crisis, Jayanth K. Krishnan, Harold Koster

Articles by Maurer Faculty

This study examines a legal experiment that occurred during the height of the global financial crisis. As markets from the United States to Europe to the Global South shook, one country – the United Arab Emirates – found itself on the brink of economic collapse. In particular, in 2009 the U.A.E’s Emirate of Dubai was contemplating defaulting on $60 billion of debt it had amassed. Recognizing that such a default would have cataclysmic reverberations across the globe, Dubai’s governmental leaders turned to a small group of foreign lawyers, judges, accountants, and business consultants for assistance. Working in a coordinated fashion, …

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Domestic Political Competition And Pro-Cyclical Import Protection, James Lake, Maia K. Linask Jan 2016

Domestic Political Competition And Pro-Cyclical Import Protection, James Lake, Maia K. Linask

Economics Faculty Publications

Governments, especially in developing countries, routinely practice binding overhang (i.e. setting applied tariffs below binding WTO commitments) and frequently move applied tariffs for given products up and down over the business cycle. Moreover, applied tariffs are pro-cyclical in developing countries. We explain this phenomenon using a dynamic theory of lobbying between domestic interest groups. Applied tariffs are pro-cyclical when high-tariff interests (e.g. import-competing industries) capture the government: these groups concede lower tariffs to low-tariff interest groups (e.g. exporting firms or firms using imported intermediate inputs) during recessions because recessions lower the opportunity cost of lobbying and thereby generate a stronger …

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Performance Of American And Russian Joint Stock Companies On Financial Market. A Microstructure Perspective, Magdalena Osińska, Andrzej Dobrzyński, Yochanan Shachmurove Jan 2016

Performance Of American And Russian Joint Stock Companies On Financial Market. A Microstructure Perspective, Magdalena Osińska, Andrzej Dobrzyński, Yochanan Shachmurove

Publications and Research

This paper compares the periods before and after the Ukrainian crisis of 2014 from the perspective of market microstructure. The hypothesis is that the crisis influenced the fragile Russian financial market equilibrium. As financial markets adapt to the new equilibrium, the paper studies the effects of the crisis and the imposition of economic sanctions on Russia in terms of volatility, duration, prices and volume for selected joint stock companies listed on the U.S. and the Russian stock markets. Results reveal that the Moscow Stock exchange lacks an appropriate transmission mechanism from informed investors to the rest of the market.

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Three Essays On Export Concentration, International Environmental Agreements, And The Carbon Content Of Trade, Mihai Paraschiv Jan 2016

Three Essays On Export Concentration, International Environmental Agreements, And The Carbon Content Of Trade, Mihai Paraschiv

Theses and Dissertations--Economics

A common finding in the international trade literature is that economic integration leads to export diversification. By documenting a positive link between joining the European Economic and Monetary Union and bilateral export concentration, the leading essay shows that this is not always the case. Using a panel data approach, I find that exports between the Eurozone members are on average more concentrated than those among countries which do not share the euro. Central to this outcome is that some economic integration agreements, such as the European Economic and Monetary Union, may lead to a drop in not only trade but …

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Could Tariffs Be Pro-Cyclical?, James Lake, Maia K. Linask Jan 2016

Could Tariffs Be Pro-Cyclical?, James Lake, Maia K. Linask

Economics Faculty Publications

Conventional wisdom says that tariffs are counter-cyclical. We analyze the relationship between business cycles and applied MFN tariffs using a disaggregated product-level panel dataset covering 72 countries between 2000 and 2011. Strikingly, and counter to conventional wisdom, we find that tariffs are pro-cyclical. Further investigation reveals that this pro-cyclicality is driven by the tariff setting behavior of developing countries; tariffs are acyclical in developed countries. We present evidence that pro-cyclical market power drives the pro-cyclicality of tariffs in developing countries, providing further evidence of the importance of terms of trade motivations in explaining trade policy.

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Tlos And Global Financial Markets: The Case Of Derivatives, Hannah L. Buxbaum Jan 2016

Tlos And Global Financial Markets: The Case Of Derivatives, Hannah L. Buxbaum

Articles by Maurer Faculty

No abstract provided.

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Mexico Consensus Economic Forecast, Volume 19, Number 1, Thomas M. Fullerton Jr., Adam G. Walke Jan 2016

Mexico Consensus Economic Forecast, Volume 19, Number 1, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.

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Why Are We Still Listening To This Dead British Guy: An Analysis Of Emergency Liquidity Assistance In Germany During The Sovereign Debt Crisis, Nia R. Gillenwater Jan 2016

Why Are We Still Listening To This Dead British Guy: An Analysis Of Emergency Liquidity Assistance In Germany During The Sovereign Debt Crisis, Nia R. Gillenwater

Scripps Senior Theses

Germany’s position of power within the European Union disguises how impacted the German economy was by the 2008 Financial Crisis and Europe’s subsequent Sovereign Debt Crisis. Two of Germany’s major banks-Commerzbank and Bayerische Landesbank- suffered major losses and required emergency liquidity assistance (ELA) to survive. Walter Bagehot wrote the theory underpinning lenders of last resort (LLRs) in 1873 but how has the development of systemically important banks affected the usefulness of Bagehot’s theory? This paper aims to explain why Germany is in need of updated LLR recommendations through an analysis of the ELA Germany at large, Commerzbank and Bayerische Landesbank …

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Modelling The Impact Of Fiscal Policy On Non‑Oil Gdp In A Resource Rich Country: Evidence From Azerbaijan, Khatai Aliyev, Bruce Dehning, Orkhan Nadirov Jan 2016

Modelling The Impact Of Fiscal Policy On Non‑Oil Gdp In A Resource Rich Country: Evidence From Azerbaijan, Khatai Aliyev, Bruce Dehning, Orkhan Nadirov

Accounting Faculty Articles and Research

This paper analyses the impact of public expenditures and tax revenues on non‑oil economic growth in Azerbaijan for the period of 2000Q1‑2015Q2 by employing OLS, ARDL, FMOLS, DOLS, CCR and Granger Causality techniques. Different cointegration methods result in consistent results. In this study, there is strong evidence of significant long‑run positive contributions from public expenditures to non‑oil sector output. Results also show that tax revenues significantly slow down non‑oil economic growth in the long run. Granger Causality analysis finds the existence of a bidirectional short‑run association between non‑oil GDP and public expenditures, while tax revenues Granger Cause both variables. The …

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Equity Commitment Under Uncertainty: A Hierarchical Model Of Real Option Entry Mode Choices, Rossitza B. Wooster, Luisa Blanco, W. Charles Sawyer Jan 2016

Equity Commitment Under Uncertainty: A Hierarchical Model Of Real Option Entry Mode Choices, Rossitza B. Wooster, Luisa Blanco, W. Charles Sawyer

Economics Faculty Publications and Presentations

We develop a real option hierarchical model of entry mode choice and test predictions using a sample of US companies in Latin America and the Caribbean between 1980 and 2005. Probit results indicate that the choice between a real option non-equity mode and equity commitment is influenced by previous acquisition experience, R&D and advertising intensities, and country risk. The choice of the more flexible real option JV mode over WOEs is positively related to greater firm size and market-to-book ratio in countries with better infrastructure. In contrast, greater marketing intensity and lower country risk encourage WOEs.

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Targeted Subordination Of Official Sector Debt, Lee C. Buchheit, Mitu Gulati Jan 2016

Targeted Subordination Of Official Sector Debt, Lee C. Buchheit, Mitu Gulati

Faculty Scholarship

If Greece’s debt is unsustainable, and most observers (including the IMF) seem to think it is, the country’s only source of funding will continue to be official sector bailout loans. Languishing for a decade or more as a ward of the official sector is undesirable from all perspectives. The Greeks bridle under what they see as foreign imposed austerity; the taxpayers who fund the official sector loans to Greece balk at the prospect of shoveling good money after bad. The question then is how to facilitate Greece’s ability to tap the private capital markets at tolerable interest rates. The IMF’s …

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Escaping The Poverty Trap: Formal Savings And Asset Accumulation In Rural Malawi, Audrey Breitwieser Jan 2016

Escaping The Poverty Trap: Formal Savings And Asset Accumulation In Rural Malawi, Audrey Breitwieser

CMC Senior Theses

Formal savings accounts can be an effective device for households to accumulate assets over time and thus have more funds available to better afford an expensive one-time payment, in the form of either addressing an economic shock or paying for an important life event. I explore this relationship using a field experiment in rural Malawi conducted from 2008-2010, and find that adoption of a formal savings account has no effect on the frequency of economic shocks that a household experiences, nor does it affect how households respond to shocks. However, I find that account adoption does significantly increase the frequency …

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A Critical Examination Of Oil Wealth Management Strategies And Their Effects On Economic Growth In The Gulf Cooperation Council Countries, Caroline J. Belmont Jan 2016

A Critical Examination Of Oil Wealth Management Strategies And Their Effects On Economic Growth In The Gulf Cooperation Council Countries, Caroline J. Belmont

CMC Senior Theses

Despite their natural resources, the countries of the Gulf Cooperation Council (Kuwait, the United Arab Emirates, Saudi Arabia, Bahrain, Qatar, and Oman) have failed to live up to their economic potential, primarily due to their dependence on a revenue source with volatile prices and political significance in an unstable region. This thesis argues that the best way to convert oil wealth into consistent long term growth is through diversification, both by investing in foreign assets and by growing domestic sectors that are independent from oil and gas prices. The research further investigates the primary tool these countries have used to …

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The Sovereign-Debt Listing Puzzle, Elisabeth De Fontenay, Josefin Meyer, Mitu Gulati Jan 2016

The Sovereign-Debt Listing Puzzle, Elisabeth De Fontenay, Josefin Meyer, Mitu Gulati

Faculty Scholarship

The claim that stock exchanges perform certification and monitoring roles in securities offerings is pervasive in the legal and financial literatures. This article tests the validity of this “bonding hypothesis” in the sovereign-bond market—one of the oldest and largest securities markets in the world. Using data on sovereign-bond listings for the entire post-World War II period, we provide the first comprehensive report on sovereigns’ historical listing patterns. We then test whether a sovereign bond issue’s listing jurisdiction affects its yield at issuance, as the bonding hypothesis would predict. We find little evidence of bonding in today’s sovereign-debt market. Instead, we …

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Competing For Refugees: A Market-Based Solution To A Humanitarian Crisis, Joseph Blocher, Mitu Gulati Jan 2016

Competing For Refugees: A Market-Based Solution To A Humanitarian Crisis, Joseph Blocher, Mitu Gulati

Faculty Scholarship

The current refugee crisis demands novel legal solutions, and new ways of summoning the political will to implement them. As a matter of national incentives, the goal must be to design mechanisms that discourage countries of origin from creating refugees, and encourage host countries to welcome them. One way to achieve this would be to recognize that persecuted refugee groups have a financial claim against their countries of origin, and that this claim can be traded to host nations in exchange for acceptance. Modifications to the international apparatus would be necessary, but the basic legal elements of this proposal already …

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Fish Landings At The World’S Commercial Fishing Ports, Tim Huntington, Fiona Nimmo, Graeme Macfadyen Dec 2015

Fish Landings At The World’S Commercial Fishing Ports, Tim Huntington, Fiona Nimmo, Graeme Macfadyen

Journal of Ocean and Coastal Economics

In 2009, the United Nations Food and Agriculture Organization (FAO) adopted the Agreement on Port State Measures to Prevent, Deter and Eliminate Illegal, Unreported and Unregulated (IUU) fishing (PSMA). Countries that ratify the treaty commit to exert greater control at ports over foreign-flagged vessels to detect IUU catch before it is offloaded from vessels, and prevent the ill-gotten catch from entering the world’s markets. The PSMA, when effectively implemented globally, will be a major deterrent to IUU fishing. A major challenge to selecting ports for enhanced controls has been the lack of data on which ports are the world’s largest …

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The Economic Impact Of Lifting Sanctions On Iran: How The Joint Comprehensive Plan Of Action Will Affect The Economy Of Iran, Ryan Foley Dec 2015

The Economic Impact Of Lifting Sanctions On Iran: How The Joint Comprehensive Plan Of Action Will Affect The Economy Of Iran, Ryan Foley

Washington Semester Program

During the second term of the Obama Administration, the United States and the European Union negotiated a deal with the Islamic Republic of Iran regarding their nuclear program. These negotiations encompassed the relaxing of sanctions on the Iranian economy in exchange for concessions on the part of their nuclear program. This thesis investigates how the deal will affect the economy of Iran and the international oil market, two entities which are deeply intertwined. The findings suggest that the opening of Iran’s economy will almost certainly lead to a strengthening of their domestic economy in the short-term, but that the government …

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Trade Integration, Income Divergence, And Global Imbalances, Haiping Zhang Dec 2015

Trade Integration, Income Divergence, And Global Imbalances, Haiping Zhang

Research Collection School Of Economics

We embed financial frictions and sector-specific minimum investment requirements (MIR) in a two-factor, two-sector, overlapping-generation model and showthat whether trade integration leads to convergence of the income levels among member states depends on their level of financial development. It helps reconcilethe mixed empirical evidence on trade integration and income dynamics in differentgroups of countries from the institutional perspective. In the recent decades, trade globalization has allowed developed countries to specialize towards the high-MIR, high-return production stages and tasks through international fragmentation of production and global sourcing. In our model, the “sectors” can be interpreted broadly as production stages and tasks. …

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Competition And Gains From Trade: A Quantitative Analysis Of China Between 1995 And 2004, Wen-Tai Hsu, Yi Lu, Guiying Laura Wu Dec 2015

Competition And Gains From Trade: A Quantitative Analysis Of China Between 1995 And 2004, Wen-Tai Hsu, Yi Lu, Guiying Laura Wu

Research Collection School Of Economics

This paper provides a quantitative analysis of gains from trade for China over the period of 1995-2004, which was when China's openness drastically improved. We decompose gains from trade in two ways. First, we disentangle pro-competitive effects from a traditional Ricardian effect. Second, we separate the effect due to tariff reductions from that due to reductions in non-tariff trade costs. Our quantitative analysis shows that the pro-competitive effects account for 25.4% of the total welfare gains from trade, whereas the allocative efficiency alone accounts for 22.3%. We also find that tariff reductions account for about 31.6% of reductions of overall …

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Institutional Complementarity Across Countries In Bilateral Fdi Flows: Theory And Evidence, Pao-Li Chang Dec 2015

Institutional Complementarity Across Countries In Bilateral Fdi Flows: Theory And Evidence, Pao-Li Chang

Research Collection School Of Economics

This paper builds a theory to characterize the comparative advantage of MNEs based in countries of different institutional qualities. It is shown that MNEs headquartered in countries of poorer state institutions will invest more in `informal institutions; and choose to undertake FDI in countries of weaker institutions. At the aggregate, MNEs on average generate more net profits in countries of weaker institutions, the poorer the institutional environment at home. I conduct an extensive test of the theory using bilateral FDI volume for 219 economies in year 2001-2010. The results indicate a statistically significant and robust institutional complementarity effect in bilateral …

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The Next Wave Of Globalisation, Singapore Management University Nov 2015

The Next Wave Of Globalisation, Singapore Management University

Perspectives@SMU

As consumption patterns shift away from OECD countries to the developing world, businesses need to leverage on technology to overcome last-mile delivery obstacles

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Remittances Without Borders, Tan Swee Liang, S. N. Venkataramanan, Anil Kishora Nov 2015

Remittances Without Borders, Tan Swee Liang, S. N. Venkataramanan, Anil Kishora

Research Collection School Of Economics

A Pan-Asian Mobile Remittance Platform might just be the next big disruption in global remittances. One out of every 28 people lives in a country that they were not born in. As migrants, they are estimated by The World Bank to send home US$636 billion in 2017, with three-quarters remitted to developing countries. These remittances form a significant percentage of the Gross Domestic Product (GDP) of many of these developing countries. Given their magnitude and contribution to national economies, even a small reduction in remittance cost adds billions to these local economies. Mobile-to-mobile cross border remittances have recently shown that …

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Peru: Open For Business, Singapore Management University Oct 2015

Peru: Open For Business, Singapore Management University

Perspectives@SMU

South America’s third-largest economy seeks to capitalise on growing global trade

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Europe: Ready To Rebound, Singapore Management University Oct 2015

Europe: Ready To Rebound, Singapore Management University

Perspectives@SMU

Increasing trade, investment, and immigrant integration are keys to Europe’s economic vitality

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Two-Year And Four-Year Tertiary Education: Measuring Human Capital Effects On Economic Growth In Developing And Developed Countries With The Uzawa-Lucas Model, Darryl M. Tyndorf Oct 2015

Two-Year And Four-Year Tertiary Education: Measuring Human Capital Effects On Economic Growth In Developing And Developed Countries With The Uzawa-Lucas Model, Darryl M. Tyndorf

Educational Leadership & Workforce Development Theses & Dissertations

Tertiary education is believed to be a driver of economic development through the relationship between human capital development and economic output. Global massification efforts of tertiary education have led to increased global demand. Countries with limited tertiary education systems, like developing countries, have employed policies to increase domestic tertiary education opportunities instead of sending students abroad. Many tertiary education policies have focused on importing tertiary education from countries with established tertiary education systems. Import efforts first emphasized university models, but limited success prompted the import of more flexible short-cycle education modeled after the United States’ community college system. Limited empirical …

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Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar M. Rodriguez Oct 2015

Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt, Hiro Ito, Cesar M. Rodriguez

Economics Faculty Publications and Presentations

This paper investigates the determinants of currency denomination in international debt. Using data on currency shares for international debt securities for 82 countries from 1995 through 2013, we find that while the extent of foreign currency issuance has not changed much since the 1990s, especially for developing countries, the currency composition has shifted, especially between the U.S. dollar and the euro. Before the Global Financial Crisis (GFC) of 2008, the share of the U.S. dollar has been on a downward trend while that of the euro had been on a steady rising trend, but since the crisis, the U.S. dollar …

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