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Full-Text Articles in International Economics

Living With The Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, And Output Losses For Developing Countries, Joshua Aizenman, Hiro Ito Apr 2014

Living With The Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, And Output Losses For Developing Countries, Joshua Aizenman, Hiro Ito

Economics Faculty Publications and Presentations

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the relative policy divergence among the three trilemma policy choices, namely monetary independence, exchange rate stability, and financial openness, we find that emerging market countries have adopted trilemma policy combinations with the least degree of relative policy divergence in the last fifteen years. We find that a developing or emerging market country with a higher degree of relative policy divergence is more likely to experience a currency or debt crisis. However, a developing …

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A Laplace Stochastic Frontier Model, William C. Horrace, Christopher F. Parmeter Apr 2014

A Laplace Stochastic Frontier Model, William C. Horrace, Christopher F. Parmeter

Center for Policy Research

We propose a Laplace stochastic frontier model as an alternative to the traditional model with normal errors. An interesting feature of the Laplace model is that the distribution of inefficiency conditional on the composed error is constant for positive values of the composed error, but varies for negative values. Therefore, it may be ideally suited for analyzing industries with many forms on or close to the efficient frontier. A simulation study suggests that the model performs well relative to the normal-exponential model when the two-sided error is misspecified. A brief application to US Airlines is provided.

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Energizing Europe: The Geopolitics Of Energy Security And Energy Diversification In The European Union, Gabriel Alfredo Uribe Apr 2014

Energizing Europe: The Geopolitics Of Energy Security And Energy Diversification In The European Union, Gabriel Alfredo Uribe

Independent Study Project (ISP) Collection

Europe has always had an interesting relationship with Russia, be it social, political, or economic. From the days of the Cold War, when there was the ideological battle of communism versus capitalism, with the alliance of NATO representing a front against the Iron Curtain, certain remnants of this dynamic have still survived. Russia has not always had the best of relations with the European Union (EU), which has not made it easy for the EU to have fully functioning foreign relations with them. This is problematic specifically because of the importance that Russia has on EU energy security, as it …

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Externalities Of The Transatlantic Trade And Investment Partnership: Effects On Emerging Economies And The Developing World, Eric Stroiman Apr 2014

Externalities Of The Transatlantic Trade And Investment Partnership: Effects On Emerging Economies And The Developing World, Eric Stroiman

Independent Study Project (ISP) Collection

The process of globalization and the liberalization of the global trade regime has become an integral part of the modern political and economic landscape. The Transatlantic Trade and Investment Partnership (TTIP) currently being negotiated between the United States and the European Union has the potential to be the most impactful free trade agreement of the 21st century as these blocks represent the two largest economies in the world. This paper analyzes the conceivable effects of this agreement on the uninvolved emerging economies and developing countries of the world. The two main theories on the outcome heavily involve the fate …

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State Of The U.S. Ocean And Coastal Economies 2014, Judith T. Kildow, Charles S. Colgan, Jason D. Scorse, Pat Johnston, Matt Nichols Mar 2014

State Of The U.S. Ocean And Coastal Economies 2014, Judith T. Kildow, Charles S. Colgan, Jason D. Scorse, Pat Johnston, Matt Nichols

Publications

The nation's coasts and oceans contribute much to the United States economy. For the past 14 years, the National Ocean Economics Program (NOEP), now a program of the Center for the Blue Economy at the Monterey Institute of International Studies, has compiled time-series data that track economic activities, demographics, ports and cargo volume and value, natural resource production and value, non-market values, and federal expenditures in the U.S. coastal zone both on land and in the water. A report on the ocean and coastal economies of the United States was released by NOEP in 2009 covering data through 2005. The …

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An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang Mar 2014

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Economics and Finance Faculty Publications

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …

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International Migration And Economic Development Of Global Metropolitan Areas, Neil Ruiz Feb 2014

International Migration And Economic Development Of Global Metropolitan Areas, Neil Ruiz

Brookings Scholar Lecture Series

International migration is a global and local development issue. Migrants across international borders are transformative agents with economic, social, and political ties to origins and destinations. Migrants are the agents that link local economies through global flows of knowledge, trade, capital, and production. Through their networks, international migrants serve as valuable bridges between U.S. metropolitan areas and regional economies in other countries, and can facilitate trade networks through exports, imports, or the circulation of knowledge and the production process.

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Foreign Direct Investment And Total Factor Productivity In The Mining Sector: The Case Of Chile, Prince Stanislas Ilboudo Jan 2014

Foreign Direct Investment And Total Factor Productivity In The Mining Sector: The Case Of Chile, Prince Stanislas Ilboudo

Economics Honors Papers

This thesis investigates the impact of Foreign Direct Investment (FDI) on the Total Factor Productivity (TFP) in the Mining Sector of Chile. We use the Solow model and developed a Cobb-Douglas production function to estimate total output as a function of labor, capital and productivity. Hence, TFP is the portion of output that is not attributed to labor or capital and it is derived as the Solow ‘residual’. We estimate the capital variable as a function of capital stock corrected for depreciation and utilization rate. We derive the labor variable as a function of hours worked corrected for quality (education …

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An Analysis Of A High School Dropout In The United States, Matthew Walsh Jan 2014

An Analysis Of A High School Dropout In The United States, Matthew Walsh

Empirical Economic Bulletin, An Undergraduate Journal

The study explores the socioeconomic factors that lead to a student dropping out of high school. Unlike other papers this study focuses on the whole United States and the three primary ethnic groups within the country. Data from the National Center for Education Statistics, is used to investigate the crisis facing the future of the American economy across all fifty states. The results show that socioeconomic differences are predictive in the probability of a high school student dropping out prior to graduation

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Demographics On Crime: A Look At The U.S.A., Nicolas Eceizabarrena Jan 2014

Demographics On Crime: A Look At The U.S.A., Nicolas Eceizabarrena

Empirical Economic Bulletin, An Undergraduate Journal

This study aims to identify how change in social indicators and demographics affect crime, more specifically, the number of aggravated assaults. As policy makers attempt to reduce crime to improve social conditions, changes to social indicator and demographic variables would allow quantifying these changes. This study uses a cross-sectional data set for the fifty states in the United States of America for the 2005 period.

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2014, Central Bank Of Nigeria Jan 2014

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2014, Central Bank Of Nigeria

CBN Annual Report

Annual Report and Financial Statements of the Central Bank of Nigeria (CBN) for the year ended 31st December, 2014. In general, 2014 has been a very eventful and challenging year for the Bank, the country, and the world at large. In the course of the year, the Bank underwent significant changes in its governance composition. In 2014, the global economy witnessed considerable vulnerabilities characterized by fragile growth and weak economic outlook. Global growth recovery was modest and continued to be threatened by strong downside risks, as a result of sharp drop in commodity prices, escalating geo-political tensions, and heightening threats …

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A Factor Endowment Explanation For China’S Emergence As An International Trading Power: Calibrating The Dornbusch-Fischer-Samuelson Model For China’S Trade, 1968-2008, Roger White Jan 2014

A Factor Endowment Explanation For China’S Emergence As An International Trading Power: Calibrating The Dornbusch-Fischer-Samuelson Model For China’S Trade, 1968-2008, Roger White

Economics

Much has been made of the rise of China‘s economy and its emergence as a global trading power. Standard trade theory holds that comparative advantage is the basis for mutually beneficial exchange and, as such, it is the basis for international trade. In this chapter, we examine changes in labor supplies, capital stocks, and technology as possible explanations for the rise of China as an international trading power. Calibration of the Dornbusch-Fisher-Samuelson model suggests that China has gained comparative advantage relative to the US and to the cohort of high income countries considered in this study. Even though US production …

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Socioeconomic Determinants Of Violent Crime Rates In The U.S., Jacob Gesin Jan 2014

Socioeconomic Determinants Of Violent Crime Rates In The U.S., Jacob Gesin

Empirical Economic Bulletin, An Undergraduate Journal

This paper looks into socioeconomic factors affecting three racial groups within the United States, and the possibility of their effects on rates of violent crime. This study incorporates US census data in conjunction with FBI crime statistics in order to identify a correlation between select sociological variables experienced by different racial groups, and the rates of violent crime committed within those groups. Based on metropolitan areas by state for the year of 2012, the results of this study show that socioeconomic and family factors have a significant effect on violent crime rates regardless of race. Furthermore, violent crime rate gaps …

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Remittances And Economic Growth In Mexico: Long Term Implications, Sean Lambert Jan 2014

Remittances And Economic Growth In Mexico: Long Term Implications, Sean Lambert

Empirical Economic Bulletin, An Undergraduate Journal

This paper examines the impact of remittances on economic growth by looking at time series data from 1960 to 2012 from the country of Mexico. Using the OLS method, these data will be analyzed to see what the long term impact of remittances have been on the growth rate of Mexico. Drawing from the heavily established literature in the field of growth economics, this paper attempts to show the relevance of such theory in the case of the well documented phenomenon of remittances. Mexico is the world’s fourth largest net recipient of remittance inflows and the third largest trading partner …

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The Effects Of The First Round Of Quantitative Easing On Stock Prices In The United States, William Manak Jan 2014

The Effects Of The First Round Of Quantitative Easing On Stock Prices In The United States, William Manak

Empirical Economic Bulletin, An Undergraduate Journal

This paper examines the effects that the first round of the large-scale assert purchases known as Quantitative Easing (QE1) had on US stock prices. The paper focuses on the time period starting from the announcement of QE1 to before the second round of Quantitative Easing had been announced. This paper hopes to find a significant effect of stock prices in China as well as the exchange rate between the two countries, as the US and China are major trade partners. The effects of Chinese stocks and the exchange rate will be compared to the lower interest rates that had resulted …

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The Effect Of Extending Unemployment Insurance Benefits On Northeast State Unemployment Rates, Guillaume Sabourin Jan 2014

The Effect Of Extending Unemployment Insurance Benefits On Northeast State Unemployment Rates, Guillaume Sabourin

Empirical Economic Bulletin, An Undergraduate Journal

This paper investigates the effect of changes in the length of unemployment benefits on the unemployment rates of 10 northeast US states. This study includes the most likely variables that would influence the unemployment rate during the time span preceding and following the recent recession. The study observes various contributing factors to unemployment including median income, state GDP, demographics, education, and the construction, manufacturing, and financial services rate for each state. Using state-level data from government sources and a fixed effects empirical model, results suggest that unemployment benefit extensions result in a small but statistically significant increase in the unemployment …

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An Analysis Of The Appreciation Of The Chinese Currency And Influences On China's Economy, Lina Ma Jan 2014

An Analysis Of The Appreciation Of The Chinese Currency And Influences On China's Economy, Lina Ma

Electronic Theses and Dissertations

In recent years, China's economy development has had more and more impact on the global economy. The Chinese currency continued to appreciate since 2005, which has had both positive and negative results on Chinese's economy. The Chinese government uses the monetary policy to control the inflation pressure, which could work counter to Chinese exchange rate policy. RMB appreciation also has some effects on the Chinese banking system. Through the Global Trade Analysis Project (GTAP), a global computable general equilibrium model, we analyze how, when there is RMB appreciation, the Chinese exports and imports, and Chinese employment and income inequality react. …

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Socioeconomic Determinants Of Obesity In The United States, Jonathan Skaza Jan 2014

Socioeconomic Determinants Of Obesity In The United States, Jonathan Skaza

Empirical Economic Bulletin, An Undergraduate Journal

This paper investigates the socioeconomic determinants of obesity (as measured by BMI) in the United States. Logistic regression is employed on cross-sectional data from the 2011-2012 National Health and Nutrition Examination Survey (NHANES). The results show that, in general, holding other factors constant, individuals with a college diploma are less likely to be obese than those with a lesser education (except in extreme cases), married individuals are more likely to be obese than those that are not married, and females are more likely to be obese than males. Additionally, compared to white persons, Black and Hispanic persons have a greater …

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Determinants Of Foreign Direct Investment In Brazil, Matthew J. Duguay Jan 2014

Determinants Of Foreign Direct Investment In Brazil, Matthew J. Duguay

Empirical Economic Bulletin, An Undergraduate Journal

This paper is a time series analysis of the determinants of foreign direct investment inflows regarding the country of Brazil over the past 34 years. Brazil has seen rapid change throughout their country over the past few decades, and it now is one of the most popular hosts for foreign investors. GDP growth, trade openness, taxes, political instability, energy imports, and inflation are all as possible significant determinants of FDI inflows in Brazil that this model analyzes. The results show that inflation, trade openness, and political instability are the most significant variables when it comes to understanding FDI inflows.

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The Effect Of Income Inequality On Happiness Levels, Spencer Carlin Jan 2014

The Effect Of Income Inequality On Happiness Levels, Spencer Carlin

Empirical Economic Bulletin, An Undergraduate Journal

This paper investigates and presents the impact of income inequality upon general levels of happiness. The study will examine the influence of the income gap upon life satisfaction. Incorporating information from OECD databanks and the World Bank into a standard model in happiness studies, we will examine the effect on nations measured Happy Life Years (HLY). After careful examination this study provides a conclusion that reinforces past studies. Income inequality has a consistent significant and negative impact on subjective well-being and happiness levels. The study contributes to the inequality happiness literature, by examining the effects of inequality on happiness amongst …

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Learning By Exporting In India, Stephanie Lizardi Jan 2014

Learning By Exporting In India, Stephanie Lizardi

Empirical Economic Bulletin, An Undergraduate Journal

This paper examines learning by exporting, in which a firm experiences growth in productivity after entering export markets. The results of existing studies show conflicting evidence regarding whether productivity gains result from learning by exporting or whether productivity gains lead to exporting. This paper discusses the relationship between entering exporting markets and subsequent product innovation. Using data from nearly 6,000 firms in India, the results suggest that learning by exporting occurs when firms enter export markets, but only during the first year.

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Determinants Of Health In South American Countries, Andres Pernia Jan 2014

Determinants Of Health In South American Countries, Andres Pernia

Empirical Economic Bulletin, An Undergraduate Journal

This paper investigates, analyzes, and expands the relationship between under-five mortality and socioeconomic and health system factors. The study utilizes fixed effect panel data to estimate the determinants of under-five mortality in 12 counties across South America. As expected, the results show that GDP per capita is statistically significant and is robust in all of the estimated models. In addition, improved sanitation, gender equality, access to improved sanitation facilities, provision of primary education, and governance are also statistically significant and have positive effect on child mortality.

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Infant Mortality And Macroeconomic Changes In Latam, Daniel Mujica Jan 2014

Infant Mortality And Macroeconomic Changes In Latam, Daniel Mujica

Empirical Economic Bulletin, An Undergraduate Journal

This paper would analyze the effects that economic indicators have over mortality rates in Latin America. Hence, the purpose would be to represent the drives of changes in mortality. This will be achieved by undergoing a thorough analysis of correlated variables that will create a significant outcome over this important problem that emerging countries in Latin America need to solve in order to achieve long term economic and social prosperity.

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Institutions And Economic Growth In Bric Nations, Doug Flink Jan 2014

Institutions And Economic Growth In Bric Nations, Doug Flink

Empirical Economic Bulletin, An Undergraduate Journal

This paper looks at the impact of institutions on economic growth in the six largest countries in BRIC countries, Brazil, Russia, India, and China. The study will us OLS to examine the time period between the years 2002 and 2011. More specifically, it will measure the effect of institutions through a variety of measures including democracy and regulatory related variables. Through ordinary least squares regression analysis, the variables for democracy and regulation will be significant and have a positive effect on economic growth. This study will show that quality of institution does in fact support economic growth.

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The Effect Of Immigration Status On Income In Southern States Of The United States, Camila Espinal Jan 2014

The Effect Of Immigration Status On Income In Southern States Of The United States, Camila Espinal

Empirical Economic Bulletin, An Undergraduate Journal

According to the U.S census Bureau, in 2013 nearly a third of the U.S population are immigrants and 7.7/189 million are illegal. I will develop an econometric model to show the effect of immigration status Income. The ultimate goal of the paper will be to demonstrate the significance of immigration status on an Individual’s income. This paper will analyze if a person’s immigration status has a significant effect on the individual’s average wage and salary by focusing on three major high immigration density states: California, Florida, and Texas. The paper will focus on Hispanic immigrants to ultimately determine if immigration …

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Determinants Of Healthcare Expenditure In The Organization For Economic Cooperation (Oecd) Countries, Harry Waterton Jan 2014

Determinants Of Healthcare Expenditure In The Organization For Economic Cooperation (Oecd) Countries, Harry Waterton

Empirical Economic Bulletin, An Undergraduate Journal

This paper investigates the factors that determine the expenditure in healthcare within the Organization for Economic Co-Operation and Development (OECD) countries. The study will contain and be based around a regression model, using healthcare expenditure per capita as the dependent variable, for 10 of the 34 OECD countries. The data that will be analyzed ranges from 2000 to 2010 using the panel data analysis format, and will be extracted from the World Bank and OECD statistics websites.

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The Relationship Between Crime And Unemployment In China, Kuan Lu Jan 2014

The Relationship Between Crime And Unemployment In China, Kuan Lu

Empirical Economic Bulletin, An Undergraduate Journal

This paper investigates the relationship between crime and unemployment in China. The study incorporates the information, including data of the current crime rate, unemployment rate, income level, GDP growth, Gini index and urbanization rate, into a linear regression model to examine the influence of the unemployment rate on crime in China. The crime in China is measured by crime rate, which includes six specific types of crimes: homicide, assault, rape, robbery, theft and burglary. The results show that there is a positive relationship between crime and unemployment in China. When there is an increase in the unemployment rate, crime rate …

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The Globalization Of Human Rights In Post-Genocide Rwanda, Sadara Shine Jan 2014

The Globalization Of Human Rights In Post-Genocide Rwanda, Sadara Shine

Bridges: A Journal of Student Research

In the past two decades, Rwanda has been through major changes, from a conflict-ridden society with deep divisions between the two main ethnic groups–Hutus and Tutsis–to a case of impressive economic growth. Despite the progress, deep divisions and human rights issues exist. To avoid the recurrence of any conflict, both state and non-state actors are playing varied roles in a post-genocide Rwanda. Based on both primary and secondary sources, this article argues that in an era of globalization and postgenocide in Rwanda, non-state actors like international non-governmental organizations have the most impact in the preservation of human rights. So, in …

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Niche Markets And Their Lessons, Cally Jordan Jan 2014

Niche Markets And Their Lessons, Cally Jordan

Faculty Papers & Publications

Markets are full of nooks and crannies. Out of the glare of the big economies and their public exchanges, markets specializing by financial product, activity, or industry thrive, often attracting little by way of formal regulatory oversight. But there is another kind of specialized market, one which is geographically and politically determined albeit internationally focused. Luxembourg, Ireland, Dubai, Bahrain, Malaysia, Singapore, Switzerland, among others, these are some of the world’s niche markets.

It is a hard business being a niche market, operating in a competitive and often unforgiving environment, engaging in constant repositioning and facing inherent limitations on growth. Surprisingly, …

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The Impact Of Fdi And Trade Openness On The Economic Growth Of The Transition Economies, Regina Castro Jan 2014

The Impact Of Fdi And Trade Openness On The Economic Growth Of The Transition Economies, Regina Castro

Empirical Economic Bulletin, An Undergraduate Journal

This paper examines effects of FDI inflows and trade openness on economic growth of three former Soviet Union economies: Kazakhstan, Armenia and Ukraine. The study uses a regression model that incorporates data sets for the period from 1992 to 2011 obtained from the World Bank. The regression result indicates that FDI inflows are positively correlated to the economic growth of the transition economies. However, impact of FDI would vary for each specific country depending on the degree of capacity of the host country to use FDI efficiently. Trade openness has also a positive effect on the real GDP per capita …

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