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Articles 1 - 30 of 37
Full-Text Articles in Macroeconomics
Yearly Changes In Education Expenditure And Changes In Student Performance, Dale A. Manzo
Yearly Changes In Education Expenditure And Changes In Student Performance, Dale A. Manzo
Undergraduate Economic Review
Using data from the state of Florida in the 2000s, we dispute the findings of the Coleman report. We find that there is a positive relationship between changes in expenditure per pupil and changes in academic performance. This study takes advantage of changes in expenditure resulting from the Great Recession to formulate a quasi-experimental analysis of the relationship between expenditure per pupil and academic performance. Our conclusion is consistent with the theory of decreasing marginal returns to expenditure on education.
‘Vox Populi?:’ Assessing Nato Popularity Relative To Political And Economic Indicators In Selected Member Nations, Zachary W. Cheek
‘Vox Populi?:’ Assessing Nato Popularity Relative To Political And Economic Indicators In Selected Member Nations, Zachary W. Cheek
Undergraduate Economic Review
This paper seeks to identify the impact of political and economic conditions on a nation’s popularity/favorability ratings towards North Atlantic Treaty Organization, the world’s most powerful military alliance. It is found that in random-effect models there exists a significant positive relationship between a country’s democratic strength and favorability, as well as a negative relationship regarding unemployment. In fixed-effect models, however, there is slight evidence of a positive relationship with per-capita GDP, as well as negative relationships with the unemployment rate and the trade index. Overall, differences in member-nations largely account for whether democratic or macroeconomic conditions influence support.
Determinants Of Business Cycle Synchronisation In The Common Monetary Area In Southern Africa, Gustaf Dillner
Determinants Of Business Cycle Synchronisation In The Common Monetary Area In Southern Africa, Gustaf Dillner
Undergraduate Economic Review
This paper examines the key factors that determine business cycle synchronisation in the Common Monetary Area in Southern Africa by applying the extreme bounds analysis. I investigate traditional structural indicators and policy indicators of output correlation with annual data from 1980 to 2018. A positive effect of sector homogeneity and trade intensity on business cycle synchronisation is identified. However, whereas sector homogeneity is a growing trend correlating with an increasing trend of cycle correlation, trade intensity is not. Instead, trade intensity increases significantly in periods of stagnant growth when cycle correlation is higher, but no long-term trend can be seen.
The Google Trends Uncertainty (Gtu) Index: A Measure Of Economic Policy Uncertainty In The Eu Using Google Trends, Luisa Weinberg
The Google Trends Uncertainty (Gtu) Index: A Measure Of Economic Policy Uncertainty In The Eu Using Google Trends, Luisa Weinberg
Undergraduate Economic Review
The objective of this research is to use Google search data to build the Google Trends Uncertainty (GTU) index, a weekly measure of uncertainty surrounding economic policy in the four largest economies in the European Union: Germany, France, Italy, and Spain. By obtaining the relative popularity of Google searches with economic policy uncertainty connotations given a specific timeframe and geographical area, the frequency with which people search for terms related to economic policy effectively serves as a proxy for actual economic policy uncertainty. In its entirety, the various elements of this research allow to accurately and unbiasedly measure economic policy …
The Effects Of The African Continental Free Trade Agreement On Africa's Regional Economic Communities: An Empirical Analysis, Elizabeth Zhu
The Effects Of The African Continental Free Trade Agreement On Africa's Regional Economic Communities: An Empirical Analysis, Elizabeth Zhu
Undergraduate Economic Review
This study examines the economic effects of the African Continental Free Trade Agreement (AfCFTA) on three regional economic communities in Africa: COMESA, ECOWAS, and CEMAC. It scrutinizes the effects of the agreement on Africa’s largest trading partners: the EU, China, and America. Three scenarios are modelled using the GTAP CGE model: a removal of tariffs on 97% of goods, a removal of non-tariff barriers, and a combination of the previous two scenarios. The findings show that the welfare of all African regions increases due to AfCFTA, but to varying degrees, with CEMAC benefiting the least of the three regional blocs.
The Economic Implications Of Eliminating Coal Subsidies In G7 Countries, Rachel M. Kim, Pradnaya S. Pathak
The Economic Implications Of Eliminating Coal Subsidies In G7 Countries, Rachel M. Kim, Pradnaya S. Pathak
Undergraduate Economic Review
This paper analyzes the economic implications of eliminating coal subsidies in G7 countries (Canada, France, Germany, Italy, Japan, United Kingdom, United States) in light of the Paris Agreement and the 2009 commitment to addressing climate change. The study uses a computable general equilibrium (CGE) model and contains three different simulations: production subsidy removal, consumption subsidy removal, and both consumption and production subsidy removal in G7 nations. Three variables were analyzed: economic welfare, market price, and output quantity. The results obtained using the Global Trade Analysis Project (GTAP) indicate that coal price increases and output quantity decreases, while economic welfare varies.
Irving Fisher, The Debt-Deflation Theory, And The Crisis Of 2008-2009, Zacharie Quiviger
Irving Fisher, The Debt-Deflation Theory, And The Crisis Of 2008-2009, Zacharie Quiviger
Undergraduate Economic Review
Irving Fisher’s 1932 Booms and Depressions presents a fully specified, nine-pronged model of financial crises that has been widely forgotten by modern macroeconomists. This article builds on the renewed interest in Fisher’s Debt-Deflation Theory to explore its pertinence to the Great Recession. By parsing through macroeconomic data from the 2000s, it finds evidence of debt-deflation spiraling and of the nine Fisherian “main factors” co-varying as the author had predicted during the 2008-2009 financial crisis. The article concludes in assessing the uses of Fisher’s work in current macroeconomics and in arguing for a greater consideration of its insights.
Is Diamond A Resource Curse For Africa?, Karli Hamrick
Is Diamond A Resource Curse For Africa?, Karli Hamrick
Undergraduate Economic Review
This paper investigates the resource curse in diamond exporting industry in African countries. The empirical evidence about the “resource curse” is mixed in literature and almost none has been done regarding diamond. Our study aims to bridge that gap. The results suggest that diamond export is positively correlated with well-being in a group of African countries. In other words, the “resource curse” may not occur in diamond mining industry after the Kimberly Process (KP) was put in place in 2002. We argue that the KP serves as a good institution and has created good incentives for firms in the industry. …
Understanding The Characteristics Of Remittance Recipients In Venezuela: A Country In Economic Crisis, Nicole A. Degla
Understanding The Characteristics Of Remittance Recipients In Venezuela: A Country In Economic Crisis, Nicole A. Degla
Undergraduate Economic Review
This essay analyzes household surveys from the World Bank Global Financial Inclusion Database for the years 2011, 2014, and 2017, as a means to distinguish individual level characteristics of remittance recipients in Venezuela. Remittances are defined as “crossborder, person-to-person payments of relatively low value. The transfers are typically recurrent payments by migrant workers to their relatives in their home countries (World Bank, 2015). Through the use of a linear probability model and probit regressions, I examine the variables age, gender, education level, and income quintile. Results of the analysis find that age has a statistically significant negative effect on the …
How Do Interest Rates Affect Market Capitalization Growth Rates In The Us?, Philip Carolin
How Do Interest Rates Affect Market Capitalization Growth Rates In The Us?, Philip Carolin
Undergraduate Economic Review
This paper investigates how interest rates affect the market capitalization growth rate of individual companies in the US. The research will distinguish itself from previous literature as it analyzes company and macroeconomic data after the 2008 recession. This is particularly interesting as interest rates have been historically low in this time period. Previous research suggests that since the Great Recession the effects of interest rate changes have decreased. On the contrary I will argue that the effects of interest rates still appear to be significant and substantial when explaining the market capitalization growth rate.
The Argentine Great Depression, Laira Aggarwal, Francois Ries, Alejandro Salvador
The Argentine Great Depression, Laira Aggarwal, Francois Ries, Alejandro Salvador
Undergraduate Economic Review
The purpose of this paper is to comprehend the business cycle of the Argentine Crisis (1998-2002). The following paper will outline the crisis, starting off with a comprehensive literature review on the topic, analyzing its causes and consequences, followed by a survey on the policy-responses undertaken by the Argentine government to combat the recession. The crisis will then be analyzed in the context of the IS-LM model of macroeconomics.
A Cge-Model Analysis Of U.S. Imposed Automotive Tariffs, Angela Li
A Cge-Model Analysis Of U.S. Imposed Automotive Tariffs, Angela Li
Undergraduate Economic Review
Using a computable generable equilibrium (CGE) model, this research paper evaluates the effects of a U.S. imposed 25% automotive import tariff on NAFTA countries and the European Union, the greatest U.S. automotive trade partners. Three simulations were conducted: the implementation of tariffs with no retaliation, equivalent retaliation on the same products, and retaliation on the top exports of politically significant states, with sensitivity analysis applied in the final scenario. The results demonstrate that the EU is marginally affected while the NAFTA countries experience the greatest increases in prices and reduction in total wages.
Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah
Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah
Undergraduate Economic Review
Hedge funds are often viewed from a positive or negative lens in the public and academic forum. However, both of these perspectives neglect structuralist factors. This paper analyzes the effect of these antecedent economic, political, and legal structures. I argue that these structures are at the root of hedge fund behavior, particularly during financial crises. The financial crises of two peripheral countries, Iceland and Cyprus, are used as case studies to illustrate how hedge fund involvement diverges as a result of structural factors.
Foreign Capital Inflows And Economic Well-Being: A Statistical Analysis Of 46 Sub-Saharan African Countries From 1995-2015, Alexander M. Csanadi
Foreign Capital Inflows And Economic Well-Being: A Statistical Analysis Of 46 Sub-Saharan African Countries From 1995-2015, Alexander M. Csanadi
Undergraduate Economic Review
Variation in the economic well-being among sub-Saharan African countries is among the highest of any region in the world. This paper attempts to address this disparity by exploring the role of foreign capital inflows. This project extends the concept of well-being beyond GDP growth, to include measures of poverty and inequality. A multivariate regression analysis finds that the observed capital inflows have significant effects on all three measurements of well-being. Findings suggest that the level of affluence of the domestic population has significant effects on the ability of those populations to translate diaspora remittances into improvements in well-being.
Accounting For Leverage In Intangible And Tangible Investments Across The Business Cycle, Neil Mauskar
Accounting For Leverage In Intangible And Tangible Investments Across The Business Cycle, Neil Mauskar
Undergraduate Economic Review
In this paper, I study the role of the leverage ratio and its impact on investing in tangible and intangible goods. The results confirm the hypotheses outlined in the introduction. Specifically, the results show that when accounting for differences in the leverage ratio between firms, investment is cyclical. However, when looking only at firms with low leverages, intangible investing becomes countercyclical. Moreover, during recessions, firms with lower leverages tend to invest more than firms with higher leverages. Finally, the results argue for the existence of financial frictions between investing in tangibles and intangibles.
The Economic Impacts Of A U.S. Withdrawal From Nafta: A Cge Analysis, Jonathan Liu
The Economic Impacts Of A U.S. Withdrawal From Nafta: A Cge Analysis, Jonathan Liu
Undergraduate Economic Review
The aim of this study is to examine the economic impacts of a U.S. withdrawal from the North American Free Trade Agreement (NAFTA) on Canada, Mexico and the United States. The shocks simulate scenarios in which the U.S instates penalizing tariff rates on NAFTA countries, a trade war between NAFTA members and a tariff reset to the WTO MFN rates. The effects of these tariff structures are analyzed under the framework of a computable general equilibrium (CGE) model with a focus on macroeconomic variables and welfare. The findings show that, in all iterations, Mexico’s economy takes a substantial hit, America’s …
Making The Grade: The Contribution Of Education Expenditure To Economic Growth, Neil Frank
Making The Grade: The Contribution Of Education Expenditure To Economic Growth, Neil Frank
Undergraduate Economic Review
Does education expenditure promote long-run economic growth? Empirical evidence is inconclusive. This paper addresses the question of how education expenditure influences economic growth using a long run growth accounting model analyzing 179 countries from 1970 to 2014. Overall, the results indicate that education expenditure does positively affect growth. However, when the sample is split into different criteria based on economic prosperity of the countries in question, the results change. In non-oil countries education expenditure increases economic growth, in developing countries education expenditure has a negative impact and in OECD countries the impact is non-significant.
Measuring Health Outcomes Of Uncovered Employment: A Study Of Income, Social Mobility, Equality, And Health Indicators In An Under-Looked Segment Of The Labor Force, Zakariya Kmir
Undergraduate Economic Review
Economists have strongly supported the idea that unemployment causes many undesirable health outcomes. However, how does belonging to a different sector of employment tied closely to changes in minimum wage and inflation relate to overall health? To properly understand the numerical significance of health disparities in the uncovered sector of employment, this research is targeted at quantifying the relationship between the insured and non-insured within the uncovered sector. By substantiating the existence of severe health disparities as a function of the labor force dynamic, this research subsequently estimates the amount of inefficiency and negative health outcomes in the US economy …
The Perceived Return On College Investment In Relation To Economic Expectations Of Students At The University Of Maryland, Joshua S. Roston
The Perceived Return On College Investment In Relation To Economic Expectations Of Students At The University Of Maryland, Joshua S. Roston
Undergraduate Economic Review
This paper presents the results of a survey conducted in the spring semester of 2017 of University of Maryland students. The results illustrate how University of Maryland students weigh the decision to attend college in terms of their perceived current economic situation and future expectations as well as predicted return on investment. A body of economic literature on the perception of return on investment from attending college exists already and this study hopes to add to the discussion as its results are unexpected. The results imply that the current generation of college students feels uncertain over the worthwhileness of higher …
Education And Economic Dominance, Daniil Kashkarov
Education And Economic Dominance, Daniil Kashkarov
Undergraduate Economic Review
The paper examines the role of national education in achieving leading positions in global economic relations. Theoretical part uses stock of knowledge accumulated by scholars in the sphere related to human capital. Empirical part uses logistic regressions in order to test for relationship between global economic dominance and national education. Membership in the G20 is used in the models as a dependent categorical variable indicating the fact of the worldwide leadership. The models indicate that human capital and its educational part have statistically significant influence on the probability of becoming worldwide economic leader.
The Impact Of Culture, Institutions, And The Euro On Trade Flows In Europe, James Aylward
The Impact Of Culture, Institutions, And The Euro On Trade Flows In Europe, James Aylward
Undergraduate Economic Review
This paper sets out to study the role of cultural and institutional differences across European countries in explaining patterns of bilateral trade within Europe by using a gravity model approach on panel data for 24 European countries, covering the years 2002 through 2006. It may be expected that cultural and institutional “distance” between Eurozone countries would have a comparatively smaller impact on bilateral trade flows by virtue of the countries’ shared currency relative to the impact of such determinants on bilateral trade flows between two countries that do not share a currency. Alternatively, such determinants could have a significant impact …
Exploring Economic And Social Factors That Increase Economic And Well-Being Measurements Of Developing And Developed Countries, Kofi D. Boadu
Exploring Economic And Social Factors That Increase Economic And Well-Being Measurements Of Developing And Developed Countries, Kofi D. Boadu
Undergraduate Economic Review
The historical growth paths of developed and developing countries reveal the challenges that developing countries face in traveling the road from poverty to prosperity. Based on economic development literature, economic theory, and ordinary least squares (OLS) regression method, this research considers whether or not, and to what extent globalization characteristics, foreign direct investment levels (FDI), secondary school enrollment rates, information communication technology (ICT) as a percentage of trade imports, and happiness levels of 103 developing and developed countries, impact their GDP per capita levels. This paper will also take a look at alternative ways of viewing and measuring economic success.
Is All Foreign Aid The Same? : An Empirical Comparison Of The Effect Of Multilateral And Bilateral Aid On Growth, Scott B. Jeffrey
Is All Foreign Aid The Same? : An Empirical Comparison Of The Effect Of Multilateral And Bilateral Aid On Growth, Scott B. Jeffrey
Undergraduate Economic Review
Despite decades of research on foreign aid, there is little to no consensus on foreign aid’s effect on growth. While most in the field study recipient country characteristics, such as institutional quality, this paper also breaks down foreign aid by donor characteristics, specifically by bilateral and multilateral donors. Since about 75% of foreign aid is bilateral, my bilateral findings are in line with previous literature that finds high institutional quality key (Burnside and Dollar 2000; 2004), but I find that multilateral aid works best in low-income countries with poor policy environments, due, perhaps, to lacking political goals of donor countries.
A Closer Look At The Impact Of Quantitative Easing On The Capital Markets: Garch Analysis Of The Exchange Traded Funds Market, Nicholas R. Duafala
A Closer Look At The Impact Of Quantitative Easing On The Capital Markets: Garch Analysis Of The Exchange Traded Funds Market, Nicholas R. Duafala
Undergraduate Economic Review
This paper analyzes the effects of quantitative easing (QE) on the capital markets by modeling exchange traded funds (ETFs) returns using a generalized autoregressive conditional heteroskedasticity (GARCH) methodology. The results show that the 10-Year Treasury yields are significant in the returns of some sectors of the economy more so than others, and the Federal Funds Futures trading volume is significant in all ETFs return volatility. The implications of these results not only provide information about the reaction of the ETF market and QE, but also provide insight for developing investment strategies.
An Economic Analysis Of Housing Market Instability And Affordability In China, You Wang
An Economic Analysis Of Housing Market Instability And Affordability In China, You Wang
Undergraduate Economic Review
Applying an intertemporal optimization model proposed by Aizenman and Marion (1991), this research quantifies instability in the Chinese housing market. Although the Chinese government established numerous real estate policies to ensure the stability of the housing market, the regression analyses indicate that housing policies had no significant impact on the stabilization of the Chinese housing market. Alternatively, macroeconomic factors are identified as significant explanatory variables to the instability of housing prices. In addition, this research computes the median multiple for major cities in China and provides an alternative means of investigating the abnormal housing price situation in China.
A Backward Bending Supply Of Loanable Funds: An Examination Of The Interest Rate Elasticity Of Saving, Rachel M. Doehr Ms.
A Backward Bending Supply Of Loanable Funds: An Examination Of The Interest Rate Elasticity Of Saving, Rachel M. Doehr Ms.
Undergraduate Economic Review
The market for loanable funds is presented as either a market with an upward sloping supply curve, or as one with a perfectly inelastic supply. This paper relates the supply of loanable funds to the supply curve in the labor market: backward bending. Once interest rates are high enough, people start to save less, creating the "backward bend.” This explains the discrepancies in previous literature that attempted to put a single value on the interest rate elasticity saving. The reason for the variation in values could be because the elasticity actually depends on the point on the curve.
Will The U.S. Velocity Of Money Step Up Again? New Evidence From The Random Walk Hypothesis, Anh Thu Tran Xuan
Will The U.S. Velocity Of Money Step Up Again? New Evidence From The Random Walk Hypothesis, Anh Thu Tran Xuan
Undergraduate Economic Review
The recent decrease in U.S. money velocity raises debates about its unit root behavior. This paper revisited the random walk hypothesis (RWH) of the U.S. money velocity in 1960-2010 and two sub-periods 1960-85 and 1986-2010 by applying the Variance Ratio methodologies, including new nonparametric tests by Wright (2000) and Belaire-Franch and Contreras (2004). The results suggested that the velocity would likely increase, and the U.S. monetary policy will soon stimulate GDP and employment. Furthermore, past velocity is important to predict the future outcomes, and changes in financial structural could alter the empirical characteristics of the velocity series.
The Spanish Export Led Recovery, David Wagner
The Spanish Export Led Recovery, David Wagner
Undergraduate Economic Review
I researched the export-led recovery currently taking place in Spain. My thesis revolved around Mariano Rajoy and the Popular Party coming into power in 2011 and instituting reforms in three distinct categories; financial market reforms, fiscal measures, and labor market reforms. These reforms have had a significant impact in restoring credibility in Spain's capital markets and decreasing unit labor costs. In turn, Spain has shown impressive export growth in the past two years, especially compared to its neighbors Italy and France.
Inflation Targeting And Growth: The Role Of The Tradable Sector, Luis Monroy Gómez Franco
Inflation Targeting And Growth: The Role Of The Tradable Sector, Luis Monroy Gómez Franco
Undergraduate Economic Review
This paper provides an analytical explanation to the empirical association between monetary policy conducted according to the inflation targeting (IT) framework and the appreciation of the exchange rate, relating it to the literature on the effects of the exchange rate on growth. A two sector small open economy model is developed in which the behavior of the non tradable inflation and the nominal exchange rate are analyzed. The results indicate that the response to inflation variance under the IT regime causes the appreciation trend. Since this trend is not reversed immediately, increasing returns in the tradable sector affect capital accumulation.
Demand For Money And Exchange Rate: Evidence For Wealth Effect In India, Sahadudheen I
Demand For Money And Exchange Rate: Evidence For Wealth Effect In India, Sahadudheen I
Undergraduate Economic Review
External factors such as variations in exchange rates should, to some extent, affect the composition of optimal money holdings. It was Robert Mundell who proposed the idea that demand for money could depend on the exchange rate in addition to the income and interest rate. Changes in exchange rate may have two effects on the demand for domestic currency, wealth effect and currency substitution effect. The main objective of the paper is to examine the effects of exchange rate on domestic demand for money in India covering the period of 1998Q1 to 2009Q4. The statistical and time series properties of …