Mexico Consensus Economic Forecast, Volume 19, Number 1,
2016
University of Texas at El Paso
Mexico Consensus Economic Forecast, Volume 19, Number 1, Thomas M. Fullerton Jr., Adam G. Walke
Border Region Modeling Project
No abstract provided.
Why Are We Still Listening To This Dead British Guy: An Analysis Of Emergency Liquidity Assistance In Germany During The Sovereign Debt Crisis,
2016
Scripps College
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 …
Modelling The Impact Of Fiscal Policy On Non‑Oil Gdp In A Resource Rich Country: Evidence From Azerbaijan,
2016
Qafqaz University
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 …
Equity Commitment Under Uncertainty: A Hierarchical Model Of Real Option Entry Mode Choices,
2016
Portland State University
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.
Targeted Subordination Of Official Sector Debt,
2016
Duke Law School
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 …
Escaping The Poverty Trap: Formal Savings And Asset Accumulation In Rural Malawi,
2016
Claremont McKenna College
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 …
A Critical Examination Of Oil Wealth Management Strategies And Their Effects On Economic Growth In The Gulf Cooperation Council Countries,
2016
Claremont McKenna College
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 …
The Sovereign-Debt Listing Puzzle,
2016
Duke Law School
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 …
Competing For Refugees: A Market-Based Solution To A Humanitarian Crisis,
2016
Duke Law School
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 …
Fish Landings At The World’S Commercial Fishing Ports,
2015
Poseidon Aquatic Resource Management Ltd.
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 …
The Economic Impact Of Lifting Sanctions On Iran: How The Joint Comprehensive Plan Of Action Will Affect The Economy Of Iran,
2015
College of the Holy Cross
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 …
Trade Integration, Income Divergence, And Global Imbalances,
2015
Singapore Management University
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. …
Competition And Gains From Trade: A Quantitative Analysis Of China Between 1995 And 2004,
2015
Singapore Management University
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 …
Institutional Complementarity Across Countries In Bilateral Fdi Flows: Theory And Evidence,
2015
Singapore Management University
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 …
The Next Wave Of Globalisation,
2015
Singapore Management University
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
Remittances Without Borders,
2015
Singapore Management University
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 …
Peru: Open For Business,
2015
Singapore Management University
Peru: Open For Business, Singapore Management University
Perspectives@SMU
South America’s third-largest economy seeks to capitalise on growing global trade
Europe: Ready To Rebound,
2015
Singapore Management University
Europe: Ready To Rebound, Singapore Management University
Perspectives@SMU
Increasing trade, investment, and immigrant integration are keys to Europe’s economic vitality
Two-Year And Four-Year Tertiary Education: Measuring Human Capital Effects On Economic Growth In Developing And Developed Countries With The Uzawa-Lucas Model,
2015
Old Dominion University
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 …
Clamoring For Greenbacks: Explaining The Resurgence Of The U.S. Dollar In International Debt,
2015
Portland State University
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 …
