Download or read book Three Essays in Empirical International Macroeconomics written by Andreas Billmeier and published by . This book was released on 2005 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical International Economics written by Francesco Nucci and published by . This book was released on 1998 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Macroeconomics written by Mahir Binici and published by . This book was released on 2010 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Macroeconomics and Finance written by Enrique Martinez-Garcia and published by . This book was released on 2007 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical Macroeconomics written by Martina Hengge and published by . This book was released on 2019 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on International Macroeconomics written by Jesús María Godoy Bejarano and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation presents three essays on international macroeconomics. The first article is a literature review of three separate, and often disconnected, strands of the economic literature that has addressed pairs of linkages between foreign indebtedness, economic growth, and macroeconomic volatility during the last three decades. The article surveys the main findings of the theoretical and the empirical literature, with an emphasis on findings relevant to macroeconomic policymakers. We find that endogeneity and nonlinearity are the central econometric in estimating each of the bivariate relationships due primarily to institutionally related, debt overhang, and credit rationing problems. Motivated by these findings, we propuse a parsimonious empirical model, called the "debt-growth-volatility nexus" , which unites these strands of inquiry. The second article uses a GVAR approach to address the endogeneity issue in the relations among public debt, economic growth and macroeconomic volatility. Based on a sample of 81 developed and developing countries over the 1970-2011 period, we find strong evidence supporting bidirectional links between debt and growth, debt and volatility, and growth and volatility. Our setup of country groups indicates that negative and positive effects can coexist in the world economy. The third article addresses the nonlinearity issue using a disequilibrium approach. We disentangle the credit rationing effect from the nonlinear relation between debt and growth commonly known as debt overhang. Using a sample of 28 developing countries over the period from 1970 to 2010, we estimate a switching model with unknown sample separation and a set of proxies for credit rationing that we next introduce into a growth model. Our estimates indicate that credit rationing can explain the negative effect of high debt levels on growth rates.

Download or read book Three Essays in International Macroeconomics written by Ivan Pentchev Tchakarov and published by . This book was released on 2003 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical Macroeconomics written by Jae-ha Park and published by . This book was released on 1991 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Open Economy and International Macroeconomics written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation comprises three essays in open economy and international macroeconomics. The first essay investigates the propagation mechanism of real exchange rate shocks to key real sectors that constitute U.S. foreign trade. The analysis is carried out by decomposing the U.S. trade balance into agriculture, manufacturing and services and evaluating how these sectors respond through the monetary policy channel to a shock in the real exchange rate. A VAR model is constructed using quarterly data of the U.S. foreign trade from 1976Q2 to 2005Q1. The results show that a shock to the real exchange rate has a greater impact on manufacturing and services net trade relative to agriculture. Moreover, the results also indicate, at the sectoral level, that exports are more sensitive to the real exchange rate shocks than are imports. These results are important to researchers using dynamic stochastic general equilibrium (DSGE) models of small open economies because they show transmission features of real exchange rate and monetary policy disturbances to key sectoral components of exports, imports and the trade balance. The second essay employs a dynamic stochastic general equilibrium framework to an open economy setting in order to investigate the mechanism through which the key sectors of agriculture, manufacturing and services are affected by shocks in the real exchange rates. The essay investigates exchange rate movements as deviations from purchasing power parity, disregarding the changes in the prices of non-tradable goods relative to tradable goods among countries. The results suggest that exchange rate movements are a function of structural parameters that constitute the three sectors of agriculture, manufacturing and services such as labor shares and the elasticity of substitution between domestic and foreign goods. The third essay examines the key forces driving innovation among entrepreneurs of ICT (information and communications technology) firms within Bangalore, India0́9s leading software city. The essay employs the multinomial logistic technique on qualitative variables related to education, social strata, experience, and diaspora of Indian software entrepreneurs to show empirically their relevance in explaining Schumpeterian innovation in the Indian software industry. This study not only looks at the impact of years of schooling on innovation, but also the types of education received by an entrepreneur, such as technical or commercial type of education, whether the last degree was received from India or from abroad and whether the entrepreneur attended the Indian Institute of Technology. The empirical results indicate that, the level of education, in terms of number of years of schooling and types of education received by an Indian software entrepreneur are statistically significant in explaining innovation in the Indian software industry. The results also show that, more years of experience in the software industry by an entrepreneur, increases the probability that they become innovators and reduces the likelihood of imitation. Moreover, the likelihood of adaptation is invariant to years of experience in the industry. We also investigate whether exposure to foreign technology increases the likelihood of innovation in the industry by examining three types of diaspora networks, that is, living abroad, working abroad and being a CEO abroad at least 6 months before establishing a software company in India. The results suggest that this foreign exposure increases the likelihood of innovation and reduces imitation and adaptation. Among studies of Indian entrepreneurs examining caste, this study is unique in that caste has no statistical significance in explaining entrepreneurship.

Download or read book Three Essays on International Economics and Macroeconomics written by Seungjin Kim and published by . This book was released on 1995 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Empirical Macroeconomics written by Patrick Hürtgen and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Intervention Interest Rates and Charts written by Mr.Mark P. Taylor and published by International Monetary Fund. This book was released on 1991-11-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.

Download or read book Three Essays on International Economics written by Shu-Wing Eddery Lam and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation comprises of three essays in international macroeconomics. The first essay investigates the competition between two city states, both of which will stand in place of countries in the global scheme. Under the framework of the three-stages-game, we assume that there are two cities competing for dominance over two sectors: the manufacturing sector and the nancial sector. In addition, the government of each city state can build infrastructure to increase the competitiveness of the financial and distributive firms of its city. Under this framework, we are able to show that the amount of resources, the start-up costs of providing services, and the relative e ectiveness of their infrastructures determine the optimal amounts of infrastructures the cities decide to build, and thus also decide the equilibrium outcome of this game. In my second essay, we examine the relationship between income distribution and import patterns. The Linder hypothesis states that countries with similar economic characteristics should trade more often. However, although the total volumes of trade between these countries are similar, the traded goods may be different. This paper investigates the trading patterns of countries with similar characteristics. Specifically, we analyze the relationship between the import patterns and income distributions of importers. We develop an import similarity index to portray the composition of imports and utilize the idea of a "market overlap," a theoretical concept proposed by Bohman and Nilsson (2007), to represent the similarity of income distributions across different importing countries. We provide empirical evidence to support the notion that countries with similar income distributions display similar import patterns. We also separate countries by income level and find that income distribution exerts a positive impact on the similarity of import patterns for all but low income countries. Finally, we incorporate the characteristics of goods into our analysis and show that the positive relationship between income distributions and import patterns holds for differentiated and reference-priced goods, but not for homogeneous goods. In my final essay, we look into another aspect of international literature: the exchange rate. In the literature, we find that vector autoregressive (VAR) models and impulse response analyses are common tools to study the relationship between monetary policy and exchange rate movements. Therefore, it is important to investigate the accuracy of the VAR model. In the first part of this essay, we assume that the true, underlying, data-generating process is hump-shaped, which is the shape of the impulse response of exchange rate to a monetary policy shock. We show that results estimated from any VAR models applying AIC as their lags selection are biased. We also introduce two possible solutions to remedy this bias: the use of more lags in the VAR models or the use of the proposed loss functions estimations. These results suggest we should be cautious when interpreting empirical evidences on international literature. In the second part of the same essay, we investigate another issue that is closely related to the exchange rate and the VAR model. Under the estimation of the VAR model, the researcher implicitly assumes that the objective loss function is quadratic. However, it is a well accepted fact that monetary authority adjusts the interest rate according to policy. One of the objectives of the monetary authority is to influence the exchange rate in their favor. They estimate the size of the loss caused by deviations from the current exchange rate to the rate they desire, and then they adjust the amount of money in the international market. We propose an asymmetric loss function that monetary authorities may use to estimate the impulse response of the exchange rate to a contractionary monetary policy shock. We then compare these estimated impulse response functions to those estimated by the VAR. We find that while both of these estimated impulse response functions share the same sign, the magnitude and the duration of the shock are quite different. These results suggest that the VAR model may not be appropriate in estimating the exchange rate movement.

Download or read book Three Essays in International Macroeconomics written by Katrin Rabitsch and published by . This book was released on 2008 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Macroeconomics and Macroeconomics written by Hangyu Lee and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Macroeconomics written by Adam Hubert Gulan and published by . This book was released on 2011 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three separate essays in the field of international macroeconomics. The objective of the first and third chapters is to add to the understanding of some of the aspects of international business cycle fluctuations, both of developed economies, as well as developing ones. The second chapter sheds some new light on the behavior of current account positions in advanced economies. In the first chapter, I revisit the consumption correlation as well as the Backus--Smith puzzles by inspecting the role of financial markets. Relative to the existing literature, I introduce explicit international trade in stocks and bonds in an otherwise standard model of international business cycles. The results show that markets with symmetric trade in stocks allow for a high degree of risk sharing and closely mimic the Arrow--Debreu economy despite being formally incomplete. Risk sharing decreases in asymmetric stock and nominal bond markets, but is still higher than in a single commodity bond economy. The results, therefore, cast doubt on the explanation of the two puzzles based on highly restricted asset trade and large degree of market incompleteness. I also provide empirical evidence that output net of investment and government spending tends to be less correlated across countries than consumption, much less than output itself. This constitutes a new form of the consumption correlation puzzle. The puzzle can be accounted for in the presence of high home bias and low elasticities of substitution between domestic and foreign baskets. In the second chapter, I apply the weak axiom of revealed preference theory (WARP) in the context of a 2-period model of the current account. According to this argument, certain changes in current account positions should be precluded. In particular, a country which initially ran a current account deficit, should remain in deficit after the exogenously given interest rate drops. Similarly, a country running a surplus should remain a lender if the interest rate goes up. The argument holds for both an endowment economy as well as for a model with production. To check whether the changes in CA positions are in line with WARP I employ econometric models of binary choice on a panel of 22 developed economies. The results suggest that the axiom is largely at work, i.e. I find no statistical evidence of violations of the revealed preference axiom in all but one regression. In the third chapter, I turn the attention to the peculiarities of business cycle fluctuations in developing countries. Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging markets. In order to capture this, most business cycle models of emerging economies have nonetheless relied on ad hoc and exogenous countercyclical interest rate processes. I offer a solution to this shortcoming by embedding a financial contract a la citet{bgg1999} into a standard real business cycle model of a small open economy. Because of the existence of agency problems between foreign lenders and domestic borrowers, this financial structure allows me to fully endogenize the existence of an external finance premium that drives country interest rates. I then take the model to data from emerging economies and show that this modification allows to properly account for many of the stylized facts of business cycles in emerging economies, particularly the strong volatility and countercyclicality of interest rates. I also fit the model to data from developed small open economies and find that the estimated parameters that define the financial contract differ in nontrivial ways from those estimated to emerging economies.

Download or read book Three Essays in International Macroeconomics written by Aurelijus Dabusinskas and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: