Download or read book Three Essays in International Economics and Finance written by Simon Tièche and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thèse. HEC. 2023

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 Economic Development and International Economics written by Abdulrhman Mohmmad Alamoudi and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Finance and Financial Economics written by Xiaoqiang Hu and published by . This book was released on 1994 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Financial Economics written by Kolja Johannsen and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Finance and Econometrics written by Chien Nan Wang and published by . This book was released on 1987 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Macroeconomic and International Finance Issues written by Unja Chae and published by . This book was released on 2005 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on International Economics and Finance written by Juan Antonio Montecino and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the macroeconomic and social impacts of two increasingly common macroeconomic policies: restrictions on international capital mobility -- capital controls -- and so-called unconventional monetary policy -- often referred to as "quantitative easing." The consensus view is that capital controls can effectively lengthen the maturity composition of capital inflows and increase the independence of monetary policy but are not generally effective at reducing net inflows and influencing the real exchange rate. The first essay presents empirical evidence that although capital controls may not directly affect the long-run equilibrium level of the real exchange rate, they may enable disequilibria to persist for an extended period of time relative to the absence of controls. Allowing the speed of adjustment to vary according to the intensity of restrictions on capital flows, it is shown that the real exchange rate converges to its long-run level at significantly slower rates in countries with capital controls. The second essay studies the social welfare implications of capital controls when controls are imperfectly binding and financial markets actively aim to bypass regulation. I consider a series of models of a small open economy featuring a "Dutch disease" externality arising from excessive capital inflows, as well as strategic interactions between a regulatory authority attempting to enforce capital controls and a financial sector attempting to evade them. The models suggest that capital controls, by internalizing externalities associated with capital inflows, can improve welfare relative to a "laissez-faire" benchmark even when these are imperfectly binding. The third and final essay uses data from the Federal Reserve's Tri-Annual Survey of Consumer Finances (SCF) to study the distributional impacts of quantitative easing in the U.S. since the 2008-9 financial crisis. I decompose the change in the distribution of income into three key impact channels of QE policy: 1) the employment channel 2) the asset appreciation and return channel, and 3) the mortgage refinancing channel. The results suggest that while employment changes and mortgage refinancing were equalizing, these impacts were nonetheless swamped by the large dis-equalizing effects of asset appreciations.

Download or read book Three Essays on International Economics written by Toshiaki Shinozaki and published by . This book was released on 2012 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: My dissertation consists of three papers on international finance, international economics, and labor economics. The first paper develops a stochastic general equilibrium model to understand the effects of default risk on output, consumption, investment, and current account deficits in emerging markets. The second paper studies how market structure affects exchange-rate pass-through. This analysis is empirical as well as theoretical, using a partial equilibrium model. The third paper develops a model to study relative wages across different educational levels in developed countries. The model in my first paper features endogenous default risk. Its calibration results explain a number of important stylized facts about emerging economies, including the negative correlation between investment and net exports, the procyclicality of investment, and the potential for current account reversals. The second paper compares exchange-rate pass-through under perfect competition and oligopoly, showing that the two different market structures have opposite effects on this currency pricing behavior. The paper's empirical test, whether implemented on the basis of a partial equilibrium framework or on the model's general equilibrium framework, finds support for perfect competition. The third paper uses differences within and across industries in education wage premiums to study factors affecting those premiums. The paper begins by showing that within-industry as opposed to cross-industry educational wage premiums explain most of developed country differences in wages by education. It then develops a theoretical model and an empirical testing strategy, using U.S. and Japanese data, to examine whether the use of IT capital and the decision to outsource affect the education-wage premium. The answer is mixed depending on the country in question.

Download or read book Three Essays on Monetary and International Economics written by Mengdi Song and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Political Economy and International Public Finance written by Áron Kiss and published by Peter Lang. This book was released on 2009 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coalitions and political accountability -- Divisive politics and accountability -- Minimum taxes and repeated tax competition -- Summary in German.

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 Economics written by Maxwell Oteng and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on International Monetary Economics written by Jishnu Sen and published by . This book was released on 1997 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in the International Economics of Credit and Banking written by Bekele Sinkie Gebregiorgis and published by . This book was released on 2008 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Macroeconomics and International Economics written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines two issues in international economics and macroeconomics. The first is to understand the response of productivity to major real exchange rate appreciations and the second concerns how to compare the fits of different calibrated macroeconomic models. In the first chapter, I construct a model to clarify how the increased competition due to an exchange rate appreciation provides incentive for firms to improve productivity. However, if a firm is in an industry shielded by a high trade cost, then the incentive is weaker. In industries with fewer firms, profits are more responsive to productivity improvements, therefore, firms are more likely to invest more heavily in productivity improvement. Empirical analysis of Canadian manufacturing data from 1997 to 2006 finds evidence consistent with the model predictions. The second chapter presents testing procedures for comparison of misspecified calibrated models. The proposed tests are of the Vuong-type (Vuong, 1989; Rivers and Vuong, 2002). In the framework here, an econometrician selects values for the parameters in order to match some characteristics of the data with those implied by the theoretical model. We assume that all competing models are misspecified, and suggest a test for the null hypothesis that all considered models provide equal fit to the data characteristics, against the alternative that one of the models is a better approximation. The Carlstrom and Fuerst (1997) model and the Bernanke, Gertler and Gilchrist (1999) model are two leading models that study financial frictions in macroeconomic models. In particular, these models show that due to financial frictions, net worth plays an important role in obtaining external finance, and that at an aggregate level, net worth can propagate technology shocks and monetary shocks. However, neither paper examines whether the models can reproduce cyclical properties of net worth. The third chapter addresses this issue by applying the comparison.

Download or read book Essays in International Finance and Macroeconomics written by Eiji Fujii and published by . This book was released on 1999 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each of the three essays composing this dissertation investigates important economic and econometric issues in international finance and macroeconomics. The first essay, “Market Structure and the Persistence of Sectoral Deviations from Purchasing Power Parity,” examines the relationship between market structure and the persistence of the dollar-based sectoral real exchange rates for fourteen OECD countries. The empirical results based on disaggregated data suggest that differences in market structure significantly determine the rates at which deviations from sectoral purchasing power parity decay. Based on the findings, I argue that an imperfectly competitive market structure is an important source of the well-documented persistence in real exchange rates.