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Essays In Open Economy Development
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Book Synopsis Essays in Macroeconomics of an Open Economy by : Franz Gehrels
Download or read book Essays in Macroeconomics of an Open Economy written by Franz Gehrels and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: The large aggregates in the economy - consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness - are analysed in this book as problems in time-optimisation for enterprises and households. The effects of fiscal and monetary policies along with exchange-rate variation are examined, and their simultaneous use for stabilizing demand are found to be necessary. All household decisions on consumptions, savings, and financial disposition are conditioned by uncertainty, and similarly for firms, who make more complex simultaneous decisions on production, real investment, financing, and market strategy. The marginal efficiency-of-investment function derived from these decisions is fundamentally different from the marginal productivity of capital in the neoclassical sense. An economy which grows through the accumulation of capital, increase in labor supply, and technological progress is the framework in which all of these variables move. This codetermines the allocation of factors between domestic and international production, and the development of foreign trade. The growth both of the public debt and of international investment are treated in depth.
Book Synopsis Development Policy in an Open Economy by : Anyaegbunam W. Obi
Download or read book Development Policy in an Open Economy written by Anyaegbunam W. Obi and published by . This book was released on 1991 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade, Growth, and Economic Policy in Open Economies by : Karl-Josef Koch
Download or read book Trade, Growth, and Economic Policy in Open Economies written by Karl-Josef Koch and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part 1 of this volume focusses on globalization. Gains from trade, international competitiveness, labour market issues in open economies, customs unions, dumping and intra-firm trade are the topics of this part. Part 2 puts a stronger emphasis on dynamic economics. Social income, intergenerational transfers, public pension systems, and bequest and gift motives in overlapping generation models are main topics. Economic policies are analyzed in Part 3, including the relation between wage rigidity and migration, several aspects of German financial and monetary policy, as well as tax competition. The volume concludes with institutional issues of globalization, a western view on eastern transition, social cost of rent seeking, and the evolution of social institutions.
Book Synopsis International Trade and Economic Growth in Open Economies by : John Berdell
Download or read book International Trade and Economic Growth in Open Economies written by John Berdell and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This work will be of great interest to both historians of economic ideas and economists concerned with modelling the interactions between growth and international trade."--BOOK JACKET.
Book Synopsis Essays in Open-economy Macroeconomics by :
Download or read book Essays in Open-economy Macroeconomics 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 addresses three issues in international macroeconomics. The first chapter examines optimal portfolio decisions in a monetary open economy DSGE model. In a complete market environment, Engel and Matsumoto (2005) find that sticky price can generate equity home bias. However, their result is sensitive to the structure of the financial market. In an incomplete market environment, we find "super home bias" in the equilibrium equity portfolio, which casts doubt on the ability of sticky price in describing the observed equity portfolios. We further show that introducing sticky wages helps to match the data. The second chapter analyzes the welfare impact of financial integration in a standard monetary open-economy model. Financial integration may have negative effects on welfare if integration occurs in the presence of nominal price rigidities and constraints on the efficient use of monetary policy. The reason is that financial integration leads to excessive terms of trade volatilities. From a policy perspective, the model implies that developing economies that are experiencing financial integration may attempt to alleviate the welfare cost of integration by stabilizing the exchange rate. This prediction is consistent with the widespread reluctance to following freely floating exchange rates among these economies. On the other hand, for advanced economies that have the ability to operate efficient inflation targeting monetary policies, financial integration is always beneficial. Thus, the model accounts for the observed acceleration in cross-border asset trade among advanced economies in the early 1990s as it was mainly the industrial countries that switched to an inflation targeting regime at the time. The third chapter uses an open-economy neoclassical growth model to explain the saving and investment behavior of the U.S. and a group of other OECD countries. We find that while the model explains investment quite well, it tends to overpredict U.S saving a.
Book Synopsis Essays in Open Economy Development by : Zhizhuang Ge
Download or read book Essays in Open Economy Development written by Zhizhuang Ge and published by . This book was released on 2015 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays that deal with the development of open developing economies. These economies have experienced drastic divergence in terms of economic growth from the 1970s through the 2010s. One important feature of those countries that have lagged behind is their failure to build up their domestic innovation capacity.Abstract The first chapter discusses the policies that may have an impact on the long-run innovation capacity of developing economies. The existing literature emphasizes that the backward linkage of foreign-owned firms is a key to determining whether FDI is beneficial or detrimental to a domestic economy. However, little empirical evidence has shown which aspects of FDI policies lead to a strong backward linkage between foreign-owned and domestic firms. This paper focuses on the foreign ownership structure of these foreign-owned firms. I show that joint ventures (i.e, firms with 1%-99% foreign share) have stronger backward linkages than MNC affiliates (i.e, firms with 100% foreign share) with domestic firms. I also find that the differences in backward linkages are strong enough to translate into a positive correlation between domestic innovation and the density of joint ventures and a negative correlation between domestic innovation and the density of MNC affiliates. Finally, I find that the channel through which foreign ownership structure affects domestic innovation raises innovation TFP in domestic firms. My results suggest that policies that affect the foreign ownership structure of foreign-owned firms could have a persistent effect on domestic innovation because they shift the comparative advantage of an developing economy towards the innovation sector in the long run.Abstract The second chapter provides a unified theory to study what causes the divergence in economic growth of developing economies and how the innovation sector emerges in the developing countries. I show that open developing economies become trapped at the middle-income level because they tend not to specialize in sectors that generate spillover or factor accumulation (the innovation sector). Using a dynamic Heckscher-Ohlin (H-O) model, I show that the fast growth of developing economies tends to end before they can fully catch up with the developed world, and the innovation sector will not operate in the developing countries. However, the successful growth stories of Korea and Taiwan challenge this view. In order to explore the economic miracle that happened in Korea and Taiwan, I generalize a dynamic Heckscher-Ohlin (H-O) model by introducing technology adoption and explore how it generates spillovers to domestic innovation. I show that countries with policies that encourage technology adoption will benefit most from FDI: in addition to the fact that foreign technology raises productivity in the host country, the demand for skilled labor to adopt these technologies raises the education level in equilibrium, which benefits domestic innovation and leads to catch-up in the long run.
Book Synopsis Economic Globalization and Governance by : Luís Brites Pereira
Download or read book Economic Globalization and Governance written by Luís Brites Pereira and published by Springer Nature. This book was released on 2020-10-16 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reflecting the diverse and profound changes triggered by the latest wave of economic globalization, this book highlights various governance responses at national, regional and global levels. The topics covered are wide-ranging and include economic history and development, European integration, exchange rate arrangements, industrial and labor economics, international cooperation and multilateralism, and public choice. The book is divided into three parts: The first part, which contains contributions by Barry Eichengreen and Marc Flandreau, is devoted to economic history. The second part examines open economy macroeconomics with a focus on Europe, including contributions by Jurgen von Hagen and Paul Krugman. The third part presents contributions to international political economy, and related interdisciplinary topics. This Festschrift is written in honor of Jorge Braga de Macedo, Professor Emeritus of Economics at the Nova School of Business and Economics and a distinguished Portuguese academic whose work has an impressive global reach. The contributions, written by a selection of international authors, deal with his oeuvre covering the wide range of topics broached in this book, as his publication record amply attests.
Book Synopsis Essays on Open Economies with Endogenous Growth by : Thomas Osang
Download or read book Essays on Open Economies with Endogenous Growth written by Thomas Osang and published by . This book was released on 1994 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credit, Interest Rates and the Open Economy by : Louis-Philippe Rochon
Download or read book Credit, Interest Rates and the Open Economy written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2001-01-01 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.
Book Synopsis International Investment, Economic Growth, and Stabilization Policy by : Mahesh Surendran
Download or read book International Investment, Economic Growth, and Stabilization Policy written by Mahesh Surendran and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Growth and Economic Development by : P. Arestis
Download or read book Growth and Economic Development written by P. Arestis and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: . . . this volume is a very good and important addition to economic growth and development. On the basis of authority, the selection is well-balanced. . . This book should be a mandatory textbook for graduate students in development economics, and essential reading for all policy-makers. Voxi Heinrich Amavilah, Progress in Development Studies This valuable and engaging new book bears eloquent testimony to A.P. Thirlwall s substantial contribution to economics over the last 40 years. The volume does not attempt to provide a comprehensive review of such a prolific figure, but rather demonstrates the considerable influence that his work on economic theory has had on his contemporaries, and the profession as a whole. From his early pioneering research in regional and labour economics to his more recent exploration of growth and development economics, leading experts in the field bear witness to the significant role he has played in the evolution of the discipline. In addressing some of the most pivotal aspects of his career, the contributors cover a range of topics including Thirlwall s Law , the application of Keynesian macroeconomic approaches, the General Theory within open economies, the connection between short-run cycles and long-run growth, endogenous growth theory, the Stability and Growth Pact, as well as broader development issues and problems. In championing Thirlwall s challenging work, this volume provides a lively and comprehensive account of some of the most important areas of economics today. This book will prove an essential read for academics and policy makers alike who are interested in trade, growth and development economics.
Book Synopsis Essays in open economy macroeconomics by : Ramon Antonio Gonzalez Hernandez
Download or read book Essays in open economy macroeconomics written by Ramon Antonio Gonzalez Hernandez and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Research macroeconomists have witnessed remarkable methodological developments in mathematical, statistical, and computational tools during the last two decades. The three essays in this dissertation took advantage of these advances to analyze important macroeconomic issues. The first essay, " Habit Formation, Adjustments Costs, and International Business Cycle Puzzles" analyzes the extent to which incorporating habit formation and adjustment costs in investment in a one-good two-country general equilibrium model would help overcome some of the international business cycle puzzles. Unlike standard results in the literature, the model generates persistent, cyclical adjustment paths in response to shocks. It also yields positive cross-country correlations in consumption, employment, investment, and output. Cross-country correlations in output are higher than the ones in consumption. This is qualitatively consistent with the stylized facts. These results are particularly striking given the predicted negative correlations in investment, employment, and output that are typically found in the literature. The second essay, "Comparison Utility, Endogenous Time Preference, and Economic Growth," uses World War II as a natural experiment to analyze the degree to which a model where consumers' preferences exhibit comparison-based utility and endogenous discounting is able to improve upon existing models in mimicking the transitional dynamics of an economy after a shock that destroys part of its capital stock. The model outperforms existing ones in replicating the behavior of the saving rate (both on impact and along the transient paths) after this historical event. This result brings additional support to the endogenous rate of time preference being a crucial element in growth models. The last essay, "Monetary Policy under Fear of Floating: Modeling the Dominican Economy," presents a small scale macroeconomic model for a country (Dominican Republic) characterized by a strong pr
Author :WORLD BANK STAFF Publisher :New York, N.Y. : Oxford University Press for the World Bank ISBN 13 :9780195208849 Total Pages :261 pages Book Rating :4.2/5 (88 download)
Book Synopsis Policymaking in the Open Economy by : WORLD BANK STAFF
Download or read book Policymaking in the Open Economy written by WORLD BANK STAFF and published by New York, N.Y. : Oxford University Press for the World Bank. This book was released on 1993 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of essays on economic policy in the open economy. If a country is opening up its economy, that is, allowing its domestic production to become competitive with that of the rest of the world, how do policy choices critically influence its economic performance? This book highlights the choices that can be made in several areas: monetary policy, exchange-rate policy, financial reform, protection, tax reform, and foreign capital. It includes detailed case-studies of Nigeria and Bolivia.
Book Synopsis Essays on Small Open Economies by : Jiansheng Zhong
Download or read book Essays on Small Open Economies written by Jiansheng Zhong and published by . This book was released on 2017 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation research puts a focus on small open economies, whose policies do not affect world prices and interest rates. In the first chapter, it is shown that recent Canadian data from 2001 to 2013 feature a notable procyclical trade balance, which contrasts with the countercyclical trade balance in 1981-2000. By using a dynamic small open economy model built based upon Mendoza's (1991) framework, driven by correlated domestic productivity shocks and world credit spread shocks, I can generate the observed trade balance pattern in the pre-2000 and post-2000 periods. In addition, my analysis shows that the world credit spread shocks explain a large portion of the considerable change in the cyclicality of trade balance, and that the low world real risk-free interest rate after 2000 partially accounts for the procyclical trade balance in the same time period. Applications of the model to other developed small open economies, such as Australia and New Zealand, yield similar results, suggesting that the world credit spread shocks have an impact on macroeconomic dynamics and help improve model performance. The second chapter concerns an innovative exchange rate policy implemented by the Reserve Bank of Australia (RBA). From 2013 to mid-2015, in order to achieve balanced economic growth, the RBA tried to bring down the Australian dollar by presenting public speeches and monetary policy statements that expressed a strong preference for a lower exchange rate, which is known as jawboning down the currency. To investigate the effectiveness of the central bank's jawboning strategy, I analyze the Australian economy with a structural vector autoregressive (SVAR) model, in which the Exchange Rate Stance Index (ERSI) is constructed to measure the magnitude of jawboning. The empirical results show that an unanticipated increase in the ERSI, which is equivalent to strengthened jawboning by the RBA, will lead to a significant and lasting fall in the real exchange rate. However, the ERSI shock fails to improve GDP over the medium term, suggesting that the jawboning strategy is not an effective exchange rate policy tool to boost GDP growth. The third chapter investigates how the global and local financial shocks would contribute to the large fluctuations of the unemployment rates in the emerging markets. We use a panel structural vector autoregressive (VAR) model to analyze monthly data from six emerging countries between 1999 and 2015. The results show that the local financial risk factors, including the country spread and the dividend yield, account for a larger portion of unemployment movements than the global financial risks, including the U.S. risk-free real interest rate and the global financial risk proxied by the U.S. Baa corporate spread.
Book Synopsis Essays on Development in Open Economies by : Viviana Maria Eugenia Perego
Download or read book Essays on Development in Open Economies written by Viviana Maria Eugenia Perego and published by . This book was released on 2017 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Fiscal Policies in Open Economies by : Ahiteme Nicodeme Houndonougbo
Download or read book Essays on Fiscal Policies in Open Economies written by Ahiteme Nicodeme Houndonougbo and published by . This book was released on 2014 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigating various fiscal policy issues in the context of an open economy, this dissertation consists of three essays. The first essay addresses the question of the volatility of foreign aid and its impact on resource-constrained developing economies. A small open-economy business cycle model is developed that accounts for the effect of external shocks specific to developing economies. The model produces business cycle patterns consistent with the data and key stylized facts. The model is calibrated to reflect the structural empirical regularities of an aid-dependent developing country. The parameters of the exogenous stochastic shocks are estimated using Bayesian methods and 50 years of data for Cote d'Ivoire. The results suggest that foreign aid's unpredictability helps explain business cycles' volatility in developing countries. In the second essay, a dynamic stochastic general equilibrium model (DSGE) is used to analyze the effects of fiscal stimuli, such as investment tax credits (ITC) and wage subsidies, in a small open economy. Various cost-equivalent fiscal schemes are considered in response to an economic downturn. The baseline open-economy model's results are also contrasted with a closed economy case to highlight the role the current account plays during recession and recovery episodes. The results suggest that wage subsidies have faster but shorter effects on production and employment while ITCs have slower but longer lasting impacts. The persistence of fiscal shocks appears to play a significant role in the initial response of investment. The third essay provides empirical evidence to address a question heavily debated among lawmakers yet hardly ever investigated in the empirical literature: Does increasing taxes on the rich hurt or help employment growth? Proponents of tax hikes on the rich reject the idea that such taxes, which some refer to as "millionaire" taxes, have any negative impact on jobs. Critics, on the other hand, believe taxing the rich, whom they consider "job creators," hurts the economy by hampering job creation. Using newly constructed time series based on the IRS Statistics of Income, this study finds strong and statistically significant positive effects in the short run and some evidence of negative effects in the long run.
Book Synopsis Essays on Monetary and Fiscal Policy Interactions in Small Open Economies by : Thitima Chucherd
Download or read book Essays on Monetary and Fiscal Policy Interactions in Small Open Economies written by Thitima Chucherd and published by . This book was released on 2013 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis addresses interactions between monetary and fiscal policies in a theoretical dynamic stochastic general equilibrium (DSGE) model of a small open economy and in an empirical model under a structural vector error correction model (SVECM). The thesis consists of three essays. The contribution is both theoretical and empirical that enables a better understanding of the complexity of interactions between monetary and fiscal policies in small open economies. The first essay examines the equilibrium determinacy under monetary and fiscal rules. The goal is to investigate how monetary and fiscal policy interactions ensure a unique and non-explosive (determinate) equilibrium for a small open economy. The study focuses when policy makers implement a set of policy mixes to address domestic output price inflation control for monetary policy, debt stabilization for fiscal policy, and joint output stabilization tasks. The result indicates that two policy schemes facilitate a determinate equilibrium. First, monetary policy actively controls inflation when fiscal policy sets a sufficient feedback on debt. Second, monetary policy becomes passive against inflation when fiscal policy is insolvent. Adding output stabilization to each rule simply causes variants of this fundamental. An interest rate rule with output stabilization can be more passive against inflation while providing a stronger response to the output gap. Fiscal policy is required to set higher feedback on debt along with its stronger counter-cyclical policy. The second essay links between the equilibrium determinacy and policy optimization. This essay provides insights into the design of policy mixes and compares determinacy outcomes between two theoretical models of a small open economy: with and without an explicit exchange rate role. This study shows that policy interactions in a small open economy with an endogenous exchange rate is quite sophisticated, especially when a monetary rule is added with an output stabilization task and/or targeted to Consumer Price Index (CPI) inflation. Additional concern for monetary policy in an open economy causes a partial offset to its reaction on domestic output price inflation that weakens its effect on the real debt burden. To minimize economic fluctuations, policy makers should mute the role of output stabilization for monetary policy, and set minimum feedback on debt that is compatible with the degree of counter-cyclical fiscal policy. Substantially active response to inflation is satisfactory for monetary policy with CPI inflation targeting. The third essay empirically presents monetary and fiscal policy interactions in Thailand's SVECM suggested by a theoretical DSGE model developed from the previous essays. This essay shows that the DSGE-SVECM model can be supported by Thai data. A shock to monetary policy is effective with a lag. Government spending policy is also effective with a lag and some crowding-out effects on output. An adverse shock in tax policy unexpectedly stimulates the economy, indicating room for enhancing economic growth by relaxing revenue constraint. Monetary policy is mainly implemented to correct a consequence of a fiscal shock on inflation (and also the domestic and foreign shocks), while fiscal policy appears to counter a consequence of the monetary policy shock on output.
