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Essays In Financial Liberalization And The Aggregate Economy
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Book Synopsis Essays in Financial Liberalization and the Aggregate Economy by : Mauricio Larrain
Download or read book Essays in Financial Liberalization and the Aggregate Economy written by Mauricio Larrain and published by . This book was released on 2012 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays on the effects of financial liberalization on the aggregate economy. In the first essay, I analyze empirically the effects of financial deregulation on wage inequality. To identify the causal effect of the reform, I exploit differences in external financial dependence and capital-skill complementarity across industries. I analyze two different episodes of deregulation: across countries within Europe and across states within the U.S.I provide evidence that, in both episodes, financial liberalization increases wage inequality disproportionally in industries with high financial needs and strong complementarity. I also find that the differential effect on relative wages is particularly strong in economies with rigid labor markets, while the effect on relative labor flows is stronger in economies with flexible labor markets. In the second essay, I conduct a quantitative analysis to calculate the effect of financial liberalization on aggregate inequality. I develop a simple two-sector general-equilibrium model with capital and labor market frictions. I calibrate the model in order to match the reduced form results documented in the first essay. According to a back-of-the envelope calculation, financial liberalization explains 20\% and 15\% of the increase in aggregate inequality in the U.K. and the U.S. during the 1980-2000 period, respectively. The simulation also shows that financial liberalization leads to an increase in the level of wages of both types of labor. In the third essay, co-authored with Sebastian Stumpner, we analyze empirically the effects of financial liberalization on total factor productivity (TFP) and capital misallocation. We use a large cross-country firm-level database and find that deregulation increases productivity disproportionally in industries with high financial needs and low asset tangibility. We decompose industry productivity into an average-productivity term and an allocation term, measured by the size-productivity covariance, and find that the industry TFP gains are primarily driven by a reduction in misallocation across firms. We also find that financial liberalization decreases the within-industry variance of the marginal product of capital and decreases the covariance between the marginal product of capital and TFP. Finally, we document that deregulation increases the market share of domestically-owned firms, which ex-ante are more financially constrained.
Book Synopsis Macroeconomics, Finance and Money by : Giuseppe Fontana
Download or read book Macroeconomics, Finance and Money written by Giuseppe Fontana and published by Springer. This book was released on 2010-03-11 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume focuses on current issues of debate in the area of modern macroeconomics and money, written from (a broadly interpreted) post Keynesian perspective. The papers connect with Philip Arestis' contributions to macroeconomics and money, and pay tribute to his distinguished career.
Author :John Williamson Publisher :Princeton University International Finance Section, Department of Econmics ISBN 13 : Total Pages :86 pages Book Rating :4.F/5 ( download)
Book Synopsis A Survey of Financial Liberalization by : John Williamson
Download or read book A Survey of Financial Liberalization written by John Williamson and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1998 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Financial Development and Economic Growth by : Pilhyun Kim
Download or read book Three Essays on Financial Development and Economic Growth written by Pilhyun Kim and published by . This book was released on 2006 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The primary part of my dissertation investigates the potential effects of financial sector development on economic growth. In order to reveal the nature of these effects, I focus on the potential channels of influence from the financial to the real sector. I investigate the link between the financial sector and economic growth focusing on the role of the financial sector in funding innovative activities. To this aim, I construct a model where the economy is driven by innovative activities that require both human capital and external funding. My analysis shows that when certain conditions are satisfied, there exists a unique equilibrium where the growth rate of the economy is jointly determined by the levels of human capital and financial development. An implication of this is that financial liberalization policies that do not adequately address the fundamentals of the economy can cause bank failures and possibly a financial crisis. Furthermore, the model suggests that, depending on the parameter values of the economy, there may be two forms of poverty traps, one with a small number of bankers and the other with a large number of bankers. Also, I examine empirically whether financial development has any effect on the rate of technological innovation using patent applications as a proxy for innovative output. For a sample of twenty eight countries from 1970 to 2000, my analysis shows that financial development is indeed significant in raising the growth rate of innovative output. In addition, I investigate whether financial development enhances investment efficiency. The efficiency channel hypothesis states that financial development may increase the efficiency of investment by directing the funds to the most productive uses. I examine if there is any evidence of financial development positively affecting the efficiency of aggregate investment using developing countries as a sample. Compared to the volume channel, the efficiency channel has received relatively little attention until recently. I address the issue of the efficiency channel using two alternative measures of aggregate investment efficiency. I find that, for developing countries, financial development significantly and positively affects productivity of investment.
Book Synopsis Three Essays on Economic Growth and Financial Liberalization by : Youngsoo Kim
Download or read book Three Essays on Economic Growth and Financial Liberalization written by Youngsoo Kim and published by . This book was released on 1987 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data by : Davide Furceri
Download or read book The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data written by Davide Furceri and published by International Monetary Fund. This book was released on 2018-04-06 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows—financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality—that is, they pose an equity–efficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where liberalization is followed by a crisis. Difference-indifference estimates using sectoral data suggest that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, those with a higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and those with a higher elasticity of substitution between capital and labor. The sectoral results underpin a causal interpretation of the findings using macro data.
Book Synopsis Method, Theory, and Policy in Keynes by : Philip Arestis
Download or read book Method, Theory, and Policy in Keynes written by Philip Arestis and published by Edward Elgar Publishing. This book was released on 1998 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the third and final volume of essays celebrating the work and lifetime contribution of Paul Davidson to economics, specifically the development of post Keynesian Economics. The outstanding group of international economists examine areas in which Paul Davidson has an interest, or has made significant contributions. They explore international macroeconomic issues such as consumption and investment, wage and price flexibility, sticky prices and aggregate production, and financial liberalization. Other contributions discuss economic rhetoric and post Keynesian methodological issues while the final part of the book turns to real problems such as the politics and economics of the European Union, the stabilization of the international oil market and realities of financial liberalization.
Book Synopsis Three Essays On Financial Liberalization And Economic Growth by :
Download or read book Three Essays On Financial Liberalization And Economic Growth written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Liberalization by :
Download or read book Essays on Financial Liberalization written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Crises and Misallocation by : Gabriel Roberto Zaourak
Download or read book Essays on Financial Crises and Misallocation written by Gabriel Roberto Zaourak and published by . This book was released on 2017 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The following essays contribute towards our understanding of nancial crises and development dynamics. The dissertation is composed of three chapters. Chapter one---Lobbying for Capital Tax Benefits and Misallocation of Resources During Credit Crunches Corporations often have strong incentives to exert influence on the tax code and obtain additional tax benefits through lobbying. For the U.S. 2007-2009 financial crisis, I show that lobbying activity intensified, driven by large firms in sectors that depend more on external finance. Using a heterogeneous agent model with financial frictions and endogenous lobbying, I study the aggregate consequences of this rise in lobbying activity. When calibrated to U.S. micro data, the model generates an increase in lobbying that matches both the magnitude and the cross-sector and within-sector variation observed in the data. I find that lobbying for capital tax benefits, together with financial frictions, can account for 80 % of the decline in output and almost all the drop in total factor productivity observed during the crisis for the non-financial corporate sector. Relative to an economy without lobbying, this mechanism increases the dispersion in the marginal product of capital and amplifies the credit shock, leading to a one-third larger decline in output. I also study the long run effects of lobbying. Restricting lobbying implies welfare gains of 0.3 % after considering the transitional dynamics to the new steady state. Chapter 2---Market Power and Aggregate Efficiency in Financial Crises In joint work with Fernando Giuliano, we document that during financial crises in emerging economies, large firms become relatively larger and small firms become relatively smaller. What are the aggregate consequences of the resulting increase in market concentration? We answer this question quantitatively with a model where firms are able to exploit their market power through heterogeneous markups. Financial frictions take the form of a collateral constraint that gets tighter during a financial crisis. We discipline the model using detailed plant-level microdata for Colombia, and analyze the transition dynamics of an economy as it adjust to a credit crunch. We find that when firms are able to adjust their markups in response to a credit shock, the response of aggregate output and productivity is dampened. Variable markups act as a buffer that partially offsets the misallocation triggered by a financial crisis. This follows from adjustments at both the intensive and extensive margins. Chapter 3---Innovation Effort in a Model of Financial Frictions: The Case of Reforms The last chapter is part of an ongoing project to explore the role of innovation as a key ingredient to capture development dynamics of the growth miracles in the East of Asia. During the second half of the last century those economies carried out a rapid dismantling of distortions affecting the size of firms that led to a reallocation of resources. This, together with a slow financial liberalization, created the conditions for sustained increase in per capital income, an increase of investment rates and improvements in aggregate productivity. Using an environment with financial frictions and resource misallocation in a pre-reform economy, Buera and Shin (2013) were able to capture the first two facts. However, the model delivers counterfactual dynamics for aggregate productivity due to the assumption of exogenous firm level productivity. Extending their framework to allow firms to improve their productivity through innovation, I explore the implications of the interaction between financial frictions, resource misallocation and endogenous innovation.
Book Synopsis Essays in Economic Development, Firm Dynamics and Inequality by : Faisal Sohail
Download or read book Essays in Economic Development, Firm Dynamics and Inequality written by Faisal Sohail and published by . This book was released on 2018 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studied detailed micro-level evidence to understand macroeconomic outcomes over time and across economies. The three chapters that comprise this dissertation study the following: 1) the role of employer size in the entry, size and growth of firms, 2) the interaction of income inequality and entrepreneurial entry, and 3) the effects of financial market liberalization on income inequality. Identifying the determinants of firm entry, size and growth is important for understanding aggregate outcomes within and across economies. The first chapter, "Employer Size and Spinout Dynamics" contributes to this understanding by studying the role of employer size on the formation and success of spinouts i.e. firms founded by former employees of existing firms. Using individual and firm level data from Mexico, I document a negative (positive) relationship between spinout entry (growth) and employer size. In other words, smaller firms are more likely to generate spinouts than larger firms and these spinouts grow slower than those from larger firms. Although a qualitatively similar relationship is observed in data from the U.S., there are large quantitative differences in the levels of spinout formation. To understand the impact of these differences on aggregate outcomes, I build an empirically consistent model of occupational choice and firm dynamics in which workers can learn from and adopt the productivity of their employers to form spinouts. In this framework, differences in the rate of spinout formation between U.S. and Mexico are driven by differences in the efficiency with which employees learn from their employers. I interpret this efficiency as capturing a form of managerial quality. Calibrating the model to match spinout entry across the two countries accounts for a significant share of the observed differences in output per worker, entrepreneurship and firm growth. These findings highlight the relevance of spinouts for aggregate outcomes, as well as the potential for management practices to not only impact incumbent firms but also future entrants. In the second chapter of this dissertation, "Skill Biased Entrepreneurial Decline", my co-author and I study the forces behind the decline of firm startups in the U.S. since the late 70's. We document that this decline in entry into entrepreneurship is more pronounced for skilled individuals and posit that it is due, in part, to the changing income structures of workers and entrepreneurs. We show this to be the case by introducing a rising worker skill premium in a model of occupational choice. Our findings emphasize the importance of rising income inequality in understanding the skill biased decline in entrepreneurship and the broader decline in business dynamism in the U.S. In the third chapter, "Financial Market Liberalization and Inequality", my co-authors and I investigate the role of bank branching deregulation on inequality at the top and bottom end of the income distribution in the U.S. By exploiting differences in the timing of deregulation across states , we establish a causal link between financial market liberalization and the increase (decrease) of top (bottom) income inequality. We argue that deregulation impacts inequality through direct effects on earnings in the financial sector, as well as indirect spill overs from this sector to the rest of the economy. Empirical evidence supporting these direct and indirect channels is provided. These findings contribute to understanding current trends and predicting future trends in inequality.
Book Synopsis Employment, Economic Growth, and the Tyranny of the Market by : Philip Arestis
Download or read book Employment, Economic Growth, and the Tyranny of the Market written by Philip Arestis and published by Edward Elgar Publishing. This book was released on 1996 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second of two volumes commemorating the seminal work of American economist Davidson in founding and developing post- Keynesian economics. The overriding theme of the 11 essays is the limitation of the market as a mechanism for creating economic growth, employment, and economic justice. The contributors include John Kenneth Galbraith, Robert Eisner, John Cornwall, William Darity Jr., Warren J. Samuels, and Anthony P. Thirlwall, as well as Davidson himself. An unannotated bibliography of Davidson's publication is also provided. Annotation copyright by Book News, Inc., Portland, OR
Book Synopsis Essays on Financial Liberalisation, Financial Crises and Economic Growth by : Zeeshan Atiq
Download or read book Essays on Financial Liberalisation, Financial Crises and Economic Growth written by Zeeshan Atiq and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Economic Liberalization, Monetary Systems with a Common Currency, and the Politics of Economic Growth by : Hsüeh-feng Liang
Download or read book Essays on Economic Liberalization, Monetary Systems with a Common Currency, and the Politics of Economic Growth written by Hsüeh-feng Liang and published by . This book was released on 1993 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Financial Liberalization by : Ekin Tokat
Download or read book Essays on Financial Liberalization written by Ekin Tokat and published by . This book was released on 2005 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Trade Liberalization, Financial Integration and Development by : Volodymyr Korsun
Download or read book Essays on Trade Liberalization, Financial Integration and Development written by Volodymyr Korsun and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of three essays. In the first essay, Poland in the EU: Closer is Better, I study the spatial heterogeneity in outcomes of trade liberalization in Poland. I find that the 2004 EU accession of Poland was associated with a 7.2% gain in total factor productivity (TFP) for an average manufacturing firm located 150 km away from the German border. The average TFP gain for a manufacturing firm located 600 km away was about half of that, 4.1%. I also find that a manufacturing firm in Poland closer to the German border paid 3.2% higher wages and was 2.2% more likely to exit. These results are robust to using different distance measures, exclusion of firms located in big cities and using alternative TFP estimation methods. I also develop a theoretical mechanism which explains the disparate effects of trade liberalization on different regions in Poland. I add a spatial friction to the Melitz (2003) model. The model predicts that countries entering an economic union are affected differently across their territory: stronger competition for labor results in higher wages and a higher cutoff level of productivity in the border area of the union. As a result, less productive domestic firms exit and border regions experience larger increases in their average TFP. In the second essay, Who Owns Europe's Firms?, coauthored with Sebnem Kalemli-Ozcan, Bent So rensen, Carolina Villegas-Sanchez and Vadym Volosovych we investigate foreign ownership in 24 European countries using a harmonized bilateral firm-level dataset during 1999-2012. We observe the amount of foreign investment into each firm over time together with the identity of direct and ultimate investors. We aggregate the firm-level data according to destination and origin country and provide stylized facts on investment patterns. The majority of direct foreign investment in Europe comes from other European countries. However, a much larger share of ultimate foreign ownership of European firms are from North America and Asia, reflecting that such investors invest in European firms indirectly, through European financial centers. We evaluate the role of structural reform policies on foreign investment. Our results show that more dissimilar product market regulation in a country-pair, the more direct foreign investment flows between them, exploiting regulatory arbitrage. However, ultimate foreign investors prefer to invest in countries with similar regulatory frameworks.In my third essay, Did Mining Industry Affect the HIV Rate among Zambian Women?, I study the effect of mining industry on the HIV prevalence rates among Zambian women. I use the 2007 DHS (Demographic and Health Surveys) dataset. I find that Zambian women in 50 kilometer range of a mine are 2-3 percentage points more likely to test positive for HIV. I also find evidence that having a partner who is a skilled manual worker (the type of worker that miners are) increases the odds of having HIV infection by 3 percentage points.
Download or read book Finance and Growth written by Ross Levine and published by . This book was released on 2004 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper reviews, appraises, and critiques theoretical and empirical research on the connections between the operation of the financial system and economic growth. While subject to ample qualifications and countervailing views, the preponderance of evidence suggests that both financial intermediaries and markets matter for growth and that reverse causality alone is not driving this relationship. Furthermore, theory and evidence imply that better developed financial systems ease external financing constraints facing firms, which illuminates one mechanism through which financial development influences economic growth. The paper highlights many areas needing additional research"--NBER website
