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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:
Author : Youngsoo Kim
Publisher :
ISBN 13 :
Total Pages : 250 pages
Book Rating : 4.:/5 (185 download)
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:
Author : Rong-Chang Wu
Publisher :
ISBN 13 :
Total Pages : 304 pages
Book Rating : 4.3/5 (121 download)
Download or read book Three Essays on Financial Liberalization, Financial Market, and Economic Growth written by Rong-Chang Wu and published by . This book was released on 1996 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Firat Demir
Publisher :
ISBN 13 :
Total Pages : 292 pages
Book Rating : 4.:/5 (318 download)
Download or read book Three Essays on Financial Liberalization, Country Risk and Low Growth Traps in Argentina, Mexico and Turkey written by Firat Demir and published by . This book was released on 2005 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kang-guk Yi
Publisher :
ISBN 13 :
Total Pages : 220 pages
Book Rating : 4.:/5 (318 download)
Download or read book Three Essays on Capital Account Liberalization and Economic Growth written by Kang-guk Yi and published by . This book was released on 2004 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pilhyun Kim
Publisher :
ISBN 13 :
Total Pages : 125 pages
Book Rating : 4.:/5 (71 download)
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.
Author : Ira Krasteva Petrova
Publisher :
ISBN 13 :
Total Pages : 346 pages
Book Rating : 4.3/5 (129 download)
Download or read book Three Essays in Financial Liberalization written by Ira Krasteva Petrova and published by . This book was released on 2004 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mauricio Larrain
Publisher :
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.:/5 (81 download)
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.
Author : Hulya Arik
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (775 download)
Download or read book Three Essays on Economic Growth, International Capital Flows and Country Risk written by Hulya Arik and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zeeshan Atiq
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
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:
Author : Syed Muhammad Hasan
Publisher :
ISBN 13 :
Total Pages : 108 pages
Book Rating : 4.:/5 (94 download)
Download or read book Three Essays on Export and Productivity-impact of Financial Constraints and Technological Innovation written by Syed Muhammad Hasan and published by . This book was released on 2014 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the macro level financial constraints imposed by monetary policy have an overwhelming effect on growth of the domestic financial sector. Thus the reallocation of resources towards the most productive units of the economy following trade liberalization is not achieved unless the degree of credit constraints is significantly relaxed. Results show that the volume of domestic credit made available to the private sector depends on the cost of credit that is the interest rate.
Author : Brigitte Granville
Publisher : Skyhorse Publishing
ISBN 13 :
Total Pages : 300 pages
Book Rating : 4.F/5 ( download)
Download or read book Essays on the World Economy and Its Financial System written by Brigitte Granville and published by Skyhorse Publishing. This book was released on 2000 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contributors from member organizations of the Tokyo Club discuss the topics "Reflections on the Economies of Three Major Western Players," "Assessment and Responses to Financial Turmoil," "In Search of an Exchange Rate Regime," and "Managing Risks in an Integrating World Financial System." Members of the Tokyo Club include the Brookings Institution (USA), IFO-Institut Fur Wirtschaftsforschung (Germany), Institut Francais des Relations Internationales (France), The Royal Institute of International Affairs (UK), and Nomura Research Institute, Ltd. (Japan).
Author :
Publisher :
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (932 download)
Download or read book Three Essays on Growth and the World Economy written by and published by . This book was released on 2004 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Williamson
Publisher : Princeton University International Finance Section, Department of Econmics
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.F/5 ( download)
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:
Author : Rita Maria Ramalho
Publisher :
ISBN 13 :
Total Pages : 116 pages
Book Rating : 4.:/5 (318 download)
Download or read book Essays in Development Economics and Finance written by Rita Maria Ramalho and published by . This book was released on 2003 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis is a collection of three essays on development economics and finance. The first chapter studies the 1992 presidential impeachment in Brazil to evaluate the impact of an anti-corruption drive on politically connected companies. I identify two types of firms: companies owned by friends and relatives of the impeached president ('family-connected') and firms proven to be connected to him in a parliamentary investigation ('other-connected'). Using an event study procedure, I establish that family-connected firms have on average negative daily abnormal returns of 2 to 9 percentage points when damaging information about the president is released. However, the 'other-connected' companies do not experience a decline in their stock market valuation during the impeachment. Furthermore, the stock market decline experienced by 'family connected' companies was reversed entirely within a year. The impeachment had limited success in reducing corruption. The second chapter evaluates the effects on multinational firms of the OECD "Convention on Combating Bribery of Foreign Public Officials in International Business Transactions". I compare the balance sheet performance of foreign companies in 24 developing host countries whose source countries have implemented the convention with the performance of firms whose source countries have not yet implemented it. I find that the OECD convention had a negative impact on profit and sales growth of multinational companies. This effect is amplified in countries with less efficient bureaucracies. In economies where bribery is more valuable to firms, the OECD convention has a larger negative impact on multinational firms. The third chapter studies in detail the distribution of one type of financial market participant: mutual funds. The essay documents that their size follows a regularity observed in several other area of economics, Zipf's law: the number of funds with size greater than x is proportional to 1/x. This chapter extends previous theories of random growth to explain why this is the case: Zipf's law arises when mutual funds grow at the highest speed allowed by constraints in the system, something we call a "maximum growth principle." We investigate empirically the key features of the theory, and show that they are validated by the data
Author : Esteban Jaimovich
Publisher :
ISBN 13 :
Total Pages : 198 pages
Book Rating : 4.:/5 (926 download)
Download or read book Three essays on financial development, inequality, and growth written by Esteban Jaimovich and published by . This book was released on 2008 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 : 9789036779357
Total Pages : pages
Book Rating : 4.7/5 (793 download)
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:
