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Essays on International Economics
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Essays on International Economics. |
| 개인저자 | Lima, Diogo Sampaio. |
| 단체저자명 | Indiana University. Economics. |
| 발행사항 | [S.l.]: Indiana University., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 150 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-02A. Dissertation Abstract International |
| ISBN | 9781085655316 |
| 학위논문주기 | Thesis (Ph.D.)--Indiana University, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-02, Section: A.
Advisor: Gordon, Grey. |
| 이용제한사항 | This item must not be sold to any third party vendors.This item must not be added to any third party search indexes. |
| 요약 | My dissertation is composed of three essays studying the macroeconomic consequences of financial crises and sovereign default crises. In particular, I study mechanisms by which, during an economic crises, financial markets influence economic activity.The first chapter, entitled "The impact of Global Capital Flows on a small-open economy" (with Sudipto Karmakar), builds and analyses a rich micro-dataset aiming to uncover the causal link connecting global exogenous disturbances and the negative impact on a domestic economy. To be specific, we use the Lehman Brothers bankruptcy as a natural experiment and the heterogeneous exposure of the Portuguese banking sector to international interbank markets to document the role of the banking system as a transmission channel of global financial disturbances to domestic economies. Using granular and confidential data from the Bank of Portugal, our results suggest that in the aftermath of the Lehman collapse, domestic firms cut investment by 14% and employment by 2.3%.The second chapter, entitled "Global Capital Flows and the role of Macroprudential Policies" (with Sudipto Karmakar), studies the use of macroprudential regulation as a policy tool to shield economies against exogenous shocks and improve financial stability. Having established (in chapter 1) the financial system as a shock propagator, we model a small-open economy with a banking sector borrowing from domestic and international depositors. We show that imposing countercyclical capital requirements entails a trade-off between lower volatility and lower economic activity. We also find that countercyclical bank capital requirements can be welfare improving, but the benefit is state dependent. That is, the policy is welfare improving in an economic recession or in periods of low credit.The third chapter, entitled "The Costs of Sovereign Default: A Bayesian Perspective", seeks to understand the costs associated with reneging sovereign debt obligations. The literature uses standard econometric techniques to study the relation between sovereign default episodes and the cost of such default. I argue that previous attempts may lack endogeneity problems and propose a novel approach. This new approach relies on bayesian estimation of a structural model, exploring cross-country differences in default costs to estimate the risks associated with higher debt intolerance. I find that more debt intolerant countries are associated with lower GDP growth, less foreign direct investment, higher inequality and liquidity problems. |
| 일반주제명 | Economics. |
| 언어 | 영어 |
| 바로가기 | 
: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |
