Essays in International Economics
Başlık:
Essays in International Economics
Yazar:
Liu, Chenxin, author.
ISBN:
9780355942064
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (207 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 79-10(E), Section: A.
Advisors: Charles M. Engel Committee members: Menzie D. Chinn; Ananth Seshadri; Kenneth D. West.
Özet:
The eurozone fosters economic integration among its member states, but the stringent debt restructuring regulations forbid outright sovereign default. Chapter 1 investigates the effects of the eurozone membership on sovereign debt capacity. We find that a small country benefits not only from free trade but significantly more from increased commitment by joining the eurozone. Counterfactual experiments show that (1) permitting a member state to default within the currency union is ex ante welfare decreasing (2) the Greek debt restructuring was perceived as an unanticipated change to the union-wide debt restructuring stance, which subsequently resulted in peripheral sovereign bonds' repricing in the eurozone.
The central bank of a monetary union typically sets the nominal interest rate targeting aggregate variables at the union level. Fundamentals of a small member state carry small weights in monetary policy decisions. Consequently the economic dynamics of the small country are more volatile than its big country counterparts. Chapter 2 evaluates the effectiveness of a countercyclical financial policy for a small country in a monetary union and finds the policy welfare improving. The primary cause of excessive volatility in a small country is the persistent deviation between union-wide nominal rates and fundamentals of the small country.
Chapter 3 studies optimal macroprudential policy in a model in which unconventional shocks, in the form of news about future fundamentals and regime changes in world interest rates, interact with collateral constraints in driving the dynamics of financial crises. Quantitatively, macroprudential debt taxes can lower the frequency and magnitude of financial crises, but the policy is complex because it features significant variation across interest-rate regimes and news realizations.
Chapter 4 finds strong evidence of an in-sample anomaly from currency market. When we include U.S. inflation in the well-known uncovered interest parity regression, we find that the inflation variable is highly significant and the interest-rate differential is not. We introduce a model in which a Taylor rule determines monetary policy, but in which not only monetary shocks but also liquidity shocks drive nominal interest rates. This model can potentially account for the empirical findings.
Notlar:
School code: 0262
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(681494.1) | 681494-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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