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1
Filippo, Gusella. "Essays on Economic Inequality and Financial Instability." Doctoral thesis, Università di Siena, 2020. http://hdl.handle.net/11365/1105114.
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The present dissertation aims to contribute to the macroeconomic analysis of economic inequality and financial instability in the light of the two important contributions in the field of economics, respectively Capital in the Twenty-First Century by Thomas Piketty and the Financial Instability Hypothesis by Hyman Minsky. The dissertation is composed of three main chapters.
Chapter 1 -
Thomas Piketty’s Capital in the Twenty-First Century is primarily an empirical investigation into the history of the distribution of income and wealth in developed countries. Piketty, however, goes beyond this approach, presenting a theory of the long-run tendency of wealth inequality and rooting his work deeply in economic theory. In this paper we review and develop the theoretical model of Piketty’s book. We can divide the model into two parts: firstly, the "fundamental laws of capitalism" and the change in the functional distribution of income are analysed. Secondly, the evolution of personal wealth distribution is examined. Alongside the development of the model, the paper points out two shortcomings. We show the contradiction of the original model in explaining the increase of the capital/income ratio with the change in the functional distribution of income. Moreover, we highlight the inconsistency between the definition of capital and the model proposed. The paper concludes by outlining alternative approaches to the problem, calling for a major rethinking about the causes of rising wealth inequality.
Chapter 2 -
In the present paper we propose a theoretical approach to the study of wealth inequality different from that of Thomas Piketty (2014a, 2014b). Considering the various forms of capital and observing the high degree of financialisation in modern economies, we reassess the problem dealing not only with the real component but also with the financial one. For this purpose, we extend the macroeconomic model as proposed by Ferri (2016), by introducing private debt to generate a proper Minsky economy. The results obtained are different from those obtained by Piketty; we revisit and compare the main findings. At the same time, we link the inequality macro-analysis with the Minskyan Financial Instability Hypothesis (FIH). In the presence of a fall in the retention rate, numerical simulations from the nonlinear model generate endogenous Minsky’s cycles characterised by an increasing capital share during the boom phases. In doing this, the present paper contributes to the literature by setting the conditions in which the increasing capital share and the FIH can occur simultaneously.
Chapter 3 -
In this paper we empirically analyse Minskyan financial cycles in asset prices, where the cycles are driven by the presence of two unobserved evaluation price strategies: the fundamentalist and the extrapolative price strategy. To achieve this, we construct a model that incorporates the two behavioural equations and we investigate the financial cycles in a state space model. Using the Kalman filter, the conditions for the existence of cycles can be evaluated empirically. The model is estimated for four OECD countries using the times series of equity and housing prices over the period 1970-2017 for annual data. We find evidence of cycles in the equity market for the UK, France, Germany and the US. Regarding housing prices, we find evidence of cyclical fluctuations in the UK, France and the US but not in Germany. For both the equity market and the housing market, we find the highest price overshooting in the UK and the US. Our results provide empirical support for the Minskyan theory, highlighting the role of the evaluation effect for an endogenous generation of cyclical phenomena in asset prices.
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Cardaci, A. "ESSAYS ON INEQUALITY, HOUSEHOLD DEBT AND FINANCIAL INSTABILITY." Doctoral thesis, Università degli Studi di Milano, 2015. http://hdl.handle.net/2434/328593.
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My Ph.D. thesis contributes to the growing literature on the link between inequality and economic crises, focusing in particular on the relationship between rising income disparities, household debt dynamics and the resulting financial instability. In the first paper, I review both the theoretical and the empirical literature on inequality, by paying particular attention to the way this topic has been treated over time by the economics research agenda. I show that the impact of growing income disparities on the macroeconomy has been ignored for a long period of time, particularly starting from the 80s. Only after the recent financial crisis, the issue of income and wealth distribution has come back on the top of the agenda of economists as well as policymakers. In the other two papers, I build two macroeconomic models that focus on the link between income inequality, household debt and economic crises. The first one is an Agent-Based (AB) macroeconomic model aimed at describing the key mechanisms through which rising inequality jeopardises economic stability in an economy with peer effects in consumption and equity extraction processes. I show that greater income disparities imply stronger expenditure cascades along the income distribution as well as asset (i.e. house) price appreciation. In the presence of home-equity based borrowing behaviour by households, private debt rises thus pushing aggregate demand upwards despite income stagnation over much of the distribution. However, debt-driven consumption endogenously triggers the accumulation of a larger amount of non-performing loans on banks’ balance sheets which eventually lead to a credit crunch and an economic downturn. The second model, a joint work with Francesco Saraceno which I carried out during my visiting period at OFCE-SciencesPo in Paris, is a macroeconomic model with an Agent-Based household sector and a stock-flow consistent structure. The goal of this work is to analyse the impact of rising income inequality on the likelihood of a crisis under different institutional settings and degrees of financialisation. In particular, we reproduce a multitude of scenarios showing how financial and credit conditions interact with the impact of growing inequality on the performance of the economy and the accumulation of household debt. Our results show the relevance of the “degree” of financialisation of an economy. In fact, when inequality grows, a Scyilla and Charybdis kind of dilemma seems to arise: on the one hand, economies with low credit availability experience a drop in aggregate de- mand and output; on the other hand, where credit constraints are relaxed and the willingness to lend is higher, greater financial instability emerges and a debt-driven boom and bust cycle. We also show that policy reactions play a key role: a real structural reform that tackles inequality, by means of a more progressive tax system, actually compensates for the rise in income disparities thereby stabilising the economy. Results also show that this is a much better solution compared to a stronger fiscal policy reaction, which, instead, has no significant impact on the performance of the economy.
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Asad, Humaira. "Effective financial development, inequality and poverty." Thesis, University of Exeter, 2012. http://hdl.handle.net/10036/3583.
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This thesis addresses the question, whether the impact of financial development on the relative and absolute indicators of poverty is dependent on the levels of the human capital present in an economy. To answer this question, first we develop a theoretical framework to explain the growth process in the context of financial development assuming that human capital is heterogeneous in terms of the skills and education people have. Then, by using the data sets based on five-year averages over 1960-2010 and 1980-2010, covering 107 developed and developing countries, we empirically investigate the extensions of the theoretical framework developed earlier. These extensions cover the relationships between: 1. Income inequality and economic growth 2. Financial development, human capital and income inequality, and 3. Financial development, human capital and poverty We provide empirical evidence using modern panel data techniques of dynamic and static GMM. The findings elucidate that income inequality and economic growth are inter-dependent on each other. There exists an inverse relationship between initial inequality and economic growth. The changes in income inequality follow the pattern identified by Kuznets (1955) known as Kuznets’ hypothesis. The results also show that financial development helps in reducing income inequalities and in alleviating poverty, only when there is a sufficient level of human capital available. On the basis of our findings we develop the term "effective financial development" which means that financial development is effective in accelerating growth levels, reducing income inequalities and alleviating poverty only if there is a sufficient level of human capital available. The empirical study covers multiple aspects of financial development like private credit extended by banks and other financial institutions, liquid liabilities and stock market capitalization. The results of the empirical investigations are robust to multiple data sets and various indicators of income inequality, financial development, poverty and human capital. The study also provides marginal analysis, which helps in understanding the impact of financial development on inequality and poverty at different levels of human capital. This research study of effective financial development can be a useful learning paradigm for the academics and researchers interested in growth economics and keen to learn how poverty and income inequality can be reduced effectively. This study can also be useful for the policy makers in the financial institutions, because it provides robust empirical evidence that shows that financial development cannot help in alleviating poverty and in reducing inequalities unless there is a sufficient level of human capital available. The findings can be useful for policy makers, particularly in the developing countries where high levels of income inequalities and poverty are big problems. This study explains the mechanism of how effective financial development can be used to reduce income inequalities and to alleviate poverty. It also explains the process of inter-linkages between financial development, human capital, inequality, economic growth and financial instability. The policy makers can also take advantage from the marginal analyses that illustrate the minimum levels of private credit and primary and secondary schooling above which the effects of financial development and human capital become significant in reducing inequalities and poverty.
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Nau, Michael D. "Whose Financial Crisis? How the Great Recession Reshaped Economic Instability and Inequality in the U.S." The Ohio State University, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=osu1458297758.
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Morelli, Salvatore. "The long run evolution of inequality and macroeconomic shocks." Thesis, University of Oxford, 2013. http://ora.ox.ac.uk/objects/uuid:03fd894e-581e-4c80-9ee6-bc965b9e5aed.
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This thesis is concerned with two main questions. Do systemic banking crises substantially affect the income distribution in a country? Is income inequality a destabilising factor for the macro-economy? In order to answer the first question, this thesis examines a panel of 26 countries since 1900 and assembles a new database of crises, finding that the impact of major banking crises on the national income shares detained by the income groups within the richest decile is mostly small in magnitude. Indeed, the estimated impact is never bigger than a standard deviation of the specific top shares under investigation. Results are also confirmed in a separate analysis for the United States and are robust to a series of checks. These findings lend indirect support to the structuralist hypothesis that only substantial changes in government policies and institutional frameworks can bring about radical changes in income distribution. The analysis also highlights interesting heterogeneity across different income groups, country groups and time periods. The second question is addressed by making use of a newly assembled database on different dimensions of economic inequality. The new data helps to reject the statistical validity of the hypotheses that either growing inequality or a high level of inequality may systematically precede the onset of major banking crises. In addition, simulations based on the UK Family Expenditure Survey data find that even a full equalisation of income would increase the aggregate consumption by 3 percentage points at most. These findings, taken together, point out that an increase in income inequality may not concur to reduce the pressure on aggregate demand or be adduced as a structural factor of financial instability. Nonetheless, the evidence is not yet clear cut as the work further documents that periods of increasing income inequality in the UK were also associated with a reduction of the saving rates across the whole income distribution since 1968. The analysis contends that such evidence of under-saving behaviour may be consistent with the relative income hypothesis and some of its recent formulations such as the ’expenditure cascades’ theory.
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Le, Goff Maëlan. "Migrant remittances, foreign aid and development of recipient countries." Thesis, Clermont-Ferrand 1, 2012. http://www.theses.fr/2012CLF10398.
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Cette thèse de doctorat étudie les effets des envois de fonds issus des migrations sur le développement des pays d’origine des migrants et compare ces effets avec ceux de l’aide publique au développement. Dans une première partie, nous étudions les effets des envois de fonds des migrants sur le développement des pays récipiendaires. Il apparaît que les envois de fonds réduisent les inégalités intra-Pays dans les pays relativement plus riches, dont les coûts d’émigration sont faibles et dont la part des émigrés qualifiés est peu importante (Chapitre 1). L’effet sur la croissance économique en Afrique sub-Saharienne est également non-Linéaire et dépend positivement du développement financier et institutionnel des pays récipiendaires (Chapitre 2). Enfin, les envois de fonds ont un effet d’appréciation sur le taux de change réel dans les pays CFA, mais cet effet est non significatif pour les pays à régime de change flexible (Chapitre 3). Dans une seconde partie nous nous intéressons au caractère stabilisateur des transferts des migrants. Le Chapitre 4 montre, au niveau microéconomique, que les envois de fonds ont joué un rôle d’assurance lors de la dernière crise financière et que ce rôle a été d’autant plus important que les migrants n’ont pas été sévèrement touchés par la crise et que les liens conservés avec le pays d’origine étaient forts. Le Chapitre 5 montre à partir d’une approche pays par pays que les transferts sont contra-Cycliques dans une minorité de cas, mais qu’en moyenne, ils répondent négativement au revenu des pays d’origine. Les résultats du Chapitre 6 indiquent que les transferts atténuent l’effet négatif des chocs commerciaux sur la pauvreté. Dans une troisième et dernière partie nous comparons les envois de fonds { l’aide publique au développement. Alors que l’aide permet d’atténuer l’effet négatif de l’instabilité des exportations sur la croissance, les transferts des migrants permettent d’amoindrir l’effet négatif de l’instabilité des exportations sur la pauvreté (Chapitre 7). Enfin, les envois de fonds diminuent la dépendance des pays { l’aide publique au développement lorsque ces flux de capitaux sont investis plutôt que consommés (Chapitre 8)This dissertation examines the effects of migrant remittances on the development of origin countries and compares these effects with those of official development aid. In a first part we investigate the effects of remittances on the development of recipient countries. Results suggest that remittances reduce within inequality in countries more developed, where migration cost are lower and the share of skilled migrants less important (Chapter 1). Their impact on growth in sub-Saharan Africa is also non-Linear and depends positively on the financial and institutional development of recipient economies (Chapter 2). Finally, remittances have a real exchange appreciation effect in CFA countries, but not in countries with a flexible exchange rate regime (Chapter 3). In a second part we focus on the stabilizing impact of remittances. Chapter 4 shows, at the microeconomic level, that remittances have played an insurance role during the last financial crisis and that this role was all the more acute that migrants have not strongly suffered from the crisis and that family links were strong. Chapter 5 suggests in a country-By-Country approach that remittances are pro-Cyclical in a higher number of cases, while on average, they respond negatively to the home country income. Chapter 6 findings show that remittances dampen the harmful impact of trade instability on poverty. In a third part, we compare migrant remittances with public aid. While public aid mitigates the harmful impact of export instability on output growth, migrant remittances dampen the harmful effect of export instability on poverty (Chapter 7). Finally, migrant remittances reduce aid dependency in countries where remittances are invested rather than consumed (Chapter 8)
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Manning, Brett. "Does economic inequality cause financial crises?" Thesis, Durham University, 2014. http://etheses.dur.ac.uk/10654/.
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Inequality rose rapidly in the run up to the 1929 stock market crash and the 2007 financial crisis. Both crises precipitated long and deep recessions. This paper seeks to determine if there is any deeper relationship between inequality and financial stability. The work presents an empirical investigation of the topic and theoretical model of how such a relationship could exist. My original contribution to the literature is threefold: (1) the empirical detection of a small interaction between economic inequality and propensity tofinancial crises, (2) the presentation of a novel measure of financial stability using principal component analysis and its interaction with economic inequality, and (3) the presentation of a novel theoretical model that demonstrates a possible mechanism by which inequality may reduce financial stability.
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Blaum, Joaquin. "Essays on financial markets, inequality and economic development." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/72825.
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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2012.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 123-128).
In Chapter 1, I study the effects of wealth inequality on economies where financial markets are imperfect. I exploit the idea that inequality should have a different effect across sectors. Using a difference-in-difference strategy, I show that sectors that are more in need of external finance are relatively smaller in countries with higher income inequality. I then build a model in which sectors differ in their fixed cost requirement, agents face collateral constraints, and production is subject to decreasing returns. A calibrated version of the model is consistent with the documented facts on inequality and cross-sector outcomes. At the calibrated parameters, wealth inequality exacerbates the effect of financial frictions on the economy. Quantitatively, wealth inequality can generate losses of up to 46 percent of per capita income. In Chapter 2, co-authored with Claire Lelarge and Michael Peters, we explore the ingredients that a model of import behavior should have in order to be consistent with the firm level evidence. We build a model where firms are heterogeneous in their factor neutral productivity, and prices, fixed costs and input qualities are common across firms. Using a comprehensive dataset of French firms, we test the qualitative predictions of such model. The model fares well in describing firm's expenditure across imported varieties, but fails to account for the pattern of expenditure between domestic and foreign inputs. We conclude that a mechanism inducing firm-level heterogeneity in the relative price of domestic varieties is needed to model import demand. In Chapter 3, I study the effects of financial frictions on the pattern of cross-industry growth rates. I document two facts: (i) externally dependent sectors tend to grow faster along the economy's development path, and (ii) externally dependent sectors grow disproportionately faster in countries with better financial institutions. I argue that financial frictions can account for these facts. I build a dynamic two-sector model in which sectors differ in their liquidity requirement and agents face collateral constraints. Financial frictions generate faster growth in the sector with higher liquidity requirement. I identify conditions under which financial development leads to higher excess growth in the externally dependent sector.
by Joaquin Blaum.
Ph.D.
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Bhatti, Arshad Ali. "Essays on financial development, inequality and economic growth." Thesis, University of Manchester, 2012. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-financial-development-inequality-and-economic-growth(a8fbe2ac-9d65-4b51-8d97-153e2c7a2168).html.
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This thesis explores two important aspects of growth, namely the roles of financial development and inequality. The recent literature has indicated that both the finance-growth and inequality-growth relationships are complex and not well captured through conventional linear regression analyses. Thus, most of the existing empirical literature focuses on marginal or direct growth effects, ignoring the role of possible factors, conditions and thresholds that may alter our thinking about how financial development or inequality may affect economic growth. Further, it ignores the presence of outliers, especially in cross-sectional analyses which may hinder our understanding of these relationships. Therefore, Chapter 1 addresses the issue of outliers in finance-growth literature and provides a robust sensitivity analysis of some past studies and an updated data set. Chapter 2 focuses on whether R&D plays a role, potentially as a proxy for an omitted variable, for growth and whether it has important interactions with financial development. Chapter 3 then examines the role of inequality for growth, allowing the effects to differ depending on the level of human versus physical capital accumulation.The cross-sectional analysis of Chapter 1 employs the robust regression methods of median quantile regression and least trimmed squares. It shows that the findings of past studies are sensitive to outlier observations. Further, we find that the positive effect of financial development on growth disappears and even becomes negative once we use our extended data set of 86 countries over the period 1997-2006. This last finding is consistent with Rousseau and Wachtel (2011). Moreover, we investigate whether our understanding of the finance-growth relationship can further be improved by introducing a measure of R&D into the standard analysis. We note that our measure of R&D has a strong positive effect on growth and may proxy the role of an omitted variable which is highly correlated with economic growth.Chapter 2 also uses R&D and investigates its interaction with conventionally measured financial development. It employs a variety of panel data techniques for a panel of 36 OECD and non-OECD countries to show that the relationship between financial development and economic growth is not straightforward; rather, it is conditional upon the level of innovation or R&D. Further, we find that a high level of technological innovation or R&D is associated with a weak or negative effect of financial development on economic growth. It is also noted that R&D is associated with financial innovation and the results suggest that countries with a high level of R&D may have less regulated financial systems which can adversely affect the finance-growth relationship.The third chapter explores the relationship between inequality and growth in the context of a unified empirical approach suggested by the theoretical model of Galor and Moav (2004). Based on that model, we construct a new measure, the human capital to physical capital ratio, which is used to study threshold effects in the inequality-growth relationship. Methodologically, we use threshold regression with instruments, developed by Caner and Hansen (2004), which allows us to endogenously identify the threshold human capital to physical capital ratio that alters the inequality-growth relationship. Using data on 82 countries, our results show that there exist significant threshold effects, with a level of the human capital to physical capital ratio below which the effect of inequality on growth is positive and significant, whereas it is negative and significant above it. We also test the robustness of our results using different measures of the human capital to physical capital ratio. These results are consistent with the theoretical predictions of Galor and Moav (2004).
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Galanis, Giorgos. "Heterogeneous economies : implications for inequality and financial stability." Thesis, University of Warwick, 2017. http://wrap.warwick.ac.uk/92769/.
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In the first chapter we explore the relationship between income inequality and the Utilitarian ethic in a dynamic environment with endogenous preferences. Classical Utilitarians, like Bentham, believed that utilitarian principles are compatible with egalitarian ones. Although this claim is not uncontroversial, this relation holds for a utilitarian distribution of a given good among people, with identical concave utilities and exogenously set preferences. This idea breaks down if the preferences are different. In this paper we allow for endogenous preferences influenced by the existence of habits. We show how the inclusion of habit formation, studied in a dynamic environment, has egalitarian implications for a classical utilitarian distribution. Based on this result we are able to argue that Bentham’s positive views of decreasing inequality due to different consumption habits are consistent with his normative views regarding distribution. The second chapter explores the question of whether long-term income inequality consistent with equality of opportunity (EOp) ethic. In order to provide an answer we study the effectiveness of intergenerational EOp policies in an environment with two social groups and infinite generations of individuals, where the outcomes of one generation define the circumstances of the next. Circumstances in this paper have to do either with different preferences among individuals from different social groups or with both resources and preferences due to these resources. We show that in the former case EOp policies reduce inequality and also the EOp policy is the same as the Utilitarian one. In the latter case, inequality is not reduced and its level depends on the relative population of the two social groups. The third chapter studies an economy where privately informed hedge funds trade a risky asset in order to exploit potential mispricings. Hedge funds are allowed to have access to credit, by using their risky assets as collateral. We analyse the role of the degree of heterogeneity among hedge funds’s demand for the risky asset in the emergence of clustering of defaults. We find that fire-sales caused by margin calls is a necessary, yet not a sufficient condition for defaults to be clustered. We show that when the degree of heterogeneity is sufficiently high, poorly performing hedge funds are able to obtain a higher than usual market share at the end of the leverage cycle, which leads to an improvement of their performance. Consequently, their survival time is prolonged, increasing the probability of them remaining in operation until the downturn of the next leverage cycle. This leads to the increase of the probability of poorly and high-performing hedge funds to default in sync at a later time, and thus the probability of collective defaults.
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Horder, Jakob. "Essays on financial institutions, inflation and inequality." Thesis, London School of Economics and Political Science (University of London), 1997. http://etheses.lse.ac.uk/83/.
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The first essay takes a political economy perspective to explain differences in inflationary performance in the post communist economies. It is argued that these differences largely result from political choices rather than structural differences. Based on empirical evidence we describe some institutional mechanisms that can prevent reversal of stabilisation policies after a change of government. The second essay uses an overlapping generations model of money to analyse what the consequences are, for the distribution of real assets and inflation, of having more than one agent extracting seigniorage. As described in the first essay uncoordinated monetary policy caused continued high inflation in some transitional economies. Here it is shown how Russia's inflationary performance after liberalisation can be explained by our model. The third essay uses a moral hazard framework to derive a testable hypothesis linking the degree of inequality and the volume of financial intermediation. This link is part of the transmission mechanism running from inequality via the financial sector to real growth in some recent models of economic development. We test the hypothesis using a new World Bank data set on inequality and find only partial support for the moral hazard model in the data. The fourth essay uses a random matching framework to model a financial market without intermediation. The economic consequences of this are analysed and it is shown that in the search economy the dispersion of project returns can affect the growth rate. This is not the case in the intermediated economy where only the mean of the project return distribution matters for growth.
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Shikwambana, Jamela. "Financial instability in South Africa : trends and interactions within the financial markets." Thesis, Rhodes University, 2007. http://hdl.handle.net/10962/d1005911.
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This study seeks to investigate the trends and interactions of market volatility as a source of instability in the South African financial markets. Financial instability can be manifested in the form of banking and currency crisis, institutional failures and extreme asset price volatility. This study, however, focuses on a single aspect of financial instability - asset price volatility. Asset price volatility reflects changes in market expectations as investors react to such changes, and thus on its own is not necessarily a source of instability. However, volatility spillovers can propagate volatility shocks across the market, increasing the risk of widespread instability. Using a combination of graphical and trend analysis as well as more formal estimation techniques, the study examined volatility in the stock, money and foreign exchange markets. To obtain estimates of market volatility, the study experimented with various volatility models that include the GARCH, TARCH and EGARCH. An analysis of volatility interactions and the transmission of volatility shocks across the market is crucial to understanding financial instability. To examine volatility interaction and the transmission of volatility shocks, a VAR model was estimated. This framework allowed us to examine the propagation of shocks across the markets. Volatility in the financial markets was found to be highly persistent and in the case of exchange rates, volatility was also characterised by an increasing trend. Significant linkages between the financial markets were found. The links also extended to the volatility relationship as evidenced by significant volatility spillovers across the markets. While volatility spillovers from the money market were found in the stock market and the foreign exchange market, no volatility spillovers from these markets were found in the money market. Thus the money market was identified as the major source of volatility spillovers and shocks in the financial markets. These results highlighted the role of monetary policy in the financial system, specifically the need to make monetary policy stable and predictable to ensure that interest rate shocks are not an additional source of instability.KMBT_363
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Vorhach, D. "The problem of social inequity in society: causes and consequences." Thesis, Наукова платформа Open Science Laboratory, 2020. https://er.knutd.edu.ua/handle/123456789/16773.
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In modern Ukraine and other countries of the world inequality is becoming extremely widespread. This leads to lower in the quality of life of people, increasing in the number of poor people, decreasing in life expectancy and deterioration of economic development. In order to overcome all the types of inequality, it is necessary first of all to understand the nature of inequality, its causes and manifestations. Social inequality is the social division of society into classes with different rights, responsibilities and social opportunities. Social inequality is also characterized by an uneven distribution of resources between individual members of society. The main manifestations of inequality in modern society are inequality in socioeconomic status, age groups, gender, health, education, professional area, place of residence, regions, and so on. Today social inequality is identified as a major problem of our time, which causes social and economic instability.
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Proto, Eugenio. "Financial markets, stagnation and instability in less developed economies." Doctoral thesis, Universite Libre de Bruxelles, 2004. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211076.
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Zhang, Jihui. "Financial development, political instability and growth : evidence for Brazil since 1870." Thesis, Brunel University, 2014. http://bura.brunel.ac.uk/handle/2438/8567.
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What are the main macroeconomic factors that help understand economic growth in Brazil since 1870? Are institutions (and changes in institutions) a deep cause of economic growth in Brazil? Are these effects fundamentally and systematically different? Does the intensity and the direction (the sign) of these effects vary over time, in general and, in particular, do they vary with respect to short- versus long-run considerations? This thesis tries to answer these questions focusing on within country over long periods of time. It uses the power-ARCH (PARCH) econometric framework with annual time series from 1870 to 2003. The results suggest that financial development (domestic and international) exhibit the most robust first-order effects on growth and its volatility. Political instability, trade openness and public deficit play important yet secondary roles since the effects of the first two do not extent to the long-run (that is, they are restricted to the short-run) and those off the latter are sensitive to the measures of the variables used in our analysis.
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Koutroumpis, Panagiotis. "Research on futures-commodities, macroeconomic volatility and financial development." Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/13989.
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This thesis consists of eight studies that cover topics in the increasingly influential field of futures- commodities, macroeconomic volatility and financial development. Chapter 2 considers the case of Argentina and provides a first thorough examination of the timing of the Argentine debacle. By applying a group of econometric tests for structural breaks on a range of GDP growth series over a period from 1886 to 2003 we conclude that there are two key dates in Argentina's economic history (1918 and 1948) that need to be inspected closely in order to further our understanding of the Argentine debacle. Chapters 3 and 4 investigated the time-varying link between financial development and economic growth. By employing the logistic smooth transition framework to annual data for Brazil covering the period 1890-2003 we found that financial development has a mixed (either positive or negative) time- varying effect on growth, which depends on trade openness thresholds. We also find a positive impact of trade openness on growth while a mainly negative one for the various political instability measures. Chapter 5 studied the convergence properties of inflation rates among the countries of the European Monetary Union over the period 1980-2013. By applying recently developed panel unit root/stationarity tests overall we are able to accept the stationarity hypothesis. Similarly, results from the univariate testing procedure indicated a mixed evidence in favour of convergence. Hence next we employ a clustering algorithm in the context of multivariate stationarity tests and we statistically detect three absolute convergence clubs in the pre-euro period, which consist of early accession countries. We also detect two separate clusters of early accession countries in the post-1997 period. For the rest of the countries/cases we find evidence of divergent behaviour. For robustness check we additionally employ a pairwise convergence Bayesian framework, which broadly confirms our findings. Finally, we show that in the presence of volatility spillovers and structural breaks time-varying persistence will be transmitted from the conditional variance to the conditional mean. Chapter 6 focuses on the negative consequences that the five years of austerity (2010-2014) imposed on the Greek economy and the society in general. To achieve that goal we summarize the views of three renowned economists, namely Paul De Grauwe, Paul Krugman and Joseph Stiglitz on the eurozone crisis as well as the Greek case. In support of their claims we provide solid evidence of the dramatic effects that the restrictive policies had on Greece. Chapter 7 analyzes the properties of inflation rates and their volatilities among five European countries over a period 1960-2003. Unlike to previous studies we investigate whether or not the infl ation rate and its volatility of each individual country displayed time-varying characteristics. By applying various power ARCH processes with structural breaks and with or without in-mean effects the results indicated that the conditional means, variances as well as the in-mean effect displayed time-varying behaviour. We also show that for France, Italy and Netherlands the in-mean effect is positive, whereas that of Austria and Denmark is negative. Chapter 8 examines the stochastic properties of different commodity time series during the recent fi nancial and EU sovereign debt crisis (1997-2013). By employing the Bai-Perron method we detect five breaks for each of the commodity returns (both in the mean and in the variance). The majority of the breaks are closely associated with the two aforementioned crises. Having obtained the breaks we estimated the power ARCH models for each commodity allowing the conditional means and variances to switch across the breakpoints. The results indicate overall that there is a time-varying behaviour of the conditional mean and variance parameters in the case of grains, energies and softs. In contrast, metals and soya complex show time-varying characteristics only in the conditional variance. Finally, conducting a forecasting analysis using spectral techniques (in both mapped and unmapped data) we find that the prices of corn remained almost stable while for wheat, heating oil, wti and orange juice the prices decreased further, though slightly. In the case of natural gas, coffee and sugar overall the prices experienced significant defl ationary pressures. As far as the prices of oats, platinum, rbob, cocoa, soybean, soymeal and soyoil is concerned, they showed an upward trend. Chapter 9 examines the effect of health and military expenditures, trade openness and political instability on output growth. By employing a pooled generalised least squares method for 19 NATO countries from 1993 to 2010 we fi nd that there is a negative impact of health and military expenditures, and political instability on economic growth whereas that of trade openness is positive.
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J, Hawkins Raymond, and Hengyu Kuang. "Lending Sociodynamics and Drivers of the Financial Business Cycle." AMER INST MATHEMATICAL SCIENCES-AIMS, 2017. http://hdl.handle.net/10150/626093.
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We extend sociodynamic modeling of the financial business cycle to the Euro Area and Japan. Using an opinion-formation model and machine learning techniques we find stable model estimation of the financial business cycle using central bank lending surveys and a few selected macroeconomic variables. We find that banks have asymmetric response to good and bad economic information, and that banks adapt to their peers' opinions when changing lending policies.
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Lars, Ahnland. "Financialization in Swedish Capitalism : Debt, inequality and crisis in Sweden, 1900-2013." Doctoral thesis, Stockholms universitet, Ekonomisk-historiska institutionen, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-148711.
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This dissertation adresses financialization – the increasing role of financial activities in the overall economy – in Sweden in 1900-2013. The focus is on the long run relationships between private debt, asset markets, inequality and financial crisis during this period. In line with established scholarship, the present study finds that changes in bank debt had a positive impact on the probability of financial crisis in Sweden. Functional income distribution between profits and wages was an underlying factor influencing the formation of bank debt levels through its impact on collateral in stock markets. Expenses related to the Swedish welfare state – the size of the public sector, government investment and housing construction – had a long run relationship with the wage share. The welfare state has been an effective counter-measure not just against a high profit share, but also against financialization. Moreover, the dissertation shows that the recent era of financialization in Swedish capitalism is not unique in kind. Rather, recent financialization is very similar to the macroeconomic situation during the early decades of the 20th Century. These findings are consistent with much of heterodox economic theory, in particular the Neo-Marxist approach.At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 3: Manuscript. Paper 4: Manuscript.
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Xie, Zhixin. "Essays on the neurobiology of economic and financial risk taking." Thesis, Queensland University of Technology, 2017. https://eprints.qut.edu.au/112179/1/Zhixin_Xie_Thesis.pdf.
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This thesis investigated the influence of neurobiological mechanisms in economic and financial risk taking, and their possible roles in understanding market stability. The evidences about risk preferences, trading behaviours and physiological responses, which were found in our laboratory and field experiments, supported a feedback theory. Our physiological responses under certain circumstances may exaggerate the emotions of exuberance and pessimism during market boom and bust times, reducing our abilities to engage in rational decisions.
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Chinzara, Zivanemoyo. "Essays on technology adoption under uncertainty, globalization and economic growth." Thesis, Queensland University of Technology, 2013. https://eprints.qut.edu.au/62020/2/Zivanemoyo_Chinzara_Thesis.pdf.
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This thesis examines how the initial institutional and technological aspects of the economy and the reforms that alter these aspects influence long run growth and development. These issues are addressed in the framework of stochastic endogenous growth models and an empirical framework. The thesis is able to explain why developing nations exhibit diverse growth and inequality patterns. Consequently, the thesis raises a number of policy implications regarding how these nations can improve their economic outcomes.
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Парфентій, Людмила Анатоліївна, Людмила Анатольевна Парфентий, and Liudmyla Anatoliivna Parfentii. "Підвищення ролі системи управління фінансовою безпекою підприємства в умовах економічної нестабільності." Thesis, ПолтНТУ, 2012. http://essuir.sumdu.edu.ua/handle/123456789/59441.
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У статті розглядається роль системи управління фінансовою безпекою підприємства у забезпеченні стабільності її функціонування, особливо в періоди економічної нестабільності. Виявлено зовнішні загрози, що є загрозою для будь-якого суб'єкта господарювання, та досліджено основні заходи, що відбулися в Україні у 2007-2011 роках.The article contains study the role of management system of enterprise‘s financial security in ensuring the stability of its functioning, especially in times of economic instability. Identified external threats that are a threat to any business entity, and investigated the main ones that occurred in Ukraine in 2007-2011.
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Almenberg, Johan. "Difficult choices : essays on economic behavior." Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-429.
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Loomis, Jessa M. "FINANCIAL INCLUSION IN THE CITY: EXAMINING THE DEMOCRATIZATION OF FINANCE IN BOSTON, MASSACHUSETTS." UKnowledge, 2018. https://uknowledge.uky.edu/geography_etds/60.
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This doctoral dissertation examines how the financialization of the economy affects the everyday lives of low and moderate-income (LMI) urban residents in the United States. Specifically, the research presented in this dissertation provides a critical examination of the democratization of finance by examining financial empowerment programs designed to promote financial inclusion for LMI residents in Boston, Massachusetts. These programs were created in the wake of the financial crisis to promote financial security by training participants to manage their debt, to monitor their credit scores, to avoid predatory lending, and to invest using mainstream financial products.
This research has two significant findings. First, this research shows how nonprofit organizations teach LMI adults to use credit and accumulate assets in order to compensate for wage stagnation and the erosion of state assistance. I argue that the practice of financial coaching asks individuals and households to accept the burden of debt to ensure the reproduction of society; rather than the city, state and federal governments being responsible for ever-expanding welfare rolls in a time of intensifying inequality, financial literacy and capability initiatives encourage people who are living in poverty to gain access to consumer credit in order to survive. As consumer and municipal debt grows unabated, this finding offers new insights into the scalar interdependence that finance engenders between the city and its residents. Second, this research illustrates how nonprofit financial empowerment programs are helping financial institutions expand their reach into new consumer markets. This suggests that the active growth of the financial sector is contingent upon making previously unfit market actors into responsible debtors in the pedagogical spaces of financial inclusion. This research militates against any easy assumptions about the normative ‘good’ of financial inclusion and advances scholarship on urban governance, the welfare state, financialization and the geographical study of inequality.
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Зайцев, Олександр Васильович, Александр Васильевич Зайцев, and Oleksandr Vasylovych Zaitsev. "Interaction of financial development and real economy." Thesis, Sumy State University, 2020. https://essuir.sumdu.edu.ua/handle/123456789/81057.
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У статті автор коротко торкається проблем впливу рівня фінансового розвитку на економічне зростання. У статті розглянуто, що внаслідок неминучої взаємодії грошових потоків і товарної продукції, грошовий потік та / або традиційний фінансовий сектор можуть бути як факторами економічного зростання, так і джерелами постійної економічної нестабільності, а також факторами економічної регресії.В статье автор кратко затрагивает проблемы влияния уровня финансового развития на экономический рост. В статье рассмотрено, что из-за неизбежного взаимодействия денежных потоков и товарных выпусков денежный поток и / или традиционный финансовый сектор могут быть как факторами экономического роста, так и источниками перманентной экономической нестабильности, а также факторами экономического регресса.
In the article author is briefly touch upon the problems of the influence of the level of financial development on economic growth. The article has considered to the due to the inevitable interaction of cash flows and commodity outputs, cash flow and/or the traditional financial sector can be both factors of economic growth and sources of permanent economic instability, as well as factors of economic regression.
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Alcântara, Daniela Pires Ramos de. "Instituições, sistema financeiro e desenvolvimento econômico." [s.n.], 2010. http://repositorio.unicamp.br/jspui/handle/REPOSIP/285959.
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Orientador: José Maria Ferreira Jardim da SilveiraTese (doutorado) - Universidade Estadual de Campinas, Instituto de Economia
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Resumo: O objetivo desta tese é investigar a relação entre desenvolvimento do sistema financeiro, como parte do arcabouço institucional de uma sociedade, e desigualdade de renda. O sistema financeiro faz parte de um amplo conjunto institucional que forma a base sobre a qual ocorrem as transações em uma economia e as falhas do mercado financeiro limitam o acesso dos pobres e, em conseqüentemente, possuem efeitos negativos sobre o desenvolvimento e a produtividade econômica. Parte-se do pressuposto que o arcabouço institucional não é independente da desigualdade na distribuição de renda e de poder e que tem implicações sobre as escolhas de políticas. Através de modelo de equilíbrio parcial, esta tese discute o impacto da desigualdade obre o desenvolvimento do sistema financeiro. A implicação para as escolhas públicas é tornar as políticas mais inclusivas e menos vulneráveis à influência de grupos de poder
Abstract: This thesis investigates the relationship between development of the financial system as part of the institutional framework of a society, and income inequality. The financial system is part of a broader institutional set-up that forms the basis on which the transactions occur in an economy and financial market failures limit the access of the poor, and therefore, have negative effects on development and economic productivity. The assumption is that the institutional framework is not independent of the unequal distribution of income and power and has implications for policy choices. Through a partial equilibrium model, this thesis discusses the impact of inequality on the development of the financial system. The implication for the choices is to make public policies more inclusive and less vulnerable to the influence of powerful groups
Doutorado
Politica Economica
Doutor em Ciências Econômicas
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Apps, Peter, and n/a. "Debt Crises, IMF Policies and Structural Inequality in the Third World." Griffith University. School of Humanities, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20031010.143327.
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The neo-liberal policies of liberalization and deregulation, as utilized by the International Monetary Fund (IMF) in its dealings with countries of the developing world, tend to facilitate the conditions for financial crisis. This can be traced by examining the economic crises of Mexico in 1982 and 1994/95, Asia in 1997 and Russia in 1998 and looking at the main causes and triggers of these crises. It is evident that the financial vulnerability that these countries suffered from existed due to, and not in spite of, these policy prescriptions. The IMF continues to present these policies as proven successes - a view that this dissertation contests. Further to this, the policies that the Fund uses are formulated for use in semi-peripheral economies and have little relationship to the actual economic environments of peripheral countries such as those of sub-Saharan Africa or Papua New Guinea. The ideology of free-markets and globalization is seen as unassailable by the IMF. By encouraging countries to remain part of the global financial system through debt rescheduling and open-markets policies, the IMF holds an increasingly fragile economic environment together. This dissertation formulates and tests four hypotheses in relation to Mexico, Asia, Russia and Papua New Guinea and the periphery. These are - (1) If there are periods of 'irrational exuberance' among investors in Third World debt, these are likely to contribute to debt crises. (2) If IMF policies are implemented in the Third World as dictated, then their primary benefits will accrue to the elites in those countries and in the developed world. (3) If Third World countries open their economies to foreign capital, then they are more likely to experience debt crises. (4) If IMF policies are implemented in peripheral countries, then they are even less likely to be successful than in semi-peripheral countries.
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Apps, Peter. "Debt Crises, IMF Policies and Structural Inequality in the Third World." Thesis, Griffith University, 2003. http://hdl.handle.net/10072/367067.
Full textAbstract:
The neo-liberal policies of liberalization and deregulation, as utilized by the International Monetary Fund (IMF) in its dealings with countries of the developing world, tend to facilitate the conditions for financial crisis. This can be traced by examining the economic crises of Mexico in 1982 and 1994/95, Asia in 1997 and Russia in 1998 and looking at the main causes and triggers of these crises. It is evident that the financial vulnerability that these countries suffered from existed due to, and not in spite of, these policy prescriptions. The IMF continues to present these policies as proven successes - a view that this dissertation contests. Further to this, the policies that the Fund uses are formulated for use in semi-peripheral economies and have little relationship to the actual economic environments of peripheral countries such as those of sub-Saharan Africa or Papua New Guinea. The ideology of free-markets and globalization is seen as unassailable by the IMF. By encouraging countries to remain part of the global financial system through debt rescheduling and open-markets policies, the IMF holds an increasingly fragile economic environment together. This dissertation formulates and tests four hypotheses in relation to Mexico, Asia, Russia and Papua New Guinea and the periphery. These are - (1) If there are periods of 'irrational exuberance' among investors in Third World debt, these are likely to contribute to debt crises. (2) If IMF policies are implemented in the Third World as dictated, then their primary benefits will accrue to the elites in those countries and in the developed world. (3) If Third World countries open their economies to foreign capital, then they are more likely to experience debt crises. (4) If IMF policies are implemented in peripheral countries, then they are even less likely to be successful than in semi-peripheral countries.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Humanities
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Могиліна, Л. А. "Основы управления финансовой безопасностью предприятия в условиях экономической нестабильности." Thesis, Наука и икономика, 2014. http://essuir.sumdu.edu.ua/handle/123456789/59539.
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Уровень финансовой безопасности предприятия устанавливается под влиянием множества факторов. Одним из этих факторов является экономическая нестабильность в государстве. Явление экономической нестабильности, что подразумевает падение экономики, безработицу, существенные темпы инфляции, валютные колебания и пр., отрицательно сказывается, прежде всего, на рентабельности и платежеспособности предприятия, что в свою очередь снижает уровень его финансовой безопасности. Поэтому в условиях экономической нестабильности целесообразно и необходимо осуществлять специальное управление финансовой безопасностью предприятия.
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Могиліна, Л. А. "Застосування теорії ігор при управлінні фінансовою безпекою підприємства в умовах економічної нестабільності." Thesis, Львівський інститут банківської справи Національного банку України, 2014. http://essuir.sumdu.edu.ua/handle/123456789/59569.
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Управління фінансовою безпекою підприємства в умовах економічної нестабільності полягає у виборі оптимальної, найбільш адекватної умовам зовнішнього макроекономічного середовища стратегії. Але спрогнозувати рівень економічної нестабільності у державі не завжди є можливим, тому обрана раніше стратегія діяльності підприємства в майбутньому може стати недоцільною, що в кінцевому результаті призведе до зниження рівня його фінансової безпеки. Виходячи з цього, при здійсненні управління фінансовою безпекою підприємства в умовах економічної нестабільності доцільно використо-вувати апарат теорії ігор з природою.
Метою роботи є визначення основ практичного застосування теорії ігор при управлінні фінансовою безпекою підприємства в умовах економічної нестабільності.
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Ribeiro, Clarisse Coutinho. "A relação entre expansão territorial do crédito bancário e desigualdade econômica inter-regional no Brasil contemporâneo (2000-2010)." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/8/8136/tde-05082015-122238/.
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Esta pesquisa aborda a relação entre território e moeda. O objetivo central é analisar a relação entre a expansão territorial do crédito bancário e a desigualdade econômica inter-regional no Brasil contemporâneo (2000-2010). A hipótese subjacente é que a redução das desigualdades econômicas inter-regionais favoreceu a expansão territorial do crédito bancário no país durante o período analisado. Para alcançar o objetivo e comprovar a hipótese central, a metodologia utilizada abarca uma análise teórica por meio do diálogo entre três das principais abordagens sobre o tema, a saber: marxista, pós-keynesiana e economia cultural. Além disso, analisamos o contexto histórico e apresentamos um estudo empírico, que abrange tanto as análises estatísticas de regressões temporais quanto as análises cartográficas. Os resultados principais da pesquisa mostram que as quebras das barreiras financeiras, sobretudo regulatórias e macroeconômicas, associadas com políticas sociais propiciaram um maior poder de compra em especial às populações de regiões com alta demanda reprimida, como também um maior acesso ao crédito para consumo para essas regiões. Isso acarretou no maior crescimento do crédito que o país já presenciou e também em uma significativa expansão territorial do crédito dos bancos comerciais.This research addresses the relationship between territory and money. The main objective is to analyze the relationship between territorial expansion of bank credit and interregional economic inequality in contemporary Brazil (2000-2010). The underlying hypothesis is that the reduction of inter-regional economic inequalities favored the territorial expansion of bank credit in the country during the above period. To achieve the objective and prove the central hypothesis a methodology is used, which includes a theoretical analysis based on three major approaches, namely Marxist, Post-Keynesian and Cultural Economy. Furthermore, we analyze the historical context and perform an empirical analysis, which consists both of a statistical analysis with temporal regressions as well as a cartographic analysis. The main results of the research show that the breaks of financial barriers - particularly regulatory and macroeconomic - associated with social policies provided a greater purchasing power, especially for populations of regions with repressed high demand, as well as greater access to consumer credit for these regions. This resulted in the highest credit growth that the country has ever experienced and also in a significant territorial expansion of commercial bank credit.
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Sober, Tamara L. "Wise Choices? The Economics Discourse of a High School Economics and Personal Finance Course." VCU Scholars Compass, 2017. http://scholarscompass.vcu.edu/etd/5033.
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Today’s high school students will face a host of economic problems such as the demise of the social safety net, mounting college student debt, and costly health care plans, as stated in the rationale for financial literacy provided by the Council for Economic Education’s National Standards for Financial Literacy. These problems are compounded by growing income and wealth inequality and the widespread influence of neoliberal ideology. Although one of the major goals of economics education is to teach students to make reasoned economic choices in their public and private lives and provide the skills to solve personal and social economic problems, little empirical research has been conducted on how these goals are addressed. Secondary economics education research has primarily focused on measuring students’ grasp of neoclassical economics while a separate body of literature provides theoretical critiques of that approach. This study responds to the gap presented by these separate camps by capturing the economics discourse of a high school economics and personal finance course in relation to the role of economic decision-making in a democracy, and the space to hold values discussions. Using case study methodology that included analysis of student and teacher interviews, classroom observations, the standards and official curriculum, lesson plans, and student-produced documents, the study provides deep, context-dependent knowledge about how the official curriculum is manifest in the classroom.
Findings reveal that the role of economic decision-making and values discussions were given very little space. The discourse was heavily focused on the acceptance of the science and mastery of technical knowledge about personal finance for the dual purposes of preparing students to succeed on the W!SE Financial Literacy Certification Test and preparing students to navigate and succeed in a fixed economic reality firmly committed to neoclassical economics. The role of economic decision-making was diminished by the foregrounding of financial literacy over economics, which served as a mechanism of power to send the silent message that economic circumstances (such as wealth inequality) change through individual choices and that economic and social phenomena can be understood and addressed through the application of technical approaches.
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Lopes, Lucas Ulguim. "O comportamento do crédito brasileiro no período 2003-2013 : uma análise com modelos estruturais." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2015. http://hdl.handle.net/10183/119760.
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O presente estudo analisa a evolução, o comportamento e a natureza cíclica do crédito brasileiro no período compreendido entre janeiro de 2003 e dezembro de 2013. Mais especificamente, verifica se a postura da condução da oferta de crédito público, de fato, destoou daquela apresentada pelo crédito privado, especialmente após o advento da crise financeira de 2007/2008. Para tanto, se vale de uma revisão das literaturas nacional e internacional e realiza um resgate histórico dos principais bancos públicos do Brasil – etapa que se dá concomitantemente à análise da evolução do desempenho dos mesmos nos últimos tempos. Com isso, além de se mostrar a performance recente destas instituições, demonstra-se também que, a despeito da redução da participação das instituições bancárias públicas na década de 1990, estas foram decisivas para a melhor reação da economia brasileira frente aos efeitos adversos da crise de 2007/2008 – o que fornece mais indícios da validade do problema de pesquisa e traz, por conseguinte, mais força à hipótese de trabalho. Na sequência, são discutidos alguns aspectos metodológicos no intuito de identificar qual a modelagem econométrica seria a mais adequada para descobrir como os bancos públicos e privados se comportaram no período abordado e, mais especificamente, como eles reagiram após o advento da crise financeira dos subprimes – procurou-se também, uma abordagem que, especificamente, ajudasse a desvendar a natureza cíclica dos créditos privado e público. Nesse sentido, optou-se pela modelagem econométrica denominada de Modelos Estruturais de Espaço de Estados, também conhecida como Modelos de Componentes não-observáveis. Através desta metodologia, foi possível verificar, de maneira endógena, se existiram e quando ocorreram outliers e quebras estruturais nas séries de dados referentes à evolução do crédito brasileiro no período. Os resultados obtidos vieram a corroborar a hipótese de trabalho, mostrando a existência de uma relação negativa e estatisticamente significante entre as variáveis representativas do produto interno bruto e as do crédito público e do crédito total. Dessa maneira, chegou-se à conclusão de que, realmente, o crédito público mostrou características contra-cíclicas no período de 2003 a 2013, especialmente após o ano de 2008 – fato que é reforçado pela ocorrência de quebras de nível positivas neste ano.This study analyses the evolution, behavior and cyclical nature of the Brazilian credit supply in the period from January 2003 to December 2013. Specifically, it checks if the posture of public credit supply’s conduction has differed, indeed, from the one presented by the private credit, particularly after the financial crisis of 2007-08. For this purpose, this paper reviews national and international literature and performs a historical examination of the main Brazilian state-owned banks – which is presented concomitantly to the analysis of their lately performance’s evolution. Therewith, besides showing these institutions’ recent performance, it also demonstrates that, in spite of the reduction in the state-owned banks participation in the 1990s, these were decisive to the better reaction of the Brazilian economy in the face of the adverse effects of the 2007-08 crisis – which provides further evidence of the research question validity and brings, therefore, strenght to the working hypothesis. In the next step, some methodological aspects are discussed aiming to identify which would be the most appropriate econometric modelling to find out how the public and private banks behaved in this period, and specifically, to discover how they reacted after the subprime financial crisis – in this point, a research was made in order to identify an approach that, particularly, helped to reveal the cyclical nature of private and public credits. It was decided to use an econometric approach called Space-State Modelling, also known as Unobservable Component Models. Through this methodology, it was possible to check, in an endogenous way, if there were – and when they occurred – outliers and structural breaks in the data series referring to the Brazilian credit evolution in the period. The results came to support the working hypothesis, showing the existence of a negative and statistically significant relationship between the variables representing the gross domestic product and the ones representing public credit and the total credit. Thus, it was concluded that the public credit, indeed, showed counter-cyclical characteristics in the period between 2003 and 2013, especially after 2008 – a fact that is reinforced by the occurrence of positive level breaks in this year.
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Могиліна, Л. А. "Методичні аспекти оцінки рівня економічної нестабільності як фактора негативного впливу на фінансову безпеку промислових підприємств." Thesis, Українська академія банківської справи Національного банку України, 2013. http://essuir.sumdu.edu.ua/handle/123456789/52325.
Full textAbstract:
У статті розроблено методику оцінки рівня економічної нестабільності як фактора негативного впливу на фінансову безпеку промислових підприємств. Здійснено оцінку рівня економічної нестабільності в Україні у 2000-2012 рр.In the article the assessment procedure of the economic instability’s level as the negative factor for the industrial enterprises’ financial security is developed. The level of the economic instability in Ukraine in 2000-2012 is assessed.
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Дейнека, Ольга Валеріївна, Ольга Валерьевна Дейнека, Olha Valeriivna Deineka, and К. В. Волік. "Дослідження методичних підходів до оцінювання платоспроможності підприємства." Thesis, Сумський державний університет, 2017. http://essuir.sumdu.edu.ua/handle/123456789/66504.
Full textAbstract:
Функціонування вітчизняних підприємств відбувається в умовах фінансово економічної нестабільності, що обумовлює необхідність постійного оцінювання рівня їх платоспроможності, адже це один із основних показників, який характеризує можливість суб‘єкта господарювання виконувати свої фінансові
зобов‘язання та здійснювати фінансування своєї діяльності в повному обсязі, залишатися інвестиційно привабливим та конкурентоспроможнимФункционирования отечественных предприятий происходит в условиях финансово экономической нестабильности, что обусловливает необходимость постоянного оценивания уровня их платежеспособности, ведь это один из основных показателей, который характеризует возможность предприятия выполнять свои финансовые обязательства и осуществлять финансирование своей деятельности в полном объеме, оставаться инвестиционно привлекательным и конкурентоспособным
The functioning of domestic enterprises takes place in conditions of financial and economic instability, which necessitates constant evaluation of their solvency, as this is one of the main indicators that characterizes the ability of an entity to fulfill its financial commitment and financing of its activities in full, remain investment attractive and competitive
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Могиліна, Л. А. "Стратегія забезпечення фінансової безпеки підприємства в умовах економічної нестабільності." Thesis, Атлант, 2014. http://essuir.sumdu.edu.ua/handle/123456789/59478.
Full textAbstract:
розробка та реалізація стратегії забезпечення фінансової безпеки в умовах економічної нестабільності дозволить нейтралізувати негативний вплив даного фактора і тим самим попередити чи мінімізувати падіння рівня фінансової безпеки підприємства.
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Бухтіарова, Аліна Геннадіївна, Алина Геннадьевна Бухтиарова, Alina Hennadiivna Bukhtiarova, and Ю. С. Гавриш. "Порівняння методик оцінки рівня кредитоспроможності підприємства." Thesis, Сумський державний університет, 2019. https://essuir.sumdu.edu.ua/handle/123456789/77629.
Full textAbstract:
Сучасні умови господарювання, а саме – нестабільність економіки,
високий рівень фінансових ризиків, перманентний стан прострочення
погашення зобов’язань вітчизняними підприємствами ставлять підвищені
вимоги до об’єктивності оцінки кредитоспроможності суб’єктів
господарювання. На сьогоднішній день в теорії і практиці немає єдиного
підходу до визначення системи показників, які комплексно характеризували б
кредитоспроможність підприємств. Таким чином, існує об’єктивна необхідність
порівняння основних методик розрахунку рівня кредитоспроможності з метою
визначення переваг та недоліків кожного з методів оцінки та обрання найбільш
ефективного методу оцінки кредитоспроможності підприємства.
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Лопаткіна, І. В. "Соціальна спрямованість національної економіки: загальна характеристика і актуальні питання." Thesis, Education and Sience, 2009. http://essuir.sumdu.edu.ua/handle/123456789/61911.
Full textAbstract:
Останнім часом, в умовах розгортання та поглиблення світової фінансово-
економічної кризи, питання соціальної спрямованості національної економіки
набувають особливої ваги. Річ в тім, що соціальна спрямованість економічної
діяльності в масштабах економіки є ознакою прогресивності та успішності
національної економічної моделі, критерієм віднесення економік до
розвинених.
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Ager, Philipp. "Essays in applied economics." Doctoral thesis, Universitat Pompeu Fabra, 2013. http://hdl.handle.net/10803/119325.
Full textAbstract:
This thesis consists of four essays. In the first essay, I examine how the historical planter elite of the Southern US affected economic development at the county level between 1840 and 1960. I find that counties with a relatively wealthier planter elite before the Civil War performed significantly worse in the post-war decades and even after World War II. In the second essay we investigate the link between religious membership and rainfall risk across US counties in the second half of the nineteenth century. Our results indicate that church membership and seating capacity were significantly larger in counties likely to have been subject to greater rainfall risk. In the third essay, we examine the effect of removing restriction to bank entry on bank failures exploiting the introduction of free banking laws in US states during the 1837-1863 period. Our main finding is that counties in free banking states experienced significantly more bank failures. In the fourth essay we examine the effects that within-county changes in the cultural composition of the US population had on output growth during the age of mass migration. Our main finding is that increases in cultural fractionalization significantly increased output, while increases in cultural polarization significantly decreased output.Aquesta tesi consisteix en quatre articles. En el primer assaig, s’examina com l’èlit històrica del sud dels EUA va afectar el desenvolupament econòmic a nivell de comtat entre 1840 i 1960. He trobat que els comtats amb una èlit relativament més rica abans de la Guerra Civil empitjoraven significativament en les dècades de la postguerra i fins després de la Segona Guerra Mundial. En el segon assaig s’investiga la relació entre l’afiliació religiosa i el risc de pluja a través dels comtats dels Estats Units en la segona meitat del segle XIX. Els nostres resultats indiquen que la comunitat de l’església i el nombre de seients van ser significativament majors en els comtats amb probabilitats d’haver estat subjectes a un major risc de pluja. En el tercer assaig, s’analitza l’efecte de l’eliminació de restriccions a l’entrada de bancs en la fallida de bancs que exploten la introducció de les lleis del “free banking” als estats dels EUA durant el període 1837-1863. La nostra principal conclusió és que els comtats en els estats amb “free banking” experimentaven significativament més fracassos bancaris. En el quart assaig s’examinen els efectes que els canvis dins del comtat en la composició cultural de la població dels EUA, van tenir en el creixement de la producció durant l’era de la migració massiva. La nostra principal conclusió és que l’augment de fragmentació cultural, van augmentar significativament la producció, mentre que l’augment de la polarització cultural, disminuia significativament la producció.
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Калантай, А. М. "Економіка, організація та управління підприємствами, галузевими комплексами: сутність та завдання корпоративного економічного управління як інструмента підвищення ефективності діяльності в умовах фінансової нестабільності." Thesis, ЛЕФ, 2012. http://essuir.sumdu.edu.ua/handle/123456789/63650.
Full text
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te, Kaat Daniel Marcel. "Essays on Financial Globalization, Inequality and Economic Growth." Doctoral thesis, 2018. https://repositorium.ub.uni-osnabrueck.de/handle/urn:nbn:de:gbv:700-20181116793.
Full textAbstract:
This dissertation explores several aspects of financial globalization, inequality and economic growth. In the first two essays, we show that cross-border capital inflows raise the domestic credit volumes and lead to higher bank risk-taking. In particular, capital inflows are related to an increased credit supply towards ex-ante risky and low performing firms. These results are amplified when the financial system is more prone to agency problems—problems that rise in the financial system’s size/concentration and undercapitalization. Therefore, from a policy perspective, we gauge that the regulation of the financial sector shapes the allocation of global liquidity to the real economy. Turning our attention towards firms’ real activities, we show that capital inflows are negatively linked with the ex-post performance of firms. Consequently, foreign capital is not only allocated overproportionally to firms with a low ex-ante profitability; additionally, low performing firms display further decreases in their future profitability, constituting long-run hazards for the aggregate economic performance. This result helps to explain the difficulties of the empirical literature to identify a distinct positive relationship between cross-border capital flows and aggregate economic growth. In the third essay, we identify the growth effects of another macroeconomic variable that has been shown to increase with financial globalization—income inequality. We find that higher income inequality increases the growth rates of industries that are dependent on physical capital. In contrast, human capital intense industries grow less in countries with a more unequal distribution of income. We further gauge that higher aggregate investments (in financially more closed economies) and devaluations of the real exchange
rate (in financially more open economies) drive the positive growth effects of inequality. The negative growth effects are an implication of lower human capital investments. Consequently, policy makers should keep in mind the potential negative implications of inequality for aggregate economic growth in case their country’s industrial structure relies to a great extent on human capital.
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PELLICER, Miquel. "Education, financial market participation and income inequality." Doctoral thesis, 2005. http://hdl.handle.net/1814/5035.
Full textAbstract:
Defence date: 27 May 2005Examining board: Prof. Giuseppe Bertola, Università di Torino, supervisor ; Prof. Michael Haliassos, University of Cyprus ; Prof. Salvador Ortigueira, EUI ; Prof. Ignacio Palacios-Huerta, Brown University
PDF of thesis uploaded from the Library digitised archive of EUI PhD theses completed between 2013 and 2017
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Hsieh, Chia-Ching, and 謝佳靜. "The impacts of financial development, financial freedom, and economic globalization on income inequality." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/z34k39.
Full textAbstract:
碩士國立高雄應用科技大學
金融系金融資訊碩士班
106
This paper studies how income inequality is affected by financial development, financial freedom, and economic globalization. Following the line of the relative literature to investigate the relationship between financial development and income inequality, we build an empirical model covering the indices of economic globalization and financial freedom, and the generalized method of moments is applied to examine a panel data including 46 countries. The sample data is also classified into two groups, the developing and developed countries, to compare differences of these impacts for the two groups. The empirical results, applying annual panel data over the sample period from 1996 to 2012, are shown as the followings. First, the empirical results from the full sample group, higher degree of financial development will increase income inequality. Higher degrees of financial freedom and economic globalization also raise income inequality. Second, the impacts of economic globalization on income equality are positive for all countries, no matter for the developing or developed countries. Third, higher degree of financial development and financial freedom will increase income inequality for the developed countries, but there are converse effects for the developing countries.
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"Three essays on financial development, economic growth and income inequality." 2013. http://repository.lib.cuhk.edu.hk/en/item/cuhk-1290694.
Full textAbstract:
The issue of economic growth and income inequality is always the hottest topic among economists. Over the past decades to the onset of the global economic crisis, a large majority of OECD countries have experienced widen income inequality. More recently, the break out of the Occupy Wall Street Movement has rapid spread and recaptured much attention. One of the most driving themes is a country’s economic growth and embarrassing income inequality; it also reflects a broad-based frustration about how the sophisticated financial development affects the overall economy. To understand the impact of financial development on economic growth and income distribution has more important implications than ever. This dissertation is an effort to study these issues with three studies.In Study 1, a simplified version of Diamond and Dybvig (1983) model of liquid provision is embedded into a framework of overlapping-generations model. In the model, the agents are subject to idiosyncratic liquidity shocks, and have to make their own mind whether to hold the savings on hand or invest in a long-term illiquid technology and how to allocate. By comparing the autarky economy and the economy with financial intermediaries, our results suggest the existence of both benefits and costs of financial intermediaries and the net effects tend to differ with the development stage of the underlying economy.
In Study 2, the links between economic growth and income inequality are reexamined using a newly compiled panel dataset. This study mainly address three empirical questions: 1) Does inequality increase in the early stages of development and then decline when per capita income reaches a certain level? 2) Do countries with unequal income distribution experience slower economic growth than more egalitarian countries? 3) What might be the determinants of economic growth and income inequality, and whether they are simultaneously determined? Our results show that the links between economic growth and income inequality are quite complex and their determinants are not mutually exclusive.
In Study 3, the impacts of financial development on economic growth and income inequality are explored empirically. By collecting proxy variables measuring different aspects of financial development, this study tests 1) Is financial development pro-growth? In other words, does financial development always exert a positive impact on economic growth? 2) Is financial development pro-poor? By pro-poor, we mean whether financial development significantly improve income distribution by disproportionately boosting the incomes of the poor. Our results indicate that financial development is not always pro-growth, taking into account of country-specific effects, endogeneity and potential heteroskedasticity. In addition, after controlling for the overall growth, financial development is not pro-poor. It is more likely for the rich to get more benefits from both bank-based and market-based developments.
經濟增長和收入不平等的問題始終是經濟學家中最熱門的話題。在過去的幾十年到近年全球經濟危機爆發，大多數經濟合作與發展組織（OECD）國家都經歷了收入不平等的擴大。近年來爆發的"佔領華爾街"運動在全球迅速蔓延，並成為關注的焦點。其中一個最為重要的導火索是國家的經濟增長和愈加惡化的收入不平等，同時也反映出廣大民眾對於金融業發展會如何影響整體經濟的困惑。因此，理解金融發展對經濟增長和收入分配的影響變得比以往任何時刻都更具有重要的意義。本論文通過三篇研究從不同的角度分析這一問題。
在研究一中，我們把一個簡化的Diamond 和Dybvig（1983）模型嵌入代際交疊模型的框架中。在這個模型中，每個人都會受到流動性的衝擊，因此必須決定是將儲蓄持有在手邊還是投資於長期的不能流動的技術中，以及如何分配。通過比較自給自足的經濟和有金融機構存在下的經濟，我們的研究結果表明，金融機構是把雙刃劍，其淨效應取決於相關經濟體的發展階段。
在研究二中，我們用新編譯的面板資料重新檢驗了經濟增長和收入不平等之間的聯繫。這篇研究主要回答了三個問題：1）收入不平等是否在經濟發展的早期增加，在人均收入達到一定水準後下降？2）收入不平等的國家是否比收入平等的國家經濟增長緩慢？3）經濟增長和收入不平等的決定因素是什麼，二者是否是同時決定的？我們的研究結果表明，經濟增長和收入不平等之間的聯繫相當複雜，並且其決定因素也不是相互排斥的。
在研究三中，我們通過實證的方法探索金融發展對經濟增長和收入不平等的影響。通過用不同變數來衡量金融發展的各個方面，這篇研究主要回答了兩個問題：1）金融發展是否促增長？換句話說，金融發展對經濟增長是否都產生了積極的影響？2）金融發展是否有利於窮人？所謂有利於窮人，我們是指金融發展能大幅提高窮人的收入，從而顯著改善收入分配。我們的研究結果顯示，在考慮了國家影響、內生性和潛在異方差等因素後，金融發展並不總是有利於經濟增長。另外，剔除整體經濟增長的影響，金融發展也並不利於窮人。相反，富人更有可能從銀行和市場為主的金融發展中得到更多的實惠。
Yu, Yao.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2013.
Includes bibliographical references (leaves 192-207).
Abstracts also in Chinese.
Title from PDF title page (viewed on 20, December, 2016).
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
Detailed summary in vernacular field only.
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Dusha, Elton. "Essays on Intermediated Corruption, Financial Frictions and Economic Development." Thesis, 2013. http://hdl.handle.net/1807/35811.
Full textAbstract:
Distortions that affect macroeconomic outcomes are an important avenue through which we can explain differences in cross country output and productivity. In this thesis I concentrate on two types of distortions, political economy and informational distortions. In Chapter one, I build a model of intermediated corruption where interactions between government bureaucrats and those who bribe them are mediated by a third party. I show that intermediation has significant effects on the incidence of corruption and the prices entrepreneurs pay for permits. When corruption is particularly acute, measures that increase the frequency with which government bureaucrats are audited often have the undesirable result of increasing the prevalence of corruption because of intermediation. In Chapter two I explore the link between corruption and inequality by building a model in which tax collectors are corrupt. I find that as inequality increases, the frequency of corrupt transactions increases as well. I also find that where corruption is more severe, because wealthier individuals tend to pay lower taxes, inequality is higher. I perform a few quantitative experiments to better understand this linkage. Chapter three explores distortions that are caused by adverse selection in markets with search frictions. I find that when participants are concerned about the information they reveal through their interactions in the market, the distortions to liquidity are deeper and that equilibrium selection is significantly affected. I also find that markets with reputational concerns are more sensitive to outside shocks.
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ASLAN, GOKSU. "STUDIES ON INCOME INEQUALITY AND ITS EFFECTS ON ECONOMIC GROWTH." Doctoral thesis, 2017. http://hdl.handle.net/11570/3104896.
Full textAbstract:
This thesis consists of three papers on the effects of income inequality on economic growth and the determinants of the income inequality. First two papers which are related to each other through the direct and indirect effects of income inequality on economic growth are based on dynamic panel data models. First paper covers detailed theoretical review on income inequality, second paper cover empirical studies on direct and indirect effects of income inequality on economic growth and third paper handles the impact of gender inequality in financial inclusion on income inequality. Short summaries on each paper are given below
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"Financial market globalization, asymmetric tax and endogenous inequality of nations." 2006. http://library.cuhk.edu.hk/record=b5892960.
Full textAbstract:
Lam Wing Shing.Thesis (M.Phil.)--Chinese University of Hong Kong, 2006.
Includes bibliographical references (leaf 33).
Abstracts in English and Chinese.
Abstract --- p.ii
摘要 --- p.iii
Acknowledgements --- p.iv
Table of Contents --- p.v
Chapter 1 --- Introduction --- p.1
Chapter 2 --- Related Works in the Literature --- p.4
Chapter 3 --- The Model --- p.8
Chapter 3.1 --- The Basics --- p.8
Chapter 3.2 --- The Investment Decision --- p.10
Chapter 3.3 --- The Public Sector --- p.11
Chapter 3.4 --- The Constraints Combined --- p.11
Chapter 4 --- Autarky --- p.13
Chapter 5 --- The Small Open Economy --- p.15
Chapter 6 --- The World Economy --- p.19
Chapter 6.1 --- The World Economy under Symmetric Tax --- p.19
Chapter 6.1.1 --- Symmetric Steady States --- p.19
Chapter 6.1.2 --- Stable Asymmetric Steady States --- p.21
Chapter 6.2 --- The World Economy under Asymmetric Tax --- p.23
Chapter 6.2.1 --- Stable Steady States under Asymmetric Tax --- p.23
Chapter 6.2.2 --- Discussion --- p.27
Chapter 7 --- Conclusion --- p.31
References --- p.33
Appendices --- p.34
Proof of Lemma --- p.34
Proof of Proposition 2 --- p.36
Proof of Proposition 3 --- p.40
Proof of Proposition 4 --- p.43
Proof of Proposition 5 --- p.46
Figure 1 - Dynamics - autarky --- p.58
Figure 2 - Asymmetric tax - autarky --- p.58
Figure 3 - Dynamics - small open economy --- p.59
Figure 4 - Asymmetric tax - small open economy --- p.60
Figure 5 - Asymmetric tax - world economy --- p.60
Figure 6 - Equality of nations in asymmetric tax --- p.60
Figure A. 1 for Proof of Proposition 4 --- p.61
Figure A.2 for Proof of Proposition 5 --- p.61
Figures A.3-A.4(d) for Proof of Proposition 5 --- p.62
Figures A.4(e)-A.5 for Proof of Proposition 5 --- p.63
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Fuínhas, Celso Alexandre Esteves. "The Financial Road to Economic Stagnation: The Case of the USA." Master's thesis, 2021. http://hdl.handle.net/10316/94567.
Full textAbstract:
Trabalho de Projeto do Mestrado em Economia apresentado à Faculdade de EconomiaO período a partir da década de 1980 é caracterizado por instabilidade financeira e fraco crescimento económico. Este trabalho de projeto conceptualiza a tendência para a estagnação na economia dos EUA, enquanto resultado de um processo cumulativo, articulando desigualdade e financeirização. A endogeneidade da interação entre financeirização, desigualdade e estagnação económica é testada através de uma autoregressão vetorial (VAR). A Financeirização é abordada de dois ângulos: i) a instabilidade financeira é intensificada pela interação com as políticas que o banco central toma em resposta às sucessivas crises financeiras; e ii) a financeirização interage com empresas e famílias de modo a deprimir o investimento e a procura agregada. A desigualdade económica é examinada através de duas óticas: i) Como consequência do enfraquecimento do contrapoder que os trabalhadores exercem nas empresas; e ii) como produto de um sistema fiscal regressivo. As conclusões atingidas indicam que a tendência para a estagnação económica é resultado de uma relação endógena entre financeirização, desigualdade, e estagnação económica que se autorreforça nas condições atuais. A combinação destes fatores que se tendem a autorreforçar empurra a economia para uma situação de crise sistémica. Consequentemente, intervenções limitadas, que não respondam a estas condições subjacentes não serão suficientes para recuperar a lógica de crescimento sustentado e prosperidade partilhada que caracterizou o período do pós-guerra.
The period from 1980 onwards is characterized by financial instability and weak economic growth. This thesis conceptualizes the stagnating tendency of the American economy as a result of a cumulative and self-perpetuating relationship between inequality and financialization. The endogeneity of the relationship between stagnation, inequality, and economic stagnation is tested empirically with the help of a vector autoregression (VAR). Financialization is addressed in two angles: (i) How financial instability is intensified by the interaction with the central bank’s current policy towards successive financial crises; and (ii) how financialization interacts in a different way, with firms and households to depress investment and aggregate demand. Economic inequality is examined under two approaches: (i) as a consequence of waning countervailing power exercised by workers in firms, and the resulting loss of negotiating power over wage setting; and (ii) as a product of a regressive tax system. The conclusion reached indicates that the tendency for economic stagnation is the product of an endogenous interaction between financialization, inequality, and economic stagnation that self-reinforcing under current conditions. This self-reinforcing mechanism leads the capitalist economy into a systemic crisis. As a result, limited interventions that do not address these underlying conditions will not be enough to restore the logic of sustained growth and shared prosperity that characterized the post-war period.
Universidade de Coimbra - Prémio Feuc Exemplar
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Otovwe, Edafe. "The implication of public debt and financial instability on economic growth: A case study of selected West African countries." Thesis, 2019. https://arro.anglia.ac.uk/id/eprint/705284/1/Otovwe_2019.pdf.
Full textAbstract:
This research examines the impact of public debt and financial instability on
the economic growth of selected West African countries. The effect of public
debt on an economy cannot be overemphasised. The amount of public debt that
a country owes can either help in increasing the growth rates or it can result in
situations that are detrimental to economic growth. Some scholars have argued
that when public debt is not properly managed, it can be carried on to future
generations by way of compound interest problems. Therefore, it is very
important to know how the amount of debt country owes can affect economic
activities. Financial stability on the other hand is an important aspect of the
economy because most of the decisions taken by policy makers are centred
around maintaining stability. This is because financial instability is
disadvantageous to the economy. It results in a weakening of investment and
economic activities; it leads to a rise in public debt and also affects economic
growth in a negative way. The study carried out an extensive literature review
on various school of thoughts on public debt and economic growth; it also
identified sources of financial stability. A quantitative research approach was
adopted for this study and the data was gotten from the World Development
Indicators for a period starting from 1970 to 2015. The selected countries were
Benin, Burkina Faso, Cote D’Ivoire, Ghana, Mali, Niger, Nigeria, Senegal and
Togo. The econometric model for this study was adapted from the theories of
business cycle and the statistical tests used for estimation includes the unit root
test, leg length criteria, ARDL bounds test, Johansen Cointegration tests, error
correction models, granger causality tests, cumulative sum tests, and serial
correlation tests. The results revealed that there is a long run relationship
between public debt, financial stability and economic growth for the selected
West African countries, and the granger causality results mostly indicated a
unidirectional causality for the selected West African countries. The results
suggested that that government spending is the most effective policy
instrument in regulating the level of public debt and financial instability. Based
on the econometric findings, this research recommends that fiscal policy is
more effective in curtailing the effects of public debt and financial instability
on the economic growth of the selected countries.
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Viana, Junior Dante Baiardo Cavalcante. "Cross-country differences in earnings management: the role of economic and institutional factors." Doctoral thesis, 2021. http://hdl.handle.net/10071/23702.
Full textAbstract:
This thesis aims to analyze cross-country differences in earnings management practices, discussing about the role of country- and firm-specific economic and institutional factors. In order to achieve such broad objective, three studies were developed. The first study analyzes the effect of macroeconomic instability on earnings management and the moderating role of country-level institutions, explicitly examining how this phenomenon compares between developed and emerging market countries. The results shows that when facing greater macroeconomic instability, firms from developed (emerging market) countries decrease (increase) the level of accruals-based earnings management, and in both types of countries decrease the level of real earnings management. The empirical findings also evidence that the association between macroeconomic instability and accruals-based earnings management is lower in countries with stronger institutions, in both developed and emerging market countries. The second study examines the association between financial distress and accruals-based earnings management in emerging markets, and the role that auditors (Big 4 versus non-Big 4, and differences across Big 4 audit firms) play in such association. The results suggest that firms from emerging markets facing higher levels of financial distress engage in income-increasing accruals-based earnings management, and that such engagement is lower in firms audited by Big 4 compared to those audited by non-Big 4 auditors. Furthermore, the results also demonstrate a significant difference across Big 4 audit firms in their role of constraining income-increasing earnings management strategies in firms with high levels of financial distress. Finally, the third study analyzes the association between country-level ethical judgment and earnings management. It is also investigated the role that firm-level enforcement and the quality of accounting standards play in this association. The empirical results suggest that firms from countries where ethically suspect behaviors are less acceptable (i.e. higher ethical judgment) are associated with lower levels of accruals-based earnings management. Moreover, the results also provide evidence that firm-level enforcement and the quality of accounting standards play an important moderating role in the effect of national ethical judgment on earnings management, in order to dampen it. Taken together, our results contribute to the debate concerning the effect of economic and institutional factors on the accounting quality in an international context. Investors and regulators may be interested in such evidence. When it is known that economic and institutional factors are associated to firm-level earnings management, actions can be taken to build stronger and fairer societies, given that the quality of the financial reporting is inextricably linked to how well the economy works and how income and wealth are distributed.Esta tese tem como objetivo analisar as diferenças entre os países no que diz respeito às práticas de gestão de resultados, discutindo sobre o papel dos fatores económicos e institucionais específicos dos países e das empresas. Para atingir esse objetivo amplo, três estudos foram desenvolvidos. O primeiro estudo analisa o efeito da instabilidade macroeconómica sobre a gestão de resultados e o papel moderador das instituições ao nível do país, examinando explicitamente como esse fenómeno se compara entre países desenvolvidos e emergentes. Os resultados sugerem que, ao enfrentar uma maior instabilidade macroeconómica, as empresas de países desenvolvidos (mercados emergentes) diminuem (aumentam) o nível de gestão de resultados por accruals e em ambos os tipos de países diminuem o nível de gestão de resultados por decisões operacionais. Também encontrámos evidências de que a associação entre instabilidade macroeconómica e gestão de resultados com base em accruals é menor nos países com instituições mais fortes, tanto em países desenvolvidos quanto em mercados emergentes. O segundo estudo examina a associação entre dificuldades financeiras e gestão de resultados por accruals em mercados emergentes e o papel que os auditores (Big 4 "versus" non-Big 4, e diferenças entre as grandes empresas de auditoria) desempenham em tal associação. Os resultados apontam que as empresas dos países emergentes que enfrentam níveis mais elevados de dificuldades financeiras envolvem-se em estratégias de gestão de resultados por accruals que aumentam o lucro e que tal envolvimento é menor em empresas auditadas por Big 4, quando comparado com empresas não auditadas por Big 4. Além disso, também encontramos diferenças significativas entre as quatro grandes empresas de auditoria no seu papel de restringir as estratégias de gestão de resultados que aumentam o lucro em empresas com altos níveis de dificuldades financeiras. Finalmente, o terceiro estudo analisa a associação entre o julgamento ético ao nível do país e a gestão de resultados. Também é investigado o papel que o enforcement ao nível da empresa e a qualidade das normas contabilísticas desempenham nesta associação. Os resultados empíricos sugerem que as empresas de países onde comportamentos eticamente suspeitos são menos aceitáveis (i.e. maior julgamento ético) estão associadas a níveis menores de gestão de resultados por accruals. Além disso, fornecemos evidências de que o enforcement no nível da empresa e a qualidade das normas contabilísticas desempenham um papel moderador importante no efeito do julgamento ético nacional sobre a gestão de resultados, a fim de atenuá-lo. Em conjunto, os nossos resultados contribuem para o debate a respeito do efeito de fatores económicos e institucionais sobre a qualidade da informação contabilística num contexto internacional. Quando se sabe que fatores económicos e institucionais estão associados à gestão de resultados ao nível da empresa, podem ser tomadas ações para construir sociedades mais fortes e justas, uma vez que a qualidade dos relatórios financeiros está intrinsecamente ligada ao funcionamento da economia e à forma como a riqueza é distribuída.
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Combrink, Hermanus Adriaan. "Selected factors significantly influencing net equity value in the South African household's statement of financial position." Diss., 2015. http://hdl.handle.net/10500/20239.
Full textAbstract:
It is twenty-one years since South Africa’s democracy and the majority of South African households can still be classified as poor, despite the various interventions by Government to reduce poverty and inequality. The measurement used to determine the financial status of a household at a given point in time is its net equity in accordance with its Statement of Financial Position, calculated as its assets owned less liabilities owed. This study aimed to identify the selected significant factors that affect a South African household’s net equity value.
In order to achieve the aim of this study, a heuristic model consisting of two components was developed. The first component considered which assets and liabilities should be included in determining a household’s net equity and how these assets and liabilities should be valued. The second component identified the selected factors that influence a household’s net equity. The heuristic model was applied to the empirical data using three phases. Firstly, the net equity value was calculated for each household. This was followed by an analysis of the selected factors that significantly influence household net equity. The last phase was performed to determine the effect of the identified selected factors in explaining the difference between households that have above average net equity values and those having below average values.
The results of the study indicated that 11 selected factors significantly influence the net equity value in the South African household’s Statement of Financial Position. Seven of those factors significantly explain between 28,3 percent and 38,1 percent of the differences in the net equity value of a household when comparing the households with above average net equity value with those with below average values. This is useful information for policy makers in identifying the selected factors that will most significantly increase the net equity value of a household with a net equity value below the South African average.Centre for Accounting Studies
M. Com. (Accounting Science)