Dissertations / Theses on the topic 'Tradable and non-tradable sector'
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Bilal, Muhammad. "Does the export sector generate positive externality for the non-tradable sector? The case of Bangladesh, India & Pakistan." Thesis, Umeå universitet, Nationalekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-163097.
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Pakistan, India and Bangladesh are part of the developing countries in the world. These countries are continuously working hard and discovering different alternates to overcome its problems. The main objective of these south Asian countries is to stand among those countries which are considered to be developed. In my thesis I am pursuing trade as my main subject. Export is extensive issue and can affect the economy of any country in many ways. In trade I will opt for that portion, which is playing vital role in Pakistan, India and Bangladesh’s economy and affecting the economy in a severe way. I decided to focus on the two sector model to know about productivity differential between the export and non export sectors of these countries. To find out how much export, labor and investment contributes to gross domestic product within the period of 1962-2016 for Pakistan and India and 1971-2016 for Bangladesh. After working on these matter I reached to my results and I found that productivity differential between the export and non-export sectors is positive and statistically significant. I also concluded that labor force, weighted export and investment to GDP contribute positively to economic growth in these countries.
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AURICCHIO, MARTA. "Local Manufacturing Multiplier and Human Capital in Italian Local Labor Markets." Doctoral thesis, Luiss Guido Carli, 2015. http://hdl.handle.net/11385/200980.
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This paper quantifies the effect of a local labor demand shock in the tradable sector on the
employment in the non-tradable sector for Italy. Following Moretti (2010) and Moretti and
Thulin (2013) we analyse for Italy’s case the effect on the employment in tradable and nontradable
sector due to an exogenous shift in the number of jobs in the tradable sector in local
labor market area. Using Italian census data at LLM level for 1981, 1991, 2001 and 2011,
evidences suggest that, on average, the effect of an exogenous shift in local tradable
employment upon non-tradable employment is zero. We believe that in this baseline model
the absence of evidence of a positive impact of new jobs in the tradable sectors on the
remaining parts of the local economy can be explained in particular focusing on excess of
regulation, on labor mobility, on the lack of variability of wages, on the rigidity of housing
supply and on the Italian familistic welfare system. In addition to the baseline model, we
account for the technology level of the manufacturing sector using the EUROSTAT
classification. We want to test if the jobs multiplier effect in the high-tech sector is
significantly different/higher than for almost any other sector. High-tech workers, with their
high opportunity cost of time, are expected to be net buyers of non-tradable goods.
Accounting for the technology level, as Moretti, Moretti and Thulin predict, we find
evidence that high-tech jobs have a positive and significant local employment multiplier of
0.7 additional jobs. These results bear important implications for the Italian growth path and
its regional divide, in terms both of labor market and industry competitiveness.
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Liu, Yu. "Three essays in new open economy macroeconomics with multiple countries, non-tradable goods, capital accumulation and distribution sector." Thesis, University of Southampton, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.496086.
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Harwatt, Helen Marie. "Tradable carbon permits : their potential to reduce CO2 emissions from the transport sector." Thesis, University of Leeds, 2007. http://etheses.whiterose.ac.uk/229/.
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Given the severity of the impacts arising from climate change and the short timeframe available regarding mitigation, it is imperative to reduce emissions of greenhouse gases. Road transport is a significant contributor to UK CO2 emissions, with the majority arising from personal road transport. A working model of a Tradable Carbon Permit (TCP) scheme was therefore designed to achieve a 60% reduction of CO2 emissions from personal road transport by 2050. A proportion of the annual carbon budget would be given to individuals as a free carbon permit allocation. Following the consumption of the free carbon permits, an individual must then purchase any permits required in the future from a centralised market. Alternatively, there is an opportunity to sell unused permits. Fuel price increases were recognised as having the potential to achieve an identical emissions target at a much lower cost. Hence, conventional elasticities were used to derive a comparative measure to the TCP scheme. A range of practical considerations regarding both policies were discussed, including approximate costings, social impacts and implementation. An innovative survey design was developed to explore the feasibility of applying a TCP scheme and a system of fuel price increases (FPI) to the personal road transport sector. A series of individual interviews were conducted to gather opinions related to the impacts (including costs and benefits), effectiveness (ability to meet the emissions target), fairness and acceptability of both measures. Bespoke software was used to record behavioural response and display respondents' travel data alongside their free permit allocation and estimated spending at three points in time. A range of qualitative and quantitative results are reported. The findings revealed a stark contrast in opinions and attitudes towards the TCP scheme and FPI, with the TCP scheme being more favourable in every aspect in addition to achieving a much greater level of behavioural response and hence carbon reductions.
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Akgul, Zeynep. "The Impact Of International Capital Flows In A Three-sector Open Economy: A Dynamic General Equilibrium Analysis." Master's thesis, METU, 2009. http://etd.lib.metu.edu.tr/upload/3/12610961/index.pdf.
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This thesis examines the effects of international capital flows on economic growth by using a dynamic general equilibrium framework based on a three-sector Ramsey Model. In order to detect the impact of financial integration on production, allocation of resources across three sectors and consumption, two different economic environments are modelled. While the first model represents a closed economy with financial autarky, the second model examplifies a financially integrated open economy with partial capital mobility. Each of the models is calibrated to Turkish economy based on the data of the year 2006. The simulation results demonstrate that the presence of international capital flows, despite being limited by a borrowing constraint, reverses the impact of economic growth on production and resource allocation. It is found that even though the importance of production in tradable-goods sector diminishes in the absence of international capital flows, it increases in the open economy model. Moreover, the findings show that while production in the closed economy model simply adjusts to domestic demand, that of the open economy model is not constrained by it. This can be explained by the augmentative effect of partial capital flows on the impact of foreign demand on domestic production.
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Piton, Sophie. "Macroeconomic imbalances : a European perspective." Thesis, Paris 1, 2018. http://www.theses.fr/2018PA01E016.
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Cette thèse regroupe trois articles sur les déséquilibres macroéconomiques en Europe, que ces déséquilibres se manifestent par une divergence entre pays membres de la zone euro, ou par une déformation du partage de la richesse entre travail et capital. Depuis l’introduction de l’Euro jusqu'à la crise financière globale de 2008, les déséquilibres macroéconomiques se sont creusés parmi les États membres : les prix et les salaires entre pays ont augmenté beaucoup plus rapidement dans les pays les plus pauvres initialement que dans le reste de la zone. Ces déséquilibres étaient tout d’abord perçus comme reflétant un processus de rattrapage. Cette interprétation a été remise en cause à partir de la crise financière globale de 2008. Ils ont été pointés du doigt comme reflétant de «mauvais» déséquilibres, signes d’une perte de compétitivité dans la « périphérie » de la zone euro. Les deux premiers chapitres identifient les facteurs à l’origine de ces déséquilibres. Ils montrent qu’ils sont en grande partie la conséquence de l’intégration économique elle-même. Le troisième chapitre s’intéresse au partage de la richesse entre travail et capital. Depuis le début des années 1980, la part de la richesse distribuée au travail a diminué dans les pays européens. En parallèle, la part des profits distribués aux actionnaires sous forme de dividendes et de rachats d’actions a augmenté. Ce chapitre suggère que sont en cause des changements dans la gouvernance des entreprises. Ces changements se manifestent par un rôle accru des investisseurs institutionnels dans le capital des sociétés non-financières, qui sont alors amenées à faire prédominer la rémunération des actionnaires au détriment du travailThis doctoral thesis gathers three articles on macroeconomic imbalances in Europe. It deals with two types of imbalances: imbalances among European countries, and within these countries, in the distribution of income between labour and capital. From the Euro inception up to the 2008 global financial crisis, macroeconomic imbalances widened among Member States. This divergence took the form of strong differences in the dynamics of prices and wages: they increased much faster in "peripheral" economies than in "core" countries. These imbalances were first interpreted as reflecting a catch-up and convergence process of the poorest countries of the area. Both economists and policymakers challenged this view in the aftermath of the 2008 recession. Imbalances were then pointed out as reflecting a broader competitiveness problem in the "sinful periphery" compared to the "virtuous core". The first two chapters ask what are the main contributors to these imbalances. They argue that, in peripheral economies, they mostly reflect the process of economic integration. The third chapter focuses on the distribution of income between labour and capital. Since the early 1980s, there has been a decline in the share of income accruing to labour in European countries. This decline was parallel to an increase in the profit share, that reflects mostly the dynamics of payouts (dividends and buybacks) to shareholders. This chapter argues that these trends could be linked to recent trends in firm ownership. Non-financial corporations are increasingly owned by institutional investors, whom exert pressures for tighter governance in favor of shareholders and to the expense of labour
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ASSAYEW, Tsegaye Anduanbessa. "Finance, private sector development and inequality." Doctoral thesis, Università degli studi di Bergamo, 2014. http://hdl.handle.net/10446/30382.
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The first chapter seeks to reveal the long-run causal relationship among financial development, savings, openness and growth in Ethiopia using annual data from 1970 through 2010 in a VAR framework. I find no causal relationship between the series, to the dismay of the large “finance-openness-led growth” literature. The evidence, nevertheless, does not entail the impression that financial repression or trade restriction propels economic growth. The early 1990’s and 2000’s are identified as the periods when apparent regime shifts are observed in the economy of the country.
Identifying the economic sector that ensures maximum jobs creation remains the most challenging tasks for local and national governments. Chapter Two, explores the local multiplier effect of entry into the tradable sector on that of entry to the nontradable sector using a large panel dataset obtained from the South Africa’s CIPC’s databases on South African metropolitan cities. I find that new entry to tradable sector is significantly associated with entry to nontradable businesses. For each additional establishment of firms in the manufacturing sector in a given municipal unit, 15.26 firms are created in the nontradable sector in the same place.
There is an ongoing debate on inequality as a cause for a delay in recovery in the aftermath of recession. Using a simulation of U.S. household income and consumption, I show in Chapter Three that it is possible to get significant differences in savings across income groups based on income-smoothing alone. I have statistically shown that the “rich” may appear to save a higher share of their income than the rest of the people even though the saving rate out of permanent income is the same for all individuals, by assumption. It is, however, less clear that the transitory income effect does, in fact, explain most of the saving rate differences across income groups.
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Martins, Gonçalo José de Brito Gonçalves. "The estimation of local employment multipliers for Portugal." Master's thesis, Instituto Superior de Economia e Gestão, 2021. http://hdl.handle.net/10400.5/23434.
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Mestrado Bolonha em EconomiaThis Dissertation analyses the relationship between employment in the “Tradable” and “Non-Tradable” sectors for Portugal. More specifically, the size of the employment multiplier effect between them. To do so, we have conducted a study at two different regional levels: municipalities and NUTS III for the Portuguese economy. The aim is to measure the size of the employment multiplier of the “Tradable” sector onto the “Non-Tradable” sector through multiple econometric methods. We used Pooled OLS estimations, Panel Data estimations with fixed and random effects and Instrumental Variable Regressions. The results from the estimations provide evidence of a statistically significant employment multiplier ranging between 0.4 and 0.9 extra jobs in the “Non-Tradable” sector for each new job in the “Tradable” sector in the average NUTS III region and between 0.32 and 0.77 in municipalities. The results are presented as an interval because the values differ with different econometric methods used. The main conclusion from this Dissertation is that we were able to find a positive and statistically significant employment multiplier which is coherent with previous literature in this topic.
info:eu-repo/semantics/publishedVersion
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Blustein, Sholam. "Towards a dignified and sustainable electricity generation sector in Australia : a comparative review of three models." Thesis, Queensland University of Technology, 2012. https://eprints.qut.edu.au/63810/1/Sholam_Blustein_Thesis.pdf.
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Electricity is the cornerstone of modern life. It is essential to economic stability and growth, jobs and improved living standards. Electricity is also the fundamental ingredient for a dignified life; it is the source of such basic human requirements as cooked food, a comfortable living temperature and essential health care. For these reasons, it is unimaginable that today's economies could function without electricity and the modern energy services that it delivers. Somewhat ironically, however, the current approach to electricity generation also contributes to two of the gravest and most persistent problems threatening the livelihood of humans. These problems are anthropogenic climate change and sustained human poverty.
To address these challenges, the global electricity sector must reduce its reliance on fossil fuel sources. In this context, the object of this research is twofold. Initially it is to consider the design of the Renewable Energy (Electricity) Act 2000 (Cth) (Renewable Electricity Act), which represents Australia's primary regulatory approach to increase the production of renewable sourced electricity. This analysis is conducted by reference to the regulatory models that exist in Germany and Great Britain. Within this context, this thesis then evaluates whether the Renewable Electricity Act is designed effectively to contribute to a more sustainable and dignified electricity generation sector in Australia.
On the basis of the appraisal of the Renewable Electricity Act, this thesis contends that while certain aspects of the regulatory regime have merit, ultimately its design does not represent an effective and coherent regulatory approach to increase the production of renewable sourced electricity. In this regard, this thesis proposes a number of recommendations to reform the existing regime. These recommendations are not intended to provide instantaneous or simple solutions to the current regulatory regime. Instead, the purpose of these recommendations is to establish the legal foundations for an effective regulatory regime that is designed to increase the production of renewable sourced electricity in Australia in order to contribute to a more sustainable and dignified approach to electricity production.
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Chiang, Derek Mi-Hsiu. "Contingent claims analysis to irreversible, non-tradable output investment problems under uncertainty." Thesis, Imperial College London, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.312138.
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Ramsey, Elaine. "E-business developments within tradable service section SMEs : a cross national study." Thesis, University of Ulster, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.419052.
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Šindel, Jaromír. "Redistribuční efekty měnového kurzu." Doctoral thesis, Vysoká škola ekonomická v Praze, 2004. http://www.nusl.cz/ntk/nusl-77078.
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The political economy of the exchange rate explains different approaches within the integration process of the European monetary union. The changing character of exchange rate pass-through into the foreign trade prices changes not only the international economy paradigm, but also the attitude to the exchange rate political economy. The study solves the incentives to the different exchange rate arrangement choice during the transformation and integration period in the Central and East European countries. It follows with the analysis of the industry structure in these economies. It discusses the existence of its direct and indirect channel of influencing the exchange rate politics. Article solves the hypothesis of interest group formation in regard to the exchange rate policy (the euro adoption) and the intergovernmental bargaining as well as the bargaining within the economy. The industry analysis results confirm the set hypothesis, in which the heterogenity of industry structure explains the heterogeneous approach to the exchange rate politics during the transformation process in monitored economies. The redistributive change of Hungarian exchange rate policy is discussed in connection with the change of subsidies flow within the political cycle. We discuss the impact of current account adjustment on the tradable and nontradable sector in member countries of currency union -- Euro zone. The current account adjustment associated with the adjustment of the net export's deficit caused by the drop in the domestic absorption evokes the increase in the relative price of the nontradable sector. The paper discusses this hypothesis within framework of the Portuguese current account adjustment, which is the result of European financial integration in catching-up countries. The common monetary policy and common currency cannot offset the negative impact of nontradable price increase within the internal expenditure switching effect and also can not support exporters within the external expenditure effect.. The Portuguese current account adjustment was not followed by the currency depreciation and the tradable price increase. The cost of the currency asymmetric response were born by the tradable mark-up decrease, the falling decrease in nontradable wages and employment and finally by the nontradable mark-up and employment decrease.
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Xiang, Xi. "The market reform of non-tradable shares, firm performance, and accounting conservatism in China." HKBU Institutional Repository, 2009. http://repository.hkbu.edu.hk/etd_ra/1068.
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Yaqub, Kamaran Q. "Impact of oil revenue volatility on the real exchange rate and the structure of economy: Empirical evidence of “Dutch disease” in Iraq." Thesis, University of Bradford, 2017. http://hdl.handle.net/10454/17411.
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This thesis analyses the extent to which a boom in a particular export commodity sector (i.e., oil) affects relative price of non-tradable goods against tradable goods, the real exchange rate and competitiveness in the rest of the economy: This problem has been analysed in the early stage by (Corden and Neary 1982) with the so-called ‘Dutch-disease’. As a result, booming sector (oil Sector) the country’s currency appreciates, thereby reducing the competitiveness of the country’s traditional export sector in international market. This thesis examines whether Dutch Disease is present in Iraq in the light of having not study about Dutch Disease phenomena. It evaluates the impact of growing oil revenues on non-oil sectors of the Iraqi economy. It produces some empirical evidence for the explanation non-tradable goods and contraction of tradable goods sector due to booming oil sector and appreciation real exchange rate and made tradable goods sector become uncompetitive for export. The main findings form this thesis that the Iraqi economy was subject to have the Dutch disease phenomena during the boom. Some of the indications of the disease, remarkably the increase of relative prices, the real exchange rate appreciation, contraction tradable goods sector and expansion of nontraded goods output were applicable. The study uses annual time series data sourced from home and international agencies from 1970 to 2013. Due to problem with endogeneity, the data are analysed through the use of two stages least square. Finally, the thesis discusses briefly some policy measures that will help avoid the issue of appreciation real exchange rate and changing the structure of economy out of tradable goods to non-tradable goods sector.
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Kärnström, Johanna, and Maxine Eden. "Oil and the 'Dutch Disease' : - The Case of the United Arab Emirates." Thesis, Jönköping University, JIBS, Economics, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-7666.
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According to the Dutch Disease core model a boom in natural resources will eventually lead to a shift of production between sectors: from tradable goods to non-tradable goods. The authors found it interesting to research if United Arab Emirates has been a subject to any of the effects caused by the disease, due to the oil boom during the 1970s and the huge development that has appeared in the country. If the United Arab Emirates would be a vic-tim of the disease the decline in exports of the natural resource will result in a decline in the non-oil tradable goods which will affect the country negatively. Furthermore, the disease can also make it more difficult for the country to deal with the problem of high inflation. A time series covering the period 1975-2005 is used to analyse if the United Arab Emirates has experienced symptoms of the disease. Results show that the country has experienced some symptoms of the Dutch Disease during the period 1975-198 since changes in the price of oil caused tradables to shift to the non-tradable sector. Another sign of the disease is the high inflation rate Unite Arab Emirates experienced during the selected period, how-ever high inflation rate could be caused by other factors as well. Furthermore, the larger in-crease in the non-tradable sector compared to the tradable sector is also an indication of the disease in the country. According to these findings the authors can conclude that United Arab Emirates has experienced symptoms of the disease, however, it cannot be concluded that it has been a victim of the disease.
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Schwenke, Richard [Verfasser]. "A multi-regional view on aging societies accounting for the existence of non-tradable goods / Richard Schwenke." Mainz : Universitätsbibliothek Mainz, 2015. http://d-nb.info/1080269916/34.
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Frocrain, Philippe. "Mondialisation et marché du travail : étude sur les emplois exposés et abrités en France." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLEM060/document.
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On oppose traditionnellement les emplois industriels et les emplois de services. L’interpénétration croissante de l’industrie et des services rend cependant cette distinction de plus en plus inopérante. À l’heure de la globalisation, il apparaît en revanche pertinent de distinguer les emplois exposés à la concurrence internationale de ceux qui en sont abrités, que l’on trouve à la fois dans l’industrie et dans les services. Cette thèse analyse dans un premier temps les évolutions et les caractéristiques des emplois exposés et abrités en France. Quels sont les emplois exposés et abrités ? Se distinguent-ils en termes de qualifications, salaires, évolutions de la productivité ? Comment sont-ils répartis sur le territoire ? Elle étudie ensuite les interdépendances entre ces deux catégories d’emplois, en évaluant empiriquement l’effet d’entraînement de l’emploi exposé sur l’emploi abrité au niveau des zones d’emploi de France métropolitaine. L’étude s’intéresse enfin à un échantillon de salariés licenciés suite à la fermeture d’un site de production. Elle tente de déterminer si le risque de licenciement, et les coûts qui lui sont associés, sont plus élevés dans le secteur exposé que dans le secteur abritéThe distinction between manufacturing and service jobs has lost some of its relevance due to the growing interpenetration between industrial and service activities. On the other hand, globalization has made it increasingly necessary to distinguish between jobs exposed to international competition (tradable jobs) and those not exposed to it (non-tradable jobs), found in primary, secondary and tertiary sectors. This thesis begins by analyzing the developments and characteristics of tradable and non-tradable employment in France. Which jobs are tradable and which are non-tradable? Are they different in terms of skills, wages, and productivity? How are they distributed around the country? It then studies the interdependencies between these two categories of employment, making an empirical evaluation of the local multiplier effect of tradable jobs on non-tradable jobs in French local labor markets. Lastly, the thesis focuses on workers laid off due to firm closure. It sets out to determine whether the risk of job displacement, and the associated costs, are higher in the tradable sector than in the non-tradable sector
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Canas, Filipa. "Reallocation of resources between the tradable and non-tradable sector in Portugal: Assessing the degree of structural transformation in the Portuguese economy." Master's thesis, 2016. http://hdl.handle.net/10362/16472.
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Portugal implemented a large number of structural reforms in the recent
years, which are expected to enhance the allocation of resources in the economy, namely
from the non-tradable to tradable sector. We argue that the methodology to identify the
tradable sector used by some international institutions is outdated and may hamper an
accurate assessment of the progress achieved so far. Based on an enhanced methodology
to identify the tradable sector, we are able to provide a more accurate, clearer picture of
the recent structural developments of the Portuguese economy.
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Gomes, Vílson Filipe da Costa Ponte. "O financiamento da economia dos Açores." Master's thesis, 2014. http://hdl.handle.net/10400.3/3237.
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Dissertação de Mestrado em Ciências Económicas e Empresariais.O presente estudo analisa o financiamento da economia dos Açores, no período compreendido entre 1992 e 2012 e, simultaneamente, investiga se os Açores apresentam sintomas semelhantes aos previstos na Teoria da Doença Holandesa e até que ponto o financiamento da Região provocou um efeito equivalente ao sugerido nesta teoria. Na análise à economia dos Açores, constatou-se que, nos últimos anos, a Região suporta com poupança interna apenas metade do crédito utilizado, o que leva a recorrer à poupança externa para o financiamento da sua atividade, onde as transferências recebidas pela Região, nomeadamente, Transferências do Orçamento do Estado e Transferências da União Europeia, se apresentam como preponderantes na estrutura da economia dos Açores. Utilizando cinco modelos empíricos, procurou-se analisar o comportamento do setor transacionável e não transacionável e, simultaneamente, testar o impacto da entrada de recursos externos. Para isso, recorreu-se ao método de regressão linear múltipla, através da utilização do programa SPSS (Statistical Package for the Social Sciences). Nos resultados obtidos observa-se a diminuição de atividades transacionáveis, em consequência da deslocação de indivíduos empregados no setor transacionável para o setor não transacionável e verifica-se que a entrada de recursos externos originam um crescimento de atividades não transacionáveis, privilegiando, assim, o consumo interno e a desvirtuar o equilíbrio entre os bens transacionáveis e não transacionáveis. Por fim, os resultados evidenciam a presença de sintomas semelhantes aos previstos na Teoria da Doença Holandesa na Região Autónoma dos Açores (RAA).
ABSTRACT: The present study analyses the financing of the Azorean economy, in the time between 1992 and 2012, as well as it investigates if the Azores show symptoms similar to those mentioned in the Dutch Disease Theory and determines to what extent the financing of the Region produced an equivalent effect to the one implied in this theory. In the analysis of the Azorean economy, we found that, over the past years, the Region has endured with domestic savings only half of the credit used, a fact that leads to having to resort to foreign savings for the financing of its activity, in which the transfers received by the Region, namely Transfers from the State Budget and Transfers from the European Union, appear to be predominant regarding the structure of the Azorean economy. Using five empirical models, we tried to analyse both the behavior of the tradable and non-tradable sectors and, at the same time, test the impact of the input of external resources. In order to do so, we used the multiple linear regression method, through the SPSS program. In the results obtained, we observed the decrease of tradable activities in consequence of moving individuals employed in the tradable sector into the non-tradable sector and we confirmed that the input of external resources creates an increase of non-tradable activities, thus favouring domestic consumption and distorting the balance between tradable and non-tradable assets. Finally, the results prove the presence of symptoms similar to those comprised in the Dutch Disease Theory in the Autonomous Region of the Azores.
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Saleh, Omar. "Essays on foreign aid and macro-economic performance of Sub-Saharan African countries." Thesis, 2019. http://hdl.handle.net/1828/10826.
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Foreign aid is a major flow of income into sub-Saharan African (SSA) countries, averaging roughly 12% of GDP over the last four decades. Yet, SSA countries are characterized by very low per capita output, low human capital attainment, and widespread poverty. This dissertation investigates the macroeconomic and welfare effects of foreign aid to SSA countries. The empirical part of the dissertation studies 22 SSA countries, and uses a cointegrated vector autoregressive analysis (CVAR). This methodology identifies long-run effects without imposing strong statistical priors. I introduce tradable and non-tradable sectors into the analysis to determine if the so-called “Dutch Disease” is the reason for the plight of SSA countries. “Dutch Disease” occurs when a positive shock to foreign aid perversely reduces GDP, by decreasing the relative price of tradable to nontradable goods, thus reducing the size of the tradable sector. While I find that aid reduces GDP in eight countries, this result is inconsistent with the “Dutch Disease” as it is not accompanied by large relative price changes. The analysis controls for a number of country-specific characteristics including extraordinary events. Overall, I find non-positive impacts of foreign aid on GDP and the tradable sector, with a few exceptions. I also consider the reverse causal channel and test whether country-specific macroeconomic variables drive foreign aid flows. I find that GDP, tradable output, and tradable and non-tradable goods prices do affect the amount of aid a country receives in 15 countries. These variables have no impact on foreign aid (aid is considered as weakly exogenous) in six countries.
The theoretical part of the dissertation develops two dynamic stochastic general equilibrium — real business cycle — (DSGE-RBC) models to analyze the effects of foreign aid on human capital investment and the business cycle. The distinguishing feature of the models is to embed a human capital investment in a small open economy model of Mendoza (1991). The first model considers one-sector DSGE model, which is followed by two-sector (tradable and non-tradable) DSGE model. Both models distinguish between physical and human capital investment and allow for labor-leisure choice. In the analysis, labor supply and time spent studying or acquiring skills are optimally chosen. The models are calibrated to match the key features of the Kenyan economy. In both models, a positive aid shock initially has a negative impact on labor supply and output. However, the shock subsequently has a positive effect on physical and human capital investment, and time spent studying. This is due to a positive income effect from the shock. A rise in foreign aid increases consumption; consumption smoothing across periods raises physical and human capital investment, labor productivity, and output. I also find that reducing the volatility of aid has a significant positive effect on human capital investment and welfare. Policymakers should focus on reducing the volatility of foreign aid and not solely concentrate on the average level of aid.
The analysis of the two-sector DSGE-RBC model incorporates the role for the “Dutch Disease” mechanism. Consistent with the “Dutch Disease”, I find that a shock to foreign aid appreciates the relative price of non-tradable goods that causes the factors of production to reallocate from the tradable sector to the non-tradable sector, leading to a decline in GDP and the tradable output. Finding the “Dutch Disease” result here is not necessarily at odds with the CVAR estimation results as the DSGE-RBC simulation is a short-run analysis and the CVAR estimation is a long-run analysis.Graduate
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Pei-Wen, Tsai. "Reform of non-tradable shares and Equity in China." 2006. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-1906200611520400.
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Tsai, Pei-Wen, and 蔡佩雯. "Reform of non-tradable shares and Equity in China." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/26820228268571625531.
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碩士國立臺灣大學
財務金融學研究所
94
The study investigates the effect of the reform of non-tradable shares in China. It is divided into three parts. In the first section, the multiple linear regression method is used to investigate the factors which affect the amount of the compensation. The result is that the amount of compensation is affected by the ratio of non-tradable shares, ROE and the percentage of tradable shares held by mutual funds. Second, the “Event Study” method is used to investigate the effect of the prices in the process of the reform. The result appears the prices increase after the announcement of the compensation but decrease after the shareholders meeting. This phenomenon can be explained by two reasons. First one is the disappearance of the expectation of the compensation. Second one is the price pressure hypothesis. When the number of outstanding shares increases, the price decreases. In the third section, we find that the compensation is fair to tradable shareholders.
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Lin, Yu-Fang, and 林郁芳. "Corporate Governance and the Reform of Non-tradable Shares." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/51450439474844495324.
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碩士輔仁大學
金融研究所
94
The stock market’s revolution started in China On April 29, 2005. This paper attempts to provide large sample evidence of the reform of non-tradable shares in China. Empirical results show that the corporate governance would affect the reform of the non-tradable shares. If the controlling shareholder has more shares, the company has to give the tradable-share shareholders more compensation. There is a significantly negative relation between the pledged share ratio of directors and supervisors and the amount of the compensation. If the company carries out the more related party transactions, it has to give more amounts of the compensation. The empirical study shows that the compensation paid to the tradable-share shareholders affects the short-term wealth change of the tradable-share shareholder positively. If the company does the more related party transactions, the wealth change of the tradable-share shareholder will be worse.
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Lai, Yi-Jung, and 賴怡蓉. "The Association between Non-tradable Share Reform And Firm’s Performance In China." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/uqyra9.
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碩士國立中興大學
會計學研究所
99
In the late 1980s the Chinese government established the securities market and privatized the state-owned enterprises by letting these enterprises go public. However, the equity shares of these enterprises were categorized into tradable shares and non-tradable shares. Non-tradable shares, usually held by state-owned companies or other institutional investors, were not allowed to trade freely on the stock exchanges. The split-share structure has caused many adverse consequences to China’s securities market; for example, the price of non-tradable shares does not reflect firm performance, the magnitude of IPOs underpricing is apparently too large, and firms with a larger proportion of non-tradable shares tend to pay higher cash dividend and have poorer performance. In order to eliminate these drawbacks, the China Securities Regulatory Commission (CSRC) launched full circulation reforms of non-tradable shares (FCR) of listed companies in earlier 2005. From 2005 to now, about 99% listed companies have conformed to the reform and change their non-negotiable shares to be tradable. The authorities expected that the reform would improve the corporate governance of the listed firms and strengthen the intermediary function of the stock market. The research indicated that the overall performance of listed companies is better after the the FCR reforms.However, the institutional features of China, for instance, a state-dominant shareholding structure, dominant government power over external monitoring and market, and inadequate legal system, also give rise to distorted corporate behavior. Furthermore, after the FCR reforms, the authorities do not float state-owned shares on the market and still control the trading of the equity shares of state-owned enterprises. If government is still interfering with capital market, it is doubtful whether the FCR reform can be effective in improving corporate governance. Besides, for the state-owned enterprises, its performance are better if the laws of their organizational environment is good.The research result also shows that the marginal positive effect in performance of the state-owned enterprises controlled by the central government is bigger than the local government.
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Lin, Heng-Hsin, and 林恆鑫. "The Timing and Market Reaction for Large Non-tradable Shareholders' Holding Reduction." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/ag2ym6.
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碩士輔仁大學
金融與國際企業學系金融碩士班
100
The Non-tradable Share Reform, one of the most important reforms in Chinese capital markets, was designed to solve the problem associated with the division of non-tradable and tradable shares. The reform began in 2005 and has successfully allowed many non-tradable shares to be traded in the open market. This paper investigates the following issue of share reform. Specifically, I focus on the timing and the market response associated with the reduction of large non-tradable shareholders using the sample of 639 listed firms of the Shanghai Stock Exchange in the sampling period from 2009 to 2011. I postulate that the timing and the market response are moderated by factors such as the compensation and promises that non-tradable shareholders made to tradable shareholders when they were granted the liquidity of shares. The empirical results support the timing hypothesis that positive cumulative abnormal returns are associated with the large non-tradable shareholders’ initiation of reducing shares. That is, they time their sales of shares at high level of market price. The price rebound after a couple days of their sales of shares. I find no significant evidence that large non-tradable shareholders’ timing is affected by the compensation and promises that they had made to the tradable shareholders. However, the market response is less negatively affected by the promise of delaying sales of shares and the limited selling price with respect to the close price of reverting trading day.
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Shuhan, Liu. "Change in corporate governance and tunnelling behaviour of controlling shareholders: the case of chinese listed companies after the share reform." Doctoral thesis, 2013. http://hdl.handle.net/10071/7485.
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Classification: F276, F830Based on a review of the background of non-tradable share reform and on the relevant documents on the tunnelling behaviour of majority shareholders and corporate governance, this thesis first undertakes a comparative analysis of governance mechanisms that restrain the tunnelling activities of Chinese listed companies before and after the share reform. Second, by using related transactions as the proxy variables of tunnelling, we could judge the changes in tunnelling activities before and after the share reform through the analysis of the relationships among absolute scale, relative scale and structural changes in related transactions and the share reform. Third, an empirical test was conducted to determine whether the tunnelling behaviour of related transactions decreased after the share reform. Results showed that the tunnelling effect of related transactions weakened after the share reform. The tunnelling effect of related transactions with controllable shareholders was not different from that of other related transactions as a whole. Finally, from the empirical research on the joint effect of share reform and corporate governance on tunnelling behaviour, we found that ownership counterbalance, institutional shareholding and independent directors did not have an effective function in restricting related transactions after the share reform. The share reform had a significantly adverse effect on related transactions by forming either total assets or total debt. This thesis appreciates the positive results of the share reform. As for tunnelling behaviour, more system defects may have to be eliminated, so we propose several countermeasures.
Esta tese baseia-se na revisão do quadro legal da reforma das acções não transaccionáveis e em estudos relevantes sobre o comportamento de “tunnelling” por parte de accionistas maioritários. É feito um estudo comparativo dos mecanismos de governação que limitam as actividades de “tunnelling” por parte das empresas chinesas cotadas, antes e depois da reforma. Em segundo lugar usam-se as transacções relacionadas como estimativa para o “tunneling”, avaliando as mudanças de comportamento após a reforma, através da análise das relações entre dimensão absoluta, dimensão relativa e e mudanças estruturais em transacções relacionadas. Em terceiro lugar foi feito um teste empírico para determinar se o comportamento de “tunnelling” das transacções relacionadas decrescia após a reforma. Os resultados confirmam um decréscimo da actividade de “tunnelling” após a reforma. O efeito das transacções relacionadas por parte de accionistas com posição de controlo não diferia de outras transacções relacionadas. Finalmente, o estudo empírico do efeito conjunto da reforma legal e da governação empresarial sobre o comportamento de “tunnelling” permitiu concluir que o equilíbrio da propriedade, os investidores institucionais e os directoresindependentes não tiveram um papel significativo na restrição de transacções relacionadas após a reforma. A reforma teve um efeito adverso significativo nas transacções relacionadas através da formação de activos totais ou da dívida total. Este estudo regista os resultados positivos da reforma do quadro legal das acções. Para controlar o fenómeno de “tunnelling”, é necessário eliminar mais deficiências do sistema, pelo que sepropõe um conjunto de contra medidas.