Tesi sul tema "International finance"
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Müllner, Jakob. "International project finance: review and implications for international finance and international business". Springer, 2017. http://dx.doi.org/10.1007/s11301-017-0125-3.
Testo completoPina, Gonçalo. "Essays in international finance". Doctoral thesis, Universitat Pompeu Fabra, 2013. http://hdl.handle.net/10803/101410.
Testo completoAquesta tesi investiga dues dimensions de la poltica econ´omica en l’economia mundial contempor`ania. El primer cap´ıtol es centra en la recent acumulaci´o de reserves internacionals per part dels bancs centrals en les economies en desenvolupament. Exposo un model senzill de gesti´o de reserves per part d’un banc central que acumula reserves amb l’objectiu d’evitar els augments pronunciats d’inflaci´o durant les crisis financeres. Aquesta perspectiva monet`aria ajuda a explicar l’acumulaci´o massiva de reserves que s’observa en les dades. El segon cap´ıtol es focalitza en la reforma financera, emfasitzant el paper de l’estalvi. Demostro com la compet`encia imperfecta en el sector financer pot internalitzar les externalitats i aix´ı generar m´es inversi ´o, concretament quan l’estalvi ´es baix. L’adopci´o d’aquest punt de vista permet entendre millor la relaci´o emp´ırica entre les reformes financeres i el creixement econ`omic.
Passari, Evgenia. "Essays in international finance". Thesis, City University London, 2013. http://openaccess.city.ac.uk/3062/.
Testo completoUlloa, Barbara. "Essays on international finance". Thesis, City University London, 2013. http://openaccess.city.ac.uk/3484/.
Testo completoDu, Wenxin. "Essays in International Finance". Thesis, Harvard University, 2013. http://dissertations.umi.com/gsas.harvard:10902.
Testo completoEconomics
Snaith, Stuart. "Essays in international finance". Thesis, University of Essex, 2007. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.437813.
Testo completoJones, Geraint Paul. "Essays in international finance". Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/32406.
Testo completo"June 2005."
Includes bibliographical references.
This thesis is a collection of three essays on exchange rate policies and international capital flows in emerging markets. The first chapter examines the theoretical foundations of the "fear of floating" that has been observed to characterize many emerging market exchange rate regimes. Building on a model that derives "fear of floating" from a desire to prevent non-fundamental shocks in foreign exchange markets affecting the real economy, the chapter shows that floating exchange rates can still be optimal in such an environment. It further argues that floating exchange rates should become more prevalent as emerging markets integrate more fully into the world economy. The second chapter investigates the empirical evidence on "fear of floating" with a view to determining whether the phenomenon is the optimal response of emerging markets to a volatile external environment, as supposed in the first chapter, or whether more emerging markets would optimally employ floating exchange rates. The chapter finds evidence that "fear of floating" has a dual aspect; that it might indeed be optimal during less severe external volatility, but during severe external shocks, fear of floating can lead to underinsurance against sudden stops in capital inflows. Such "fear of floating" is associated with a lack of credibility in monetary policymaking and the chapter argues that the evidence suggests that a credible commitment to floating exchange rates during severe external shocks would help insure emerging markets against sudden stops. The third chapter evaluates the link between foreign investment and corruption in emerging markets.
(cont.) A model is developed of the link between FDI and corruption and the model is evaluated with data from the World Bank's Business Environment and Enterprise Performance Survey. It is found that corruption reduces aggregate FDI flows, but also distorts the composition of FDI towards firms more willing to engage in certain forms of corruption. FDI does not necessarily import better standards of governance. The chapter concludes with policy recommendation -for addressing the corruption in emerging markets.
by Geraint Paul Jones.
Ph.D.
Mora, Nada 1976. "Essays in international finance". Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/17623.
Testo completoIncludes bibliographical references.
This thesis is a collection of three empirical essays in international finance. The first chapter studies the transmission of monetary policy through the lending channel in a partially dollarized banking system. Taking advantage of the cross-sectional and time-series variation in the individual Mexican bank balance sheets, I find that the deposits and loans of banks with a larger share of foreign deposits are less sensitive to domestic monetary shocks, particularly for small banks. This result is reinforced when foreign monetary shocks and country risk shocks are controlled for. The results also suggest that banks with a larger foreign deposit share are more sensitive to foreign (U.S.) monetary shocks. Finally, these banks are more sensitive to country risk. That is, they are more prone to lose deposits when Brady bond spreads increase, although the size of their loan portfolio is not reduced. The second chapter examines whether bank credit fuels asset prices, using evidence from the Japanese real estate boom during the 1980's. The decline in banks' loans to keiretsu firms is used as the shock to bank real estate credit. The evidence supports using keiretsu loans as an instrument. Financial deregulation allowed large firms to replace bank finance with financing from public markets. The main part determines that those prefectures that experienced a larger loss in their banks' proportion of keiretsu loans experienced a positive increase in real estate lending which fuelled land inflation. An increase of 0.01 in a prefecture's instrumented share of real estate loans for 3 years implies a 28 % higher land inflation rate. The third chapter evaluates the behavior of sovereign credit ratings. This chapter questions the view that credit rating agencies aggravated the Asian crisis by excessively downgrading those countries. I find that ratings are, if anything, sticky rather than excessively procyclical. Assigned ratings exceeded predicted ratings prior to the crisis, mostly matched predicted ratings during the crisis period, and did not increase as much as predictions in the recent period following the crisis. Ratings are also found to react to nonmacroeconomic factors, lagged spreads and default history.
by Nada Mora.
Ph.D.
Conesa-Labastida, Andres. "Essays on international finance". Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10334.
Testo completoKim, Nam Jong. "Essays on International Finance". Research Showcase @ CMU, 2015. http://repository.cmu.edu/dissertations/539.
Testo completoCenedese, Gino. "Essays in international finance". Thesis, University of Warwick, 2011. http://wrap.warwick.ac.uk/49399/.
Testo completoCen, Jiaming. "Essays on international finance". Thesis, City University London, 2015. http://openaccess.city.ac.uk/13171/.
Testo completoRiddiough, Steven John. "Essays in international finance". Thesis, University of Warwick, 2014. http://wrap.warwick.ac.uk/63014/.
Testo completoAhmed, Shamim. "Essays in international finance". Thesis, University of Essex, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.654725.
Testo completoSarmidi, Tamat. "Essays in international finance". Thesis, University of Leicester, 2008. http://hdl.handle.net/2381/30159.
Testo completoMallucci, Enrico. "Essays in international finance". Thesis, London School of Economics and Political Science (University of London), 2014. http://etheses.lse.ac.uk/3165/.
Testo completoZarrabi, Nima. "Essays in international finance". Thesis, University of Essex, 2016. http://repository.essex.ac.uk/18630/.
Testo completoHadla, Masar. "Essays in international finance". Thesis, University of Essex, 2015. http://repository.essex.ac.uk/15692/.
Testo completoHuang, Huichou. "Essays in international finance". Thesis, University of Glasgow, 2015. http://theses.gla.ac.uk/6952/.
Testo completoDaude, Christian. "Essays in international finance". College Park, Md. : University of Maryland, 2008. http://hdl.handle.net/1903/8022.
Testo completoThesis research directed by: Dept. of Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
Riera-Crichton, Daniel. "Essays on international finance /". Diss., Digital Dissertations Database. Restricted to UC campuses, 2007. http://uclibs.org/PID/11984.
Testo completoRendon, Jairo Andres. "Essays in international finance". Diss., Restricted to subscribing institutions, 2009. http://proquest.umi.com/pqdweb?did=1905639781&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.
Testo completoHuang, Sainan. "Trois essais sur Finance International et Commerce International". Thesis, Cergy-Pontoise, 2014. http://www.theses.fr/2014CERG0738.
Testo completoThis thesis is comprised of three chapters. Each chapter corresponds to an article in the field of international finance and international trade. Chapter One: An Empirical Analysis of Real Exchange Rate Election Cycle: East Asia vs. Latin America. Empirical literature depicts an exchange rate cycle around elections in Latin America: exchange rates tend to be more appreciated before than after elections. In this paper we analyze the behavior of real exchange rates (RERs, hereafter) around elections in East Asia, and perform a broad comparison with the experiences of Latin America countries. Our contributions to the empirical literature on exchange rate election cycle are threefold. First, we find a new type of RER election cycle in East Asia region, which is opposite to one of Latin America. Second, we investigate the possible policies used by the policy-maker to influence the RER around elections. We find that RER variation around elections can be partially captured by changes in international reserves. Our results are consistent with international reserves being used by policy-makers to influence exchange rates and produce its election cycle, and we find that international reserves increase in the month preceding elections in East Asia, but decrease in Latin America. Third, we show that in both regions the RER election cycle is clearly identified before central bank reform, but the cycle disappears in the post-reform data, indicating that monetary policy is one of the channels through which the RER election cycle is generated. Chapter Two: Exchange Rate Populism. Empirical findings have shown that East Asian and Latin American economies present opposite exchange rate electoral cycles: exchange rates tend to be more depreciated before and appreciated after elections among East Asian economies, and the opposite is true in Latin America. This paper proposes a theoretical model that explains the opposite exchange rate electoral cycle in these two regions. In a setup where policy-makers differ in their preference bias towards non-tradable and tradable sector citizens, the RER is used a noisy signal of the incumbent's type in an uncertain economic environment. The mechanism behind the cycle is engendered by the incumbent trying to signal he is median voter's type, biasing his policy in favor of the majority of the population before elections. The driving forces of the opposite exchange rate populism in these two regions is the RER distributive effects and the difference of the relative size of tradable and non-tradable sectors in these two regions. Chapter Three: The Decomposition of Trade Collapse during Financial Crises. The global financial crisis of 2008-2009 was accompanied by a sharp decline in international trade, which raises the question on the role of finance on international trade. We contribute to this literature by investigating the impact of financial crises on bilateral trade, using data of 103 exporters and 188 importers at 27 sectors-disaggregation from 1995 to 2009. Firstly, we analyze the responses of bilateral trade to financial crisis and the shock hits the exporting country or the importing country. Secondly, this paper investigates whether the trade collapse following crisis is caused by demand or supply shocks. Thirdly, we investigate the impact of financial crisis on the extensive margin of trade, which may be an indication of its permanent impact on trade
Guo, Xueyan. "Three essays in international finance /". Diss., Digital Dissertations Database. Restricted to UC campuses, 2005. http://uclibs.org/PID/11984.
Testo completoTa, Thanh Hai. "Two essays in international finance". Thesis, McGill University, 2012. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=106348.
Testo completoCette thèse se compose de deux essais sur les effets des obstacles à l'investissement international sur la prime de risque et les avoirs en portefeuille des investisseurs. Dans le premier essai, nous développons un modèle d'évaluation des actifs internationaux à deux pays où il n'existe aucune restriction sur le marché intérieur (par exemple les États-Unis). D'un autre côté, la négociation des actifs sur le marché étranger (par exemple un Marché Émergent) rencontre des obstacles aux investissements de portefeuille et des restrictions sur les ventes à découvert. Le modèle suggère que les actifs négociés librement (par exemple ceux négociés aux États-Unis) sont évalués uniquement par une prime de risque globale tandis que les actifs qui sont négociés avec l'existence des restrictions aux flux de capitaux et aux ventes à découvert (par exemple ceux négociés sur les Marchés Émergents) sont évalués par une prime de risque mondial, une prime de risque conditionnelle et un escompte conditionnel. De plus, le prix du risque du facteur d'escompte est une fonction linéaire croissante de restrictions légales sur les investissements étrangers en titres qui se négocient sur le marché étranger. Ceci est le premier modèle d'évaluation des actifs internationaux sans arbitrage qui étudie des restrictions sur les ventes à découvert et sur la propriété étrangère ensemble. Le modèle découvre un nouveau facteur d'évaluation qui fournit une mesure des avantages économiques du relâchement des restrictions sur la propriété étrangère des actions. Nous estimons une version conditionnelle du modèle pour 18 principaux marchés émergents sur la période 1989-2007. Nous trouvons la preuve que le facteur de risque mondial et deux facteurs de risque locaux sont évalués et variables dans le temps. La relation entre les restrictions légales sur la propriété étrangère des actions et le prix du risque du facteur d'escompte est statistiquement significative, suggérant que l'assouplissement des restrictions aux flux de capitaux produise des avantages économiques. Le deuxième essai évalue l'impact de l'investability sur la prime de risque dans les marchés émergents. En utilisant les résultats théoriques du premier essai, nous décomposons la prime de risque des portefeuilles non-investable et partiellement-investable dans les marchés émergents en trois composantes: une prime mondiale, une prime locale conditionnelle et un escompte local conditionnel où l'escompte reflète l'avantage de l'investability sur la prime de risque. En utilisant la technique de MGARCH-en-moyen, nous quantifions l'impact de l'investability sur la prime de risque pour 18 principaux marchés émergents et trouvons que l'investability représente une part économiquement significative de la prime de risque des portefeuilles non-investable et partiellement-investable. Nous trouvons également que l'augmentation de l'investability est associée à l'augmentation des avantages économiques et la plus grande exposition au facteur mondial.
Liu, Guojin. "Finance leasing in international trade". Thesis, University of Birmingham, 2010. http://etheses.bham.ac.uk//id/eprint/741/.
Testo completoChen, Jia. "Three Essays on International Finance". The Ohio State University, 2012. http://rave.ohiolink.edu/etdc/view?acc_num=osu1337742337.
Testo completoWynter, Matthew M. "Three Essays On International Finance". The Ohio State University, 2014. http://rave.ohiolink.edu/etdc/view?acc_num=osu1397128263.
Testo completoRagan, Kent Patrick. "Three essays in international finance /". free to MU campus, to others for purchase, 2000. http://wwwlib.umi.com/cr/mo/fullcit?p9988692.
Testo completoMartell, Rodolfo. "Three essays in international finance". Connect to this title online, 2005. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1111754376.
Testo completoTitle from first page of PDF file. Document formatted into pages; contains xiv, 147 p.; also includes graphics (some col.) Includes bibliographical references (p. 91-98). Available online via OhioLINK's ETD Center
Rodríguez, Iván Marcelo Jr. "Three Essays in International Finance". FIU Digital Commons, 2018. https://digitalcommons.fiu.edu/etd/3740.
Testo completoSattler, Thomas. "The political economy of international finance /". Zürich : ETH, 2007. http://e-collection.ethbib.ethz.ch/show?type=diss&nr=16925.
Testo completoNahhas, Abdulkader. "Essays in international finance and banking". Thesis, Brunel University, 2016. http://bura.brunel.ac.uk/handle/2438/13160.
Testo completoCol, Burcin. "Three essays on international corporate finance". Thesis, McGill University, 2012. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=110527.
Testo completoCette thèse se comporte de trois essais portant sur les décisions relatives à l'allocation des capitaux dans les firmes multinationales ainsi que sur les problématiques se rapportant à leur évaluation. Le premier essai explore les conséquences de l'évasion fiscale en termes d'évaluations, et ceci en se basant sur un échantillon de données portant sur des opérations de fusions et acquisitions internationales impliquant des entreprises se trouvant dans des paradis fiscaux. En utilisant des données sur les fusions et acquisitions portant sur la période de 1989 à 2010, nous trouvons que les rendements autour de la date d'annonce pour les entreprises acquises ou acquéreuses se trouvant dans des paradis fiscaux sont relativement moins élevés en comparaison à ceux des entreprises fusionnant pour motifs autres que fiscaux. Ce résultat est en accord avec la notion des coûts d'agence, puisque le changement fiscal sera accompagné d'un changement du système judiciaire et des pratiques de gouvernance. Les résultats obtenus constituent une preuve de l'impact en termes d'évaluation des coûts d'agence dans les fusions et les acquisitions motivées par des avantages fiscaux. Dans le second essai nous étudions deux problématiques connexes. Tout d'abord, quel est l'impact d'expropriation par l'état, en termes d'évaluation, sur les fusions impliquant des entreprises se trouvant dans des pays prédateurs. Deuxièmement, quel est l'effet d'une amélioration de la protection des actionnaires et de la transparence lorsque l'entreprise acquise présente un risque élevé d'expropriation. En utilisant un échantillon de 902 acquisitions portant sur 36 pays durant la période de 1989 à 2009, nous trouvons que les entreprises acquises qui présentent un certain risque d'expropriation reçoivent une prime moins élevée. Les actionnaires de l'entreprise acquise ne sont pas non plus entièrement compensés pour l'amélioration de la gouvernance puisque les bénéfices de cette amélioration sont mitigés en présence de risque de prédation. Dans le troisième essai, nous étudions l'impact du risque international sur les décisions relatives à l'allocation des capitaux dans les entreprises américaines. Nous affirmons que le commerce international est conduit important d'incertitude des pays étrangers politique pour les marchés américains. Nous trouvons que les industries qui exportent une part importante de leurs produits dans des pays présentant un risque politique élevé ou des pays qui tiennent des élections nationales durant une année donnée, ont un investissement sous-optimal et une performance moins élevée.
Kliatskova, Tatsiana [Verfasser]. "Essays in International Finance / Tatsiana Kliatskova". Berlin : Freie Universität Berlin, 2019. http://d-nb.info/1191755940/34.
Testo completoSarno, Lucio. "Essays in macroeconomics and international finance". Thesis, University of Liverpool, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.364179.
Testo completoRappoport, Veronica E. (Veronica Eva). "Essays on international finance and economics". Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33829.
Testo completoIncludes bibliographical references (p. 119-123).
The first essay explains why credit contracts in developing countries are often denominated in foreign currencies, even after many of these economies succeeded in controlling inflation. I propose a new interpretation based on the demand for insurance against real aggregate shocks. The fact that devaluations occur more frequently in adverse states of the world provides a motive for holding dollar assets when the risk of recession is the main source of volatility in consumption. The model predicts persistence in the degree of "dollarization" in economies with low inflationary risk. The second essay looks at how the government's lack of commitment technology affects the capacity of resident agents to optimally diversify risk. I find that government's moral hazard introduces a trade-off between pooling idiosyncratic risk and diversifying aggregate country uncertainty. As a result, local agents face excessive consumption risk. This paper also explores how institutions can be designed as to overcome this moral hazard problem. The third essay proposes an explanation for the variation across countries in the quality of the institutions governing the financial. The explanation based on the proportion of local investors participating in the domestic financial sector.
(cont.) I find that the participation of local investors in the financial market and, correspondingly, the resulting institutions vary according to wealth distribution and the size of capital inflows.
by Veronica E. Rappoport.
Ph.D.
Chang, Pang-hua Kevin. "Commodity price shocks and international finance". Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/31012.
Testo completoFissel, Gary S. "Essays in international finance and macroeconomics". Thesis, Boston College, 1988. http://hdl.handle.net/2345/1806.
Testo completoThe following three essays address two issues that have gained much recent attention among macroeconomists. The first essay - "International Policy Coordination: Policy Analysis in a Staggered Wage-setting Model" - deals with the incentives for countries to coordinate monetary and fiscal policies in an environment where the countries differ only in the length of the labor contracts which typify their respective economies. The second essay - "Tests for Liquidity Constraints: A Critique" and the third essay - "Liquidity Constraint Volatility: Evidence from Post-war Aggregate Time-series Data" - are tests of the importance and persistence of liquidity constraints in determining consumption behavior in the United States using micro-based data and aggregate timeseries data, respectively
Thesis (PhD) — Boston College, 1988
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
Hoddenbagh, Jonathan. "Essays in International Macroeconomics and Finance". Thesis, Boston College, 2014. http://hdl.handle.net/2345/bc-ir:103620.
Testo completoMy dissertation develops a set of tools for introducing heterogeneity into economic models in an analytically tractable way. Many models use the representative agent framework, which greatly simplifies macroeconomic aggregation but abstracts from the heterogeneity we see in the real world. In my research, I move away from the representative agent framework in two key ways. First, my work in international macroeconomics incorporates heterogeneity via idiosyncratic shocks across countries. Second, my work on financial frictions employs asymmetric information between lenders and borrowers. In both of these areas, my goal is to examine the implications of heterogeneity in the most tractable way possible. Crucially, these insights can be incorporated into the models currently used by academics and central banks for policy analysis. The first chapter of my dissertation, "Price Stability in Small Open Economies," joint work with Mikhail Dmitriev, studies the conduct of optimal monetary policy in a continuum of small open economies. We obtain a novel closed-form solution that does not restrict the elasticity of substitution between home and foreign goods to one. Using this global closed-form solution, we give an exact characterization of optimal monetary policy and welfare with and without international policy cooperation. We consider the cases of internationally complete asset markets and financial autarky, producer currency pricing and local currency pricing. Under producer currency pricing, it is always optimal to mimic the flexible-price equilibrium through a policy of price stability. Under local currency pricing, policy should fix the exchange rate. Even though countries have monopoly power, the continuum of small open economies implies that policymakers cannot affect world income. This inability to influence world income removes the incentive to deviate from price stability under producer currency pricing or a fixed exchange rate under local currency pricing, and prevents gains from international monetary cooperation in all cases examined. Our results contrast with those for large open economies, where interactions between home policy and world income drive optimal policy away from price stability or fixed exchange rates, and gains from cooperation are present. The second chapter of my dissertation, "The Optimal Design of a Fiscal Union'', joint work with Mikhail Dmitriev, examines the role of fiscal policy cooperation and financial market integration in an open economy setting, motivated by the recent crisis in the euro area. I show that the optimal design of a fiscal union is governed by the degree of substitutability between the export goods of different countries. When countries produce goods that are imperfect substitutes they should harmonize their income taxes to prevent large terms of trade externalities. On the other hand, when countries produce goods that are close substitutes, they should organize a contingent fiscal transfer scheme to insure against idiosyncratic shocks. The welfare gains from the optimal fiscal union are as high as 5\% of permanent consumption when countries are able to trade safe government bonds, and approach 20\% of permanent consumption when countries lose access to international financial markets. These gains are especially large for countries like Greece that produce highly substitutable export goods and who cannot raise funds on international financial markets to insure against downside risk. The results illustrate why federal currency unions such as the U.S., Canada and Australia, with income tax harmonization and built-in fiscal transfer arrangements, withstand asymmetric shocks across regions much better than the euro area, which lacks these ingredients at the moment. The third chapter of my dissertation, joint work with Mikhail Dmitriev, studies macro-financial linkages and the impact of financial frictions on real economic activity in some of my other work. Beginning with the Bernanke-Gertler-Gilchrist (1999) financial accelerator model, a large literature has shown that financial frictions amplify business cycles. Using this framework, Christiano, Motto and Rostagno (AER, 2013) show that shocks to financial frictions can explain business cycle fluctuations quite well. However, this literature relies on two ad hoc assumptions. When these assumptions are relaxed and agents have access to a broader set of lending contracts, the financial accelerator disappears, and shocks to financial frictions have little to no impact on the economy. In addition, under the ad hoc lending contract inflation targeting eliminates the financial accelerator. These results provide guidance for monetary policymakers and present a puzzle for macroeconomic theory
Thesis (PhD) — Boston College, 2014
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics
Mann, Samuel. "Essays in international macroeconomics and finance". Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/279973.
Testo completoZhao, Yue. "Essays on International Finance and Macroeconomics". Kyoto University, 2014. http://hdl.handle.net/2433/188443.
Testo completoSchreger, Jesse. "Essays in International Finance and Macroeconomics". Thesis, Harvard University, 2015. http://nrs.harvard.edu/urn-3:HUL.InstRepos:17463984.
Testo completoPolitical Economy and Government
Sakoulis, Georgios. "Essays in international macroeconomics and finance /". Thesis, Connect to this title online; UW restricted, 2000. http://hdl.handle.net/1773/7450.
Testo completoMengus, Eric. "Essays in international finance and macroeconomics". Thesis, Toulouse 1, 2014. http://www.theses.fr/2014TOU10006/document.
Testo completoThis dissertation is made of four distinct chapters. In the first chapter, I investigate sovereign debt repayment incentives when countries can implement domestic transfers to mitigate internal costs of default. I show that, in the absence of reputation costs and international sanctions, sovereign repayment emerges as an equilibrium outcome if and only if individual domestic exposures to the domestic debt are not observable by the government. In the second chapter, I extend this mechanism to a two-country situation where one country's private sector is exposed to the second country's sovereign debt. I show that, in case of the second country's default, the optimal compensation can take the form of a purchase of the defaulting bonds. Ex ante, this leads to the existence of an implicit guarantee on sovereign debts. In the third chapter, I consider the connection between sovereign debt repayment incentives and domestic fiscal and redistributive policies. I establish that when the domestic economy is Ricardian, the government can perfectly compensate domestic agents and, thus, no internal cost of default emerges. Then I characterize deviations from Ricardian equivalence that are able to sustain external debt. In the fourth chapter, coauthored with Roberto Pancrazi, we investigate the impact of participation costs to insurance markets on households' ability to smooth consumption. We build a model where households face idiosyncratic risks against which they can purchase insurance, provided that they pay a fixed participation cost. We then confront our results to households' consumption data
Rault, Charlotte Julie. "Le cadre juridique de la gestion des dettes souveraines". Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010267/document.
Testo completoHistorically, international financial crises do not occur in isolation but rather go hand in hand with the deterioration of macroeconomic indicators, investor panic and speculation. Until recently, the sovereign debt issue has principally concerned developing countries. However, the recent financial turmoil has revealed that developed countries can similarly be severely affected. Since the beginning of the 20th century, experts in international law have periodically discussed the possible remedies to the endemic situation of sovereign indebtedness. In 2001, the International Monetary Fund launched a proposal for a Sovereign Debt Restructuring Mechanism known as the ‘Krueger Plan’; this was quickly abandoned in 2003. Due to the present economic and political cul-de-sac, the legal framework of sovereign debt management strongly preoccupies the international community. The current sovereign debt scenario necessarily involves an irreversible disruption of the legal rules and structures that currently support a proper functioning global economy. This doctoral thesis analyses the evolution of the legal framework and the normative choices favoured by each actor. Identifying which particular legal issues are essential to evaluate such complexity allows us to deepen the theoretical and practical suggestions designed to facilitate the resolution of sovereign debt crises. After establishing the leading international requirements for sovereign debt management, this thesis advocates the implementation of a normative set of tools designed to integrate domestic regulations on the basis of previous models
Internationale Finanzkrisen erweisen sich als nicht seltene und zeitlich unbegrenzte Ereignisse. Jeder Finanzkrise in der Historie haften die gleichen klassischen Charakteristiken an: die Beschädigung makroökonomischer Indikatoren, der Psychologie sowie die Panik der Investoren, Spekulationen. Darüber hinaus beschränken sich die aktuellen Finanzstörungen nicht mehr nur auf Entwicklungsländer. Das Ziel dieser Arbeit besteht darin, die Entwicklung des Rechtsrahmens der Verwaltung souveräner Schulden zu analysieren, um Elemente zusammenzutragen, die es erlauben die bevorzugten normativen Entscheidungen jedes Akteures zu verstehen, zu bewerten und im Anschluss entsprechend Handlungsanweisungen zu geben. Das gegenwärtige Szenario der Verschuldung souveräner Staaten führt unweigerlich zu einer unumkehrbaren Umwälzung der bekannten Rechtsverordnungen und -strukturen, die auf die Gewährleistung eines reibungslosen Funktionierens der Weltwirtschaft abzielen. Angesichts der gegenwärtigen normativen Unsicherheit, ist es von größter Bedeutung die Auseinandersetzung mit finanziellen Krisen, die entsprechenden Reformvorschläge, die Suche nach Systemverbesserungen hinsichtlich einer Marktregulierung und die Rolle der multilateralen Institutionen bezüglich der Verwaltung souveräner Schulden genauer zu untersuchen. Nach der Feststellung des Vorliegens einer internationalen Verpflichtung zum Staatsschuldenmanagement wird die Einführung einer Reihe normativer Werkzeuge befürwortet, um nationale Vorschriften auf Grundlage bereits bestehender Modelle zu integrieren
Yan, Cheng. "Essays in international finance : international capital flows, equity and FX markets". Thesis, City University London, 2015. http://openaccess.city.ac.uk/13271/.
Testo completoIto, Hiroyuki. "Three essays on international finance and macroeconomics /". Diss., Digital Dissertations Database. Restricted to UC campuses, 2004. http://uclibs.org/PID/11984.
Testo completoUddin, Syed A. "Three Essays on International Trade and Finance". FIU Digital Commons, 2017. http://digitalcommons.fiu.edu/etd/3480.
Testo completoNessén, Marianne. "Essays on exchange rates and international finance /". Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.], 1994. http://www.hhs.se/efi/summary/387.htm.
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