Banking On Development Three Essays In Development Finance
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Banking On Development Three Essays In Development Finance
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Author : Gerd Josef Schwartz
language : en
Publisher:
Release Date : 1989
Banking On Development Three Essays In Development Finance written by Gerd Josef Schwartz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Development banks categories.
Three Essays On Monetary Policy And Financial Development
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Author : Xiaodai Xin
language : en
Publisher:
Release Date : 2004
Three Essays On Monetary Policy And Financial Development written by Xiaodai Xin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Debts, External categories.
Abstract: Both economic growth and stabilization require a well-functioning financial system, which includes the central bank and private financial institutions. This dissertation is comprised of three essays on monetary policy and financial development which are related to the roles of the central bank and private financial institutions. To better stabilize the economy, a central bank needs to formulate an optimal strategy for monetary policy and pursues an appropriate objective (targeting regime). In a forward-looking New Keynesian model with persistent output and inflation, the first essay (chapter 2) evaluates a broad hybrid targeting regime when the central bank operates under discretionary monetary policy. By employing the numerical analysis and comparing the performance of different targeting regimes, I find that the hybrid targeting regime yields a social loss closest to that under the optimal committed policy, generating a better outcome than other policy regimes. The second essay (chapter 3) provides new micro-level evidence for the positive relationship between financial development and economic growth based on a large sample of cross-country firm-level data. By examining an important micro channel through which financial development reduces the costs of external finance to firms, I find that firms that are more externally dependent grow faster in countries with more developed financial systems. The third essay (chapter 4) investigates the impact of external debt on long-term investment and its interaction with domestic financial intermediation in emerging markets. Extending the Ramsey-Cass-Koopmans model to a small open economy with the role of financial intermediation, I find that the overall effect of a high level of external debt on investment depends heavily on the degree of domestic financial intermediation. Using a large sample of panel data on 76 developing countries over the last three decades, the empirical results indicate that when a country's domestic banking sector develops to a certain degree, the high level of external debt facilitates investment.
Three Essays In Development Economics
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Author : David Russell Hansen
language : en
Publisher: Stanford University
Release Date : 2011
Three Essays In Development Economics written by David Russell Hansen and has been published by Stanford University this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation is composed of three chapters. All three deal with topics in development economics. The first chapter examines the effects on village institutions of introducing formal financial institution options into the village. The second addresses the effects of government policy on educational investment and crime. The third tests the explanatory power of various explanations of the gender gap in math test scores. The first chapter examines the effects of a transition from a ``traditional'' economy based on an uncertain source of income, with risk fully insured away by one's neighbors in a social network through costly network ties, to a ``modern'' economy in which some agents have access to partial insurance at a lower cost. A theoretical model is used to show that village social networks can break down as some members of the village no longer need the insurance the social network provides, producing a reduction in welfare (if the costs of reducing moral hazard are not too high) for at least some individuals and possibly the village as a whole. This loss of welfare can occur even when networks provide other benefits to those belonging to them and is likely to be heterogeneous, depending on the opportunities and networks available to individuals. This paper tests these predictions using Indonesian data to examine the effect of a change in the banking institutions available to a community on the strength of social networks (measured by community participation) and welfare (measured by household expenditure and by child health). The analysis finds that changing financial institution availability in general does not influence community participation or welfare, but that financial institutions that primarily serve certain groups do relatively reduce the welfare of households not in those groups, which is consistent with the hypotheses generated by the model. Crime is an important feature of economic life in many countries, especially in the developing world. Crime distorts many economic decisions because it acts like an unpredictable tax on earnings. In particular, the threat of crime may influence people's willingness to invest in schooling or physical capital. The second chapter explores the questions "What influence do crime rates and levels of investment have on one another?" and "How do government policies affect the relationship between investment and crime?" by creating a simple structural model of crime and educational investment and attempting to fit this model to Mexican data. A method of simulated moments procedure is used to estimate parameters of the model and the estimated parameters are then used to carry out policy simulations. The simulations show that increasing spending on police or increasing the severity of punishment reduces crime but has little effect on educational investment. Increased educational subsidies increase educational investment but reduce crime only slightly. Thus, one type of policy is insufficient to accomplish the goals of both reducing crime and increasing education. The third chapter is joint work with Prashant Bharadwaj, Giacomo De Giorgi, and Christopher Neilson. Boys tend to have better performances than girls in mathematical testing; in particular, there are significantly more boys than girls among high achievers and the score distribution appears to have a longer right tail for boys. We confirm such results on several low- and middle-income countries. In particular we find that the gender gap is already present by age 10 and substantially increases by age 14 and 15. We propose and try to test a series of explanations for such a gap: (i) parental investment, (ii) ability, (iii) school resources, (iv) individual investment and effort (not tested directly), (v) competitive environment, and (vi) cultural norms. We conclude that none of our proposed explanations can account for a substantial portion of the gap.
Household Savings Relationship Banking And Urbanization
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Author :
language : en
Publisher:
Release Date :
Household Savings Relationship Banking And Urbanization written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
X, 82 leaves : ill. ; 30 cm.
Three Essays On The Role Of Financial Development
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Author : Viktor Khanzhyn
language : en
Publisher:
Release Date : 2012
Three Essays On The Role Of Financial Development written by Viktor Khanzhyn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Finance categories.
In this dissertation I revisit three aspects of the role financial development plays in the development of the real economy. In Chapter 2 I present estimation of the marginal effect of a widely agreed upon episode of financial development - U.S. banking deregulation in the 1980s - on the components of growth accounting identity for the U.S. manufacturing sector. Significantly positive effects were found on the growth rate of capital and labor inputs, and no significant effect was found for TFP change. The evidence provides support for the finance-growth nexus hypothesis. In Chapter 3 I test the hypothesis that abundant credit conditions can provide disincentives for non-financial firms to increase efficiency. Difference-in-differences method was applied to test for the change in average productive efficiency of U.S. manufacturing bank credit-dependent firms during four episodes of change in the credit. Significant increase was found during the large credit crunch of 1987 - 1992, and a significant drop in efficiency was found during expansion thereafter, which provides support for the Schumpeterian "creative destruction" and Hicksian "quiet life" hypotheses. Chapter 4 presents a study of relationship between private credit and sustainability for a crossection of 119 countries. I investigated the effect on three major sustainability indexes and their components: ESI, EPI, and Ecological Footprint. I found that countries with higher credit to GDP ratios (after controlling for GDP levels and growth rates) only perform better in spheres where regulation is in place (e.g. air pollution restrictions), and perform worse in areas with more long-term negative consequences: non-renewable resource management, biodiversity, deforestation, etc. The findings show that complex indexes tend to mask those negative effects.
Three Essays On Finance Agricultural Aid And Development
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Author : James Squires (Ph.D.)
language : en
Publisher:
Release Date : 2016
Three Essays On Finance Agricultural Aid And Development written by James Squires (Ph.D.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Agricultural productivity categories.
This work investigates several roles that financial development and agricultural aid have on economic development. In the first essay, I find that development of two of the major components of the financial sector--the banking sector and market sector--have a positive effect on incomes of the poor. In the second essay, I find a beneficial link between agricultural aid and agricultural productivity in that stable agricultural aid increases the Sharpe ratio for agricultural productivity. The third essay shows an agricultural productivity convergence across 140 countries. I do not find any evidence that agricultural aid has a supportive role in this convergence across countries.
Three Essays On The Role Of Financial Markets And Pension Systems In Economic Growth
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Author : Jeannine N. Bailliu
language : en
Publisher:
Release Date : 1999
Three Essays On The Role Of Financial Markets And Pension Systems In Economic Growth written by Jeannine N. Bailliu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Banks and banking categories.
Three Essays On Financial Intermediation And Growth
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Author : Ranajoy Ray Chaudhuri
language : en
Publisher:
Release Date : 2012
Three Essays On Financial Intermediation And Growth written by Ranajoy Ray Chaudhuri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Abstract: My dissertation explores the impact of financial development, as well as regulatory changes in the financial sector, on economic growth. Recent literature on growth has often focused on the importance of financial intermediation and institutional quality. Advocates of financial development say that the development of the banking sector and stock markets increase the financing available to firms, raising productivity. The "institutions hypothesis" proponents suggest that institutions jointly determine the growth rate and the policy choice, while policies themselves bear no causal connection to growth. Such hypothesis is difficult to test empirically because the change in institutional quality is, with a few historic exceptions, very slow. For the most part, therefore, a country's economic performance can end up being attributed to a random cause. Using a cross-country data set and numerous financial indicators, institutional quality variables and growth measures, I find that this is not true of financial development. Financial variables have a significant effect on growth that is distinct from that of institutions like private property and rule of law. I also consider this issue in the context of the fifty U.S. states. States differ with respect to financial indicators like the number of banks, assets, equity, loans and deposits. They also vary in terms of their regulatory environments. States like Delaware, Texas and Nevada have very high scores for economic freedom; Mississippi, New Mexico and West Virginia have very low ones. The results again underscore the importance of financial deepening in order to achieve economic growth. Taking up from this point, the final essay studies the impact of U.S. banking deregulation on growth. Many states relaxed restrictions on intra-state bank branching beginning in the early 1960s, both by allowing bank holding companies to convert subsidiaries into branches and by permitting statewide de novo branching. This increased competition in the banking sector forced banks to become more efficient. The existing literature suggests that one of the channels through which this worked was bank lending. Different industries have varying degrees of dependence on external financing, and industries that have greater dependence should grow faster in the post-deregulation period. Using a panel data set, I find this not to be the case for the U.S.; industries that borrow less from banks actually grew at a faster rate after deregulation. This could reflect commercial banks losing market share to other sources of external financing, the general decline in the U.S. manufacturing sector and the terms of trade moving in favor of agriculture. I also consider the effect of deregulation on various banking indicators and find the strongest impact to be on the number of commercial banks operating in the state. Contrary to existing research, these regulatory changes slowed down growth in the number of bank branches and offices, as well as other measures of bank performance like assets, equity, loans and deposits. This suggests that the gains from deregulation are short-lived, and also indicate unprofitable smaller banks shuttering their operations and the emergence of credit unions and other alternatives to commercial banks.
Three Essays On Financial Innovation
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Author : Peter Tufano
language : en
Publisher:
Release Date : 1993
Three Essays On Financial Innovation written by Peter Tufano and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Finance categories.
Three Essays On Banking Foreign Direct Investment
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Author : Tamrat Workalemahu Gashaw
language : en
Publisher:
Release Date : 2012
Three Essays On Banking Foreign Direct Investment written by Tamrat Workalemahu Gashaw and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
One striking development in the banking sector over the past two decades is the significant increase in banking foreign direct investment. Multinational banks are now major players in the global financial system in terms of their asset positions, loan amounts, and operational scales. Despite this significant trend, few empirical studies exist explaining observed international trends. This dissertation investigates three aspects of banking foreign direct investment. The first essay investigates the factors determining a bank's decision to invest abroad. The second essay investigates the factors determining foreign and domestic banks' risk-taking behavior. The last essay explores the impact of foreign banks' presence on the host country's economy.