Three Essays On Financial Activity Growth And Inequality
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Three Essays On Financial Activity Growth And Inequality
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Author : Jinyoung Hwang
language : en
Publisher:
Release Date : 2001
Three Essays On Financial Activity Growth And Inequality written by Jinyoung Hwang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Bank loans categories.
Three Essays On Financial Development Inequality And Growth
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Author : Esteban Jaimovich
language : en
Publisher:
Release Date : 2008
Three Essays On Financial Development Inequality And Growth written by Esteban Jaimovich and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Three Essays On Growth And Development With Financial Market
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Author : Inka Brahmantyo Yusgiantoro
language : en
Publisher:
Release Date : 2013
Three Essays On Growth And Development With Financial Market written by Inka Brahmantyo Yusgiantoro and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The objective of this dissertation is to understand the role of financial market in economic development, particularly its economy-wide impact on income inequality, poverty, and employment. To accomplish this task, a dynamic computable general equilibrium (FCGE) model with linkage to the financial market is constructed, which conforms to the specific developing economy analyzed in this dissertation. In the first chapter, I construct the model to evaluate the distribution and poverty impact of saving and investment imbalances. I apply the model framework to a financial social accounting matrix data from Indonesia, an open market economy that has experienced persistent trend of excessive domestic savings since the 1997 East Asia financial crisis. The model is calibrated for 2006-10 such that the equilibrium solutions reproduce benchmark data on key macroeconomic indicators. Counterfactual scenarios are simulated to derive conclusions about the implication of excess saving on macroeconomic performances and welfare. The results indicate that when banks increase their portfolio share of risk-free financial assets, credit channeled to private sector's investment is reduced, which leads to higher income inequality, slower pace of poverty reduction, and higher rate of unemployment. I conclude that an expansionary monetary policy offers an effective way to respond an excess saving trend in order to achieve sustainable and equitable growth. The second chapter examines rebalancing strategies for sustainable and inclusive growth in Indonesia. It has been revealed in the previous chapter that excess saving trend in the aftermath of the 1997 financial crisis has ripple effects on income distribution, poverty reduction, and employment creation. Therefore, policy options that emphasize the quality and growth of both private and public investment should be of utmost importance to improve saving and investment imbalances in the economy. Further rebalancing efforts should also include promoting more public spending in rural areas, enhancing good governance on public outlays, increasing economic efficiency and productivity, sharpening comparative advantage, and expanding intra-regional trade. Finally, counterfactual scenarios are experimented with the use of dynamic FCGE model to highlight the significance of developing Indonesia's capital goods industries in order to reduce reliance on imports and increase employment in productive sectors. In the third chapter, an extended version of the dynamic FCGE model is employed to examine asset price bubble and evaluate its policy implication. Using general equilibrium as a basis for analysis, I generate an endogenous stock price bubble in the model economy through balance sheet adjustments. If corporate sector were to limit its leverage activities, excessive asset growth could be avoided and stability of the macroeconomic performances would be maintained. However, such case does not typically apply to low interest rate condition and strong business cycle trend, so I investigate policy simulations for fiscal restriction, monetary contraction, and policy mix to mitigate the impact of potential repercussions that stock price bubble can generate in the economy. The results indicate that standalone monetary policy is the most favorable option to implement corrective measures in preserving the natural growth of output, consumption and investment while minimizing the deteriorating welfare impact of policy enactment.
Three Essays On Income Inequality And Economic Growth
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Author : Aoyu Hou
language : en
Publisher:
Release Date : 2020
Three Essays On Income Inequality And Economic Growth written by Aoyu Hou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Convergence (Economics) categories.
Three Essays On Income Growth Poverty And Inequality
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Author : Hosnieh Mahoozi
language : en
Publisher:
Release Date : 2017
Three Essays On Income Growth Poverty And Inequality written by Hosnieh Mahoozi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Three Essays On Financial Development And Economic Growth
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Author : Claudia Chilundo
language : en
Publisher:
Release Date : 2020
Three Essays On Financial Development And Economic Growth written by Claudia Chilundo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Cities and towns categories.
Three Essays In Financial Economics
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Author : Jingjing Sun
language : en
Publisher:
Release Date : 2017
Three Essays In Financial Economics written by Jingjing Sun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Essays On Financial Development Inequality And Economic Growth
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Author : Arshad Ali Bhatti
language : en
Publisher:
Release Date : 2012
Essays On Financial Development Inequality And Economic Growth written by Arshad Ali Bhatti 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.
This thesis explores two important aspects of growth, namely the roles of financial development and inequality. The recent literature has indicated that both the finance-growth and inequality-growth relationships are complex and not well captured through conventional linear regression analyses. Thus, most of the existing empirical literature focuses on marginal or direct growth effects, ignoring the role of possible factors, conditions and thresholds that may alter our thinking about how financial development or inequality may affect economic growth. Further, it ignores the presence of outliers, especially in cross-sectional analyses which may hinder our understanding of these relationships. Therefore, Chapter 1 addresses the issue of outliers in finance-growth literature and provides a robust sensitivity analysis of some past studies and an updated data set. Chapter 2 focuses on whether R&D plays a role, potentially as a proxy for an omitted variable, for growth and whether it has important interactions with financial development. Chapter 3 then examines the role of inequality for growth, allowing the effects to differ depending on the level of human versus physical capital accumulation. The cross-sectional analysis of Chapter 1 employs the robust regression methods of median quantile regression and least trimmed squares. It shows that the findings of past studies are sensitive to outlier observations. Further, we find that the positive effect of financial development on growth disappears and even becomes negative once we use our extended data set of 86 countries over the period 1997-2006. This last finding is consistent with Rousseau and Wachtel (2011). Moreover, we investigate whether our understanding of the finance-growth relationship can further be improved by introducing a measure of R&D into the standard analysis. We note that our measure of R&D has a strong positive effect on growth and may proxy the role of an omitted variable which is highly correlated with economic growth. Chapter 2 also uses R&D and investigates its interaction with conventionally measured financial development. It employs a variety of panel data techniques for a panel of 36 OECD and non-OECD countries to show that the relationship between financial development and economic growth is not straightforward; rather, it is conditional upon the level of innovation or R&D. Further, we find that a high level of technological innovation or R&D is associated with a weak or negative effect of financial development on economic growth. It is also noted that R&D is associated with financial innovation and the results suggest that countries with a high level of R&D may have less regulated financial systems which can adversely affect the finance-growth relationship. The third chapter explores the relationship between inequality and growth in the context of a unified empirical approach suggested by the theoretical model of Galor and Moav (2004). Based on that model, we construct a new measure, the human capital to physical capital ratio, which is used to study threshold effects in the inequality-growth relationship. Methodologically, we use threshold regression with instruments, developed by Caner and Hansen (2004), which allows us to endogenously identify the threshold human capital to physical capital ratio that alters the inequality-growth relationship. Using data on 82 countries, our results show that there exist significant threshold effects, with a level of the human capital to physical capital ratio below which the effect of inequality on growth is positive and significant, whereas it is negative and significant above it. We also test the robustness of our results using different measures of the human capital to physical capital ratio. These results are consistent with the theoretical predictions of Galor and Moav (2004).
Three Essays In Economic Inequality
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Author : Andrew Silva
language : en
Publisher:
Release Date : 2018
Three Essays In Economic Inequality written by Andrew Silva and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Three Essays On Political Institutions Inequality And Economic Growth
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Author : Ling Shen
language : en
Publisher:
Release Date : 2006
Three Essays On Political Institutions Inequality And Economic Growth written by Ling Shen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.