Three Essays on Macroeconomic Policy in Less Developed Countries PDF Download
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Author: Edward F. Buffie
Publisher:
ISBN:
Category :
Languages : en
Pages : 248
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Author: Edward F. Buffie
Publisher:
ISBN:
Category :
Languages : en
Pages : 248
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Author: Navarat Temsumrit
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ISBN:
Category :
Languages : en
Pages : 0
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In order to fulfil the requirements for the degree of Doctor of Philosophy in Economics and Finance, at the University of St. Gallen, after the completion of the course-work and research phases, I hereby to provide the cumulative dissertation. The dissertation consists of three essays on macroeconomic policy, development economics and economic growth. The first chapter examines empirically the relationship between the cyclical pattern of fiscal policy in democratic developing countries and their quality of political institutions. This chapter uses updated data to analyse 63 developing countries from 1980 to 2013 and robustly shows that pro-cyclical fiscal policy exist in both democratic and non-democratic developing countries. The main contributions of this chapter are controlling the endogeneity issue by using the instrumental variable method and investigating the interactions between political institutions variables and the cyclicality of fiscal policy. The results suggest that an improvement in the level of institutional quality plays an important role to restrain pro-cyclical fiscal policy. These effects are larger in democratic countries than non-democratic ones. Additionally, the maturity and stability of a democratic regime influence in restraining the implementation of pro-cyclical fiscal policy. The second chapter studies the effects of demographic transition and unfunded pension system in affecting the economic growth of Thailand. The chapter adds the aspect of the informal sector and investments in children's education into the Overlapping Generation (OLG) model. We modify the model to allow individuals heterogeneity in their ages and exogenously assign to work either in the formal or informal sector. The results from our model suggest that the non-contribution pension system or old-age security schemes hinder the economic growth of the economy with a high share of the informal sector and low fertility rate like Tha.
Author: Kirsta Glenn
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ISBN:
Category : Developing countries
Languages : en
Pages : 492
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Author:
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Category :
Languages : en
Pages : 153
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Author: Joaquim Eloi Cirne de Toledo
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ISBN:
Category :
Languages : en
Pages : 476
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Author: Mohammed Aït Lahcen
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Category :
Languages : en
Pages :
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Author: Sailesh Kumar Jha
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Category : Macroeconomics
Languages : en
Pages : 318
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Author: Raghav Paul
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ISBN:
Category :
Languages : en
Pages : 105
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The purpose of this dissertation is to investigate issues of importance in the formation of macroeconomic policy. In the first chapter, I explore the role of multinationals and intra-firm trade in exchange-rate pass-through into US imports. Conventional international macroeconomics models exploring exchange-rate pass-through, and informing monetary policy, often ignore transfer pricing. This results in predictions about firm-level pass-through that are at odds with the micro-level, empirical evidence. Motivated by the transaction level evidence that exchange-rate pass-through tends to be higher intra-firm than at arms-length, I construct a simple two-country, two-sector model of intra-firm and arms-length trade. Intra-firm trade is carried out by vertically integrated multinationals that compete in Bertrand fashion with regular exporters in the upstream sector. Under reasonable assumptions on pricing decisions and the cost function, my model is able to match the micro evidence. I add to the conventional literature by showing that along with exporters' shares, intra-firm trade and transfer pricing by multinationals are important factors for exchange rate pass-through. Furthermore, this model provides a framework to evaluate changes in monetary policy, as well as the interaction between the profit-shifting incentives of transfer pricing and changes in fiscal policy. In chapter two, we propose and quantify one potential explanation for the empirical evidence on the large productivity gaps between urban and agricultural sectors in developing countries. If residing in a village provides access to a network that effectively insures against income fluctuations, then households are less willing to live in the cities where labor income risk is uninsured. As a result, labor remains cheap in agriculture, and the incentives for switching to capital-intensive methods of farming remain weak. In order to understand the quantitative importance of this mechanism, we calibrate the model to Indian data and study an abstract policy-intervention: a provision of complete insurance against earnings risk in the city. The policy intervention decreases the urban-rural labor productivity gap by 64 percent. This effect comes about because of the 10 percent drop in agricultural share of employment, which encourages an inflow of capital and raises average farm size by 18 percent. In chapter three, we study the interaction between skilled immigration policy changes in the U.S. and the offshoring decision of domestic firms in the skilled services sector. Given the substitutability between immigrant and offshore workers (Ottaviano et al. (2013), Olney and Pozzoli (2018), Ottaviano et al. (2018)) and frictions imposed by the current skilled immigration policy, firms have an incentive to incur additional costs and hire labor offshore. To study this channel and the associated welfare impacts on skilled and unskilled domestic households, we build a two-country model with skilled immigration, offshore labor hiring, and trade in intermediate inputs. Monopolistically competitive firms in the domestic skill-intensive intermediate goods sector produce output using domestic and immigrant skilled labor, and skilled labor hired offshore. Firms optimally hire immigrant skilled workers subject to a policy imposed cap, a sunk hiring cost, and an exogenous probability of return to the foreign economy. In the calibrated model, firms adjust their production towards higher offshore labor hired following a stricter domestic immigration policy. We show that it is important to account for the role of offshoring when evaluating the welfare impacts of skilled immigration policy changes on domestic households: by ignoring firm adjustments in offshore labor hired, we would overestimate the wage (and welfare) gain to domestic skilled households after an immigration cap reduction. We also show that the welfare impacts depend on the profit distribution and the presence of labor market frictions. This analysis has two main contributions. First, as Ottaviano et al. (2018) note, much of the literature has focused on offshoring in the manufacturing sector and ignored an analysis of immigration and offshoring in the services sector. Given the growing importance of skill-intensive services trade, our paper takes a step in this direction. Second, unlike much of the literature, we study the interaction between immigration and offshoring in a dynamic general equilibrium model with a realistic skilled immigration policy setup.
Author: Simone Meier
Publisher:
ISBN:
Category :
Languages : en
Pages : 271
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Author: Daxin Dong
Publisher:
ISBN:
Category :
Languages : en
Pages :
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