Three Essays on Economic Growth and Financial Liberalization PDF Download
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Author: Youngsoo Kim
Publisher:
ISBN:
Category :
Languages : en
Pages : 250
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Book Description
Author: Youngsoo Kim
Publisher:
ISBN:
Category :
Languages : en
Pages : 250
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Rong-Chang Wu
Publisher:
ISBN:
Category : Capital investments
Languages : en
Pages : 304
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Author: Pilhyun Kim
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 125
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Book Description
Abstract: The primary part of my dissertation investigates the potential effects of financial sector development on economic growth. In order to reveal the nature of these effects, I focus on the potential channels of influence from the financial to the real sector. I investigate the link between the financial sector and economic growth focusing on the role of the financial sector in funding innovative activities. To this aim, I construct a model where the economy is driven by innovative activities that require both human capital and external funding. My analysis shows that when certain conditions are satisfied, there exists a unique equilibrium where the growth rate of the economy is jointly determined by the levels of human capital and financial development. An implication of this is that financial liberalization policies that do not adequately address the fundamentals of the economy can cause bank failures and possibly a financial crisis. Furthermore, the model suggests that, depending on the parameter values of the economy, there may be two forms of poverty traps, one with a small number of bankers and the other with a large number of bankers. Also, I examine empirically whether financial development has any effect on the rate of technological innovation using patent applications as a proxy for innovative output. For a sample of twenty eight countries from 1970 to 2000, my analysis shows that financial development is indeed significant in raising the growth rate of innovative output. In addition, I investigate whether financial development enhances investment efficiency. The efficiency channel hypothesis states that financial development may increase the efficiency of investment by directing the funds to the most productive uses. I examine if there is any evidence of financial development positively affecting the efficiency of aggregate investment using developing countries as a sample. Compared to the volume channel, the efficiency channel has received relatively little attention until recently. I address the issue of the efficiency channel using two alternative measures of aggregate investment efficiency. I find that, for developing countries, financial development significantly and positively affects productivity of investment.
Author: Firat Demir
Publisher:
ISBN:
Category : Argentina
Languages : en
Pages : 292
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Author: Kang-guk Yi
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 220
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Author: Hiroyuki Ito
Publisher:
ISBN:
Category :
Languages : en
Pages : 464
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Author: Hulya Arik
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 270
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Author: Huancheng Du
Publisher:
ISBN: 9780438718692
Category : Capital market
Languages : en
Pages : 133
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Book Description
This dissertation explores the economic interactions and outcomes in the nexus of international trade and finance. The entire dissertation is divided into three chapters with each chapter addresses one specific economic problem that roots in the interaction of international trade and finance. In the first chapter, I attempt to draw theoretical implications on two particular questions. First, what is the trade liberalization effect on capital market outcomes? Second, how do trade liberalization and capital market conditions jointly affect labor market outcomes such as income inequality? The objective of this chapter is to integrate both labor market frictions and capital market imperfection into one coherent theoretical framework and study the important interactions of trade liberalization and financial market development, as well as their joint impacts on aggregate income inequality. In the second chapter, I aim to provide both theoretical foundation and empirical evidence in partially explaining country authorities' decisions on financial policies. In the third chapter, [w]e provide a novel way of extracting country-level fundamental news from the international trade network. Specifically, we show that sovereign CDS returns provide value-relevant information that slowly propagates through credit markets reflecting underreaction on a global scale.
