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You searched for +publisher:"Texas A&M University" +contributor:("Glass, Amy J."). Showing records 1 – 3 of 3 total matches.

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1. Hu, Xu. Heterogeneous Beliefs, Collateralization, and Transactions in General Equilibrium.

Degree: PhD, Economics, 2012, Texas A&M University

This study includes two theoretical works. In both works, I assume that economic agents have heterogeneous beliefs. I study collateralized loan transactions among economic agents arising from the divergent beliefs. Moreover, I make collateral requirements endogenously determined, along with interest rates and loan quantities. The theme of the first work is to study private transactions in currency crises. I assume that domestic residents have different beliefs on how resilient the central bank is in defending the currency. Due to the different beliefs, domestic residents willingly borrow and lend among themselves. I show that the heterogeneity of beliefs per se brings stability to the system, but that short-term collateralized loans among domestic residents arising from the divergent opinions make an exchange rate peg vulnerable. The second work is to understand credit default swaps in general equilibrium. The model features a market for a risky asset, a market for loans collateralized by the risky asset, and a market for credit default swaps referencing these loans. I show that the introduction of credit default swaps only as insurance has no effect on the price of the risky asset. And the introduction of credit default swaps both as insurance and as tools for making side bets depresses the price of the risky asset in general but has no effect hen the majority of the economy hold bearish views on the risky asset. Advisors/Committee Members: Auernheimer, Leonardo (advisor), Sarin, Rajiv (advisor), Saving, Thomas R. (committee member), Bessler, David A. (committee member), Glass, Amy J. (committee member).

Subjects/Keywords: Heterogeneous Beliefs; Collateralization; Currency Crises; Credit Default Swaps

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APA (6th Edition):

Hu, X. (2012). Heterogeneous Beliefs, Collateralization, and Transactions in General Equilibrium. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/ETD-TAMU-2011-08-9906

Chicago Manual of Style (16th Edition):

Hu, Xu. “Heterogeneous Beliefs, Collateralization, and Transactions in General Equilibrium.” 2012. Doctoral Dissertation, Texas A&M University. Accessed October 29, 2020. http://hdl.handle.net/1969.1/ETD-TAMU-2011-08-9906.

MLA Handbook (7th Edition):

Hu, Xu. “Heterogeneous Beliefs, Collateralization, and Transactions in General Equilibrium.” 2012. Web. 29 Oct 2020.

Vancouver:

Hu X. Heterogeneous Beliefs, Collateralization, and Transactions in General Equilibrium. [Internet] [Doctoral dissertation]. Texas A&M University; 2012. [cited 2020 Oct 29]. Available from: http://hdl.handle.net/1969.1/ETD-TAMU-2011-08-9906.

Council of Science Editors:

Hu X. Heterogeneous Beliefs, Collateralization, and Transactions in General Equilibrium. [Doctoral Dissertation]. Texas A&M University; 2012. Available from: http://hdl.handle.net/1969.1/ETD-TAMU-2011-08-9906


Texas A&M University

2. Kersting, Erasmus K. BUSINESS CYCLES, FISCAL STABILIZATION AND VERTICAL FOREIGN DIRECT INVESTMENT: ESSAYS IN INTERNATIONAL MACROECONOMICS.

Degree: PhD, Economics, 2010, Texas A&M University

My dissertation studies various questions falling into the broad context of macroeconomics and international economics. The questions have macroeconomic components because they are concerned with the behavior of aggregates. Specifically, the second and third chapters of my dissertation study the causes of fluctuations in aggregate macroeconomic variables and the way policy can be coordinated internationally to reduce these fluctuations, respectively. In addition, chapters III and IV address questions that fall into the realm of international economics. They are concerned with the optimal exchange rate regime between two countries, the consequences of partial exchange rate pass-through and the effect of an increase in vertical Foreign Direct Investment (FDI) by domestic firms. The framework of my analysis is given by different versions of general equilibrium models. The second chapter of my dissertation decomposes fluctuations in aggregate observables for the UK economy during the 1980s recession. Using a modern accounting procedure, I estimate parameters that describe the economy using annual data from 1970 to 2002. Then, I simulate different versions of the model to find the distortions that are essential in driving the observed fluctuations. I find labor market distortions to be crucial in accounting for the episode, suggesting that the policies of the time were well targeted and effective. The third chapter of my dissertation studies policy coordination in a two-country framework allowing for partial pass-through. In particular, both countries are assumed to have monetary and fiscal stabilization instruments available. The optimal setting of these instruments under differing pass-through regimes is analytically derived. Fiscal policy is found to be used in a counter-cyclical fashion. In addition, the magnitude of fiscal stabilization is the largest when pass-through is partial. In the fourth chapter, I study the consequences of vertical FDI on aggregate productivity and welfare. The framework allows for heterogeneity across firms in two dimensions. It is firms that are at a disadvantage with respect to manufacturing costs that are benefiting most from moving their production process abroad. Overall, the ability to engage in vertical FDI increases productivity, lowers prices and thus increases welfare. Advisors/Committee Members: Jansen, Dennis W. (advisor), Auernheimer, Leonardo (committee member), Glass, Amy J. (committee member), Gawande, Kishore (committee member).

Subjects/Keywords: UK; Thatcher; 1980s Recession; Exchange rate pass-through; Vertical FDI; Fiscal Stabilization

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Kersting, E. K. (2010). BUSINESS CYCLES, FISCAL STABILIZATION AND VERTICAL FOREIGN DIRECT INVESTMENT: ESSAYS IN INTERNATIONAL MACROECONOMICS. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/ETD-TAMU-2009-05-525

Chicago Manual of Style (16th Edition):

Kersting, Erasmus K. “BUSINESS CYCLES, FISCAL STABILIZATION AND VERTICAL FOREIGN DIRECT INVESTMENT: ESSAYS IN INTERNATIONAL MACROECONOMICS.” 2010. Doctoral Dissertation, Texas A&M University. Accessed October 29, 2020. http://hdl.handle.net/1969.1/ETD-TAMU-2009-05-525.

MLA Handbook (7th Edition):

Kersting, Erasmus K. “BUSINESS CYCLES, FISCAL STABILIZATION AND VERTICAL FOREIGN DIRECT INVESTMENT: ESSAYS IN INTERNATIONAL MACROECONOMICS.” 2010. Web. 29 Oct 2020.

Vancouver:

Kersting EK. BUSINESS CYCLES, FISCAL STABILIZATION AND VERTICAL FOREIGN DIRECT INVESTMENT: ESSAYS IN INTERNATIONAL MACROECONOMICS. [Internet] [Doctoral dissertation]. Texas A&M University; 2010. [cited 2020 Oct 29]. Available from: http://hdl.handle.net/1969.1/ETD-TAMU-2009-05-525.

Council of Science Editors:

Kersting EK. BUSINESS CYCLES, FISCAL STABILIZATION AND VERTICAL FOREIGN DIRECT INVESTMENT: ESSAYS IN INTERNATIONAL MACROECONOMICS. [Doctoral Dissertation]. Texas A&M University; 2010. Available from: http://hdl.handle.net/1969.1/ETD-TAMU-2009-05-525


Texas A&M University

3. Vacaflores Rivero, Diego Eduardo. Capital flows to Latin American countries: effects of foreign direct investment and remittances on growth and development.

Degree: PhD, Economics, 2009, Texas A&M University

The significant restructuring of international capital flows to developing countries – in particular to Latin American countries – observed in the last quarter century has generated significant research in the area to examine its potential impact on development efforts. The resurgence of foreign direct investment (FDI) and the increasing significance of remittances, both as shares of gross domestic product (GDP), have made these types of capital flows the most analyzed. Despite the large fraction of empirical studies that find a positive and significant relationship between FDI and economic growth, an important fact that has been so far overlooked in the literature is its impact on standards of living in host countries. This dissertation first establishes the strong complementary connection between FDI and economic growth in Latin America, measured by increases in GDP per capita growth rates, to then examine additional channels through which it could affect the welfare of the region. I first show that FDI has a positive effect on central government tax revenues, which is mainly channeled through its effect on taxes on goods and services. I then show that FDI has a positive and significant effect on the employment rates in these host countries, with female employment rate getting the largest impact – relative to males. Remittances are another capital flow that plays a large and important role in certain economies, exceeding 10% of GDP in some countries. The impact of remittances on the main macroeconomic measures of a small open economy is analyzed in the last section using a stochastic limited participation model with cash in advance constraints and costly adjustment of cash holdings. After verifying that the model responds adequately to standard shocks, a remittances shock is introduced to examine the dynamic response of the representative economy. The results show that a positive remittances shock forces the exchange rate to depreciate and lowers both output and consumption in the period of the shock. The positive shock lowers utility during the shock but raises it from the following period onwards, improving discounted utility after 10 years when remittances are 10% of GDP and there are no adjustment costs. Advisors/Committee Members: Jansen, Dennis W. (advisor), Gawande, Kishore (committee member), Glass, Amy J. (committee member), Ureta, Manuelita (committee member).

Subjects/Keywords: Foreign Direct Investment; Remittances; Tax Revenues; Employment; Simultaneous Equations; Cash in Advance

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Vacaflores Rivero, D. E. (2009). Capital flows to Latin American countries: effects of foreign direct investment and remittances on growth and development. (Doctoral Dissertation). Texas A&M University. Retrieved from http://hdl.handle.net/1969.1/ETD-TAMU-1475

Chicago Manual of Style (16th Edition):

Vacaflores Rivero, Diego Eduardo. “Capital flows to Latin American countries: effects of foreign direct investment and remittances on growth and development.” 2009. Doctoral Dissertation, Texas A&M University. Accessed October 29, 2020. http://hdl.handle.net/1969.1/ETD-TAMU-1475.

MLA Handbook (7th Edition):

Vacaflores Rivero, Diego Eduardo. “Capital flows to Latin American countries: effects of foreign direct investment and remittances on growth and development.” 2009. Web. 29 Oct 2020.

Vancouver:

Vacaflores Rivero DE. Capital flows to Latin American countries: effects of foreign direct investment and remittances on growth and development. [Internet] [Doctoral dissertation]. Texas A&M University; 2009. [cited 2020 Oct 29]. Available from: http://hdl.handle.net/1969.1/ETD-TAMU-1475.

Council of Science Editors:

Vacaflores Rivero DE. Capital flows to Latin American countries: effects of foreign direct investment and remittances on growth and development. [Doctoral Dissertation]. Texas A&M University; 2009. Available from: http://hdl.handle.net/1969.1/ETD-TAMU-1475

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