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You searched for +publisher:"University of Illinois – Urbana-Champaign" +contributor:("Esfahani, Hadi Salehi"). Showing records 1 – 2 of 2 total matches.

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University of Illinois – Urbana-Champaign

1. Lee, Jae-Myun. Three essays on the sustainable macroeconomic policies.

Degree: PhD, Economics, 2016, University of Illinois – Urbana-Champaign

We examine the sustainability of fiscal policy in terms of linearity vs. non-linearity of fiscal reaction function, and especially the semi-parametric approaches are employed. Moreover, the threshold of fiscal policy regime switches and the interaction between monetary and fiscal policies are also investigated. Finally, we analyze the determinants of the government arears and delayed payment including institutional and cultural variables. In Chapter 1, we investigate how the fiscal reaction function is shaped regarding linearity and non-linearity to see if the government exhibits the phenomenon of fiscal fatigue and the existence of debt limit. We newly apply the semi-parametric approaches to 125 advanced and developing countries panel data which is divided into three sub-samples (i.e., low-; middle-; high-income countries). We find that low-income countries have non-linear quadratic functional form, and the high-income countries show non-linear cubic functional relationship. In contrast, the middle-income countries mildly take on linear functional form but have insignificant results. This implies that there is an empirical evidence of fiscal fatigue and debt limit at least among low- and high-income countries. This results are confirmed by traditional parametric approaches. In Chapter 2, by applying GMM estimation to the quarterly data of the U.S. of 1980-2014, regarding fiscal policy, we find that there is the endogenous threshold at which the government switches from active fiscal policy to passive one. In addition, an increase in policy interest rate decreases the threshold. Meanwhile, at low debt level, an increase in policy interest rate is found to increase primary deficit, but as debt grows sufficiently, a rise in policy interest rate decreases deficit. On the contrary, inflation rate decreases deficit, while, as debt increases enough, an increase in inflation rate induces the government to let spending and deficit to rise. Regarding monetary policy, we show that higher level of government debt tends to lead the central bank to raise policy interest rate. But, primary deficit has ambiguous effect on policy interest rate. In Chapter 3, from the data of 27 European countries during 1990-2012, we find that the government debt, and the voice and accountability increase the share of arrears, while the natural logarithm of GDP, the government bond rate, the political stability and non-violence, and the rule of law decrease it. In addition, the same determinants of the share of arrears have exactly the opposite effects on the share of acceptable delayed payment. Finally, the government debt and the openness have positive effects on the share of delayed payment, whereas the political stability and non-violence has a negative effect on the share of delayed payment. Advisors/Committee Members: Esfahani, Hadi Salehi (advisor), Esfahani, Hadi Salehi (Committee Chair), Gahvari, Firouz (committee member), Park, Woong Yong (committee member), Lee, JiHyung (committee member).

Subjects/Keywords: sustainable macroeconomic policies

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

APA (6th Edition):

Lee, J. (2016). Three essays on the sustainable macroeconomic policies. (Doctoral Dissertation). University of Illinois – Urbana-Champaign. Retrieved from http://hdl.handle.net/2142/92934

Chicago Manual of Style (16th Edition):

Lee, Jae-Myun. “Three essays on the sustainable macroeconomic policies.” 2016. Doctoral Dissertation, University of Illinois – Urbana-Champaign. Accessed August 23, 2019. http://hdl.handle.net/2142/92934.

MLA Handbook (7th Edition):

Lee, Jae-Myun. “Three essays on the sustainable macroeconomic policies.” 2016. Web. 23 Aug 2019.

Vancouver:

Lee J. Three essays on the sustainable macroeconomic policies. [Internet] [Doctoral dissertation]. University of Illinois – Urbana-Champaign; 2016. [cited 2019 Aug 23]. Available from: http://hdl.handle.net/2142/92934.

Council of Science Editors:

Lee J. Three essays on the sustainable macroeconomic policies. [Doctoral Dissertation]. University of Illinois – Urbana-Champaign; 2016. Available from: http://hdl.handle.net/2142/92934

2. Jung, Il. The cyclical and structural stance of fiscal policy.

Degree: PhD, Economics, 2018, University of Illinois – Urbana-Champaign

This paper examines the cyclical and structural stance of fiscal policy. Firstly, to measure the stance of tax policy more accurately, this paper constructs a new tax-indicator – “discretionary tax policy index”. Secondly, incorporating this new dataset, the short-run cyclical stance of tax policy by institutions and public debt is investigated empirically. Finally, in the long-run (structural) perspective, I examine empirically the fiscal impact of demographic shift, and project its future impact on public finance in an internationally-comparable way. In Chapter 1, I establish a novel measure – “discretionary tax policy index” – that can isolate discretionary tax policy from automatic stabilizer effect, as well as representing the entire tax policy, which overcomes the limitations of other indicators. Especially, this paper newly estimates a vast amount of “time-varying” tax-elasticities, which enables us to better-gauge discretionary tax policy. Based on sizable panel-data for 151 countries over the periods of 1970-2015, this newly developed indicator could expand analytical tool in the context of tax policy. In Chapter 2, I investigate empirically the cyclical stance of tax policy in both advanced and developing countries, as well as the two underlying reasons – institutions and public debt – for their different cyclical stances. Using the new dataset of “discretionary tax policy index” derived from Chapter 1, both IV fixed-effects and system GMM are employed to deal with endogeneity problem. This paper finds that tax policies tend to be mildly countercyclical or acyclical in advanced countries, while being procyclical in developing countries. Moreover, the tendency for procyclicality of tax policy becomes stronger when institutions are weak and public debt is high. In Chapter 3, I examine empirically the fiscal impact of demographic shift, and project its future impact on public spending. For empirical analysis, this paper employs Arellano-Bond’s system GMM, using 161 countries’ panel-data from 1970 to 2016. For simulation, it uses “granular” approach to project future fiscal-burdens, based on the micro-level (age-specific) data from the National Transfer Accounts (NTAs). This paper finds that demographic shift negatively affects fiscal balance, and its impacts on three age-related spending – pension, health and education – are the most important channels. Also, from the simulations for 117 countries, it compares internationally the future fiscal-burdens – augmented by three key spending – that countries would likely face only by demographic shift, which requires structural reforms be done for some countries. Advisors/Committee Members: Esfahani, Hadi Salehi (advisor), Esfahani, Hadi Salehi (Committee Chair), Gahvari, Firouz (committee member), Deltas, George (committee member), Lee, JiHyung (committee member).

Subjects/Keywords: cyclical stance; cyclicality; tax policy; tax elasticity; fiscal policy; institutions; public debt; demographic change

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

APA (6th Edition):

Jung, I. (2018). The cyclical and structural stance of fiscal policy. (Doctoral Dissertation). University of Illinois – Urbana-Champaign. Retrieved from http://hdl.handle.net/2142/101577

Chicago Manual of Style (16th Edition):

Jung, Il. “The cyclical and structural stance of fiscal policy.” 2018. Doctoral Dissertation, University of Illinois – Urbana-Champaign. Accessed August 23, 2019. http://hdl.handle.net/2142/101577.

MLA Handbook (7th Edition):

Jung, Il. “The cyclical and structural stance of fiscal policy.” 2018. Web. 23 Aug 2019.

Vancouver:

Jung I. The cyclical and structural stance of fiscal policy. [Internet] [Doctoral dissertation]. University of Illinois – Urbana-Champaign; 2018. [cited 2019 Aug 23]. Available from: http://hdl.handle.net/2142/101577.

Council of Science Editors:

Jung I. The cyclical and structural stance of fiscal policy. [Doctoral Dissertation]. University of Illinois – Urbana-Champaign; 2018. Available from: http://hdl.handle.net/2142/101577

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