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Doctoral Dissertations

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The Political Economy Of Accumulation In South Africa: Resource Extraction, Financialization, And Capital Flight As Barriers To Investment And Employment Growth, Seeraj Mohamed Jan 2019

The Political Economy Of Accumulation In South Africa: Resource Extraction, Financialization, And Capital Flight As Barriers To Investment And Employment Growth, Seeraj Mohamed

Doctoral Dissertations

This dissertation uses a heterodox economics approach to explain poor levels of accumulation in South Africa. This approach to investment theory and models recognizes that many institutions are shaped to help people create stability in a world of fundamental uncertainty and irreversibility. Therefore, this dissertation examines the system of accumulation that developed in South Africa and its evolution. This approach to investment recognizes that beliefs and biases of people running institutions influence investment outcomes and shape ‘path dependence’.

The corporations that grew to dominate the South African economy were formed during colonialism and apartheid. They grew around a core of ...


Social Structure Of Accumulation In Turkey (1963 – 2015), Osman C. Icoz Jan 2018

Social Structure Of Accumulation In Turkey (1963 – 2015), Osman C. Icoz

Doctoral Dissertations

This dissertation analyzes capitalism in Turkey during post-1963 period from social structure of accumulation (SSA) theory perspective. The SSA theory is a theory of interaction of institutions and capital accumulation over long run. This dissertation will be the first book length study on Turkey using SSA Theory approach. It will enrich the SSA literature by adding a case of Turkey, which is a developing country; and hence it will be another example that SSA framework can be extended outside of US.

I observe two different SSAs during the period of interest. The first one is Import Substitution Industrialization (ISI) SSA ...


Essays In Financial Economics: Announcement Effects In Fixed Income Markets, James J. Forest Jan 2018

Essays In Financial Economics: Announcement Effects In Fixed Income Markets, James J. Forest

Doctoral Dissertations

ABSTRACT

ESSAYS IN FINANCIAL ECONOMICS: ANNOUNCEMENT EFFECTS IN FIXED INCOME MARKETS

PHD IN FINANCE MAY 2018

JAMES J FOREST

B.A., FRAMINGHAM STATE UNIVERSITY

M.S., NORTHEASTERN UNIVERSITY

Ph.D., UNIVERSITY OF MASSACHUSETTS – AMHERST

Directed by: Professor Hossein B. Kazemi

This dissertation demonstrates the use of empirical techniques for dealing with modeling issues that arise when analyzing announcement effects in fixed income markets. It describes empirical challenges in achieving unbiased and efficient parameter estimates and shows the importance of modelling a wide range of macroeconomic announcement effects to avoid omitted variable bias. Employing techniques common in Macroeconomics, financial market researchers ...


Economic Forecasting With Many Predictors, Fanning Meng May 2017

Economic Forecasting With Many Predictors, Fanning Meng

Doctoral Dissertations

The dissertation is focused on the analysis of economic forecasting with a large number of predictors.

The first chapter develops a novel forecasting method that minimizes the effects of weak predictors and estimation errors on the accuracy of equity premium forecasts. The proposed method is based on an averaging scheme applied to quantiles conditional on predictors selected by LASSO. The resulting forecasts outperform the historical average, and other existing models, by statistically and economically meaningful margins.

In the second chapter, we find that incorporating distributional and high-frequency information into a forecasting model can produce substantial accuracy gains. Distributional information is ...


Master's Tools And The Master's House: A Historical Analysis Exploring The Myth Of Educating For Democracy In The United States, Timothy Scott Jan 2017

Master's Tools And The Master's House: A Historical Analysis Exploring The Myth Of Educating For Democracy In The United States, Timothy Scott

Doctoral Dissertations

Over the past forty-years, neoliberal education reform policies in the U.S. have spurred significant resistance, often galvanized by claims that such policies undermine public education as a vital institution of U.S. democracy. Within this narrative, many activists call to “save our schools” and return them to a time when public schools served the common good. With these narratives in mind, I explore the foundational and persistent power structures that characterize the U.S. as a means to reveal the fundamental purpose of its public education system. The questions that guide my research include: (1) With an understanding that ...


Currency Mismatch And Balance Sheet Effects Of Exchange Rate In Turkish Non-Financial Corporations, Serkan Demirkilic Jan 2017

Currency Mismatch And Balance Sheet Effects Of Exchange Rate In Turkish Non-Financial Corporations, Serkan Demirkilic

Doctoral Dissertations

Until the East Asian Crisis of 1990s, literature exclusively focused on the assumed expansionary competitiveness channel of deprecation in the domestic currency. The East Asian and Latin American Crisis of 1990s proved that depreciation in the domestic currency caused fragilities through the deterioration in firms’ balance sheet net- worth. Many have argued that excessive reliance on short-term debt and un-hedged foreign currency borrowings of firms were responsible of fragilities, and resulting poor performances of firms in these countries. The latter body of the literature introduced the contractionary balance sheet effects of foreign currency indebtedness through depreciation, and argued that if ...


Three Essays On International Economics And Finance, Juan Antonio Montecino Jan 2017

Three Essays On International Economics And Finance, Juan Antonio Montecino

Doctoral Dissertations

This dissertation studies the macroeconomic and social impacts of two increasingly common macroeconomic policies: restrictions on international capital mobility -- capital controls -- and so-called unconventional monetary policy -- often referred to as “quantitative easing.”

The consensus view is that capital controls can effectively lengthen the maturity composition of capital inflows and increase the independence of monetary policy but are not generally effective at reducing net inflows and influencing the real exchange rate. The first essay presents empirical evidence that although capital controls may not directly affect the long-run equilibrium level of the real exchange rate, they may enable disequilibria to persist for ...


Essays On Environmental Policy Instruments, Emissions Leakage And Public Policy, Shreekar Pradhan Aug 2016

Essays On Environmental Policy Instruments, Emissions Leakage And Public Policy, Shreekar Pradhan

Doctoral Dissertations

This dissertation consists of three essays related to my research on environmental policy, emissions leakage, and public policy. In the first essay, I address how open economies respond to environmental policy instruments under uncertainty. I develop a dynamic stochastic general equilibrium model for a small open economy (SOE) and evaluate the macroeconomic fluctuations in response to cap-and-trade, pollution tax, and emissions intensity standard under two shocks: productivity and terms of trade. My findings suggest that cap-and-trade policies are most effective in dampening the macroeconomic volatility from productivity shock. However, under the terms-of-trade shock, pollution tax, and intensity target policies are ...


Three Essays On U.S. Household Debt And The Sources Of Systemic Financial Fragility, Thomas Herndon Jan 2016

Three Essays On U.S. Household Debt And The Sources Of Systemic Financial Fragility, Thomas Herndon

Doctoral Dissertations

This dissertation consists of three essays which analyze the role of household debt in the financial crisis of 2007-2009, and weak recovery that followed. In these essays, I pursue the following research topics: 1) Estimation of the effects of mortgage fraud on losses to foreclosure, 2) Estimation of whether loan modifications increased or decreased debt, and 3) Analyzing the historical evolution of housing finance regulation to advance a proposal for reform. While formally independent, these essays share a common theoretical perspective located at the intersection of financial macroeconomics and political economy. These essays analyze how conflicts of interest and inside ...


Three Essays On Labor Market Friction And The Business Cycle, Jong-Seok Oh Jan 2016

Three Essays On Labor Market Friction And The Business Cycle, Jong-Seok Oh

Doctoral Dissertations

This dissertation examines the macroeconomic impact of reduced labor market friction on the U.S. business cycle after the mid-1980s. The first two essays investigate the relationship between labor market flexibility and macroeconomic stability from a post-Keynesian perspective. In the third essay which reviews the relationship between labor market flexibility and patterns of U.S. business cycle, I test the argument that after 1985 Okun’s coefficient became larger due to the flexible labor market.

In essay 1, considering two aspects of labor market flexibility, employment flexibility and real wage flexibility, I adopt the flex-output model (Skott, 2015) to first ...


Economic Wealth And Social Welfare: A Longitudinal Analysis Of Transnational Well-Being, Kelly Brooke Martin Aug 2015

Economic Wealth And Social Welfare: A Longitudinal Analysis Of Transnational Well-Being, Kelly Brooke Martin

Doctoral Dissertations

Macro changes in the financial arena have prompted ongoing research focused on global economic trends. As America emerges from an era of stagnant wages, rising unemployment, and growing class stratification it is necessary to explore differences in cross-national socioeconomic behavior to address the changing needs of our country. Many studies attempt to describe statistical correlations between economic wealth and social well-being domestically and abroad by utilizing methodological perspectives that do not account for longitudinal change. To address the gap in existing research, this study seeks to measure variations in econometric indicators between the U.S. and Nordic countries to further ...


Essays On Inequality, Credit Constraints, And Growth In Contemporary Mexico, Leopoldo Gómez-Ramírez Jan 2015

Essays On Inequality, Credit Constraints, And Growth In Contemporary Mexico, Leopoldo Gómez-Ramírez

Doctoral Dissertations

This dissertation presents four essays on inequality, credit constraints, and economic growth in the Mexican economy in its recent history, or “contemporary Mexico”. In the first essay, it is argued that the possibility that wealth/income inequality could affect economic growth has been neglected in the contemporary Mexican economy literature. Also, preliminary thoughts on the channels through which inequality could have been affecting growth are offered. In the second essay, a time series, macroeconometric analysis on the possible relationship between inequality and aggregate production (GDP) in Mexico is presented. The analysis suggests that an increase in inequality boosts the economy ...


Three Essays On Macroeconomic Implications Of Contemporary Financial Intermediation, Hyun Woong Park Jan 2015

Three Essays On Macroeconomic Implications Of Contemporary Financial Intermediation, Hyun Woong Park

Doctoral Dissertations

This dissertation contributes to the growing literature on macroeconomic models with a financial intermediary sector. The first two chapters use the circuit of capital modeling methodology to study the relation between growth and profitability in capitalist economy where credit is essential, and the third uses a more standard macrodynamic model to investigate how securitized banking, which relies on short-term collateralized borrowing, as opposed to traditional commercial banking, generates procyclical bank leverage, which in turn leads to supply-led fluctuation in credits and ultimately to a boom-bust cycle of asset prices. In chapter 1, I extend the baseline model of circuit of ...


Three Essays In Macroeconomic History, Joshua W. Mason Sep 2014

Three Essays In Macroeconomic History, Joshua W. Mason

Doctoral Dissertations

Following Minsky, an economy can be understood as a set of units linked to each other by flows of money payments and by the commitments to future payments reflected on balance sheets. This dissertation offers three accounts of the historical evolution of the US economy, conceived of a network of balance sheets, over the course of 20th and early 21st century. The first essay looks at changes in the pattern of payment flows between nonfinancial corporations and financial markets associated with the ``shareholder revolution" of the 1980s. It argues that the shift in payouts to shareholders from a quasi-fixed stream ...


Financialization Of The Commodities Futures Markets And Its Effects On Prices, Manisha Pradhananga Sep 2014

Financialization Of The Commodities Futures Markets And Its Effects On Prices, Manisha Pradhananga

Doctoral Dissertations

After declining for almost three decades, the food price index of the Food and Agricultural Organization (FAO) rose by 90 percent between January 2002 and June 2008. Besides the magnitude, the rise in prices was remarkable for its breadth, affecting a broad range of commodities including agricultural (wheat, corn, soybeans, cocoa, coffee), energy (crude oil, gasoline), and metals (copper, aluminum). According to the US Department of Agriculture, this price spike was responsible for increasing the number of malnourished people by 80 million. These dramatic developments in prices coincided with a rapid inflow of investment into the commodities futures market -- the ...


Output Fluctuations And Economic Growth In Latin America In The Aftermath Of The Great Recession, Gonzalo Hernandez Jimenez Sep 2014

Output Fluctuations And Economic Growth In Latin America In The Aftermath Of The Great Recession, Gonzalo Hernandez Jimenez

Doctoral Dissertations

This dissertation examines the short and long run effects of the Great Recession on Latin America. For the short run, this study evaluates (i) the existence of a business cycle co-movement between the US and Latin America, (ii) the role of the Latin American export structure as an aspect that may amplify the growth spillover effects of the output fluctuations in the US, and (iii) the terms of trade as a determinant of the short run output fluctuations in Colombia, a primary commodity exporter that resembles the assumptions of open small dependent economies. Consistent with the historical evidence, the US ...


Essays On Fiscal Policies In Open Economies, Ahiteme Nicodeme Houndonougbo Aug 2014

Essays On Fiscal Policies In Open Economies, Ahiteme Nicodeme Houndonougbo

Doctoral Dissertations

Investigating various fiscal policy issues in the context of an open economy, this dissertation consists of three essays.

The first essay addresses the question of the volatility of foreign aid and its impact on resource-constrained developing economies. A small open-economy business cycle model is developed that accounts for the effect of external shocks specific to developing economies. The model produces business cycle patterns consistent with the data and key stylized facts. The model is calibrated to reflect the structural empirical regularities of an aid-dependent developing country. The parameters of the exogenous stochastic shocks are estimated using Bayesian methods and 50 ...


The Financial Sector And Inclusive Development In Africa: Essays On Access To Finance For Small And Medium-Sized Enterprises In South Sudan And Kenya, James A. Garang May 2014

The Financial Sector And Inclusive Development In Africa: Essays On Access To Finance For Small And Medium-Sized Enterprises In South Sudan And Kenya, James A. Garang

Doctoral Dissertations

This dissertation, consisting of three essays, uses data from field surveys of banks and small and medium enterprises (SMEs) conducted in South Sudan and Kenya from July 2011 through September 2012. The first essay examines the role of financial sector development in expanding access to finance by SMEs in Kenya. We find that while the financial system in general, and the Central Bank of Kenya in particular, have made headway in expanding financial inclusion in Kenya, small firms continue to face more constraints in access to finance compared to larger firms. The policy emphasis on financial inclusion, coupled with the ...


The Financialization Of The Nonfinancial Corporation In The Post-1970 U.S. Economy, Leila Emami Davis May 2014

The Financialization Of The Nonfinancial Corporation In The Post-1970 U.S. Economy, Leila Emami Davis

Doctoral Dissertations

This dissertation analyzes the financialization of nonfinancial corporations (NFCs), emphasizing changes in firm-level financial behavior in the post-1970 U.S. economy. The dissertation consists of four essays. These essays ask what is the financialization of NFCs, explore why NFCs have ‘financialized’, and evaluate the implications for fixed investment behavior. Chapter 2 lays out a simple stylized framework describing firm-level portfolio choice and utilizes this framework to analyze the implications of increasing NFC involvement in the provision of financial services, increasingly entrenched shareholder value norms, and rising firm-level demand volatility for NFC financial structure. By articulating underlying determinants of firm-level portfolio ...


The Financial Underpinnings Of The Eu Crisis: Financial Deregulation, Privatization, And Asymmetric State Power, Nina Q. Eichacker May 2014

The Financial Underpinnings Of The Eu Crisis: Financial Deregulation, Privatization, And Asymmetric State Power, Nina Q. Eichacker

Doctoral Dissertations

This dissertation asks the following questions. How has financial liberalization affected the incidence of financial crisis in Europe? How have power asymmetries within Western Europe facilitated the process of financial liberalization, and distributed the costs and gains from this liberalization? How have these dynamics been demonstrated at the state level?

It charts the institutional liberalization and privatization of European finance from the 1960s onward and presents a survey of descriptive statistics that show how different financial stability, financial flow, and macroeconomic variables have changed in Western Europe since the early 1980s, generally increasing financial and economic instability. It also demonstrates ...


Government Intervention And Economic Growth, Maria Sarigiannidou Dec 2010

Government Intervention And Economic Growth, Maria Sarigiannidou

Doctoral Dissertations

The first essay constitutes a theory which lends truth to the Kuznets hypothesis. The attention is centered on the role of financial markets in defining the process of knowledge accumulation, and ultimately the distribution of income earning capabilities in a population of ex ante heterogeneous individuals. The provision of credit is hindered by one-sided lack of commitment embedded in the area of educational investment. Adaptation in the legislative system to accommodate a punishment scheme conditional on default is the critical requirement for the economy to be carried on a dynamic growth path, albeit one of higher and worsening inequality. Owing ...


Essays On Monetary Policy, Omer Bayar Aug 2010

Essays On Monetary Policy, Omer Bayar

Doctoral Dissertations

Central banks use a series of relatively small interest rate changes in adjusting their monetary policy stance. This persistence in interest rate changes is well documented by empirical monetary policy reaction functions that feature a large estimated coefficient for the lagged interest rate. The two hypotheses that explain the size of this large estimated coefficient are monetary policy inertia and serially correlated macro shocks. In the first part of my dissertation, I show that the effect of inertia on the Federal Reserve’s monthly funds rate adjustment is only moderate, and smaller than suggested by previous studies. In the second ...