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Essays in international finance and ...

de la Garza Trevino, Adrian Gerardo.

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Essays in international finance and labor economics.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Essays in international finance and labor economics./
作者:	de la Garza Trevino, Adrian Gerardo.
面頁冊數:	137 p.
附註:	Source: Dissertation Abstracts International, Volume: 71-07, Section: A, page: 2558.
Contained By:	Dissertation Abstracts International71-07A.
標題:	Economics, General. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3415000
ISBN:	9781124089096

Essays in international finance and labor economics.
de la Garza Trevino, Adrian Gerardo.

Essays in international finance and labor economics. - 137 p.

Source: Dissertation Abstracts International, Volume: 71-07, Section: A, page: 2558.

Thesis (Ph.D.)--Yale University, 2010.

This dissertation contains three essays that explore international financial and labor markets from an empirical perspective. Chapter 1 examines the role of both domestic and global factors on emerging market sovereign bond spreads between 1991 and 2006. I find that external economic conditions explain roughly as much of the variation in spreads as country-specific shocks. Omitting global factors significantly overestimates the effects on spreads that the literature has attributed to domestic fundamentals. The paper devotes particular attention to problems of unobserved heterogeneity, sample selection, and endogeneity and demonstrates that, in spite of these potential concerns, the statistical and economic impact of both domestic and global factors on spreads remains strong. Then, Chapter 2 shows that metropolitan statistical areas (MSAs) in the U.S. with higher human capital grow faster. I find that by ignoring MSA growth trends and unobserved heterogeneity across MSAs, the literature has overestimated these effects by 100 percent. My estimations account for the endogeneity of skills using the presence of a land-grant institution as an instrumental variable. Finally, Chapter 3 uses survey data of 90,000 union employees working in 62 publicly-traded companies in Japan between 1990 and 2004 to study the effect of both own and self-reported reference wages on workers' subjective well-being levels. Together with three co-authors, I demonstrate that higher estimates by workers of their peers' earnings are associated with lower levels of life and job satisfaction. These comparison effects are statistically and economically strong but smaller in absolute value than the impact of workers' own wages on their own utility. We compare our results with standard tests of the relative utility hypothesis in the literature and find that, in spite of their potential flaws, they do not introduce a simple classical measurement error problem and that the bias attributed to this measurement error issue can go in both directions.

ISBN: 9781124089096Subjects--Topical Terms:

1017424
Economics, General.

Essays in international finance and labor economics.
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500 $a Adviser: William C. Brainard.
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520 $a This dissertation contains three essays that explore international financial and labor markets from an empirical perspective. Chapter 1 examines the role of both domestic and global factors on emerging market sovereign bond spreads between 1991 and 2006. I find that external economic conditions explain roughly as much of the variation in spreads as country-specific shocks. Omitting global factors significantly overestimates the effects on spreads that the literature has attributed to domestic fundamentals. The paper devotes particular attention to problems of unobserved heterogeneity, sample selection, and endogeneity and demonstrates that, in spite of these potential concerns, the statistical and economic impact of both domestic and global factors on spreads remains strong. Then, Chapter 2 shows that metropolitan statistical areas (MSAs) in the U.S. with higher human capital grow faster. I find that by ignoring MSA growth trends and unobserved heterogeneity across MSAs, the literature has overestimated these effects by 100 percent. My estimations account for the endogeneity of skills using the presence of a land-grant institution as an instrumental variable. Finally, Chapter 3 uses survey data of 90,000 union employees working in 62 publicly-traded companies in Japan between 1990 and 2004 to study the effect of both own and self-reported reference wages on workers' subjective well-being levels. Together with three co-authors, I demonstrate that higher estimates by workers of their peers' earnings are associated with lower levels of life and job satisfaction. These comparison effects are statistically and economically strong but smaller in absolute value than the impact of workers' own wages on their own utility. We compare our results with standard tests of the relative utility hypothesis in the literature and find that, in spite of their potential flaws, they do not introduce a simple classical measurement error problem and that the bias attributed to this measurement error issue can go in both directions.
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650 4 $a Economics, Labor. $3 1019135
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