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Essays on emerging economies.

Asonuma, Tamon.

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Essays on emerging economies.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Essays on emerging economies./
作者:	Asonuma, Tamon.
面頁冊數:	153 p.
附註:	Source: Dissertation Abstracts International, Volume: 72-04, Section: A, page: .
Contained By:	Dissertation Abstracts International72-04A.
標題:	Economics, General. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3445735
ISBN:	9781124492469

Essays on emerging economies.
Asonuma, Tamon.

Essays on emerging economies. - 153 p.

Source: Dissertation Abstracts International, Volume: 72-04, Section: A, page: .

Thesis (Ph.D.)--Boston University, 2011.

The central goal of dissertation is to analyze theoretically the policies of the monetary authorities in the emerging economies.

ISBN: 9781124492469Subjects--Topical Terms:

1017424
Economics, General.

Essays on emerging economies.
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300 $a 153 p.
500 $a Source: Dissertation Abstracts International, Volume: 72-04, Section: A, page: .
500 $a Adviser: Laurence J. Katlikoff.
502 $a Thesis (Ph.D.)--Boston University, 2011.
520 $a The central goal of dissertation is to analyze theoretically the policies of the monetary authorities in the emerging economies.
520 $a My first chapter "Serial Default and Debt Renegotiation" theoretically explains the stylized fact that emerging countries that have defaulted on their debt repayment obligations in the past are more likely to default again in the future than are non-defaulters with the same debt-to-GDP ratio. Quantitative analysis of the model reveals that the equilibrium probability of default for a given debt-to-GDP level is weakly increasing with the number of past defaults, consistent with empirical observations. The equilibrium of the model also accords with an additional observed trend: a country for which default terms require less than a 100 percent recovery rate tends to pay a higher rate of return (relative to a risk-free rate) on debt that is issued subsequently than do defaulting countries that agree to a full recovery rate.
520 $a The second chapter "Currency Composition of External Debt and Exchange Rate" theoretically explores currency composition of external debts and its relation to exchange rate fluctuations in the emerging countries. We observe two facts: emerging countries issue a small fraction of external debt in local currency and there is a link between exchange rate depreciation and default probability. Our quantitative analysis shows that the equilibrium share of debt denominated in local currency is smaller than the one in foreign currency and that the interest rate on local currency bonds is higher. This is because risk-averse foreign investors prefer to lend in foreign currencies rather than in local currency in order to avoid exchange rate risk, which is closely associated with default risk.
520 $a Finally, the third chapter "Export Tax Rebate in China" theoretically analyzes the incidence of export tax rebates in an emerging economy that imports large shares of intermediate goods from abroad and exports large shares of final goods to foreign countries. Our quantitative results show advantages of export tax rebate policy that domestic labor suppliers get benefits and there is less incidence on capital.
590 $a School code: 0017.
650 4 $a Economics, General. $3 1017424
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792 $a 2011
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