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Essays in international trade and fi...

Wu, Yi.

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Essays in international trade and finance (China).

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in international trade and finance (China)./
作者:	Wu, Yi.
面頁冊數:	136 p.
附註:	Source: Dissertation Abstracts International, Volume: 65-09, Section: A, page: 3492.
Contained By:	Dissertation Abstracts International65-09A.
標題:	Economics, General. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3148633
ISBN:	0496073435

Essays in international trade and finance (China).
Wu, Yi.

Essays in international trade and finance (China). - 136 p.

Source: Dissertation Abstracts International, Volume: 65-09, Section: A, page: 3492.

Thesis (Ph.D.)--Georgetown University, 2004.

Some observers have blamed crony capitalism as an underlying cause of the Asian financial crisis. However, formal theoretical studies on this topic are limited. In the first chapter, I introduce crony capitalism into an extended Obstfeld self-fulfilling currency crisis model. The model shows that higher corruption generally raises the likelihood of the existence of a self-fulfilling crisis equilibrium and leads to larger currency devaluation when crises happen. However, the relationship is not always monotonic.

ISBN: 0496073435Subjects--Topical Terms:

1017424
Economics, General.

Essays in international trade and finance (China).
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300 $a 136 p.
500 $a Source: Dissertation Abstracts International, Volume: 65-09, Section: A, page: 3492.
500 $a Adviser: Robert E. Cumby.
502 $a Thesis (Ph.D.)--Georgetown University, 2004.
520 $a Some observers have blamed crony capitalism as an underlying cause of the Asian financial crisis. However, formal theoretical studies on this topic are limited. In the first chapter, I introduce crony capitalism into an extended Obstfeld self-fulfilling currency crisis model. The model shows that higher corruption generally raises the likelihood of the existence of a self-fulfilling crisis equilibrium and leads to larger currency devaluation when crises happen. However, the relationship is not always monotonic.
520 $a The second chapter re-examines the Houthakker-Magee effect using an intertemporal setup. The Houthakker-Magee effect implies that a country facing unfavorable income elasticities in trade must either grow at a slower rate than its trading partners or experience a trend worsening of the current account and/or depreciation of the real exchange rate. Some authors have argued that the conventional income elasticities are not structural parameters. In particular, Krugman (1989) first documented the existence of a '45-degree rule' under which relative income elasticities are systematically related to relative growth rates. In this paper, I develop an intertemporal current account model that links the two in a way that depends on the elasticity of substitution between home and foreign goods. Krugman's original 45-degree rule turns out to be a special case of this more general setup. Empirical tests are supportive of the model.
520 $a The third chapter (with Shang-Jin Wei) studies the impact of globalization on income inequality using two data sets on regions and households from China. In response to an increase in openness, we find that (a) urban-rural income inequality tends to decline, (b) inequality within a city tends to rise, and (c) inequality within a rural area tends to decline. Putting together the three pieces of information, we find that greater openness contributes a (modest) reduction in the overall inequality. The negative association between openness and inequality holds up when we apply a geography-based instrumental variable approach.
590 $a School code: 0076.
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