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Three Essays in Macroeconomics and F...

Song, Xuetao.

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Three Essays in Macroeconomics and Finance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Three Essays in Macroeconomics and Finance./
Author:	Song, Xuetao.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2016,
Description:	141 p.
Notes:	Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.
Contained By:	Dissertation Abstracts International78-08A(E).
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10583562
ISBN:	9781369622416

Three Essays in Macroeconomics and Finance.
Song, Xuetao.

Three Essays in Macroeconomics and Finance. - Ann Arbor : ProQuest Dissertations & Theses, 2016 - 141 p.

Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.

Thesis (Ph.D.)--North Carolina State University, 2016.

In Chapter 1, we construct a DSGE model consistent with China's local government's "land sale-- financing--infrastructure investment" cycles. Policy triggered land price changes drive reallocation of capital and lands between private and public sectors, which are heterogeneous in TFP and financial frictions. Credit policies in this model are implemented as shocks to borrowing constraints for borrowers and lending constraints for lenders. Collateral constraints amplify the responses to policy shocks and resource reallocations between sectors. This paper finds that if local government debt is restricted by land collateral, fiscal stimuli of government spending on public goods (e.g. infrastructure investment) has little impact on land price, but crowds in the private sector output. If local government debt is not constrained, fiscal stimuli would lead to resource misallocation, capital overcapacity, and a negative fiscal multiplier. Moreover, given asymmetric TFP and financial frictions in two sectors, a relaxation in private borrowing constraint contributes more to growth in output and investment than a same percentage of relaxation in public borrowing constraint. If a bank looses lending constraints (i.e. required reserve ratio), the private sector would be crowded out by the public and would result with an overcapacity of capital.

ISBN: 9781369622416Subjects--Topical Terms:

517137
Economics.

Three Essays in Macroeconomics and Finance.
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245 1 0 $a Three Essays in Macroeconomics and Finance.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2016
300 $a 141 p.
500 $a Source: Dissertation Abstracts International, Volume: 78-08(E), Section: A.
500 $a Advisers: Ivan Kandilov; Douglas Pearce.
502 $a Thesis (Ph.D.)--North Carolina State University, 2016.
520 $a In Chapter 1, we construct a DSGE model consistent with China's local government's "land sale-- financing--infrastructure investment" cycles. Policy triggered land price changes drive reallocation of capital and lands between private and public sectors, which are heterogeneous in TFP and financial frictions. Credit policies in this model are implemented as shocks to borrowing constraints for borrowers and lending constraints for lenders. Collateral constraints amplify the responses to policy shocks and resource reallocations between sectors. This paper finds that if local government debt is restricted by land collateral, fiscal stimuli of government spending on public goods (e.g. infrastructure investment) has little impact on land price, but crowds in the private sector output. If local government debt is not constrained, fiscal stimuli would lead to resource misallocation, capital overcapacity, and a negative fiscal multiplier. Moreover, given asymmetric TFP and financial frictions in two sectors, a relaxation in private borrowing constraint contributes more to growth in output and investment than a same percentage of relaxation in public borrowing constraint. If a bank looses lending constraints (i.e. required reserve ratio), the private sector would be crowded out by the public and would result with an overcapacity of capital.
520 $a In Chapter 2, we observe that after the recent financial crisis, employment and wages recovered slowly, and working hours were extended. We construct a model with labor market search and financial frictions to study the importance of the financial market to labor market fluctuations and to account for the observed slow recovery in the labor market after the credit crunch. In the model, wages and employment are determined at both intensive and extensive margins. The model shows why the post-2009 recovery has greater joblessness than the previous two recoveries and reproduces jobless recovery after a credit crunch. Quantitative results match the stylized facts in the labor market and reproduce important labor market properties over the business cycle.
520 $a In Chapter 3, we document facts about China's outward foreign direct investment in the last decade (2004-2013): diverging growth in inward and outward FDI; faster growth of China's outward FDI to developed economies than to developing economies during the post-crisis period; and the asymmetric effect of international business cycles on outward FDI before and after the crisis. These facts challenge the existing literature that focused on the link between the development and FDI but ignored how international business cycles can change the pattern of FDI flows. By adopting an empirical approach, this paper attempts to bridge the study of inward and outward FDI with the study of international business cycles. In this paper, we investigate the link between ow of FDI and international business cycles using panel estimation with data on bilateral FDI and macroeconomic conditions. The empirical evidence suggests that China's pattern of FDI flow is changing remarkably after the crisis and is a result of not only Chinese but also international business cycles.
590 $a School code: 0155.
650 4 $a Economics. $3 517137
650 4 $a Commerce-Business. $3 3168423
650 4 $a Social sciences education. $3 2144735
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710 2 $a North Carolina State University. $3 1018772
773 0 $t Dissertation Abstracts International $g 78-08A(E).
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