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Essays in international finance

Greenwood, Jeremy (1953 - ); King, Robert G. ; Stockman, Alan C.
Fonte: University of Rochester. Publicador: University of Rochester.
Tipo: Tese de Doutorado Formato: Number of Pages:viii, 141 leaves
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Thesis (Ph. D.)--University of Rochester. Dept. of Economics, 1982. ; Neoclassical general equilibrium models are employed in this thesis to analyze several questions of interest in international finance. In the first chapter of the thesis an intertemporal choice-theoretic model of the joint behavior of the exchange rate and the current account is constructed. The model yields a set of predictions about the relationship between movements in the exchange rate and the current account and important economic variables such as income, government spending, and the money supply. It turns out that the correlation between the exchange rate and the current account is theoretically ambiguous. In particular, the association between movements in these two variables depends in an essential manner on the nature of exogenous disturbances affecting them simultaneously. Finally, the role for an optimal monetary policy and the choice of exchange rate regime for a small open economy are discussed. In the second chapter the model employed in the first chapter is extended to allow for the inclusion of a nontraded goods sector. Also, the discussion in this chapter is focused on the balance of payments rather than the exchange rate, so as to highlight the fact that the model used in the first chapter is flexible enough to analyze either a fixed or flexible exchange rate system. This extension permits an investigation of the pattern of comovement between current account...

Medical Migration : What Can We Learn from the UK's Perspective?

Rutten, Martine
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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This paper seeks to determine the macro-economic impacts of migration of skilled medical personnel from a receiving country's perspective. The resource allocation issues are explored in theory, by developing an extension of the Rybczynski theorem in a low-dimension Heckscher-Ohlin framework, and empirically, by developing a static computable general equilibrium model for the United Kingdom with an extended health sector component. Using simple diagrams, an expansion of the health sector by recruiting immigrant skilled workers in certain cases is shown to compare favorably to the (short-term) long-term alternative of using domestic (unskilled) workers. From a formal analysis, changes in non-health outputs are shown to depend on factor-bias and scale effects. The net effects generally are indeterminate. The main finding from the applied model is that importing foreign doctors and nurses into the United Kingdom yields higher overall welfare gains than a generic increase in the National Health Service budget. Welfare gains rise in case of wage protection.

Labour, industries and the politics of immigration

Rheault, Ludovic
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
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Cette thèse par articles examine les causes et conséquences économiques des politiques d'immigration du point de vue des pays receveurs. Je soutiens que les politiques d'immigration affectent la composition industrielle, et que l'immigration non-qualifiée a ralenti le développement des secteurs haute-technologie dans les pays de l'OCDE au cours des dernières décennies. Néanmoins, les gouvernements élus ont des incitatifs à accroître les niveaux d'immigration et à admettre des immigrants non-qualifiés, afin de conserver l'appui du secteur privé, et de façon à éviter les réactions négatives qui résulteraient de l'affaiblissement des industries traditionnelles. Le premier article s'appuie sur un modèle de progrès technologique endogène et soutient que les activités de recherche des entreprises croissent avec l'offre relative en travail qualifié, et se contractent avec l'offre relative en travail non-qualifié. À l'aide de données panel sur les pays de l'OCDE entre 1971 et 2003, j'estime l'élasticité des dépenses en R&D par rapport à l'offre relative de facteurs au moyen d'un modèle OLS dynamique (DOLS). Les résultats sont conséquents avec les propositions théoriques, et je démontre que l'immigration non-qualifiée a ralenti l'intensité des investissements privés en R&D. Le deuxième article examine la réponse des gouvernements fédéraux canadiens au lobbying des entreprises sur l'enjeu de l'immigration...

Trade theorems with search unemployment

Sheng, Yu; Xu, Xinpeng
Fonte: University of Toronto Press Publicador: University of Toronto Press
Tipo: Artigo de Revista Científica
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We revisit the Heckscher-Ohlin-Samuelson model in the presence of labour market frictions à la Mortensen-Pissarides. Relaxing the assumption of the one-worker-one-firm matching rule, we show that the Stolper-Samuelson theorem and the Rybczynski theorem m

Fluctuation of the initial condition from Glauber models

Broniowski, Wojciech; Bozek, Piotr; Rybczynski, Maciej
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 02/09/2007
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We analyze measures of the azimuthal asymmetry, in particular the participant harmonic moments, epsilon*, in a variety of Glauber-like models for the early stage of collisions at RHIC. Quantitative comparisons indicate substantial model dependence for epsilon*, reflecting different effective number of sources, while the dependence of the scaled standard deviation sigma(epsilon*)/epsilon* on the particular Glauber model is weak. For all the considered models the values of sigma(epsilon*)/epsilon* range from ~0.5 for the central collisions to ~0.3-0.4 for peripheral collisions. These values, dominated by statistics, change only by 10-15% from model to model. For central collisions and in the absence of correlations between the location of sources we obtain through the use of the central limit theorem the simple analytic formula sigma(epsilon*)/epsilon*(b=0) ~ \sqrt{4/pi-1} ~ 0.52$, independent on the collision energy, mass number, or the number of sources. We investigate the shape-fluctuation effects for jet quenching and find they are important only for very central events. Finally, we list some remarks and predictions from smooth hydrodynamics on higher flow coefficients and their fluctuations, in particular sigma(v_4)/v_4=2 sigma(v_2)/v_2.; Comment: 10 pages...