Three essays on international macroeconomics
This dissertation presents three essays on international macroeconomics. The first article is a literature review of three separate, and often disconnected, strands of the economic literature that has addressed pairs of linkages between foreign indebtedness, economic growth, and macroeconomic volati...
- Autores:
-
Godoy Bejarano, Jesús María
- Tipo de recurso:
- Doctoral thesis
- Fecha de publicación:
- 2016
- Institución:
- Universidad de los Andes
- Repositorio:
- Séneca: repositorio Uniandes
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.uniandes.edu.co:1992/7691
- Acceso en línea:
- http://hdl.handle.net/1992/7691
- Palabra clave:
- Macroeconomía - Investigaciones
Crecimiento económico - Investigaciones
Volatilidad económica - Investigaciones
Pronóstico de la economía - Investigaciones
Administración
- Rights
- openAccess
- License
- http://creativecommons.org/licenses/by-nc-nd/4.0/
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dc.title.es_CO.fl_str_mv |
Three essays on international macroeconomics |
title |
Three essays on international macroeconomics |
spellingShingle |
Three essays on international macroeconomics Macroeconomía - Investigaciones Crecimiento económico - Investigaciones Volatilidad económica - Investigaciones Pronóstico de la economía - Investigaciones Administración |
title_short |
Three essays on international macroeconomics |
title_full |
Three essays on international macroeconomics |
title_fullStr |
Three essays on international macroeconomics |
title_full_unstemmed |
Three essays on international macroeconomics |
title_sort |
Three essays on international macroeconomics |
dc.creator.fl_str_mv |
Godoy Bejarano, Jesús María |
dc.contributor.advisor.none.fl_str_mv |
Malone, Samuel Westmoreland Ocampo Gaviria, José Antonio Gómez González, José Eduardo Pombo Vejarano, Carlos Hofstetter Gascón, Marc |
dc.contributor.author.none.fl_str_mv |
Godoy Bejarano, Jesús María |
dc.subject.keyword.es_CO.fl_str_mv |
Macroeconomía - Investigaciones Crecimiento económico - Investigaciones Volatilidad económica - Investigaciones Pronóstico de la economía - Investigaciones |
topic |
Macroeconomía - Investigaciones Crecimiento económico - Investigaciones Volatilidad económica - Investigaciones Pronóstico de la economía - Investigaciones Administración |
dc.subject.themes.none.fl_str_mv |
Administración |
description |
This dissertation presents three essays on international macroeconomics. The first article is a literature review of three separate, and often disconnected, strands of the economic literature that has addressed pairs of linkages between foreign indebtedness, economic growth, and macroeconomic volatility during the last three decades. The article surveys the main findings of the theoretical and the empirical literature, with an emphasis on findings relevant to macroeconomic policymakers. We find that endogeneity and nonlinearity are the central econometric in estimating each of the bivariate relationships due primarily to institutionally related, debt overhang, and credit rationing problems. Motivated by these findings, we propuse a parsimonious empirical model, called the "debt-growth-volatility nexus" , which unites these strands of inquiry. The second article uses a GVAR approach to address the endogeneity issue in the relations among public debt, economic growth and macroeconomic volatility. Based on a sample of 81 developed and developing countries over the 1970-2011 period, we find strong evidence supporting bidirectional links between debt and growth, debt and volatility, and growth and volatility. Our setup of country groups indicates that negative and positive effects can coexist in the world economy. The third article addresses the nonlinearity issue using a disequilibrium approach. We disentangle the credit rationing effect from the nonlinear relation between debt and growth commonly known as debt overhang. Using a sample of 28 developing countries over the period from 1970 to 2010, we estimate a switching model with unknown sample separation and a set of proxies for credit rationing that we next introduce into a growth model. Our estimates indicate that credit rationing can explain the negative effect of high debt levels on growth rates |
publishDate |
2016 |
dc.date.issued.none.fl_str_mv |
2016 |
dc.date.accessioned.none.fl_str_mv |
2018-09-27T16:36:17Z |
dc.date.available.none.fl_str_mv |
2018-09-27T16:36:17Z |
dc.type.spa.fl_str_mv |
Trabajo de grado - Doctorado |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
dc.type.driver.spa.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
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http://purl.org/coar/resource_type/c_db06 |
dc.type.content.spa.fl_str_mv |
Text |
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http://purl.org/redcol/resource_type/TD |
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http://purl.org/coar/resource_type/c_db06 |
dc.identifier.uri.none.fl_str_mv |
http://hdl.handle.net/1992/7691 |
dc.identifier.doi.none.fl_str_mv |
10.57784/1992/7691 |
dc.identifier.pdf.none.fl_str_mv |
u722605.pdf |
dc.identifier.instname.spa.fl_str_mv |
instname:Universidad de los Andes |
dc.identifier.reponame.spa.fl_str_mv |
reponame:Repositorio Institucional Séneca |
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repourl:https://repositorio.uniandes.edu.co/ |
url |
http://hdl.handle.net/1992/7691 |
identifier_str_mv |
10.57784/1992/7691 u722605.pdf instname:Universidad de los Andes reponame:Repositorio Institucional Séneca repourl:https://repositorio.uniandes.edu.co/ |
dc.language.iso.es_CO.fl_str_mv |
eng |
language |
eng |
dc.rights.uri.*.fl_str_mv |
http://creativecommons.org/licenses/by-nc-nd/4.0/ |
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info:eu-repo/semantics/openAccess |
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http://purl.org/coar/access_right/c_abf2 |
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http://creativecommons.org/licenses/by-nc-nd/4.0/ http://purl.org/coar/access_right/c_abf2 |
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openAccess |
dc.format.extent.es_CO.fl_str_mv |
147 hojas |
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application/pdf |
dc.publisher.es_CO.fl_str_mv |
Uniandes |
dc.publisher.program.es_CO.fl_str_mv |
Doctorado en Administración |
dc.publisher.faculty.es_CO.fl_str_mv |
Facultad de Administración |
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Universidad de los Andes |
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Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Malone, Samuel Westmorelandd1c30030-3ef1-42e8-9e30-60c96fdff1d2500Ocampo Gaviria, José Antonio2906c33d-f930-4117-9b03-d3f46a9ad875500Gómez González, José Eduardo2fc88601-9c25-40da-af42-8e34950b1111500Pombo Vejarano, Carlosvirtual::2779-1Hofstetter Gascón, Marcvirtual::2780-1Godoy Bejarano, Jesús María8012cf7d-f88f-4d94-8478-e3f0c4a237535002018-09-27T16:36:17Z2018-09-27T16:36:17Z2016http://hdl.handle.net/1992/769110.57784/1992/7691u722605.pdfinstname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This dissertation presents three essays on international macroeconomics. The first article is a literature review of three separate, and often disconnected, strands of the economic literature that has addressed pairs of linkages between foreign indebtedness, economic growth, and macroeconomic volatility during the last three decades. The article surveys the main findings of the theoretical and the empirical literature, with an emphasis on findings relevant to macroeconomic policymakers. We find that endogeneity and nonlinearity are the central econometric in estimating each of the bivariate relationships due primarily to institutionally related, debt overhang, and credit rationing problems. Motivated by these findings, we propuse a parsimonious empirical model, called the "debt-growth-volatility nexus" , which unites these strands of inquiry. The second article uses a GVAR approach to address the endogeneity issue in the relations among public debt, economic growth and macroeconomic volatility. Based on a sample of 81 developed and developing countries over the 1970-2011 period, we find strong evidence supporting bidirectional links between debt and growth, debt and volatility, and growth and volatility. Our setup of country groups indicates that negative and positive effects can coexist in the world economy. The third article addresses the nonlinearity issue using a disequilibrium approach. We disentangle the credit rationing effect from the nonlinear relation between debt and growth commonly known as debt overhang. Using a sample of 28 developing countries over the period from 1970 to 2010, we estimate a switching model with unknown sample separation and a set of proxies for credit rationing that we next introduce into a growth model. Our estimates indicate that credit rationing can explain the negative effect of high debt levels on growth ratesDoctor en AdministraciónDoctorado147 hojasapplication/pdfengUniandesDoctorado en AdministraciónFacultad de Administracióninstname:Universidad de los Andesreponame:Repositorio Institucional SénecaThree essays on international macroeconomicsTrabajo de grado - Doctoradoinfo:eu-repo/semantics/doctoralThesishttp://purl.org/coar/resource_type/c_db06http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttp://purl.org/redcol/resource_type/TDMacroeconomía - InvestigacionesCrecimiento económico - InvestigacionesVolatilidad económica - InvestigacionesPronóstico de la economía - InvestigacionesAdministraciónPublicationhttps://scholar.google.es/citations?user=4HV8qb0AAAAJvirtual::2780-10000-0001-5444-5142virtual::2780-1https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0000010499virtual::2779-1https://scienti.minciencias.gov.co/cvlac/visualizador/generarCurriculoCv.do?cod_rh=0000417653virtual::2780-15c75010e-ab18-4b24-b9f8-c10f277670f0virtual::2779-11739e04b-ae02-4dfc-be9d-0b2b69ebdb9dvirtual::2780-15c75010e-ab18-4b24-b9f8-c10f277670f0virtual::2779-11739e04b-ae02-4dfc-be9d-0b2b69ebdb9dvirtual::2780-1TEXTu722605.pdf.txtu722605.pdf.txtExtracted texttext/plain241304https://repositorio.uniandes.edu.co/bitstreams/a22083f4-a151-4a07-a111-d84d8c2c3163/download48ef763597ee91fa0b009932c6ab86d3MD54ORIGINALu722605.pdfapplication/pdf1499254https://repositorio.uniandes.edu.co/bitstreams/56d58611-da77-4208-9df9-f4c0ec91ecaa/download4c32e436d1163e4476320f6baca221f2MD51THUMBNAILu722605.pdf.jpgu722605.pdf.jpgIM Thumbnailimage/jpeg8706https://repositorio.uniandes.edu.co/bitstreams/dc0ad643-4018-4ec7-af57-ac0ee51ed822/download98a0316e8817c37ebee32c4d1a5fef22MD551992/7691oai:repositorio.uniandes.edu.co:1992/76912024-08-26 15:18:24.922http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co |