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...

Full description

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/
id UNIANDES2_616babd0760a899baf0947eee059152f
oai_identifier_str oai:repositorio.uniandes.edu.co:1992/7691
network_acronym_str UNIANDES2
network_name_str Séneca: repositorio Uniandes
repository_id_str
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
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.driver.spa.fl_str_mv info:eu-repo/semantics/doctoralThesis
dc.type.coar.spa.fl_str_mv http://purl.org/coar/resource_type/c_db06
dc.type.content.spa.fl_str_mv Text
dc.type.redcol.spa.fl_str_mv http://purl.org/redcol/resource_type/TD
format 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
dc.identifier.repourl.spa.fl_str_mv 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/
dc.rights.accessrights.spa.fl_str_mv info:eu-repo/semantics/openAccess
dc.rights.coar.spa.fl_str_mv http://purl.org/coar/access_right/c_abf2
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.extent.es_CO.fl_str_mv 147 hojas
dc.format.mimetype.es_CO.fl_str_mv 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
dc.source.es_CO.fl_str_mv instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
instname_str Universidad de los Andes
institution Universidad de los Andes
reponame_str Repositorio Institucional Séneca
collection Repositorio Institucional Séneca
bitstream.url.fl_str_mv https://repositorio.uniandes.edu.co/bitstreams/a22083f4-a151-4a07-a111-d84d8c2c3163/download
https://repositorio.uniandes.edu.co/bitstreams/56d58611-da77-4208-9df9-f4c0ec91ecaa/download
https://repositorio.uniandes.edu.co/bitstreams/dc0ad643-4018-4ec7-af57-ac0ee51ed822/download
bitstream.checksum.fl_str_mv 48ef763597ee91fa0b009932c6ab86d3
4c32e436d1163e4476320f6baca221f2
98a0316e8817c37ebee32c4d1a5fef22
bitstream.checksumAlgorithm.fl_str_mv MD5
MD5
MD5
repository.name.fl_str_mv Repositorio institucional Séneca
repository.mail.fl_str_mv adminrepositorio@uniandes.edu.co
_version_ 1812133837544620032
spelling 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