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Essays on business cycles in emerging economies
Descriptive
TypeOfResource
Text
TitleInfo
(ID = T-1)
Title
Essays on business cycles in emerging economies
Identifier
ETD_2570
Identifier
(type = hdl)
http://hdl.rutgers.edu/1782.2/rucore10001600001.ETD.000053026
Language
LanguageTerm
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eng
Genre
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theses
Subject
(ID = SBJ-1);
(authority = RUETD)
Topic
Economics
Subject
(ID = SBJ-2);
(authority = ETD-LCSH)
Topic
Business cycles--Developing countries
Subject
(ID = SBJ-3);
(authority = ETD-LCSH)
Topic
Economics
Abstract
(type = abstract)
The central goal of this dissertation is to contribute to the understanding of business cycles in developing economies by combining the use of general equilibrium modeling, time series analysis and historical evidence. The dissertation is made of three separate but related chapters. In the first chapter, I put to the test the two leading approaches for analyzing business cycles in emerging economies by building a model that combines stochastic trends, interest rate shocks and financial frictions. I then estimate the model using Bayesian methods and Mexican data from the 1980s. The results favor strong financial frictions, volatile shocks to the processes for interest rates and transient technology, and modest trend shocks. Financial frictions act as powerful amplifying mechanisms to interest rate and transient technology shocks. The results are thus supportive of the view that assuming foreign interest rate shocks in conjunction with financial imperfections is a superior approach to assuming stochastic trends if one is trying to explain fluctuations in emerging economies. The second chapter presents an augmented model with two additional driving forces: terms of trade and government expenditure shocks. The model is estimated with Colombian data using both high frequency quarterly data and low frequency annual data. The results continue to suggest that financial frictions act as powerful amplifying mechanisms and that trend shocks are not relevant in explaining emerging market business cycles. Among the two new shocks added, just the terms of trade appear relevant and only in the low frequency data. The third chapter focuses on business cycles in emerging economies from a historical perspective. It is argued that the significant capital flows observed in Latin America during the 1920s and early 1930s offer a good historical experiment to study the transmission mechanism by which external shocks to capital markets turn into large capital flows and wider business cycles in developing economies. The chapter uses a framework that combines a historical account of the 1920s-1930s Latin American episode with a dynamic general equilibrium model aimed at explaining the dynamics observed in the data. The model does well in matching the expansionary/contractionary phases in output dynamics, in accordance with the main stylized facts observed in the business cycles in Latin American countries between 1925 and 1931.
PhysicalDescription
Form
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electronic resource
Extent
xiii, 193p. : ill.
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application/pdf
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text/xml
Note
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Ph.D.
Note
Includes abstract
Note
(type = bibliography)
Includes bibliographical references
Note
Vita
Note
(type = statement of responsibility)
by Andres Fernandez Martin
Name
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Fernandez Martin
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Andres
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1978-
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author
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Andres Fernandez
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Chang
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Roberto
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chair
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Advisory Committee
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Roberto Chang
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NamePart
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Swanson
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Norman R
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co-chair
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Advisory Committee
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Norman R Swanson
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Bordo
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Michael
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internal member
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Advisory Committee
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Michael Bordo
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(type = family)
Landon-Lane
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John
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internal member
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John Landon-Lane
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Uribe
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Martin
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outside member
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Advisory Committee
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Martin Uribe
Name
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NamePart
Rutgers University
Role
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degree grantor
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Graduate School - New Brunswick
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school
OriginInfo
DateCreated
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2010
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2010
Place
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xx
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TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier
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ETD
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TitleInfo
Title
Graduate School - New Brunswick Electronic Theses and Dissertations
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rucore19991600001
Location
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NjNbRU
Identifier
(type = doi)
doi:10.7282/T3VQ32RX
Genre
(authority = ExL-Esploro)
ETD doctoral
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Rights
RightsDeclaration
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The author owns the copyright to this work.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
RightsHolder
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Name
FamilyName
Fernandez
GivenName
Andres
Role
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DateTime
2010-04-11 20:36:08
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Name
Andres Fernandez
Affiliation
Rutgers University. Graduate School - New Brunswick
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Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
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Technical
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ETD
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application/pdf
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application/x-tar
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1024000
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