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100 1  Buscaglia, Marcos Andres 
245 10 Essays in international economics 
300    183 p 
500    Source: Dissertation Abstracts International, Volume: 62-
       02, Section: A, page: 0683 
500    Adviser:  Martin Uribe 
502    Thesis (Ph.D.)--University of Pennsylvania, 2001 
520    This thesis consists of three essays in International 
       Economics, with special emphasis on exchange rate 
       management and currency crises 
520    In the first essay, I use a small open-economy, 
       representative-agent model to look at the relationship 
       between the sterilization of capital inflows and balance 
       of payments crises. Sterilized intervention has been the 
       most common response to capital inflows at the beginning 
       of the 90?s. Sterilization increases the domestic interest
       rate, exacerbating the inflows and widening the fiscal 
       deficit. Exploiting these facts, this is the first paper 
       to link the sterilization efforts with BOPC in a general 
       equilibrium model. I analyze two situations that result in
       increased capital inflows. First is the case of an economy
       with a fiscal deficit that leads to a BOPC. I show that if
       the government tries to sterilize, the current account 
       deficit increases and the BOPC is brought forward. Second 
       is the case of an economy facing a temporary decrease in 
       the international interest rate. I show that an attempt to
       sterilize capital inflows leads the economy to a BOPC 
520    In the second essay, joint with Giancarlo Gasha, I 
       consider a new approach to the selection of variables in 
       an empirical model of currency crisis prediction, and test
       it using data for five Latin-American countries. I propose
       to evaluate a country like a corporation, assessing ratios
       of solvency, liquidity, and competitiveness. My claim is 
       that this insight of treating a country as a corporation 
       (or devaluation as default) allows the researcher to make 
       a better and more parsimonious transition from theoretical
       models to the empirical tests 
520    In the third essay, joint with Alberto Ades and Rumi Masih,
       I provide new results on the problem of the recent fear of
       floating among EMC. We find partial evidence that recently
       there is less fear of floating among EMC, and that there 
       is only mixed evidence that EMC that have recently engaged
       inflation targeting (IT) have increased the flexibility of
       their exchange rate. Second, I find that in many cases the
       exchange rate intervention by countries that engaged in IT
       has not been excessive 
590    School code: 0175 
650  4 Economics, General 
690    0501 
710 2  University of Pennsylvania 
773 0  |tDissertation Abstracts International|g62-02A 
856 40 |uhttp://pqdd.sinica.edu.tw/twdaoapp/servlet/
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