Submitted by Aline Amarante (1146629@mackenzie.br) on 2018-11-08T18:07:41Z No. of bitstreams: 2 ARTHUR TORNATORE SIESSERE.pdf: 1820812 bytes, checksum: 51d8a4c3763f4af13c6dcecba4a7d179 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Paola Damato (repositorio@mackenzie.br) on 2018-11-14T15:17:23Z (GMT) No. of bitstreams: 2 ARTHUR TORNATORE SIESSERE.pdf: 1820812 bytes, checksum: 51d8a4c3763f4af13c6dcecba4a7d179 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-11-14T15:17:23Z (GMT). No. of bitstreams: 2 ARTHUR TORNATORE SIESSERE.pdf: 1820812 bytes, checksum: 51d8a4c3763f4af13c6dcecba4a7d179 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2018-05-03 / This work is composed of three essays dealing with the themes of exchange rate and competitiveness for the Brazilian, North American and European economy. The first part aims to verify empirically the validity of the theory of purchasing power parity and the Balassa-Samuelson effect for the Brazilian and North American economy, from 1948 to 2016. The second part seeks to analyze the relationship between exchange rate and wages for the brazilian economy in the post-trade liberalization period, from 1999 and 2015. The third part analyzes the influence of intellectual capital and its components on the national wealth of European Union countries. Thus, theories about the topics are presented an, econometric techniques of time series and analysis panel data has been used to analyze the data collected. The results of the first essay showed that there is no causal relationship between PPP and the Balassa-Samuelson effect, in addition the tests revealed a long-term causality between the variables. The results of the second part did not show evidence of cointegration between the exchange rate and wages, suggesting that, in the period analyzed, it is not possible to conclude that there is any relationship between the exchange rate and wages for the Brazilian economy. However, Granger's causality tests suggest that over time wages cause changes in the exchange rate. The results of the third research fail to find evidence of the influence of structural capital on national wealth, on the other hand, relational capital was positive and significant in all estimated models. Finally, despite finding evidence of a positive moderating effect between innovation and sophistication in the relationship between human capital and national wealth, it is not possible to validate that there is a moderating effect on the relationship between intellectual capital and national wealth. / Este trabalho é composto de três ensaios abordando os temas de câmbio e competitividade para a economia brasileira, norte-americana e europeia. A primeira parte tem como objetivo verificar empiricamente a validade da teoria da paridade do poder de compra e do efeito Balassa-Samuelson para a economia brasileira e norte-americana, no período de 1948 a 2016. A segunda parte busca analisar a relação entre taxa de câmbio e salários para a economia brasileira no período pós abertura comercial, entre 1999 e 2015. A terceira parte analisa a influência do capital intelectual e seus componentes na riqueza nacional dos países da união europeia. Sendo assim, são apresentadas as teorias sobre os temas abordados e para analisar os dados obtidos são utilizadas as técnicas econométricas de séries temporais e análise de dados em painel. Os resultados do primeiro ensaio mostraram que não existe uma relação de causalidade entre PPP e o efeito Balassa-Samuelson, além disso os testes mostraram uma causalidade de longo prazo entre as variáveis analisadas. Os resultados da segunda parte não mostraram evidências de cointegração entre taxa de câmbio e salários, sugerindo que no período analisado não é possível concluir que exista algum tipo de relação entre a taxa de câmbio e os salários para a economia brasileira. No entanto, os testes de causalidade de Granger sugerem que os salários ao longo do tempo causam variações na taxa de câmbio. Os resultados do terceiro capítulo não conseguem evidenciar a influência do capital estrutural na riqueza nacional; por outro lado o capital relacional mostrou-se positivo e significativo em todos as estimações realizadas. Por fim, apesar de encontrar evidências de um efeito moderador positivo entre inovação e sofisticação na relação entre capital humano e riqueza nacional, não é possível concluir que exista um efeito moderador sobre a relação entre capital intelectual e riqueza nacional.

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Differences in price levels as well as inflation rates among countries have been subject of discussion for a long time. More than the actual levels, however, the question of determinants of price levels in time and a possible convergence is key for the new member states with respect to the Maastricht criteria. The dynamics of price levels is crucial, and many suggestions have been put forward to explain the observed trends and changes. This thesis focuses on the determinants of relative price level, and hence real exchange rate, developments in the new member states of the EU and employs a regression analysis to examine their change in time. As most of the countries in focus are transition economies, structural variables are also included among the independent variables. We find that the Balassa- Samuelson effect is key to explaining real exchange rate developments as the effect of productivity differential has been significant over the whole period examined. However, in the recent years, marked by the onset of the crisis, other factors, such as the structure of trade and Euro area membership, have become more prominent.

The aim of the submitted thesis "Nominal and Real Convergence of the Czech Republic to EU (selected issues)" is to analyze nominal and real convergence of the Czech Republic to EU member countries from macroeconomic point of view, by using comparison with other transition economies. It presents and discusses theoretical issues relating to convergent process. The thesis deals with analysis of convergence using these indicators: GDP per capita in purchasing power parities, comparative price level, Maastricht criteria and some other indicators.

Mass., Harvard Univ., Dep. of Economics, Diss.--Cambridge, 2003. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth.

Calif., Univ., Dep. of Economics, Diss.--Stanford, 2003. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 3 Beitr.

DC, Georgetown Univ., Graduate School of Arts and Sciences, Diss.--Washington, 2004. / Kopie, ersch. im Verl. UMI, Ann Arbor, Mich. - Enth. 4 Beitr.

The aim of the submitted thesis is macroeconomic analysis, comparison and evaluation of nominal and real convergence of the Visegrad Group states with EU-15 states. By the help of regression model, one can state that in years 2004--2008 countries of V4 reached Beta - convergence with EU-15. However, this did not hold for the critical period in 2008--2012 when mainly Hungary lagged behind. There was proved a positive relationship between real and nominal convergence wherewith Balassa-Samuelson Effect for EU states was confirmed. The Czech Republic has always shown a lower nominal value than it would correspond to its GDP per capita, still it approximated to regression line over time. Other V4 states registered inverse course. During period 2004--2012, the Czech Republic performed Maastricht conver-gence criteria best from V4 states. Contrariwise, Hungary had the worst position of the ob-served period.

This Thesis deals with the convergence of European states and identifies the influence of the European union enlargement in 2014 on the course of convergence. Both real and price convergences are analyzed by using beta convergence and sigma convergence concepts. The Balassa Samuelson effect is tested as well. The Balassa Samuelson effect explains the existence of price convergence and also indicates the relationship between real and price variables. The existence of real and price convergence was verified for the whole period from 1995 to 2013. During 2004 the integration of European states was strengthened, which was significant for real convergence because the speed of convergence was positively influenced. As for the price convergence, the year 2004 was insignificant as the break point. Despite a similar course of both convergences, price convergence was more affected by the crisis in 2008. The presence of Balassa Samuelson effect was confirmed. Despite the complications during intensity measurement, caused by problematic dividing into tradable and non tradable sectors, corresponding values are realistic.

With the internationalization of financial markets, short-term capital flows to emerging market economies have become an important phenomenon in the world. The papers in this dissertation are concerned with investigating the effects of such flows in the receiving countries. The analysis is cast in a dynamic general equilibrium framework for small open economies. Two of the papers are quantitative investigations of the forces at work in small and relatively poor economies that liberalize trade and capital flows. The common approach of these papers is that of a computational experiment: calibrated simulations constitute a test of whether the models can explain certain dynamics which we observe in the data. The first paper investigates whether a calibrated two-sector neoclassical growth model can explain the magnitudes and the timing of capital flows in the Baltic countries after the fall of the Soviet Union. The results indicate that it can, and that the large and persistent trade deficits which we observe in the data need not be a reason to worry. However, the model also tells us that a reversal of capital flows and large sectoral adjustments lie ahead of the Baltic countries. In the second paper, the focus is on modelling the observed co-movement between consumption and the real exchange rate in Spain, which experienced large capital inflows following the entry into the European Community in 1986. In accordance with episodes of trade liberalization elsewhere, consumption in Spain boomed and the real exchange rate appreciated for several years after 1986. Standard two-sector models with traded and non-traded goods have problems accounting for these facts. The paper explores some mechanisms that can improve the standard modelling framework, and evaluates their quantitative importance in calibrated simulations for Spain. The third paper studies the government’s optimal bailout policy in an environment where sudden stops of capital flows cause financial crises in a small open economy. Real world events, such as the financial crises in the South East Asian countries in 1997, motivate the analysis. Compared to the previous essays, the paper is different in its nature in that it develops a highly stylized environment to analytically study the government’s optimal bailout policy. The paper shows that the government should optimally commit to a policy that only partially protects private debtors against inefficient liquidation. / Diss. Stockholm : Handelshögsk., 2004