M.Comm. / Each year, in an attempt to alleviate poverty, government invests large parts of the budget to provide infrastructure to poor households in South Africa. This not only necessitates an understanding of the effectiveness of government’s infrastructure delivery rate to address poverty in South Africa, but also raises important questions on how the poor can be identified. In recent years, countries have moved away from traditional broad poverty measures such as gross national income (GNI) per capita and Human Development Index (HDI). Information on poverty and other household information are more often collected through household surveys. From these surveys, monetary and non-monetary poverty measures can be used to identify the poor. By making use of a monetary poverty measure such as expenditure, per capita household expenditure can be calculated. Households are divided into quintiles based on their per capita household expenditure, and the bottom 20 and 40 per cent are usually the benchmark for households to be identified as being poor. This is analysed in terms of the poor’s access to services and other household characteristics. Qualitative regression models have gained more recognition in econometrics, especially in the social sciences field. Information collected from household surveys is often qualitative, or binary in nature. Due to the non-linear nature of binary-dependent variable models, logit and probit models were appropriate for this study. The maximum likelihood method, within the binary choice framework, was employed to determine the extent to which infrastructure delivery and other household characteristics have an impact on poverty. The results provided empirical evidence that infrastructure investment can significantly reduce the likelihood that a household will be poor, given a set of characteristics.

Thesis advisor: Frank Gollop / This thesis explores the unanticipated consequences of producing ethanol for use as a transportation fuel in the United States. Statistical analysis is conducted to determine the effect that increased ethanol production has on the prices of two essential American commodities: corn and gasoline. A simultaneous system of the demand and supply of corn is developed to estimate the effect of ethanol on the price of corn. The results of this model suggest that during the period 1986-2001, corn demanded for ethanol production caused the price of corn to be 19% higher than it otherwise would have been. This result is noteworthy because the majority of American foods contain some type of corn product. A second simultaneous system is developed to determine the effect of ethanol on the price of gasoline. Neither a change in the price of ethanol nor a change quantity of ethanol per gallon of gasoline was found to have a significant impact on the price of gasoline. / Thesis (BA) — Boston College, 2009. / Submitted to: Boston College. College of Arts and Sciences. / Discipline: College Honors Program. / Discipline: Economics Honors Program. / Discipline: Economics.

Thesis (M.M. (Finance & Investment)--University of the Witwatersrand, Faculty of Commerce, Law and Management, Wits Business School, 2016. / This paper builds upon Blanchard's (1981) model of asset prices, and provides an empirical evidence for good news cases (GNC) and/or bad news cases (BNC) as de ned in Blanchard's paper. We update Blanchard's model by introducing Taylor's rule of monetary policy and explicitly incorporate income distribution in a small, open economy. The ndings indicate that, the labour share is a strong and signi cant variable that should be considered in asset pricing models. The real exchange rate plays a signi cant role in the determination of asset prices in most of the selected countries, but the signi cance is stronger in the emerging markets economies. As the main objective of the paper, the study has found four of the selected countries to be bad news cases and eight of them are good news cases. / MT2016

Thesis advisor: Peter N. Ireland / This dissertation consists of two chapters. The first chapter: Does going to prison increase the chance that one eventually applies for U.S. disability insurance (DI)? Since the 1980's, there have been substantial increases in both the number of people who have been incarcerated and the number of people applying for DI. Both increases have caused higher costs to taxpayers. While several studies have explored the causes of the increased DI applications and several others have looked at the labor outcomes of ex-inmates, no study has yet asked whether prison itself has any effect on the DI application process. Prison, with its harsh conditions, could cause physical and mental disabilities that increase the chance of a DI application. Properly measuring this, however, requires considering any endogeneity that predisposes ex-inmates to a DI application prior to incarceration. To do this, I use the instruments of states' minimum wages and legal high school drop-out ages to explore the effect of increasing incarceration numbers on state-level DI applications. I find that prison does have a significant effect on DI applications; a 1.0% increase in incarceration causes approximately a 0.5% increase in DI applications six years after the initial increase in incarceration numbers. I find that prison's effect is especially strong for a means-tested group who also concurrently applies to Supplemental Security Income (SSI); here a 1.0% increase in prison leads to a 0.9% increase in people who apply for both DI and SSI after a six year lag. This suggests lower income groups are more sensitive to incarceration. Also, the cost of imprisonment should take into account the cost of subsequent DI applications and awards. The second chapter: This paper assesses the specific case of when a monopolist manufacturer producing two types of goods is allowed to bundle the goods when selling to retailers who are allowed to re-sell the goods individually, have territorial market power and have heterogeneity in the resale demand functions. While the literature covers bundling in a variety of forms, no paper has considered the effect that the presence of multiple retailers may have on an upstream manufacturer who bundles and how benefits to bundling may accrue to consumers, retailers, and manufacturer in the presence of retailer heterogeneity. It is shown that under plausible circumstances, the ability of a retailer to retain profit in the face of bundling may prevent consumers in other markets from realizing greater welfare-enhancing effects although bundling in these cases at least weakly improves consumer welfare and never diminishes it. It is also shown by example, that in the case of three retailers, some retailers may actually profit more when the upstream manufacturer bundles while other retailers may profit less. This suggests that in certain cases some retailers may even favor upstream bundling as their interests align with that of the manufacturer. / Thesis (PhD) — Boston College, 2015. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Economics.

Este artigo visa investigar os determinantes econométricos da oferta de trabalho voluntário no Brasil. Nas últimas décadas, foram realizados estudos empíricos buscando explicitar os fatores que levam os indivíduos a trabalhar voluntariamente em alguns países, mas nenhuma averiguação desse caráter foi feita entre os brasileiros ainda. De fato, pouco se sabe a respeito dos trabalhadores voluntários no Brasil. Utilizando dados da PNAD/IBGE, esta pesquisa mostra que eles eram cerca de 208 mil em 2012, o equivalente a 0,17% da população de 15 a 64 anos de idade no país, e trabalhavam em média 21 horas por semana. Os resultados do pooled Probit e Tobit indicam que pessoas com menores rendimentos potenciais do trabalho (custo de oportunidade) têm maior probabilidade de serem voluntárias e dedicam mais tempo ao voluntariado. A oferta de trabalho voluntário também aumenta com a renda domiciliar dos demais moradores e a escolaridade, e sua relação com a idade tem formato de U. Entre os homens, a renda não proveniente do trabalho é outro fator que exerce uma influência positiva sobre a decisão de despender algumas horas por semana em atividades voluntárias. Já entre as mulheres, a disponibilidade para trabalhar voluntariamente diminui com a presença de crianças no domicílio. De maneira geral, a magnitude dos efeitos obtidos através do modelo Probit é mais relevante. / This paper aims to investigate the econometric determinants of volunteer labor supply in Brazil. In recent decades, empirical studies trying to identify the factors that lead individuals to volunteer have been conducted in some countries, but no investigation of such character has been made in Brazil so far. Indeed, little is known about the nation\'s volunteer workers. Using data from PNAD/IBGE, this research shows that they were about 208 thousand in 2012, or 0.17% of the Brazilian population aged 15-64 years, and worked on average 21 hours a week. The pooled Probit and Tobit results indicate that people with lower potential wages (opportunity cost) are more likely to volunteer and devote more time to voluntary activities. Volunteer labor supply also increases with the income of other household members and higher levels of education. Furthermore, there is a U-shaped relation between volunteering and age. Among men, income from other sources than wages is another factor that has a positive influence on the decision to spend some hours a week volunteering. Among women, having a child at home diminishes the willingness to volunteer. In general, the magnitude of the effects of the Probit model is more relevant.

We provide empirical evidence of the TED spread as a risk factor in the cross-section of stock returns. Portfolios with high sensitivities to the TED spread have high average risk-adjusted returns. The pricing of TED spread risk is especially strong among small caps. TED spread is a usual measure of funding difficulties in interbank markets and our results are consistent with the Margin-CAPM model of Garleanu and Pedersen (2011). / Esta dissertação apresenta evidência empírica da TED Spread como um fator de risco na cross-section dos retornos de ações. Portfólios com elevada sensibilidade à TED Spread possuem elevados retornos médios ajustados para outros fatores de risco. O apreçamento do risco de TED Spread é especialmente forte entre small caps. TED Spread é uma medida usual de dificuldades de financiamento em mercados interbancários e o resultado obtido é consistente com o modelo Margin-CAPM de Gârleanu and Pedersen (2011).

The success of small and medium-sized enterprises (SMEs) in industrialised countries has led to the increasing recognition of their role in exports, and in transition economies, this is driven by private-sector-led economic growth. The objective of this thesis is to determine major factors influencing export propensity of Polish SMEs in an expanded European Union (EU). All investigated enterprises are located in the Gdansk province. This study employs the Logit model to explain why some SMEs are exporters (their export propensity) in Poland. The second contribution of this thesis is to find out why some Polish SMEs are non-exporters and will not even engage in future export activities (export aversion). The results of the study indicate that the essential sources of an enterprise's finance, the perception about major problems with respect to export operations and the actions taken to prepare for the accession of Poland to the EU are very important drivers of export propensity and export aversion. More importantly, the results show that the information about special foreign credit available for Polish SMEs and the number of competing firms in domestic market have a positive influence on their export propensity. A strong relationship has been observed between the extent of use of IT tools in distribution-marketing and export propensity. Our results also illustrate that the propensity to export is dependent on the capital of the firm and on profitability of the firm in the domestic market. However, our findings reveal that legal status of firms, the branch of economic activity of the enterprise, the firms with less attractiveness and modernity of products, the firms with little knowledge of EU members' markets and the firms with low technological levels are the factors influencing export aversion of Polish SMEs. Our results demonstrate that the domestic share of the market of the firm is significant in explaining export propensity and aversion. Our empirical results should contribute to policy makers' designing effective assistance programmes to encourage Polish SMEs in their exporting.

This thesis assesses the applicability of the neoclassical "Solow" growth model to the recent experience of the countries within the South Asian Association for Regional Cooperation (SAARC). The Solow growth model carries an implication that some key macroeconomic aggregates will grow at the same rate indicating a "balanced growth". Stochastic versions. of the model interpret balanced growth as stationarity of some so-called "great ratios". They include consumption/income and investment/income ratios, considered in Kuznets' seminal contribution (1942) for the US economy in the early twentieth century. Although Kuznet dismissed international trade as being of negligible consequence, the set of ratios examined here in the case of SAARC countries, are extended to include a trade/income ratio, in recognition of the significant role now played by international trade. The Johansen (1988) and Johansen and Jusilius (1990) maximum likelihood method has been used for estimating and testing long-run steady-state relations in multivariate vector autoregressive models. The empirical support for the balanced growth hypothesis is very limited. Econometric methods that accommodate the impact of structural reforms on economic growth still find only weak evidence for the one-sector neoclassical growth model. The study also investigates the extent of "growth convergence"- a property of the Solow model, within SAARC, by examining the stationarity of relative per capita incomes assessed by unit root tests and permitting structural breaks. It additionally employs Phillips and SuI (2007, 2009) two-factor growth model and the "flexible Fourier trend" method developed by Enders and Lee (2012). The study makes an assessment of regional convergence in the SAARC countries and identifies the consequences of non-convergence and hence draws policy implications for economic integration in South Asia. The results based on data from 1960-2011 reveal that the per capita output is not converging. The key methodologies employed developed from Carlino and Mills (1993) with modification made to them by Li and Papell (1999); Philips and SuI (2007, 2009); Ender and Lee (2012). With or without structural breaks, analyses of the SAARC5 data suggest that per capita output is not converging in these countries.

Zhang Yuanxiu. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 38-39). / Abstracts in English and Chinese.

This thesis investigates, theoretically and empirically, the impact of FDA and privatization on economic growth in Egypt and identifies the channels through which FDI affects economic growth over the period 1970-2015. In addition, the thesis investigates the impact of corruption on FDI in Egypt over the period 1970-2015. The literature survey in chapter two argues that both FDI and privatization increase the rate of economic growth, while corruption has a negative impact on FDI. After reviewing institutional and regulatory frameworks of FDI and privatization in Egypt in chapter three, the econometric framework of cointegration and error correction mechanism are used in chapter four to capture the linkages between FDI, privatization and economic growth in Egypt. Our results reveal that privatization has a positive effect on the long run economic growth in Egypt. The effect of FDI on economic growth, however, depends on the sectoral distribution of these FDI inflows. FDI inflows have a positive impact on the short run economic growth in Egypt. However, in the long run, FDI inflows indicate a negative, yet limited, impact on the economic growth as FDI inflows are concentrated in the primary sector, mainly the petroleum sector. Thus, we conclude that the focus of FDI policies in Egypt is misspecified. The challenge should not only be to attract FDI, but also to derive macroeconomic benefits from FDI by focusing on the sectors that derive positive spillovers of FDI. Finally, the determinants of FDI in Egypt are identified in chapter five to explore how corruption affects FDI inflows. The time series framework of cointegration and error correction mechanism are applied. Our results indicate a positive yet insignificant relationship between FDI and corruption in Egypt. Since corruption is not found to hinder FDI inflows, treating corruption should be based on sound legal procedures that infringe neither the freedom of FDI nor on the degree of openness of the economy, which are the real stimulants of FDI in Egypt.