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Essays in international financePina, Gonçalo 21 January 2013 (has links)
This thesis investigates two economic policy dimensions in contemporary
world economy. The first chapter focuses on the recent accumulation of international
reserves by central banks in developing economies. I present a
simple model of reserve management where a central bank accumulates reserves
in order to avoid spikes in inflation during financial crises. This monetary
perspective helps to account for the massive accumulation of reserves
observed in the data. The second chapter turns to financial reform, with an
emphasis on the role played by savings. I show how imperfect competition
in the financial sector can internalize externalities and yield larger investment
when domestic savings are low. Taking this view allows for a better
understanding of the empirical relationship between financial reforms and
economic growth. / Aquesta tesi investiga dues dimensions de la poltica econ´omica en l’economia
mundial contempor`ania. El primer cap´ıtol es centra en la recent acumulaci´o
de reserves internacionals per part dels bancs centrals en les economies
en desenvolupament. Exposo un model senzill de gesti´o de reserves per
part d’un banc central que acumula reserves amb l’objectiu d’evitar els
augments pronunciats d’inflaci´o durant les crisis financeres. Aquesta perspectiva
monet`aria ajuda a explicar l’acumulaci´o massiva de reserves que
s’observa en les dades. El segon cap´ıtol es focalitza en la reforma financera,
emfasitzant el paper de l’estalvi. Demostro com la compet`encia imperfecta
en el sector financer pot internalitzar les externalitats i aix´ı generar m´es inversi
´o, concretament quan l’estalvi ´es baix. L’adopci´o d’aquest punt de vista
permet entendre millor la relaci´o emp´ırica entre les reformes financeres i el
creixement econ`omic.
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