This thesis consists of three essays in monetary economics and international macroeconomics. / Chapter one uses Canadian data to evaluate the performance of money growth targeting and inflation targeting policy rules, especially when they react to asset price changes. There are three important findings. First, estimates of the policy rules consistent with both regimes provide evidence that the Bank of Canada has systematically reacted to stock price bubbles and exchange rate changes. Second, a counterfactual experiment reveals that, the high inflation of the 1970s and early 1980s could have been avoided if the Bank of Canada had responded more strongly to inflation and growth in aggregate demand. Third, simulation experiments yielded two important results: For both the money growth targeting and inflation targeting policy rules, it is always desirable to react to changes in exchange rates and stock price bubbles: Contrary to established findings, the results indicate that the money growth targeting policy rules are more efficient than the inflation targeting policy rules. / Chapter two uses data on Ghana to test the validity of the intertemporal model of current account that allows for external shocks in the form of variable interest rates and exchange rates, and the existence of capital controls. We find that, irrespective of the degree of capital control, the basic model fails to predict the dynamics of the actual current account. However, we find that extending the model to capture variations in interest rates and exchange rates better explains the path of the actual current account balances only during the liberalized regime. When the model was adjusted to allow for credit constraints, there was some support for the proposition that the presence of capital controls prevented economic agents in Ghana to smooth their consumption path during the control regime. / Chapter three investigates the effect of trading block on Tanzania's bilateral trade. Using a fixed effects estimation technique, the results revealed that the East African Community (EAC) and the European Union (EU) have had significant positive effects on Tanzania's bilateral trade. We also find that there is a significant intra-trade relationship between Tanzania and its major trading partners in the manufacturing sector.

While previous research has examined the effect of income on happiness, we suggest that how people spend their money may be as important for their well-being as how much they earn. Specifically, we hypothesized that spending money on others may have a more positive impact on well-being than spending money on oneself. We found converging evidence for this hypothesis in a nationally representative survey (Study 1), a longitudinal study of windfall spending (Study 2), and an experimental study in which participants were randomly assigned to spend money on themselves or others (Study 3). We also found that people believe that spending on themselves, as opposed to others, will make them happier (Study 4) and that happier people were more likely to spend on others and experience higher happiness as result (Study 5). These results demonstrate that spending money on others may facilitate the translation of wealth into well-being.

Previous research has documented a negative relation between inflation and stock returns in the U.S. and selected developed countries during the post-war era. Their findings are inconsistent with the classical theory that real returns to the ownership of capital goods, such as stocks, are invariant to the general price level. / There seems to be a foregone conclusion that in the short-run when counter-cyclical measures are applied by developed countries to contain inflation, stock returns are negatively related to inflation. It will be interesting to know whether the above observation can also be found in emerging markets such as Hong Kong. / This paper finds that stock returns and inflation in Hong Kong are generally positively related, but the relation is statistically insignificant. It also finds that there is a reverse causal relation through which stock returns influence inflation in Hong Kong. This wealth effect is evident in all three periods tested, and is statistically significant in two of the three tested periods. / This paper finds that money supply (“M2”) can be a good indicator of stock market performance. We find that M2 is positively related to stock returns in Hong Kong in all three periods tested with very significant t-statistics. Investors can use this information to enhance their prediction of the overall stock market performance and thus improve their investment return. / U.S. investors can invest in Hong Kong stocks to enhance their real return. This paper finds that there is a positive relation between U.S. inflation and Hong Kong stock market return which may qualify Hong Kong stocks as a hedge against inflation for U.S. investors. As an emerging market, Hong Kong's inflation has been higher than that in the U.S. Stock market returns are also higher than those in the U.S. in nominal terms and in real terms against U.S. inflation. Also, the currency board system implemented in Hong Kong has virtually eliminated currency risk for U.S. investors during the past 20 years, although there is no guarantee that such a system will remain forever. However, we find that the portfolio performance of Hong Kong stocks and U.S. stocks, adjusted for the volatility factor, have been very similar during the last two decades. We therefore are not able to conclude that investing in Hong Kong stocks is superior to investing in U.S. stocks. U.S. investors should consider their portfolio mix and risk tolerance level carefully before investing in Hong Kong stocks. / Although the positive relation between inflation and stock market return found in this paper is not statistically significant, we did find a strong negative relation between deflation and stock returns during the deflationary period in Hong Kong. This result is statistically significant and is in general consistent with our finding of the positive relation between inflation and stock returns, but much stronger statistically. As recent developments indicate that the likelihood of the world economy experiencing disinflation or deflation is increasing, more studies should be done regarding the relation between deflation and other economic variables, such as stock returns. / Thesis (PhDBusinessandManagement)--University of South Australia, 2004.

The purpose of this study is to investigate the impact of deregulation on financial market efficiency in Sri Lanka. The concept of efficiency used here is due to Fama (1970) who defines an efficient market as one in which prices fully reflect all available information. Given the significant expansion of Sri Lanka???s financial markets in the post deregulation period, efficiency is investigated in the context of these markets. To this end, the study employs a number of standard tests for market efficiency including; the expectations hypothesis of the term structure, the Fisher hypothesis, uncovered interest parity, speculative efficiency, real interest rate equalization and tests of capital mobility. Although the overall results presented in this study suggest that Sri Lanka???s financial markets are not fully efficient, the evidence provides significant insight to the performance of these markets. The main policy lesson to be learnt from this analysis is that financial deregulation will not automatically promote market efficiency unless accompanied by positive policy action to reinforce the impact of these reforms. In conclusion therefore, the study makes a number of recommendations which could help to reinforce the impact of financial deregulation on market efficiency.

Thesis (M.A.)--University of Missouri-Columbia, 2007. / The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on April 2, 2008) Includes bibliographical references.

Thesis (Ph. D.)--Johns Hopkins University, 1923.

Zugl.: Saarbrücken, Univ., Habil.-Schr., 2007

Thesis (doctoral)--Universiteit van Amsterdam.

Thesis (M.A.)--Guo li zheng zhi da xue. / Cover title. Reproduced from typescript. Includes bibliographical references.

Thesis (Ph. D.)--Columbia University, 1927. / Vita. Published also as Studies in history, economics and public law, edited by the Faculty of political science of Columbia university, no. 285. Bibliography: p. 150-154.