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This paper investigates a new category of influential factors on business cycle synchronization (BCS), so far hardly regarded in the BCS literature: It provides an empirical assessment of the impact of macroeconomic imbalances, as monitored by the European Commission by the scoreboard indicators since 2011, on BCS in the Euozone. We use a quarterly data set covering the period 2002-2012 and estimate the direct and indirect effects of macroeconomic imbalances in the pre- and post-crisis period in a simultaneous equations model. Business cycle correlation between EA members is measured by the recently proposed dynamic conditional correlation of Engle 2002 which can better identify synchronous and asynchronous behaviour of BC than the commonly used measures. We find that appearing differences between EA members in the current account, in government deficit and public debt, in private debt and unit labor cost developments have reduced BCS in the EA, even more in the post-crisis period than before. Moreover, these explanatory factors of BCS, generally reinforce each other and are also influenced by other critical macro imbalances. Since BCS is essential in a monetary union, this paper provides clear support that a stronger, common economic governance would be important for the functioning and survival of the Eurozone. (authors' abstract) / Series: Department of Economics Working Paper Series

我國於民國87年實施兩稅合一制度，為了驗證兩稅合一實施後企業投資與理財行為是否受到顯著的影響，並進而評估財稅當局實施兩稅合一是否能達成鼓勵投資與提高租稅中立性（降低企業舉債之誘因），本研究將採用台灣經濟新報資料庫的企業財報資料來進行實證研究。 有鑑於企業的新增投資與企業的負債比率兩者相互影響，若分別予以估計，則可能產生偏誤，因此本研究將影響企業投資行為方程式與影響企業負債比率方程式加以聯立，然而若只是利用傳統的最小平方法（OLS）並以聯立方程式模型（simultaneous equations model）實證，則對於企業之時間序列—橫斷面資料（以下簡稱panel data）的廠商特定效果或是不可觀察的效果仍無法消除，因此要同時考量panel data的處理與變數互為內生的問題，就必須利用聯立方程式模型來處理panel data，這也是本文主要的實證方法。 實證結果顯示兩稅合一實施後企業新增資本投資有顯著的增加，符合預期。此外就降低負債比率方面，結果顯示實施兩稅合一後企業之負債比率顯著降低。

This thesis complements current studies by focusing on developed OECD countries as they are the major sources and recipients of world FDI and current studies relating to developed countries using aggregate country FDI data are limited. This study empirically tests the determinants of FDI inflows and outflows and their relationship with economic growth using 2SLS simultaneous equations model between 1981 and 2008 for a sample of 20 developed OECD countries. The empirical findings suggest that FDI inflows do not contribute to economic growth in the host country and economic growth positively affects FDI inflows. In addition, trade openness and flexible employment protection legislation in the host country attract FDI inflows. In terms of FDI outflows, the results show that FDI outflows reduce economic growth in the home country, while economic growth in the home country increases FDI outflows. Moreover, high past level of outward FDI stock, trade openness, low labour cost and currency depreciation in the home country provide incentives for domestic firms to invest abroad. Therefore, this study does not support offering special incentives to foreign investors to attract FDI inflows or offering promotional policies to domestic firms to encourage FDI outflows. Instead, government should provide incentives for domestic investment and other sound policies to increase economic growth, which in itself provides a good environment to attract FDI inflows and to encourage FDI outflows. Keywords: FDI inflows, FDI outflows, two stage least squares simultaneous equations, economic growth, labour market flexibility.

Made available in DSpace on 2015-03-05T19:14:42Z (GMT). No. of bitstreams: 0 Previous issue date: 30 / Nenhuma / Um extenso corpo de pesquisa tem identificado diversos fatores sobre os determinantes da estrutura de capital. Várias características das empresas, tais como tamanho, oportunidades de crescimento, lucratividade, escudos fiscais, proporção de ativos fixos, por exemplo, têm sido relacionados como fatores que influenciam a estrutura de capital. No entanto, há poucas evidências empíricas sobre o efeito das condições de mercado sobre a estrutura de capital. (HARRIS; RAVIV, 1991). Brander and Lewis (1986, 1988) e Maksimovic (1988) foram pioneiros ao analisar o uso da estrutura financeira como uma variável estratégica em mercado de produtos competitivos. O propósito desta investigação foi justamente verificar a interação entre a estrutura de capital e a estratégia competitiva em mercado de produtos e insumos. Para isso, foi realizada uma análise dos determinantes da estrutura de capital e da estratégia por meio de um modelo de dados em painel. Além disso, foi estimado um modelo de equação simultânea com uma amostra / An extensive body of research has identified several factors on the determinants of capital structure. Several firm characteristics such as size, growth opportunities, profitability, tax shields, or the proportion of fixed assets, have been shown to affect capital structure. Nevertheless, there is little empirical evidence on the effect of market conditions on the capital structure. (HARRIS; RAVIV, 1991) Brander and Lewis (1986, 1988) and Maksimovic (1988) pioneered the analysis of the use of financial structure as a strategic variable in product market competition. The purpose of this research was to precisely determine the interaction between the capital structure and the strategy in factor-product market. An analysis of the strategy and capital structure determinants using a panel data model was conducted. Moreover, a model of simultaneous equation was estimated with a sample of 207 Brazilian firms. The Least Square (LS), Two-stage Least Squares (2SLS) and Generalized Method of Moments (GMM) have been used

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This dissertation consists of three essays studying the effects of collective household decisions on early childhood development from both empirical and theoretical perspectives. The first chapter outlines the dissertation, by presenting the motivations, methods, conclusions, and policy implications for the entire dissertation. Chapter two examines early childhood development using a collective model with children's cognitive production. We jointly estimate the home input demand with children's cognitive production functions based on a simultaneous equations model. Biases are considered that are caused by the non-random selection of time inputs and possible correlations across inputs and outcomes functions. A direct measure of time inputs relying on children's time diaries from the Child Development Supplement of the Panel Study of Income Dynamics (PSID-CDS) has been constructed. We thereby relax the assumption that there is no difference between parental time spent on children and leisure. Our results show that parental time inputs, especially the active time interacting with children's daily activities, have substantial effects on both children's math and reading test scores. The time inputs vary across parents' age, race, and eduction levels. In chapter three, we conduct a standard Blinder-Oaxaca decomposition to evaluate the role of home inputs in the black-white test score gaps based on the empirical model presented in chapter two. Aside from the finding that children's ability accounts for a large proportion of the differences, we find that home inputs can also explain a significant portion of the gap. When the maternal time is equalized at the average levels of white children, the racial differences in children's reading and math test scores can be closed by approximately 30%-50%. The last chapter extends a collective model with household production to the general equilibrium framework. We concentrate on the impacts of a global bargaining power shift within the household on children's cognitive achievement, especially on those who live with single mothers. The model shows that a global bargaining power change in favor of the female may not necessarily be beneficial to the children living with their single mothers. An increase of female's market equilibrium wage rate as a result of reduced labor supply by married women may induce single mothers to work longer hours, spend less time with children, and compensate them with more monetary investment compared with the case when the equilibrium wage rate stays constant. / Ph. D.

This thesis complements current studies by focusing on developed OECD countries as they are the major sources and recipients of world FDI and current studies relating to developed countries using aggregate country FDI data are limited. This study empirically tests the determinants of FDI inflows and outflows and their relationship with economic growth using 2SLS simultaneous equations model between 1981 and 2008 for a sample of 20 developed OECD countries. The empirical findings suggest that FDI inflows do not contribute to economic growth in the host country and economic growth positively affects FDI inflows. In addition, trade openness and flexible employment protection legislation in the host country attract FDI inflows. In terms of FDI outflows, the results show that FDI outflows reduce economic growth in the home country, while economic growth in the home country increases FDI outflows. Moreover, high past level of outward FDI stock, trade openness, low labour cost and currency depreciation in the home country provide incentives for domestic firms to invest abroad. Therefore, this study does not support offering special incentives to foreign investors to attract FDI inflows or offering promotional policies to domestic firms to encourage FDI outflows. Instead, government should provide incentives for domestic investment and other sound policies to increase economic growth, which in itself provides a good environment to attract FDI inflows and to encourage FDI outflows. Keywords: FDI inflows, FDI outflows, two stage least squares simultaneous equations, economic growth, labour market flexibility.

As empresas têm crescentemente incluído em suas estratégias de negócios a responsabilidade ambiental em resposta às demandas sociais de conservação dos recursos naturais e às exigências dos diversos stakeholders para garantir sua legitimidade e permanecer no mercado. Nesse contexto, este estudo teve como objetivo investigar a inter-relação entre a divulgação ambiental, o desempenho ambiental e o desempenho econômico das empresas brasileiras de capital aberto. A pesquisa fundamentou-se na Teoria da Legitimidade e na Teoria da Divulgação, no que tange a divulgação de informações como uma resposta a pressões sociais e as necessidades dos stakeholders. Foram pesquisadas 87 empresas, que possuem ações negociadas na Bolsa de Valores de São Paulo (Bovespa). O problema foi investigado pela hipótese que a divulgação ambiental, o desempenho ambiental e o desempenho econômico mantêm uma inter-relação positiva e linear entre si, observadas algumas características das empresas, o que culminou com adoção de um modelo de equações simultâneas. Os resultados do modelo sugerem que não há inter-relação significante entre as variáveis, de acordo com as características da amostra e dos indicadores utilizados, pois se observou que a divulgação ambiental é influenciada pelo desempenho ambiental, que o desempenho econômico afeta o desempenho ambiental, mas que a divulgação ambiental não é afetada pelo desempenho econômico. Sugere-se que sejam realizadas outras pesquisas, que observem a inter-relação utilizando outras variáveis e também outras medidas para aquelas que foram utilizadas. / The companies have been including the environmental responsibility in their business strategies, as a response to social demands for natural resources conservancy and to demands of the several stakeholders, in order to maintain their legitimacy and to stay in the market. This study aims to investigate the inter-relation among the environmental disclosure, the environmental performance and the economic performance of Brazilian Public Companies. The research was based on Legitimacy Theory and on Disclosure Theory, in relation to information disclosure as an answer to social pressures and to stakeholders needs. 87 companies, which have shares in Bovespa (São Paulo s Stock Market), had been investigated. The subject was investigated based on hypothesis, which environmental disclosure, environmental performance and economic performance are inter-related in a positive and linear way when related to some of the companies characteristics. It ended in the adoption of a simultaneous equations model. Results of the model suggest that there is no significant interrelation between environmental disclosure and environmental and economic performance, related companies characteristics and according to indicators used, as it was observed that the environmental disclosure is influenced by environmental performance and that the economic performance affects the environmental performance, but that environmental disclosure is no influences economic performance. It is suggested that from this study new research is taken, in order to observe the inter-relation observing other variables and other measures for those used.

Conditional Cash Transfer (CCT) is a social assistance program which aims for investing in human capital by enabling families under risk of poverty to send their children to school and to benefit from health services regularly. CCT aims for decreasing poverty by means of cash transfers in the short run and aims for investing in children&rsquo / s human capital by providing basic preventative health care, regular school attendance and nutrition in the long run. Under the state of these aims, beginning from 1990s, more than 20 countries in the world started their own CCT program by the mediation or leadership of World Bank. CCT program in Turkey started so as to decrease the adverse effects of economic crisis in 2001 within the Social Risk Mitigation Project which was financially supported by the World Bank loan and constituted under the Social Assistance and Solidarity Foundation. CCT program in Turkey has been adopted by poor families in recent years, and demands and overall payments within the program have been increased significantly in a consideration of years. The need for examining and predicting the increase in these demands scientifically / and considering the fact that CCT is being applied over 20 countries, and such a study being never done before made this study necessary. In this thesis study, the change of CCT applications and number of beneficiary household over time were modeled using multivariate time series models according to geographical regions. Using the vector autoregressive models with exogenous variables (VARX), the forecasts were obtained for the number of CCT applications and beneficiary households in the future.