This dissertation seeks to analyze, both theoretically and empirically, the impact of quality of governance on growth by looking at various dimensions of the concept of governance. We use a dynamic panel estimator and various indicators of governance to estimate the impact of governance on growth. Our empirical results suggest a positive and statistically significant impact of governance on growth. The second part of the analysis looks at a possible transmission mechanism of the effect of governance on growth through the composition of expenditures. As such, we estimate a seemingly unrelated regressions (SUR) model with shares of three functional categories of public expenditures – education, health, and defense – in total spending as the dependent variables. We find that high quality governance leads to a higher share of education and health expenditures and a lower share of defense expenditures in total expenditures. Further, we examine the impact of governance of public capital spending. Our empirical results from this analysis suggest that high quality governance is associated with a smaller share of capital expenditures in total expenditures

This paper investigates the impact of income inequality on grand total crime, larceny and violent crime by using the dynamic panel data of 20 cities and counties in Taiwan during 1998 to 2010. The empirical results show that income inequality has a significant positive impact on grand total crime, larceny and violent crime, but unemployment rate and the proportion of the population between 15 and 64 years old both have no significant influence on three kinds of crimes. Moreover the effect of the other explanatory variables is significant on at least one kind of crimes. The empirical results also support that the criminal expected utility theory, social anomic, disorganization, conflict and strain theories are helpful to explain the criminal behavior of Taiwan.

This thesis is concerned with volatility estimation using financial panels and bias-reduction in non-linear dynamic panels in the presence of dependence. Traditional GARCH-type volatility models require large time-series for accurate estimation. This makes it impossible to analyse some interesting datasets which do not have a large enough history of observations. This study contributes to the literature by introducing the GARCH Panel model, which exploits both time-series and cross-section information, in order to make up for this lack of time-series variation. It is shown that this approach leads to gains both in- and out-of-sample, but suffers from the well-known incidental parameter issue and therefore, cannot deal with short data either. As a response, a bias-correction approach valid for a general variety of models beyond GARCH is proposed. This extends the analytical bias-reduction literature to cross-section dependence and is a theoretical contribution to the panel data literature. In the final chapter, these two contributions are combined in order to develop a new approach to volatility estimation in short panels. Simulation analysis reveals that this approach is capable of removing a substantial portion of the bias even when only 150-200 observations are available. This is in stark contrast with the standard methods which require 1,000-1,500 observations for accurate estimation. This approach is used to model monthly hedge fund volatility, which is another novel contribution, as it has hitherto been impossible to analyse hedge fund volatility, due to their typically short histories. The analysis reveals that hedge funds exhibit variation in their volatility characteristics both across and within investment strategies. Moreover, the sample distributions of fund volatilities are asymmetric, have large right tails and react to major economic events such as the recent credit crunch episode.

The thesis aims at identifying the reasons behind the heterogeneous inflation performance of countries across Central and Eastern Europe. The impact of a large number of variables is being assessed in a dynamic panel data model covering 20 countries over the period 2003-2013. The empirical results suggest that cross-country differences in inflation are attributed to the structure of the economy, to the capital deepening effects and openness. Along with the structural factors, cyclical positions also prove to be of particular importance in explaining inflation across the region, since during the last decade most of the Central and Eastern European countries have experienced fast GDP growth, a credit boom and increased domestic demand that in turn fueled inflation.

This thesis explores the impact of sectoral competition on inflation in Turkey. To this end, panel data analyses investigating the determinants of deviation of sectoral price inflation from the consumer price inflation, and the resulting effect of the changes in the level of sectoral competition on this deviation measure are conducted in both static and dynamic frameworks. The empirical analyses covers the 1995-2001 period and 62 manufacturing sectors classified according to International Standard of Industrial Classification (ISIC) Rev. 2 at 4-digit level. The findings of the empirical analyses are particularly important for the assessment of the theoretical foundations and empirical basis of the recent proposals favoring enhancement of competition with disinflationary motives. The static analyses suggest that sectoral concentration is insignificant in explaining deviations of sectoral inflation from consumer inflation, while dynamic analyses suggest enhancing competition may lead to higher levels of sectoral inflation. The interpretation of the results indicates that enhancing competition may not be a viable tool for disinflationary purposes in Turkey.

In this dissertation we proposed two generalizations of the Second-Order Least Squares (SLS) approach in two popular dynamic econometrics models. The first one is the regression model with time varying nonlinear mean function and autoregressive conditionally heteroskedastic (ARCH) disturbances. The second one is a linear dynamic panel data model. We used a semiparametric framework in both models where the SLS approach is based only on the first two conditional moments of response variable given the explanatory variables. There is no need to specify the distribution of the error components in both models. For the ARCH model under the assumption of strong-mixing process with finite moments of some order, we established the strong consistency and asymptotic normality of the SLS estimator. It is shown that the optimal SLS estimator, which makes use of the additional information inherent in the conditional skewness and kurtosis of the process, is superior to the commonly used quasi-MLE, and the efficiency gain is significant when the underlying distribution is asymmetric. Moreover, our large scale simulation studies showed that the optimal SLSE behaves better than the corresponding estimating function estimator in finite sample situation. The practical usefulness of the optimal SLSE was tested by an empirical example on the U.K. Inflation. For the linear dynamic panel data model, we showed that the SLS estimator is consistent and asymptotically normal for large N and finite T under fairly general regularity conditions. Moreover, we showed that the optimal SLS estimator reaches a semiparametric efficiency bound. A specification test was developed for the first time to be used whenever the SLS is applied to real data. Our Monte Carlo simulations showed that the optimal SLS estimator performs satisfactorily in finite sample situations compared to the first-differenced GMM and the random effects pseudo ML estimators. The results apply under stationary/nonstationary process and wih/out exogenous regressors. The performance of the optimal SLS is robust under near-unit root case. Finally, the practical usefulness of the optimal SLSE was examined by an empirical study on the U.S. airfares.

Esta tese é composta por três ensaios sobre Economia do Empreendedorismo. O primeiro deles trata sobre os determinantes do empreendedorismo no Brasil a partir de modelos de escolha ocupacional, usando os microdados da Pesquisa Nacional por Amostra por Domicílios (PNAD) do ano de 2012. A estratégia empírica adotada empregou os modelos de escolha discreta na estimação da escolha ocupacional. Os resultados demonstraram que existem efeitos significativos para as variáveis: anos de estudos iniciais, sexo, estado civil assim como pensionista e aposentado. Para completar a análise foram estimadas as equações de rendimento, as quais explicam a escolha pela ocupação empreendedora em função dos ganhos relativos ao trabalho assalariado. Já o segundo ensaio tem como objetivo apresentar uma evidência empírica para a relação existente entre empreendedorismo e corrupção nos estados brasileiros, utilizando uma abordagem teórica e empírica. Este artigo utiliza um indicador objetivo de corrupção governamental estadual baseado no Cadastro de Contas Irregulares do Tribunal de Contas da União (CADIRREG) como proxy para a corrupção regional e a abertura de novas empresas per capita como medida para a atividade empreendedora. Foram utilizados o método de dados de painel estático, dinâmico e o método GMMSYS, estes últimos empregados para corrigir possíveis problemas de endogeneidade. Os resultados encontrados mostraram-se coerentes com a hipótese teórica “grease in the wheels”, na qual a corrupção influencia positivamente a atividade empreendedora em países em desenvolvimento com elevada burocracia. Por fim, o terceiro ensaio avalia os impactos do empreendedorismo via inovação a partir do Global Trade Analysis Project – GTAP, um modelo de equilíbrio geral computável (EGC), destacando os impactos no crescimento econômicoe no bem-estar geral da economia. Os resultados mostraram-se coerentes com a literatura da Economia do Empreendedorismo, mostrando que aumento no empreendedorismo conduz a uma elevação no crescimento econômico e bem-estar. / This thesis consists of three essays on the Economics Entrepreneurship. The first deals with the determinants of entrepreneurship in Brazil from occupational choice models, using the data from the National Household Sample Survey (PNAD) of 2012. The empirical strategy adopted has employed discrete choice models in the estimation of occupational choice. The results showed that there are significant effects on the variables: years of initial studies, gender, marital status as well as pensioners and retired. To complete the analysis were estimated earnings equations, which explains the choice by the entrepreneurial occupation in terms of earnings for paid employment. The second test aims to present empirical evidence for the relationship between entrepreneurship and corruption in the Brazilian states, using a theoretical and empirical approach. This article uses an objective indicator of state government corruption based on the Register of Irregular accounts of the Court of Audit (CADIRREG) as a proxy for regional corruption and the opening of new companies per capita as a measure for regional entrepreneurial activity. They used the method of static panel data, dynamic and GMM-SYS method to correct the endogeneity problem. The results proved to be consistent with the theoretical hypothesis "grease in the wheels" in which corruption positively influence the entrepreneurial activity in developing countries with high bureaucracy. Finally, the third test evaluates the impacts of entrepreneurship via innovation from the Global Trade Analysis Project - GTAP, a model of computable general equilibrium (CGE), highlighting the impacts on economic growth and overall well-being economy. The results were consistent with the literatureof Entrepreneurship Economics, showing that increased entrepreneurship leads to a rise in economic growth and well-being.

Esta tese é composta por três ensaios sobre Economia do Empreendedorismo. O primeiro deles trata sobre os determinantes do empreendedorismo no Brasil a partir de modelos de escolha ocupacional, usando os microdados da Pesquisa Nacional por Amostra por Domicílios (PNAD) do ano de 2012. A estratégia empírica adotada empregou os modelos de escolha discreta na estimação da escolha ocupacional. Os resultados demonstraram que existem efeitos significativos para as variáveis: anos de estudos iniciais, sexo, estado civil assim como pensionista e aposentado. Para completar a análise foram estimadas as equações de rendimento, as quais explicam a escolha pela ocupação empreendedora em função dos ganhos relativos ao trabalho assalariado. Já o segundo ensaio tem como objetivo apresentar uma evidência empírica para a relação existente entre empreendedorismo e corrupção nos estados brasileiros, utilizando uma abordagem teórica e empírica. Este artigo utiliza um indicador objetivo de corrupção governamental estadual baseado no Cadastro de Contas Irregulares do Tribunal de Contas da União (CADIRREG) como proxy para a corrupção regional e a abertura de novas empresas per capita como medida para a atividade empreendedora. Foram utilizados o método de dados de painel estático, dinâmico e o método GMMSYS, estes últimos empregados para corrigir possíveis problemas de endogeneidade. Os resultados encontrados mostraram-se coerentes com a hipótese teórica “grease in the wheels”, na qual a corrupção influencia positivamente a atividade empreendedora em países em desenvolvimento com elevada burocracia. Por fim, o terceiro ensaio avalia os impactos do empreendedorismo via inovação a partir do Global Trade Analysis Project – GTAP, um modelo de equilíbrio geral computável (EGC), destacando os impactos no crescimento econômicoe no bem-estar geral da economia. Os resultados mostraram-se coerentes com a literatura da Economia do Empreendedorismo, mostrando que aumento no empreendedorismo conduz a uma elevação no crescimento econômico e bem-estar. / This thesis consists of three essays on the Economics Entrepreneurship. The first deals with the determinants of entrepreneurship in Brazil from occupational choice models, using the data from the National Household Sample Survey (PNAD) of 2012. The empirical strategy adopted has employed discrete choice models in the estimation of occupational choice. The results showed that there are significant effects on the variables: years of initial studies, gender, marital status as well as pensioners and retired. To complete the analysis were estimated earnings equations, which explains the choice by the entrepreneurial occupation in terms of earnings for paid employment. The second test aims to present empirical evidence for the relationship between entrepreneurship and corruption in the Brazilian states, using a theoretical and empirical approach. This article uses an objective indicator of state government corruption based on the Register of Irregular accounts of the Court of Audit (CADIRREG) as a proxy for regional corruption and the opening of new companies per capita as a measure for regional entrepreneurial activity. They used the method of static panel data, dynamic and GMM-SYS method to correct the endogeneity problem. The results proved to be consistent with the theoretical hypothesis "grease in the wheels" in which corruption positively influence the entrepreneurial activity in developing countries with high bureaucracy. Finally, the third test evaluates the impacts of entrepreneurship via innovation from the Global Trade Analysis Project - GTAP, a model of computable general equilibrium (CGE), highlighting the impacts on economic growth and overall well-being economy. The results were consistent with the literatureof Entrepreneurship Economics, showing that increased entrepreneurship leads to a rise in economic growth and well-being.

Esta tese é composta por três ensaios sobre Economia do Empreendedorismo. O primeiro deles trata sobre os determinantes do empreendedorismo no Brasil a partir de modelos de escolha ocupacional, usando os microdados da Pesquisa Nacional por Amostra por Domicílios (PNAD) do ano de 2012. A estratégia empírica adotada empregou os modelos de escolha discreta na estimação da escolha ocupacional. Os resultados demonstraram que existem efeitos significativos para as variáveis: anos de estudos iniciais, sexo, estado civil assim como pensionista e aposentado. Para completar a análise foram estimadas as equações de rendimento, as quais explicam a escolha pela ocupação empreendedora em função dos ganhos relativos ao trabalho assalariado. Já o segundo ensaio tem como objetivo apresentar uma evidência empírica para a relação existente entre empreendedorismo e corrupção nos estados brasileiros, utilizando uma abordagem teórica e empírica. Este artigo utiliza um indicador objetivo de corrupção governamental estadual baseado no Cadastro de Contas Irregulares do Tribunal de Contas da União (CADIRREG) como proxy para a corrupção regional e a abertura de novas empresas per capita como medida para a atividade empreendedora. Foram utilizados o método de dados de painel estático, dinâmico e o método GMMSYS, estes últimos empregados para corrigir possíveis problemas de endogeneidade. Os resultados encontrados mostraram-se coerentes com a hipótese teórica “grease in the wheels”, na qual a corrupção influencia positivamente a atividade empreendedora em países em desenvolvimento com elevada burocracia. Por fim, o terceiro ensaio avalia os impactos do empreendedorismo via inovação a partir do Global Trade Analysis Project – GTAP, um modelo de equilíbrio geral computável (EGC), destacando os impactos no crescimento econômicoe no bem-estar geral da economia. Os resultados mostraram-se coerentes com a literatura da Economia do Empreendedorismo, mostrando que aumento no empreendedorismo conduz a uma elevação no crescimento econômico e bem-estar. / This thesis consists of three essays on the Economics Entrepreneurship. The first deals with the determinants of entrepreneurship in Brazil from occupational choice models, using the data from the National Household Sample Survey (PNAD) of 2012. The empirical strategy adopted has employed discrete choice models in the estimation of occupational choice. The results showed that there are significant effects on the variables: years of initial studies, gender, marital status as well as pensioners and retired. To complete the analysis were estimated earnings equations, which explains the choice by the entrepreneurial occupation in terms of earnings for paid employment. The second test aims to present empirical evidence for the relationship between entrepreneurship and corruption in the Brazilian states, using a theoretical and empirical approach. This article uses an objective indicator of state government corruption based on the Register of Irregular accounts of the Court of Audit (CADIRREG) as a proxy for regional corruption and the opening of new companies per capita as a measure for regional entrepreneurial activity. They used the method of static panel data, dynamic and GMM-SYS method to correct the endogeneity problem. The results proved to be consistent with the theoretical hypothesis "grease in the wheels" in which corruption positively influence the entrepreneurial activity in developing countries with high bureaucracy. Finally, the third test evaluates the impacts of entrepreneurship via innovation from the Global Trade Analysis Project - GTAP, a model of computable general equilibrium (CGE), highlighting the impacts on economic growth and overall well-being economy. The results were consistent with the literatureof Entrepreneurship Economics, showing that increased entrepreneurship leads to a rise in economic growth and well-being.

By using dynamic panel data model, this thesi selects the samples of large and medium indstrial enterprises in 2002 to 2011, empirically analyzin the impact of government scientific and technological subsidies on R&D investment of enterprises.