Thesis advisor: Fabio Ghironi / This dissertation examines the macroeconomic dynamics under different international asset market structures. The dissertation consists of two chapters. The first chapter is my cowork with Taesu Kang, a classmate of mine at Boston College, department of economics. We investigate the dynamics of the U.S and emerging Asian countries during the financial crisis in 2008. We focus on the bank lending channel as the source of shock transmission and explain how the internal default in the U.S can be transmitted to emerging Asian countries. The second chapter of my thesis is my work on the international equity home bias and Backus Smith puzzles. I propose a model with a incomplete asset market, endogenous labor supply and non-tradable goods that can generate a high degree of home equity bias, even when the domestic human capital return and equity return are highly correlated. My model also generates a very low correlation between the consumption differential across countries and the real exchange rate. The correlation is more inline with data than the strongly positive correlation predicted by a standard complete asset market framework. / Thesis (PhD) — Boston College, 2013. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Economics.
| Identifer | oai:union.ndltd.org:BOSTON/oai:dlib.bc.edu:bc-ir_101261 |
| Date | January 2013 |
| Creators | Dao, Tuan Hoang |
| Publisher | Boston College |
| Source Sets | Boston College |
| Language | English |
| Detected Language | English |
| Type | Text, thesis |
| Format | electronic, application/pdf |
| Rights | Copyright is held by the author, with all rights reserved, unless otherwise noted. |
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