Essays on public investment. private investment and foriegn investments

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dc.contributorPecorino, Paul
dc.contributorMa, Jun
dc.contributorUnderwood, Shane E.
dc.contributorLodree, Emmett
dc.contributor.advisorCover, James P.
dc.contributor.authorWilliams, Miesha
dc.contributor.otherUniversity of Alabama Tuscaloosa
dc.date.accessioned2017-03-01T17:12:24Z
dc.date.available2017-03-01T17:12:24Z
dc.date.issued2014
dc.descriptionElectronic Thesis or Dissertationen_US
dc.description.abstractEconomies have three investors: public investors, private investors and the foreign investors. This dissertation examines the response of each investor to economic shocks in the United States (US). Chapter 1 employs an over-identified, structural vector auto-regression (SVAR), examining the effects of gross, fixed government investment on private sector employment, consumption, and fixed nonresidential investment. An increase in government fixed investment likely causes a decrease in private sector economic activity. Government defense investment appears as the primary non-stimulant. Specifically, a one standard deviation shock to total government investment permanently increases government investment by 2.5%, and permanently reduces private sector investment by 1% by 5 quarters later. A one standard deviation shock to government defense investment, however, increases defense investments by 5% and permanently reduces private sector employment and investment. The final chapter examines the effect of a one standard deviation shock to exchange rates, inflation and interest rates on inflows of foreign direct investment (FDI) and sales of US securities abroad. We use two sets of 4-variable, over-identified SVAR's: one for FDI and one for securities. A one standard deviation shock to inflation reduces foreign direct investment inflows, but a positive shock to the interest rate reduces purchases of US securities. Shocks to FDI are independent of exchange rate shocks, securities may be indirectly affected by exchange rate shocks (although, they are directly affected by exchange rate shocks), and shocks to inflows lead to an appreciation in the dollar. Our results are stronger when we control for structural breaks in the data. Finally, our empirical model helps to explain the unusually large of FDI inflow from 1979:4 to 1982:3.en_US
dc.format.extent76 p.
dc.format.mediumelectronic
dc.format.mimetypeapplication/pdf
dc.identifier.otheru0015_0000001_0001737
dc.identifier.otherWilliams_alatus_0004D_12082
dc.identifier.urihttps://ir.ua.edu/handle/123456789/2186
dc.languageEnglish
dc.language.isoen_US
dc.publisherUniversity of Alabama Libraries
dc.relation.hasversionborn digital
dc.relation.ispartofThe University of Alabama Electronic Theses and Dissertations
dc.relation.ispartofThe University of Alabama Libraries Digital Collections
dc.rightsAll rights reserved by the author unless otherwise indicated.en_US
dc.subjectEconomics
dc.titleEssays on public investment. private investment and foriegn investmentsen_US
dc.typethesis
dc.typetext
etdms.degree.departmentUniversity of Alabama. Department of Economics, Finance, and Legal Studies
etdms.degree.disciplineEconomics (Business)
etdms.degree.grantorThe University of Alabama
etdms.degree.leveldoctoral
etdms.degree.namePh.D.

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