Person:
Villar Olano, Alba del

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https://academica-e.unavarra.es/handle/2454/50170

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Villar Olano

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Alba del

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Economía

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0000-0003-0432-4945

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750535

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810923

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2019 - 201922020 - 20211
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    PublicationOpen Access
    A portfolio-choice model to analyze the recent gross capital flows between Canada and the US
    (2019) Casares Polo, Miguel; Villar Olano, Alba del; Economía; Ekonomia
    We calibrate a two-country New Keynesian model with endogenous portfolio choice and valuation effects to discuss the determinants of the increase in Canadian Net Foreign Assets with the US observed after 2012. Furthermore, we discuss the shocks that may explain the “reversed two-way” capital flows pattern recently characterizing the Canada-US asset trading: Canada has a negative position on bond holdings owned by US investors while a positive balance emerges on its equity holdings from US firms. The combination of a global technology shock, the US fiscal contraction, an adverse wage-push shock in the US and the greater monetary stimulus in the US than in Canada (QE) provide insights to describe the recent capital flows between Canada and the US. Both the QE and the negative wage-push shock in the US play a crucial role as explanatory factors through substantial valuation effects.
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    PublicationOpen Access
    International capital flows
    (2019) Villar Olano, Alba del; Casares Polo, Miguel; Ezcurra Orayen, Roberto; Economía; Ekonomia
    This thesis uses modern macroeconomic modeling techniques and panel data econometrics to quantitatively measure the determinants of financial globalization and its e↵ects on advanced and developing economies. The first two chapters of this thesis provide the starting point for the quantitative analysis of international gross capital flows and valuation e↵ects between two asymmetric countries and it serves policymakers to quantify these matters in an diaphanous manner. In the first chapter, I construct a novel two-country DSGE model with endogenous portfolio choice to study the role of structural asymmetries in explaining the size and composition of capital flows between emerging and advanced economies. In the second chapter, we calibrate an extension to the previous model in order to discuss the potential determinants of the large increase in Canadian Net Foreign Assets with the US observed after 2012. The last two chapters of this thesis provide an econometric analysis which uses empirical data at the world level to quantitatively measure economic integration determinants and its e↵ects. In the third chapter, we examine the link between economic globalization and spatial inequality in a panel of 142 countries over the period 1992-2012 using instrumental variable techniques. In the fourth chapter, I provide results to show how the Lucas Paradox has turned even more pronounced during the Great Recession than in the previous decades.
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    PublicationOpen Access
    Globalization and spatial inequality: does economic integration affect regional disparities?
    (Springer, 2021-02-19) Ezcurra Orayen, Roberto; Villar Olano, Alba del; Economía; Ekonomia; Institute for Advanced Research in Business and Economics - INARBE
    This article examines the link between economic globalization and spatial inequality in a panel of 142 countries over the period 1992¿2012. Our instrumental variables estimates reveal a strong causal effect of the degree of economic integration with the rest of the world on spatial inequality, indicating that the advances in the process of globalization currently underway contribute to significantly increasing regional income disparities. This means that globalization leads to the emergence of losing and winning regions within countries and that the group of losing (winning) regions tends to be made up of low (high-)-income regions. This result has to do with the regressive spatial impact of actual economic flows, while existing restrictions on trade and capital do not exert a significant effect in this context. Our findings are robust to the inclusion in the analysis of different covariates that may be correlated with both spatial inequality and globalization and are not driven by a specific group of influential countries. Likewise, the observed relationship between economic integration and spatial inequality does not depend on the measures used to quantify the magnitude of regional income disparities within the various countries. At the same time, our estimates suggest that the spatial impact of globalization is contingent on the level of economic development.