(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.
