Browsing by Subject "Emerging economies"
- Results Per Page
- Sort Options
Item Open Access Corporate Social Responsibility Reporting in Emerging Economies: A Case Study of the Petroleum Refining Industry(2007-08-28) Barr, MauraA majority of the literature on corporate social responsibility (CSR) reporting focuses on efforts made by companies headquartered in North America and Europe. Nevertheless, many profitable companies from countries with emerging economies are beginning to report on their social and environmental performance. However, the quality of these CSR reports is relatively unknown. Therefore, the purpose of this project is to benchmark six different company’s sustainability reports in order to determine the quality of reporting that exists for companies based in emerging economies. Based on the project’s findings, it will be determined whether or not the initial hypotheses concerning the quality of these companies’ sustainability reports were correct. In order to truly determine the quality of CSR reports of companies from countries with emerging economies, it would be necessary to look at a variety of different sectors. Nevertheless, because of the narrow scope of this project, the analysis will only focus on the petroleum-refining sector. By using the standardized benchmarking system developed by SustainAbility Ltd. and UNEP, a compare and contrast analysis will be conducted of each of the six chosen petroleum-refining companies’ CSR reports. Ultimately, this project seeks to determine the range of CSR reporting quality scores that will be given to these emerging economy ‘reporting leaders.’ This project set out to determine whether or not the CSR reports of publicly traded petroleum-refining companies headquartered in emerging economies would rank higher than the reports of state-owned petroleum refining companies that are also located in emerging economies. This analysis generally supports this hypothesis. In addition, this project also sought to determine whether the data support two other minor hypotheses: (a) that publicly traded companies would include more information on stakeholder engagement processes in their reports than SOEs, and (b) that publicly traded companies would spend an equal amount of effort in describing their social and environmental performance whereas SOEs would focus more on social performance. Results from the case studies support the first minor hypothesis but not the second.Item Open Access Essays in the Macroeconomics of Emerging Countries(2011) Seoane, Hernan DanielThis dissertation is a collection of essays with the main objective of estimate and understand macroeconomic behavior of emerging countries by the lenses of modern tools in general equilibrium modeling.
In the first chapter, I study whether structural parameters of Small Open Economy Real Business Cycle models are constant when applied to Emerging Markets data. Using data from Argentina, I estimate a small open economy model with trend shocks and working capital constraints, augmented with time varying parameters. I find that so called ``structural" parameters suffer substantial changes in the period 1983-2008. Structural instabilities arise from both technological and financial sources. Given these findings, I inquire which are the features of the data that parameter drifts capture. I review emerging markets facts and find parameter instabilities play a key role in addressing for the variability observed in the data.
In the second chapter, I study policy changes in emerging countries. Motivated by the repeated stabilization programs implemented by emerging economies during the last 30 years, I develop a dynamic stochastic general equilibrium model with Markov-Switching to study fiscal and monetary policies in emerging economies. I estimate the model for Mexico and find strong evidence of policy changes. Two Regimes are identified. The Active Monetary Policy Regime (AMP), in which monetary and fiscal policies respond to inflation and government debt, respectively; and the Active Fiscal Policy Regime (AFP), in which fiscal policy does not respond to government debt and monetary policy does not respond to inflation. AMP holds during short periods of time after macroeconomic crises during the 80s and 90s, and for a long period after 2002. The rest of the periods, AFP is in effect. I find that switches from AFP to AMP have strong stabilization effects at the cost of high output losses. Moreover, credibility in the persistence of the regime change is key to assess the effectiveness of the stabilization program.
Item Open Access Mobilizing Domestic Private Capital for Nature-Based Solutions in Emerging Economies(2023-04-18) Olutoke, JideAchieving the Net Zero commitments set by nations requires adequate financing from multiple sources. In developing countries, finance for climate and nature, thus far, has primarily been mobilized from the domestic public sector and international financial institutions. In contrast, contributions from the domestic private sector have been minimal. While equity has been at the core of the argument for mobilizing climate finance primarily from developed countries, the failure to muster a paltry USD 100 billion proves that alternative options must be explored. The domestic private market in many developing countries has the potential to support climate and nature investment, but it remains largely untapped. With the bulk of low-cost Nature Based Solutions (NbS)potential in the global south, investment in NbS provides the rare opportunity to directly impact the lives of low-income communities disproportionately affected by climate change. Mobilizing investment for NbS within the domestic economy has the potential to provide a predictable source of capital for NbS projects, deepen the domestic capital and carbon market, and, more importantly, reduce the country’s reliance on international support anchored on conditionalities.Item Open Access Optimal Monetary and Fiscal Policy for Small Open and Emerging Economies(2010) Fasolo, Angelo MarsigliaThis dissertation computes the optimal monetary and fiscal policy for small open and emerging economies in an estimated medium-scale model. The model departs from the conventional approach as it encompasses all the major nominal and real rigidities normally found in the literature in a single framework. After estimating the model using Bayesian techniques for one small open economy and one emerging economy, the Ramsey solution for the optimal monetary and fiscal policy is computed. Results show that foreign shocks have a strong influence in the dynamics of emerging economies, when compared to the designed optimal policy for a developed small open economy. For both economies, inflation is low, but very volatile, while taxes follow the traditional results in the literature with high taxes over labor income and low taxes for capital income.