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TWO ESSAYS ON THE IMPACT OF
EXCHANGE RATE REGIME CHANGES IN ASIA:
EXAMPLES FROM THAILAND AND JAPAN
by
Suriya Poolvoralaks
A Dissertation Presented to the
FACULTY OF THE GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
DOCTOR OF PHILOSOPHY
(ECONOMICS)
May 2007
Copyright 2007 Suriya Poolvoralaks
Object Description
| Title | Two essays on the impact of exchange rate regime changes in Asia: examples from Thailand and Japan |
| Author | Poolvoralaks, Suriya |
| Author email | poolvora@usc.edu |
| Degree | Doctor of Philosophy |
| Document type | Dissertation |
| Degree program | Economics |
| School | College of Letters, Arts and Sciences |
| Date defended/completed | 2006-08-09 |
| Date submitted | 2007 |
| Restricted until | Restricted until 15 Feb. 2009. |
| Date published | 2009-02-15 |
| Advisor (committee chair) | Dekle, Robert |
| Advisor (committee member) |
Moon, Hyungsik Roger Protopapadakis, Aris |
| Abstract | This dissertation is about the impact on exchange rate regime changes in Asia with examination employed through econometric theory and modeling analysis. The dissertation consists of two parts.; The first part is about the impact of corporate restructuring on the performance of Thai firms such as return on assets, capital cost, debt-to-asset ratio, and coverage ratio after the financial crisis and the following floating of the exchange rate regime in 1997. Based on two approaches from the program evaluation literature -- the "matching" and the "endogenous switching regression" approaches, the estimated impacts of corporate restructuring on a firm's performance are found to be either insignificant or inconclusive, depending on which of these two approaches is used. The estimated effects of debt-restructuring are also found to vary between structured and non-restructured firms for some performance measures.; The second part of the dissertation examines whether the volatility of Japanese macroeconomic variables are stable during the fixed regime and whether the stability of these variables change following floating of the exchange rate regime in the early 1970s. Through usage of the structural break test model, it was found that, after floating of the Yen in 1971, there was a strong pattern of one-time break in volatility for most variables that are related to the nominal exchange rates, such as real exchange rates, exports, imports and unit value of exports. The same pattern can be found only in volatility of some of the variables that are not related to the nominal exchange rates, namely the household consumption expenditure. On the other hand, volatility of most of the variables that are not related to the nominal exchange rates appears to be instable throughout the periods of our investigation. |
| Keyword | corporate restructuring; matching; endogenous switching |
| Geographic subject (country) | Japan; Thailand |
| Language | English |
| Part of collection | University of Southern California dissertations and theses |
| Publisher (of the original version) | University of Southern California |
| Place of publication (of the original version) | Los Angeles, California |
| Publisher (of the digital version) | University of Southern California. Libraries |
| Type | texts |
| Legacy record ID | usctheses-m259 |
| Rights | Poolvoralaks, Suriya |
| Repository name | Libraries, University of Southern California |
| Repository address | Los Angeles, California |
| Repository email | http://www.usc.edu/isd/libraries/services/ask_a_librarian/email/ |
| Filename | etd-Poolvoralaks-20070215 |
| Archival file | uscthesesreloadpub_Volume29/etd-Poolvoralaks-20070215.pdf |
Description
| Title | Page 1 |
| Full text | TWO ESSAYS ON THE IMPACT OF EXCHANGE RATE REGIME CHANGES IN ASIA: EXAMPLES FROM THAILAND AND JAPAN by Suriya Poolvoralaks A Dissertation Presented to the FACULTY OF THE GRADUATE SCHOOL UNIVERSITY OF SOUTHERN CALIFORNIA In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY (ECONOMICS) May 2007 Copyright 2007 Suriya Poolvoralaks |
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