검색 상세

금융 중심지 네트워크, 금융위기 및 정치적 위기에 관한 연구

Three Essays on the Network of Financial Centers, Financial and Political Crises

  • 정재웅 (Jung, Jae Woong, 일반대학원)

초록/요약

This thesis contains studies on a network analysis of financial centers, a continuous time approach to analyse the political and economic stability which related to the franchise extension and social unrest, and causes of the global financial crisis in 2007 by employing new institutional economics methodology. In contemporary economic research, one of the most important subjects to investigate is how institutions and social norms affect the economic and political behavior of people and change society. The reason why those institutions and social norms are important is that the origin of the global financial crisis is related to them. Additionally the contagion of the crisis also broke out through the international financial network, which is a kind of institution that supports international financial transactions. The first chapter of this thesis conducts a study on network centrality analysis using portfolio investment data and GDP from 35 OECD member countries and 2 offshore financial centers. To study network centrality, we employ the node degree, node strength, eigenvector centrality, and random walk betweenness centrality methods. Among those methods, we find that the node strength and eigenvector centrality methods serve as meaningful indices of network centrality. We also discover that between the two methods, the eigenvector centrality shows more significant results which are more appropriate to analyse the real world phenomena. In the second chapter of this thesis, we conduct research on the effect of wealth inequality on the political strategies of the rich and the poor from a new institutional economics perspective, utilizing a continuous time model analysis. As Acemoglu and Robinson study in their paper, universal suffrage in the 19th century Europe was not affected from the Enlightenment, but the wealth inequality between the rich and the poor. We extend the research of Acemoglu and Robinson to a continuous time model with regime change, where the new regime arrives according to a Poisson intensity. We employ the Poisson intensity of the state shift to analyse the political choices of the rich and the poor when the state changes. By conducting this study, we find the equilibrium condition for tax redistribution and franchise extension. In the third chapter of this thesis, we investigate the origin of the 2007 global financial crisis from new institutional economics perspective. Specifically, the study in this chapter aims to find out the origin of global financial crisis by investigating institutions and social norms established in the 20th century. To do this research, we study advanced research and reorganize them from an institutional perspective. We emphasize the role of institutions and social norms because they are important in the real world. Real world economics, governments, and political systems are complicated. In ideal circumstances, the market and the political system operate without any hindrance. In the real world, however, there are many constraints such as wealth and political power inequality and information asymmetry which disturb the ideal function of the market and political system. Thus, people established institutions and social norms to support the function of the market and political system. Unfortunately, those institutions and social norms themselves degenerated into additional constraints and affected the causes of the global financial crisis. The underlying theme of the study conducted in this thesis is the importance of institutions and social norms in society. Institutions and social norms regulate the economic and political choices of people in the society. Finance, which performs an important role in the economy, is also significantly affected by the institutions and social norms. Thus more profound study in this topic will be studied.

more

목차

1. A Network Aanalysis on the Relations of International Financial centers -1
1.1. Introduction - 1
1.2. Literature Review - 2
1.3. Data for Network Analysis - 4
1.4. Empirical Results on the Network Centrality - 6
1.4.1. The Node Degree - 6
1.4.2. The Node Strength - 7
1.4.3. The Eigenvector Centrality - 11
1.4.4. The Random Walk Betweenness Centrality - 17
1.5. Conclusion - 19
2. Political and Economic Stability, the Franchise Extension, and New Institutional Economics: A Continuous Time Approach - 22
2.1. Introduction - 22
2.2. A Model - 24
2.3. Conclusion - 29
3. Institutions, Social Norms, and Repeated Financial Crises: A Study of Global Financial Crises from the New Institutional Economics Perspective - 30
3.1. Introduction - 30
3.2. The Diachronic Investigation of the Global Financial Crisis- 32
3.3. The Origin of the Financial Crisis: Institutions and Social Norms and Culture - 40
3.3.1. The Free Trade and the Global Imbalance - 41
3.3.2. The Industrial State, Military-Industry Complex, and Nationalism - 42
3.3.3. The Captured Democracy - 45
3.3.4. The Research University and the Rational and Scientific Thoughts - 47
3.4. Conclusion - 49
A. Appendix for Chapter 2 - 51
A.1. Proof of Theorem 2.2.1 - 51
A.2. Proof of Theorem 2.2.2 - 52
References - 53

more
반출 Meta View 목록