This thesis attempts to analyze the market response of stock prices of major U.S. banks to the February, 1987 Brazilian loan default announcement. The study's general hypothesis is that the market revalued stock prices according to each bank's amount of Brazilian loan exposure. The first chapter examines the significance of the default announcement. A survey of related literature is presented in the second chapter. Chapter III specifies the methodological techniques involved in analysis of the data. Chapter IV reports the findings of the study. Conclusions about the results are drawn in Chapter V. The results indicate the market is efficient. They also suggest that individual exposure was the major determinant of bank stock price decline.

This thesis is an analysis of the Jordanian economic developmental process which demonstrates that it expanded rapidly between 1948 and 1970. During the period under study, Jordan had to face two wars, in 1948 and 1967, which had inverse effects on the economy. After each war, the economy experienced a period of recovery due primarily to government efforts to promote investment; the existence of a more educated people represented by the refugees; and the role of foreign aid. Chapter I is a brief introduction to the Jordanian economy. Chapter II is a discussion of some theories of economic development. Chapters III and IV provide us with a more detailed description of the economic situation before and after the 1967 war. However, the purpose of Chapter V is to incorporate the theory that appears to handle the processes discussed in both Chapters III and IV.

This thesis attempts to measure the growth of the Bolivian informal sector. The study estimates the growth of the informal sector by defining it as the difference between the formal sector's reported real gross national product (GNP) and forecasted values of real GNP. The first chapter describes the Bolivian economy, defines its informal sector, and presents reasons for this sector's growth. Related research in informal activity, theoretical discussions, and perspectives are presented in the second chapter. Chapter III describes methodological research used in the analysis of the data. Chapter IV describes the results of the investigation. Conclusions and recommendations for the informal sector are provided in chapter V. The results show that it is possible to measure informal activity in a macro setting

Utilizing shift/share and economic base analysis, data covering employment, income, and population are analyzed for each of the nine regions of the United States as defined by the Census Bureau. The study covers 1970 through 1984 because widespread redistribution of employment and a shift toward more service-oriented, white collar jobs occurred during this period. This study presents currents trends and recommends ways in which people may better prepare for the future.

The price elasticity of demand coefficient for a good or service is a measure of the sensitivity, or responsiveness, of the quantity demanded of a product to changes in the price of that product. The price elasticity of demand coefficients were generated for goods and services in nine different industries for the years 1972 to 1984. A simple linear demand function was employed, using the changes in the Consumer Price Index as a proxy for changes in price and Personal Consumption Expenditures, taken from the National Income and Product Accounts, as a proxy for quantity. Beta measures the sensitivity, or responsiveness, of a stock to the market. An industry average beta coefficient was generated for each of the nine industries over the time period, using the beta coefficients published by Value Line for firms which met certain criteria. In order to test the relationship between the price elasticity of demand and an industry average beta coefficient, a simple regression was performed using the beta coefficient as the dependent variable and the price elasticity of demand coefficient as the independent variable. The results broke down into 3 basic categories: those industries for which there seemed to be no relationship, those industries …

This paper analyzes the demand for water in case of a multiple-part tariff in Denton, Texas. The model used is developed from Billing & Agthe's model by using the following variables: marginal price, difference variable, tax assessed value, lot size, house size, temperature and rainfall.. The results indicate that temperature has the greatest effect on water demand, since this area is considered to be a very warm area. Also, marginal price seems to have a strong effect on water consumption indicating that customer is well-informed to a change in rate schedule. This test supports the original idea of the previous articles that the coefficient on difference variable and that on income should have the opposite sign. However, this test can not prove that those coefficients should be equal in magnitude, since the proxy of the income variable can not represent the individual monthly income. In addition, this article introduces another variable which can be a proxy of outdoor water use. That is lot size showing the effect on water demand. The last variable used in the model, house size,does not have much effect on water demand and is dropped out in the final model.

The main objective of this study is to analyze the demand for water in Denton. The data used for the study are obtained from the City of Denton Utilities Department, the Tax Appraisal District and government documents. The 121 households which have perfect ten years historical data of water consumption were selected to be the representatives of all households in Denton. The study reveals that the change in water consumption significantly relates to the change in marginal price. Furthermore, the weather variables also have strong effects on the water consumption, especially during summer. The coefficients of income and a "difference" variable are found to have the opposite sign but are not equal in magnitude. In fact, they should be equal in magnitude, but opposite in sign. While the estimated coefficients on all independent variables were highly significant statistically, the resulting coefficient on the house size variable was statistically insignificant in the model test. The results show that the difference variable is required in the model. It also had some effect on the water consumption. It is found that there is a small change in water consumption when the lot size is increased.

This thesis analyzes the effect of corporate tax rates on the purchasing-power-parity (PPP) doctrine. The data used to test this hypothesis are drawn from the U. S., the U. K., the Federal Republic of Germany, Canada, and Japan. The first chapter introduces the reader to the concepts of the PPP doctrine and states the hypothesis. Chapter 2 reviews the literature on the PPP doctrine. Chapter 3 specifies a model of the PPP doctrine including tax rates. Chapter 4 reports and interprets the findings. The study is summarized and conclusions are drawn in chapter 5. In this study it is shown that tax rates are significant only in the case of the U. S. dollar/Canadian dollar exchange rate.

The question for this thesis is whether the four major stock markets--the United States, Great Britain, West Germany, and Japan are interdependent or segmented. The study period runs from February 1979 to June 1987, with the Wall Street Journal as a source of data. The Granger causality test is used to test for relationships among the four major stock markets. The thesis is divided into five chapters-- 1) statement of the problem; 2) survey of literature; 3) methodology; 4) results and 5) conclusions. The overall findings of this thesis indicate that there are few or no comovement similarities among all the four stock markets. However, the findings do point out the significant influence of the United States stock market on the other three stock markets.

The popularity of natural rubber as an important raw material was distorted in the post-World War Two period. It received heavy competition from synthetic rubber. The main purpose of this paper is to determine and to study supply elasticity and demand elasticity of natural rubber in the case of Malaysia. The main aim of analyzing the period since 1971 is that both price and quality competitiveness of Malaysian natural rubber have drastically improved. Therefore, in order for Malaysia to maintain her position as the leading producer and exporter of natural rubber in the world, supportive policies and incentives from the government would further enhance the prospects for improvements in this industry.

The degree of inequality present in the distribution of income may be measured with a gini coefficient. If the distribution is found to empirically fit a particular distribution function, then the gini coefficient may be derived from the mean value of income and the variation from the mean. For the purpose of this study, the Beta II distribution was used as the function which most closely approximates the actual distribution of income. The Beta II function provides the skewness which is normally found in an income distribution as well as fulfilling other required characteristics. The degree of inequality was approximated for the distribution of income from all sources and from ten separate components of income sources in constant (1973) dollars. Next, permanent income from all sources and from the ten component sources was estimated based upon actual income using the double exponential smoothing forecasting technique. The estimations of permanent income, which can be thought of as expected income, were used to derive measures of permanent income inequality. The degree of actual income inequality and the degree of permanent income inequality, both being represented by the hypothetical gini coefficient , were compared and tested for statistical differences. For the entire period …

A set of forecast survey data is analyzed in this paper for properties consistent with the Rational Expectations Hypothesis. Standard statistical tests for "rational expectations" are employed utilizing consensus forecasts generated by an interest rate newsletter. Four selected variables (Fed Funds rate, M1 rate of growth, rate of change in CPI, and real GNP growth rate) are analyzed over multiple time horizons. Results tend to reject "rational expectations" for most variables and time horizons. Forecasts are more likely to meet "rationality" criteria the shorter the forecast horizon, with the notable exception of forecasts of real GNP growth.

This study is directed toward the relationship between population growth and socioeconomic development in Nigeria for the period 1960-1984. A controlled population growth would positively affect every segment of the economic and social environment. With hunger and starvation, disease, poverty and illiteracy plaguing large portions of the world, Nigeria's limited resources would best be utilized if shared among a smaller population, Nigeria, like other developing African countries, does not have an official population control policy. The diversity in the Nigerian culture, the controversial nature of the subject of population control, and possibly, implementation difficulties, account for the absence of a population control policy in Nigeria. This study offers in its concluding section some policy recommendations on how to tackle Nigeria's population problem.

Industrialization has held great attention in developing countries. Taiwan has demonstrated rapid industrial development. The problem of this study is to find out, what incentives the government in Taiwan has provided to foreign investors, what contributions foreign investment has made to capital formation and government revenue, and what been its impact on foreign trade and the balance of payments. The results of our study conclude that DFI and technology transfer can have a significant positive impact on a developing host country's industrialization.

This study is an analysis of the relationship between domestic savings and three economic indicators in the Republic of Korea during the 1950s through 1980s. While domestic saving is affected by many economic phenomena, the analysis is confined to national income, exports, and inflation. The study is divided into five chapters. These are entitled (1) Introduction, (2) Domestic Savings, (3) Income and Domestic Savings, (4) Exports and Domestic Savings, (5) Inflation and Domestic Savings. In chapter I, Korea and the Korean economy are introduced, and the scope of the study is stated. Chapter II reviews the related realm of domestic savings: definition, kinds, and determinants of domestic savings. Chapter III presents the relationship between different incomes and domestic savings, and shows non-labor income contributes more powerfully to the formation of domestic savings than labor income. Chapter IV contains effects of exports, and hypothesis testing. The effect of exports suggests that export expansion affects domestic savings positively via an increase in gross national product. Chapter V deals with the correlation between inflation and domestic savings, and its testing. The correlation between inflation and domestic savings is not generally clear except for some specific cases.

In a dualistic labor market, self-employment is classified as the informal sector because its members are usually unable to find formal jobs. In big cities throughout the world it has been reported that the urban self-employed are often faced with highly restrictive government regulations in the belief that they do not contribute very much to the output. This thesis studies the factors that can explain the successes of these self-employed such as the extent of their capital, entrepreneurial experience, and education. The discriminant analysis is used throughout the study.

Primary sources were provided by the Kenyan Embassy to the U.S.A., Kenya tourist offices in the U.S.A. and West Germany, the Economics Department at the University of Nairobi, the Ministry of Finance in Kenya, the Institute of South Africa, and the United Nations. The first chapter provides a brief explanation of the historical and economic development Kenya has experienced since independence. Chapter II deals with the historical development of Kenya's economy. Chapter III discusses the major countries' donation of aid to Kenya. Chapter IV focuses upon aid from international organizations. Chapter V develops Kenya's efforts to use foreign aid efficiently. Chapter VI looks into Kenya's prospects for development through foreign aid. Chapter VII is the conclusion.

This paper examines the Harambee Movement and how it affected Kenya's economic development. Before 1963 Kenya was a British colony and economic development favored the colonial government. At Independence the new government tried to restructure the economy for the Kenyan people. Recognizing the lack of adequate capital and a rural development program, the movement became a means by which people could provide services for themselves. These services included schools, technical training, water supply and health facilities. Sources of data were books, articles, government publications and papers published by the Institute of Development Studies, Nairobi University. The Harambee Movement flourished in the provision of educational opportunities, clean water supply and health facilities. Problems included planning, coordinating and duplication of services.

Inclusion of home ownership in national housing policy indicates that home ownership should be available to everyone. National housing policy is assumed by the author to be contained in the Housing Act of 1949: a decent home and suitable living environment for all Americans. Findings are that preferential treatment of homeowners embodied in the U.S. tax and financial structure conflicts with restrictive monetary policy and with a full employment fiscal policy. Home ownership does not meet the needs of contemporary lifestyles or of low income families. Fiscal zoning restricts access to housing for low income families. The conclusion of this thesis is that home ownership is not available to all Americans under the present federal housing programs, and therefore should not be included in national housing policy.

This paper examines the economic impact of the African Development Bank on the African continent and compares its resources and those of its counterparts, the Inter-American Development Bank and the Asian Development Bank. The first chapter of the paper discusses the evolution of regional development banks and presents the statements of the problem and the hypothesis of the study. The second chapter analyses the history of the African Development Bank Group, and the .third discusses its lending operations to 1979. The fourth chapter compares the lending activities and resources of the three regional development banks (African, Inter-American, and Asian), and the final chapter presents the paper's conclusions and recommendations.

The purpose of this study is to find causes of inflation in Korea. We hypothesized that inflation in Korea was a "mixed" inflation generated by not only monetary factors but also nonmonetary factors. The data was obtained mainly from International Finance Statistics (IMF) and Monthly Bulletin (The Bank of Korea). The first chapter introduces the Korean economy. Chapter two surveyed the effects of import prices, wages, and money supply in inflationary process. The third chapter studied some theoretical backgrounds of inflation. Chapter four analyzed the results of statistical tests. Finally, chapter five consisted of summary and policy implications.

This study is concerned with the historical development and perpetuation of the leisure class in the Colombian society. The study is based on Thorstein Veblen's Theory of the Leisure Class. The main purpose of this study is to analyze in terms of the evolution of social institutions the problems that the Colombian society faces today. Spanish values and traditions are analyzed, as well as more recent values and modes of behavior adopted by the leisure class. Institutions such as the church, the educational, employment and political apparatus are analyzed in terms of how they contribute to the perpetuation of elites. This study concludes that as long as there is economic surplus in society, a leisure class will exist. The elites forming the leisure class may be displaced by counter-elites, which in turn will conform a new leisure class.

The problem with which this investigation is concerned is determining the viability of economic development in the oil and natural gas sector in Bahrain since its independence in August 1971, and the changing role of the government in shaping oil policies and managing downstream operations. This inquiry emphasizes the importance of cooperation and coordination in the oil industry among the Arab Gulf States. This study concludes that Bahrain's economy is passing through and era which will have one of two possible endings: one will protect the independence of the country and promote cooperation with the other Arab Gulf States as a transitional stage toward a board regional unity; the other will lead Bahrain to become a commercial outlet for Saudi Arabia.

This study is an examination and comparison of the manner in which Nigeria, Iran and Libya used oil revenue for their economic development. The research methodology was the case study approach, utilizing statistical time series data, as well as a historical profile of each country's income and expenditure accounts. As a prelude to the oil injection, the pre-oil revenue economy, the history of the oil industry, and the previously implemented development plans of each of these nations is surveyed. The impact of the oil revenues on the standard of living and the non-oil sectors of these economies is examined. The paper concludes with projections concerning each country's ability to continue to promote economic development when its exhaustible oil reserves runs out.