The dissertation consists of three papers exploring the macroeconomic implications of heterogeneity of countries in financial development, economic interconnectedness via trade and financial linkages. | Accounting undergraduate Honors theses: Essays on international trade and finance University of Arkansas, Fayetteville ScholarWorks@UARK Theses and Dissertations 5-2012 Essays on International Trade and Finance Amat Adarov University of Arkansas, Fayetteville Follow this and additional works at: Part of the Finance Commons, International Economics Commons, and the Macroeconomics Commons Recommended Citation Adarov, Amat, "Essays on International Trade and Finance" (2012). Theses and Dissertations. 307. This Dissertation is brought to you for free and open access by ScholarWorks@UARK. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of ScholarWorks@UARK. For more information, please contact scholar@, ccmiddle@. ESSAYS ON INTERNATIONAL TRADE AND FINANCE ESSAYS ON INTERNATIONAL TRADE AND FINANCE A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Economics By Amat B. Adarov Altai State Technical University Bachelor of Arts in Economics, 2003 University of Arkansas Master of Arts in Economics, 2007 May 2012 University of Arkansas ABSTRACT The dissertation consists of three papers exploring the macroeconomic implications of heterogeneity of countries in financial development, economic interconnectedness via trade and financial linkages. Chapter 1 examines whether countries which are more centrally located in the global trade network have more synchronized stock markets. Global trade data is used to construct a novel measure of random walk betweenness centrality (RWBC), measuring the extent to which a country lies on random pathways in-between other countries and is therefore likely to be a conduit in the transmission of a shock across global markets. Based on a panel dataset of .
