Olena Staveley-O'Carroll

Associate Professor of Economics
Department of Economics and Accounting

Education: Ph.D. and M.A., Economics, Georgetown University
                     B.A., Economics, Mathematics, Chemistry, Lakeland University

Fields: Open economy macroeconomics, international capital
             movements, monetary policy

Contact omykhayl@holycross.edu       (508) 793-2736
                  Stein Hall 540       Mailbox 227A

Curriculum Vitae

Working Papers

Do Credit Ratings Matter? An Examination of the Relationship Between Sovereign Ratings and Capital Flows Pre- and Post-Financial Crisis

Joint with Robert Baumann and Gregory Violante (class of 2017)
Abstract: We examine the relationship between sovereign credit ratings and international equity and bond inflows pre- and post-Great Recession using 1996--2016 annual data for 53 countries. The ratings are statistically significant for both equity and debt inflows in the full sample. After splitting the data into pre- and post-crisis periods, we find that ratings go from being significant in the 1996--2007 subsample to insignificant in the 2010--2016 period. These results support the hypothesis that adverse reputational effects weakened the value of rating agencies in investors' decision-making process after the Great Recession.

Recent Publications

International Welfare Spillovers of National Pension Schemes, joint with James Staveley-O'Carroll. Forthcoming in The B.E. Journal of Macroeconomics (published online on July 13, 2020).

International Risk Sharing in Overlapping Generations Models, joint with James Staveley-O'Carroll. Economics Letters (2019), 174, 157–160.

Nonlinearities in the Real Exchange Rates: New Evidence from Developed and Developing Countries, joint with Yamin Ahmad and Ming Chien Lo. Applied Economics (2019), 51, 2731–2743.

Exchange Rate Targeting in the Presence of Foreign Debt Obligationsjoint with James Staveley-O'Carroll. Journal of Macroeconomics (2018), 56, 113–134.

Exploring International Differences in Inflation Dynamics, joint with Yamin Ahmad. Journal of International Money and Finance (2017), 79, 115-135.

Impact of Pension System Structure on International Financial Capital Allocationjoint with James Staveley-O'Carroll. European Economic Review (2017), 95, 1–22.

Financial Liberalization and International Portfolio Holdings, joint with Pedro de Araujo and James Staveley-O'Carroll. Empirical Economics (2015), 49, 213–234.

Courses

Economics of the European Union (Econ 210)

Macroeconomics (Econ 256)

International Finance (Econ 330)