THORNTON MATHESON 1228 Dale Drive Silver Spring, MD 20910 (301) 495-8808 Matheson@econ.umd.edu EDUCATION Ph.D., Economics, University of Maryland at College Park, expected December 2001. M.A., International Relations, The Johns Hopkins University School of Advanced International Studies (SAIS), Washington, DC, May 1992. B.A., Literature, magna cum laude, Yale University, New Haven, CT, May 1985. THESIS Title: Decentralization and Economic Transition in the Russian Federation: the Determinants of Regional Public and Private Investment Advisor and Committee Chair: Professor Roger Betancourt FIELDS OF SPECIALIZATION Primary: Public Finance, Transitional and Developing Economies Secondary: Institutional Economics, International Economics PUBLICATIONS AND PAPERS “Domestic vs. Foreign Investment in Russia’s Regions, 1995-1999,” first chapter of dissertation, November 2001. “Fiscal Redistribution and Regional Public Investment in the Russian Federation, 1994-1997,” second chapter of dissertation, November 2001. “Decentralization and Social Welfare in the Minority Provinces of the Philippines”, with Omar Azfar. Presented at the Institutional Reform and the Informal Sector (IRIS) Conference, Washington, DC, May 1999. “Market-Mobilized Capital,” with Omar Azfar and Mancur Olson. Working Paper #233, The IRIS Center, University of Maryland, College Park, MD, July 1999. HONORS AND AWARDS Graduate Assistantship, University of Maryland at College Park, 1994-1999. Graduation with Honors, The Johns Hopkins School of Advanced International Studies, 1992. Honors in the Literature Major, gradus delatus magna cum laude, Yale University, 1985. TEACHING EXPERIENCE Graduate Teaching Assistant, Principles of Macroeconomics, University of Maryland, College Park, MD (September 1994-May 1996). RESEARCH EXPERIENCE Graduate Research Assistant, The Center for Institutional Reform and the Informal Sector (IRIS), University of Maryland, College Park, MD (January 1998 – May 1999). Conducted empirical Matheson – page 2 research on the impact of public institutions on welfare and economic performance for USAID- funded research institute. Consultant, World Bank, Washington, DC (Summer 1998). Investigated progress of Bank’s anti- corruption initiative in Europe and Central Asia. Graduate Research Assistant to Professor Mancur Olson, University of Maryland, College Park, MD (September 1996 – May 1997). Researched causes of persistent unemployment in EU countries. Government Policy Research Associate, Tudor Investment Company, Washington, DC (August 1992 – May 1994). Researched and reported on G7 fiscal and monetary policy developments impacting financial markets for international hedge fund. Served on Clinton administration transition team covering the Federal Reserve System. Consultant, Price Waterhouse International Privatization Group, Washington, DC (July 1991 – May 1992). Researched and reported on global privatization for USAID-funded project. Managing Editor, Institutional Investor, New York, NY (November 1988 – May 1990). Reported on US and international financial markets for several professional newsletters; edited bond market weekly; managed staff of three reporters. REFERENCES Dr. Roger Betancourt Dr. Peter Murrell Dr. Wallace Oates Department of Economics Department of Economics Department of Economics University of Maryland University of Maryland University of Maryland College Park, MD 20742 College Park, MD 20742 College Park, MD 20742 301-405-3479 301-405-3476 301-405-3496 Betancou@econ.umd.edu Murrell@econ.umd.edu Oates@econ.umd.edu THESIS ABSTRACT The thesis comprises two studies of regional investment in transitional Russia: one on private domestic and foreign investment and the other on local public investment. The first study constructs a general equilibrium model of a regional economy with non-traded goods, industrial specialization and public inputs to predict the impact of economic liberalization on regional capital returns and investment flows. Random effects estimation of a 73-region panel covering 1995-1999 shows that, whereas foreign direct investment in the Russian regions follows the pattern predicted by the model, flowing into regions with more dynamic industries and better public policy environments, domestic investment remains tightly correlated with local income and is largely unresponsive to regional policy environments. This suggests that domestic capital is highly immobile between regions, which undermines incentives for regional governments to enact pro-market policies. The second essay tests the theory that interregional fiscal redistribution creates a disincentive for regional governments to promote local economic growth through public investment. A simple model of local government expenditure shows that revenue redistribution from rich to poor regions diverts public spending from investment to consumption. Random effects estimation of a 74-region panel covering 1994-1997 shows that regional public investment depends negatively on federal subsidization``. PERSONAL INFORMATION U.S. citizen. Married with two children. Foreign languages: German (fluent), French (fluent), Russian (novice). Volunteer for the Nature Conservancy and the Barker Welfare Foundation.
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