An Analysis of the Heterogeneous Effects of Promise Programs on Public Community College Enrollment [pdf]
Master's Thesis at the University of Chicago
Abstract: In this study, I analyze the heterogeneous enrollment effects of a pool of 17 first-dollar promise programs enacted in Illinois and Wisconsin that each target a specific public community college. I use a difference-in-differences design on a 2004-2018 institution-year panel dataset, wherein promise-eligible institutions are compared to promise-ineligible institutions located in the two states. I find that the enactment of this pool of promise programs resulted in a 7.9% increase in total Fall enrollment, a 5.7% increase in the number of White students enrolling in the Fall, and an 11.3% increase in the number of Fall enrollees that receive Pell Grants (used as a proxy for the number of low-income students). I also find that these effects are dynamic, with the average effect for the second year of program implementation and onwards, being greater than the effect for the first year of program implementation. A notable finding is that the enrollment effects for Asians, Blacks, and Hispanics are statistically indistinguishable from zero.
The Financial Market Effects of Monetary Financing: The Case of Indonesia and the Philippines during the COVID-19 Pandemic [pdf]
Master's Thesis at the London School of Economics and Political Science
Abstract: This paper contributes to the literature on monetary financing (MF) by (1) providing a list of possible transmission channels through which MF could affect financial markets and (2) investigating empirically the effects of all the MF policies conducted in Indonesia and the Philippines during the COVID-19 pandemic. Using a high-frequency event-study methodology, I find that the total effects of MF on treasury yields, the currency spot rate, stock and corporate bond indices, and the CDS rate are all statistically indistinguishable from zero for both countries. When only focusing on the last two MF policies in Indonesia (which had the largest magnitudes and were the most unconventional), the results show that MF actually depressed treasury yields for medium and long-term tenors, with effects sizes being 15 and 16 basis points for 5 and 10 year tenors respectively. I argue that this arises from a supply channel, wherein MF lowers yields by lowering the supply of government bonds in the open market. Overall, there is no evidence that MF led to adverse effects in financial markets (such as higher treasury yields or currency depreciation) that could hamper the economic recovery of Indonesia and the Philippines from the COVID-19 pandemic. This supports the view that MF is a viable and cost-effective tool that governments could use to stimulate the economy in the wake of extraordinary circumstances.
The Determinants of Household Educational Expenditures in the Philippines (with Carlos John Mejia) [pdf]
Undergraduate Thesis at the University of the Philippines, Diliman
Abstract: In this study, the determinants of household educational expenditures in the Philippines are analyzed. The factors considered include permanent income (proxied by total expenditures), household characteristics and government transfers. A Tobit model is used and the results show that the significant determinants include permanent income, regional location, government transfers, the number of preschool, highschool and elementary aged children, as well as the age, gender, and civil status of the household head. The results suggest that programs, such as the 4Ps, that combine cash transfers with family development sessions, should be continued and expanded. These programs should be targeted towards vulnerable households, which are those with low incomes, a higher number of children, single and young heads, and those located in Regions 1, 7 and NCR. Furthermore, educational programs on family planning and responsible parenting should be provided to the youth, to ensure that they would become responsible parents that provide educational opportunities to their children.