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THORNTON MATHESON
1228 Dale Drive
Silver Spring, MD 20910
(301) 495-8808
[email protected]
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 USAIDfunded research institute.
Consultant, World Bank, Washington, DC (Summer 1998). Investigated progress of Bank’s anticorruption 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
Department of Economics
University of Maryland
College Park, MD 20742
301-405-3479
[email protected]
Dr. Peter Murrell
Department of Economics
University of Maryland
College Park, MD 20742
301-405-3476
[email protected]
Dr. Wallace Oates
Department of Economics
University of Maryland
College Park, MD 20742
301-405-3496
[email protected]
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.