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作者：Basco, Sergi; Felice, Giulia; Merlevede, Bruno; Mestieri, Marti
作者单位：University of Barcelona; Polytechnic University of Milan; Ghent University; Pompeu Fabra University; Barcelona School of Economics; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Centre for Economic Policy Research - UK
摘要：This paper empirically examines the effects of financial crises on the organization of production of multinational enterprises. We construct a panel of European multinational networks from 2003 through 2015. We compute a multinational-specific shock based on the geographical structure of the network and the extent of the financial crisis in the countries belonging to the network. We document that multinationals facing a larger shock to their network experience lower growth in their number of a...
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作者：Hardy, Bryan; Saffie, Felipe
作者单位：Bank for International Settlements (BIS); University of Virginia; National Bureau of Economic Research
摘要：We use detailed firm-level data from Mexico to document that non-financial corporations engage in carry trades by borrowing in foreign currency (FX) and lending in domestic currency, largely in the form of trade credit, accumulating currency risk in the process. Firms are more active in carry-trades when FX borrowing is relatively cheaper and build currency risk by accumulating peso assets. We use the 2009 Mexican peso depreciation to show that firms that were more active in carry trades exper...
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作者：Alessandria, George; Khan, Shafaat Yar; Khederlarian, Armen
作者单位：University of Rochester; National Bureau of Economic Research; The World Bank
摘要：We study the effects on international trade from the annual tariff uncertainty about China's MFN status renewal in the U.S. prior to joining the WTO. We have four main findings. First, in the monthly data, trade increases significantly in anticipation of uncertain future increases in tariffs and falls upon renewal. The peak -to -trough swings in trade are 62 percent of the possible tariff change. Second, the probability of a tariff increase was perceived to be relatively small, with an average...
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作者：Friebel, Guido; Manchin, Miriam; Mendola, Mariapia; Prarolo, Giovanni
作者单位：Goethe University Frankfurt; Centre for Economic Policy Research - UK; IZA Institute Labor Economics; Polytechnic University of Milan; University of Milano-Bicocca; University of Bologna
摘要：The 2011 Arab Spring marked the opening of the Central Mediterranean Route for irregular border crossings between Libya and Italy, which produced heterogeneous reductions of bilateral smuggling distances between country pairs in the Mediterranean region. We exploit this source of spatial and temporal variation in bilateral distance along land and sea routes to estimate the elasticity of irregular migration intentions for African and Near East countries. We estimate an elasticity of migration i...
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作者：Dainauskas, Justas
作者单位：Reed College - Portland
摘要：I develop a production network model of the world economy that features Transcendental Logarithmic (a.k.a. translog) aggregators of varieties. This gives rise to variable substitution elasticities that consistent with the evidence are inversely related to the importer expenditure shares per exporter at the country-sector level. I quantify the model using data for 1970-2018 from 19 OECD economies and 30 sectors. Compared to the analogous constant elasticity version of the model, I find that the...
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作者：Jiang, Kun; Keller, Wolfgang; Qiu, Larry D.; Ridley, William
作者单位：Sun Yat Sen University; University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Lingnan University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We study the economics of international joint ventures using administrative data for China. We first show that foreign investors choose Chinese partners that are relatively large, productive, and more innovative to set up their joint venture. Using a difference -in -differences framework, we then provide evidence that joint ventures lead to domestic benefits in the form of productivity and technological spillovers to both the Chinese partners in joint ventures as well as other domestic Chinese...
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作者：Bartelme, Dominick; Lan, Ting; Levchenko, Andrei A.
作者单位：International Monetary Fund; University of Michigan System; University of Michigan; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper estimates the impact of external demand shocks on real income. We utilize a first order approximation to a wide class of small open economy models that feature sector -level gravity in trade flows, which allows us to measure foreign shocks and characterize their welfare impact in terms of reduced -form elasticities. We use machine learning techniques to group 4digit manufacturing sectors into a smaller number of clusters, and show that the cluster -level elasticities of income with ...
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作者：Flaccadoro, Marco
作者单位：European Central Bank; Bank of Italy
摘要：This paper analyses the exchange rate pass -through in small, open, commodity-exporting economies, taking Canada as a case study. I estimate it as being conditional on commodity shocks and compare the results with those of a standard approach, showing that the passthrough sign changes drastically across frameworks for consumer prices. My approach leads to a positive pass -through, thus implying a positive co-movement between exchange rate appreciation and consumer price inflation, conditional ...
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作者：Liu, Siming; Ma, Chang; Shen, Hewei
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Fudan University; University of Oklahoma System; University of Oklahoma Health Sciences Center
摘要：Over the past two decades, emerging market economies have improved their liability structures by increasing the share of their debt denominated in local currency. This paper introduces a local currency debt (i.e., in units of aggregate consumption) into a sudden stop model and explores how this alternative structure sheds new perspectives on financial regulations. Decentralized agents do not internalize the effects of their portfolio decisions on financial amplification and undervalue the insu...
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作者：Ornelas, Emanuel; Turner, John L.
作者单位：Getulio Vargas Foundation; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of London; London School Economics & Political Science; University System of Georgia; University of Georgia
摘要：Rules of origin offer preferred market access for final goods whose inputs originate mostly within a free trade agreement. Governments often champion such rules for boosting investment. We use a property -rights framework to study when this motivation is justifiable. The rule does not bind for all supply chains, as some (very -high -productivity) suppliers comply in an unconstrained way and some (very -low -productivity) suppliers do not comply. For those suppliers it affects, the rule both in...
