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作者：Arkolakis, Costas; Uribe, Martin
作者单位：Yale University; Columbia University
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作者：Kucheryavyy, Konstantin; Lyn, Gary; Rodriguez-Clare, Andres
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Federal Reserve System - USA; Federal Reserve System Board of Governors; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：In this paper we characterize the set of equilibria in a generalized version of the canonical two- region economic geography model that nests the class of models in Allen and Arkolakis (2014) as well as Krugman (1991) and features an input-output loop. We provide sufficient conditions for uniqueness of equilibria that - in contrast to the well-know result in Allen and Arkolakis (2014) - allow for positive agglomeration externalities, which concentrate economic activity, even in the absence of ...
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作者：Nissinen, Juuso; Sihvonen, Markus
作者单位：Aalto University; Bank of Finland
摘要：A convenience yield represents a difference between yield on a safe bond and yield on a synthetic safe bond, constructed by combining a risky bond with a CDS contract. We explain the shapes of eurozone sovereign convenience curves using a model in which arbitrageurs face higher funding costs on bonds with credit risk and bond demand shocks induce funding risk. We provide novel causal evidence for our mechanism using variation in funding costs generated through exogenous haircut category change...
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作者：Liu, Zheng; Spiegel, Mark M.; Zhang, Jingyi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Shanghai University of Finance & Economics
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作者：Berthou, Antoine; Mayer, Thierry; Mesonnier, Jean-Stephane
作者单位：European Central Bank; Bank of France; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Banks support exporters in foreign markets by providing them with credit, trade finance instruments or information about business opportunities. Repeated interactions with clients allow them to develop an expertise in specific markets - a geographical specialization. We develop a theoretical model where the specialization of banks translates into lower export costs for their clients through both the cost of credit and an information channel. The model predicts that the geographical specializat...
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作者：Besedes, Tibor; Chu, Jing; Murshid, Antu Panini
作者单位：University System of Georgia; Georgia Institute of Technology; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：We exploit exogenous shocks to flight distances over time to estimate the distance effect in airborne trade within panel regressions. We find a negative distance effect, which we interpret as evidence of a link between transportation costs and airborne trade. Notably, this relationship is driven almost entirely by changes at the extensive margin. Specifically, trade in HS 6 product categories with intermittent trading histories becomes dormant when flight distances increase. Conversely, the in...
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作者：Ding, Haoyuan; Lin, Shu; Wu, Shujie; Ye, Haichun
作者单位：Shanghai University of Finance & Economics; Chinese University of Hong Kong; Zhejiang University; The Chinese University of Hong Kong, Shenzhen
摘要：We study the financial spillovers of Foreign Direct Investment (FDI) to local suppliers through a trade credit channel and a bank loan channel. Using rich Chinese firm-level data, we provide robust evidence that a high concentration of FDI in downstream industries substantially reduces domestic suppliers' trade credit provision and improves their access to bank loans, especially unsecured loans. A variety of empirical strategies suggest that the effects are causal. Furthermore, the beneficial ...
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作者：Choi, Jaerim; Hyun, Jay; Park, Ziho
作者单位：Yonsei University; Universite de Montreal; HEC Montreal; National Taiwan University; Universite de Montreal; HEC Montreal; Yonsei University; National Taiwan University
摘要：This paper shows that the ancestry composition shaped by century-long immigration to the US can explain the current structure of global supply chains. Using an instrumental variable strategy combined with a novel dataset that links firm-to-firm global supply chains with their location information and historical migration data, we find that the co-ethnic networks have a positive causal impact on global supply chain relationships between foreign countries and US counties. The positive impact not...
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作者：Berthou, Antoine; Stumpner, Sebastian
作者单位：European Central Bank; Bank of France
摘要：To curb the effect of the Covid-19 pandemic on public health, many countries around the world introduced lockdown policies in 2020. This paper estimates the effect of these lockdowns on international trade flows using a rich dataset of monthly bilateral trade flows covering over 80% of world trade. We first document that both exporter and importer lockdowns significantly reduced trade flows, that this effect differed substantially across sectors, and has been declining over time. We then decom...
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作者：Lloyd, Simon P.; Marin, Emile A.
作者单位：Bank of England; University of California System; University of California Davis
摘要：How does optimal capital-flow management change with prevailing trade policies? We study the joint optimal determination of capital controls and trade tariffs in a two-country, two-good model with trade in goods and assets. Because countries are large in both markets, a countryplanner can achieve higher domestic welfare by departing from free trade in addition to levying capital controls, despite the cooperative optimal allocation being efficient. However, time variation in the optimal tariff ...
