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作者：Crowley, Meredith A.; Han, Lu; Prayer, Thomas
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; Bank of Canada; University of London; London School Economics & Political Science
摘要：How does trade policy affect competition? Using the universe of product exports by firms from eleven low and middle income countries, we document that tariff reductions under trade agreements have strong pro-competitive effects - they encourage entry and reduce the (tariff exclusive) price-cost markups of exporters. This finding, that markups fall with tariff cuts, contradicts a core prediction of standard oligopolistic competition models of trade. We extend a workhorse international pricing m...
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作者：Caliendo, Lorenzo; Feenstra, Robert C.
作者单位：Yale University; National Bureau of Economic Research; University of California System; University of California Davis
摘要：We derive a small open economy (SOE) as the limit of an economy as the number or size of its trading partners goes to infinity and trade costs also go to infinity. We obtain this limit in the Armington, Eaton-Kortum, Krugman, and Melitz models. In all cases, the trade of the SOE with the foreign countries approaches a finite limit, and the domestic expenditure share for the SOE approaches a limit that is not zero or unity. The foreign countries can be either infinitely many SOEs, or alternativ...
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作者：Fadinger, Harald; Herkenhoff, Philipp; Schymik, Jan
作者单位：University of Mannheim; Centre for Economic Policy Research - UK; Johannes Gutenberg University of Mainz
摘要：We examine the effects of unilateral structural reforms within a currency union. Focusing on the surge of German competitiveness following the introduction of the Euro, we first provide reduced-form causal evidence supporting the notion that German structural labormarket reforms in the early 2000s led to a crowding-out of manufacturing employment in other Eurozone economies. To assess the impact of this German competitiveness shock, we build a quantitative multi-sector trade model that feature...
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作者：Asonuma, Tamon; Chamon, Marcos; Erce, Aitor; Sasahara, Akira
作者单位：International Monetary Fund; Universidad Publica de Navarra; Keio University
摘要：Sovereign debt restructurings are associated with declines in the growth of GDP, investment, bank credit to the private sector and capital flows. Our empirical findings show that the intensity of these losses depends on two aspects: whether the restructuring preempts a default and the extent of the reliance of the country's private sector on domestic bank credit. Post-default restructurings are associated with worse outcomes than restructurings that take place preemptively without missing paym...
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作者：Borusyak, Kirill; Jaravel, Xavier
作者单位：University of California System; University of California Berkeley; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science
摘要：What is the nature of the distributional effects of trade? This paper demonstrates conceptually and empirically the importance of trade -induced horizontal inequality,i.e. inequality that occurs among workers with the same level of earnings before the trade shock. This type of inequality does not affect the income distribution but generates winners and losers at all income levels. To quantify the horizontal inequality and changes in the income distribution induced by trade in a data -driven wa...
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作者：Sharma, Rishi R.; Sparber, Chad
作者单位：Colgate University
摘要：The H -1B program allows firms in the United States to temporarily hire high -skilled foreign citizens. The government restricts inflows of new H -1B workers and therefore creates potential rents typical of a quota. Importantly, however, the US allocates H -1B status by random lottery. We develop a theoretical model demonstrating that this lottery creates a negative externality that destroys quota rents by incentivizing firms to search for more workers than can actually be hired. Some firms sp...
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作者：Ersahin, Nuri; Giannetti, Mariassunta; Huang, Ruidi
作者单位：Southern Methodist University; Stockholm School of Economics
摘要：Using textual analysis of earnings conference calls, we quantify firms' supply chain risk and explore how firms react when supply chain risk increases. We show that firms with supply chains that span across continents, multinationals, and firms with fewer suppliers of an input face higher supply chain risk. In addition, firms exhibit high supply chain risk when their suppliers also do so. Firms manage supply chain risk by establishing relationships with closer and domestic suppliers and with s...
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作者：Mccully, Brett A.
作者单位：Collegio Carlo Alberto
摘要：Nearly $2 trillion of illegally trafficked goods flow across international borders every year, generating violence and other social costs along the way. Due to the absence of legal contracts and the challenge of finding trading partners in an illegal market, traffickers may rely on co- ethnic networks to facilitate trade. In this paper, I use novel microdata on the universe of large illegal drug confiscations in Spain to provide the first causal estimates of how immigrants and immigration poli...
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作者：Freund, Caroline; Mattoo, Aaditya; Mulabdic, Alen; Ruta, Michele
作者单位：University of California System; University of California San Diego; The World Bank; International Monetary Fund
摘要：This paper examines the reshaping of supply chains using detailed US 10-digit import data between 2017 and 2022. The results show that while US-China decoupling in bilateral trade is real, supply chains remain intertwined with China. Over the period, China's share of US imports fell from 22 % to 16 % as a result of US tariffs. US imports from China are being replaced with imports from large, developing countries with revealed comparative advantage in a product. In strategic industries, countri...
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作者：Huang, Yi; Panizza, Ugo; Portes, Richard
作者单位：Fudan University; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：We use firm-level data to analyze international bond issuance by Chinese non-financial corporations, distinguishing those by sectors classed as 'risky'. Dollar issuance is positively correlated with the differential between domestic and foreign interest rates, and this effect is particularly strong for firms in risky sectors. Strikingly, firms in risky sectors use the proceeds to do more interfirm lending than firms in non-risky sectors. Moreover, this lending rose significantly after the auth...
