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作者：Oskolkov, Aleksei; Sora, Marcos
作者单位：University of Chicago
摘要：We study macroprudential policy aimed at domestic debt denominated in different currencies. We model a small open economy with entrepreneurs and workers who save and borrow in domestic and foreign currency. Financial frictions make dollar debt on entrepreneurs' balance sheets especially disruptive when the exchange rate depreciates. Falling output causes additional depreciation; this amplification provides a rationale for de-dollarization. On the other hand, de-dollarization is costly because ...
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作者：Broner, Fernando; Didier, Tatiana; Schmukler, Sergio L.; von Peter, Goetz
作者单位：Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); The World Bank; Bank for International Settlements (BIS)
摘要：This paper presents novel stylized facts about the rise of the South in global finance using country-to-country data. To do so, the paper assembles comprehensive bilateral data on cross-border bank loans and deposits, portfolio investment, foreign direct investment, and international reserves from 2001 to 2018. The main findings are that investments involving the South, and especially within the South, have grown faster than those within the North. By 2018, South-to-South investments accounted...
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作者：Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain
作者单位：European University Institute; European Central Bank; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：How should monetary policy respond to excessive capital inflows that appreciate the currency and widen the external deficit? Using the workhorse open-macro model, we derive a quadratic approximation of the utility-based global loss function in incomplete market economies, and solve for the optimal targeting rules under cooperation. The optimal monetary stance is expansionary if the exchange rate pass-through (ERPT) on import prices is complete, contractionary if nominal rigidities attenuate ER...
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作者：Tran-Xuan, Monica
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：How should governments with a preference for redistribution design tax policies when facing limited borrowing? This paper studies optimal taxation in a small open economy with hetero-geneous agents and endogenous debt constraints arising from the government's limited com-mitment to fiscal policies. The optimal labor tax decreases over time and is nonzero in the limit, and the optimal capital and domestic borrowing taxes are positive in the limit, deviating from the standard Ramsey tax results....
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作者：Erbahar, Aksel; Rebeyrol, Vincent
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Tinbergen Institute; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：This paper shows that manufacturing exporters export goods that they have not produced and thus also act as trade intermediaries. The geographical dimension of the data reveals that al-most half of these exports of sourced products are purely intermediated: to many destina-tions, firms export sourced products only. We find that this type of intermediation is ubiquitous across firms, products, and destinations, and is robust to a battery of alternative def-initions. These findings show that tra...
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作者：Monacelli, Tommaso; Sala, Luca; Siena, Daniele
作者单位：Bocconi University; Bocconi University; Polytechnic University of Milan
摘要：We construct factor utilization-adjusted measures of aggregate TFP for a sample of advanced (AEs) and emerging market small open economies (EMEs). We estimate the effects of real interest rate shocks on TFP and GDP using structural VARs. The results are starkly different in the two groups of countries. While TFP is pro-cyclical in both sets of countries, lower real interest rates -a proxy for capital inflows -lead to productivity booms in EMEs, whereas they lead to a contraction in productivit...
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作者：Asonuma, Tamon; Niepelt, Dirk; Ranciere, Romain
作者单位：International Monetary Fund; University of Bern; University of Southern California
摘要：We document that creditor losses (haircuts) during sovereign debt restructurings vary across debt maturity. In our novel dataset on instrument-specific haircuts suffered by private creditors in 1999-2020 we find larger losses on short- than long-term debt, independently of the specific haircut measure we use. A standard asset pricing model rationalizes our findings under two assumptions, both of which are satisfied in the data: increasing short-run restructuring risk in the run-up to a restruc...
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作者：Brander, James A.; Spencer, Barbara J.
作者单位：University of British Columbia; National Bureau of Economic Research
摘要：This paper examines intellectual property litigation as a method of protection from patent -infringing imports. Claims against patent-infringing imports entering the United States may be filed before the International Trade Commission (ITC) or in district court. The ITC applies in-junctions (import prohibitions) that would seem to provide more protection from infringing imports than the standard license fee remedy in court. Settlements prior to legal adjudication are common in both venues. Usi...
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作者：Chernov, Mikhail; Creal, Drew; Hoerdahl, Peter
作者单位：University of California System; University of California Los Angeles; University of Notre Dame; Bank for International Settlements (BIS)
摘要：We study the dynamic properties of sovereign bonds in emerging markets and their associated risk premiums. We focus on the properties of credit spreads, exchange rates, and their interac-tion. Relying on the term structure of local currency bonds issued by Asia-Pacific sovereigns, we find that local variables are significant in the dynamics of currency and credit risk, and the components of bond risk premiums reflecting these risks. Local currency bonds dramati-cally improve the investment fro...
