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作者：Santamaria, Marta; Ventura, Jaume; Yesilbayraktar, Ugur
作者单位：University of Warwick; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; University of Duisburg Essen
摘要：We use the new dataset of trade flows across 269 European regions in 24 countries constructed in Santamaria et al. (2020) to systematically explore for the first time trade patterns within and across country borders. We focus on the differences between home trade, country trade and foreign trade. We document the following facts: (i) European regional trade has a strong home and country bias, (ii) geographic distance and national borders are important determinants of regional trade, but cannot ...
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作者：Garg, Shresth; Ghosh, Pulak; Tan, Brandon Joel
作者单位：Harvard University; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：There are competing theories on whether vertical ownership is motivated by the transfer of physical inputs or the transfer of intangibles. Using administrative data on the universe of goods shipments in Karnataka, India, we show that the supply of goods along the production chain is an important rationale for vertical integration. First, we develop and estimate a gravity model of input sourcing, and find that: (1) establishments have a strong preference for sourcing their physical inputs from ...
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作者：de Walque, Gregory; Lejeune, Thomas; Rannenberg, Ansgar; Wouters, Raf
作者单位：European Central Bank; National Bank of Belgium; University of Liege
摘要：We investigate the difficulties of the canonical open New Keynesian model to i) reproduce the observed exchange rate pass-through disconnect, i.e. a pass-through high for import prices and low for consumer prices, and ii) to generate international business cycle synchronization. The literature tackled them separately: i) strategic complementarities for exporting firms to mitigate the pass-through to consumer prices and ii) intermediate inputs trade to enhance cross-border spillovers. We prove ...
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作者：Cakmakli, Cem; Demiralp, Selva; Ozcan, Sebnem Kalemli; Yesiltas, Sevcan; Yildirim, Muhammed A.
作者单位：Koc University; University System of Maryland; University of Maryland College Park; Durham University; National Bureau of Economic Research; Harvard University
摘要：We quantify the macroeconomic effects of COVID-19 for a small open economy. We use a two-country framework combined with a sectoral SIR model to estimate the effects of collapses in foreign demand and supply. The small open economy (country one) suffers from domestic demand and supply shocks due to its own pandemic. In addition, there are external shocks coming from the rest of the world (country two). Aggregate exports of the small open economy decline when foreign demand goes down, and aggre...
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作者：Cusolito, Ana P.; Darova, Ornella; McKenzie, David
作者单位：The World Bank; University of Pennsylvania; The World Bank
摘要：The limited market size of many small emerging economies is a key constraint to the growth of innovative small and medium enterprises. Exporting offers a potential solution, but firms may struggle to locate and appeal to foreign buyers. We conducted a six-country randomized experiment with 225 firms in the Western Balkans to test the effectiveness of 30 h of live groupbased training and 5 h of one-on-one remote consulting in overcoming these constraints. Treated firms used techniques such as s...
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作者：Ossa, Ralph; Staiger, Robert W.; Sykes, Alan O.
作者单位：University of Zurich; Dartmouth College; National Bureau of Economic Research; Stanford University
摘要：International investment agreements employ dispute settlement procedures that differ markedly from their counterparts in trade agreements. A prominent and controversial differ-ence arises with respect to the issue of standing: Who has the right to complain to adjudica-tors about a violation of the agreement? While trade agreements limit standing to the member governments (state-to-state dispute settlement), investment agreements routinely extend standing to private investors as well (investor-...
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作者：Bricongne, Jean-Charles; Delpeuch, Samuel; Lopez-Forero, Margarita
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Universite Paris Saclay
摘要：Based on French firm-level data, we evaluate the contribution of the micro-level profit-shifting -through tax haven foreign direct investments- to the aggregate productivity slowdown mea-sured in France. We show that firm measured productivity in France declines over the years following the establishment in a tax haven, with an average estimated drop by 3.5% in appar-ent labor productivity. To isolate the contribution of multinational enterprises' (MNEs) tax optimization to the decline in prod...
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作者：Egger, Peter H.; Loumeau, Gabriel; Loumeau, Nicole
摘要：We document an unprecedented change in the size and the quality of China's transport -infrastructure network between 2000 and 2013 based on hand-collected and digitized data on roads and railways. The changes are summarized and portrayed as shortest-possible trans-port times of people and goods between 330 prefectures of mainland China. A quantitative model of China's prefectures and a Rest of the World, featuring both goods trade and migra-tion, suggests that the transport-infrastructure chan...
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作者：Traiberman, Sharon; Rotemberg, Martin
作者单位：New York University; National Bureau of Economic Research
摘要：We characterize optimal trade policy when there is a potential crisis: an increase in demand for goods produced abroad. In our model, comparative advantage is endogenous, as countries cannot start producing new goods after the shock. In anticipation, the optimal policy uses tariffs to encourage the production of more goods. For marginally competitive goods, the optimal policy trades off comparative advantage and demand. However, the home planner never protects goods where comparative advantage...
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作者：Breedon, Francis; Chen, Louisa; Ranaldo, Angelo; Vause, Nicholas
作者单位：University of London; Queen Mary University London; University of Sussex; University of St Gallen; Swiss Finance Institute (SFI); Bank of England
摘要：A key issue for decentralised markets like FX is how the market responds to extreme situations. Using data on FX transactions with a precise identification of Algorithmic trading (AT), we find that AT, broadly defined, appears to have contributed to the deterioration of market quality fol-lowing the removal of the cap on the Swiss franc on 15 January 2015 by withdrawing liquidity and generating uninformative volatility. We also find that the Swiss National Bank, after ini-tially stepping aside...
