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作者：Fonseca, Luis; Nikalexi, Katerina; Papaioannou, Elias
作者单位：European Central Bank; University of London; London Business School
摘要：The internationalization of corporate control is a complex and poorly understood aspect of globalization, as it is challenging to trace controlling shareholders due to often opaque structures of ownership. We identify controlling shareholders for 22,000 listed firms to study the globalization of control. The network of international control appears very sparse, with strong home bias. A baseline gravity structure works well, as bilateral links are more potent for populous, affluent, and proxima...
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作者：Fieler, Ana Cecilia; Harrison, Ann E.
作者单位：Yale University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：In panel data on Chinese establishments spanning the 2001 WTO accession, import competition is associated with increases in revenue productivity. We propose a model that interprets this (and additional evidence) as firms choosing to differentiate their products to escape import competition. In the model, the profit from endogenous differentiating is decreasing in trade costs and is an inverted U-shaped function of productivity. We estimate the model and study a counterfactual trade liberalizat...
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作者：Huang, Yi; Lin, Chen; Liu, Sibo; Tang, Heiwai
作者单位：Fudan University; University of Hong Kong; Hong Kong Baptist University; University of Hong Kong
摘要：We study the financial implications of the 2018-2019 U.S.-China trade war for global supply chains. Around the dates when higher tariffs are announced, U.S. firms that depend more on exports to and imports from China experience larger declines in market value, with the negative effect spilling over to the affected firms' suppliers and customers through production networks. The trade war effect is mainly concentrated among U.S. firms that sell to Chinese customers with low R&D intensity or outs...
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作者：Oskolkov, Aleksei
作者单位：University of Chicago
摘要：This paper studies the role of exchange rate regimes in shaping the distributional effects of external monetary shocks. I model a small open economy where agents differ in wealth and in exposure to international trade, producing either tradable or non-tradable goods. The central bank responds to a foreign interest rate hike by a monetary tightening to stabilize the exchange rate or lets the currency depreciate, keeping the interest rate low. I find that exchange rate flexibility distributes co...
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作者：Boermans, Martijn A.; Burger, John D.
作者单位：European Central Bank; De Nederlandsche Bank NV; Loyola University Maryland
摘要：Policymakers fear the destabilizing impact of fickle global investors on emerging markets. Euro area investors are significant participants in emerging bond markets and exhibit volatile flows, but their fickleness does not result in indiscriminate periods of surge and flight. Employing granular data, we discern important investor differentiation by currency denomination and issuer-level risk factors. First, euro area investors exhibit a home currency bias leading to both strong cross-sectional...
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作者：Davis, J. Scott; Devereux, Michael B.; Yu, Changhua
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of British Columbia; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Peking University; Peking University
摘要：We model sudden stops in a small open economy as rare discrete events precipitated by increases in the world risk-free rate. When external debt is large, the model exhibits multiple equilibria, one where external debt and consumption remain high, and one with a collapse in external debt and consumption. Private agents delever following an increase in the world inter-est rate, but they fail to internalize the impact of deleveraging on the price of collateral. For high levels of external debt, e...
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作者：Gu, Grace Weishi; Hale, Galina
作者单位：University of California System; University of California Santa Cruz; National Bureau of Economic Research; University of California System; University of California Santa Cruz; Center for Economic & Policy Research (CEPR)
摘要：Climate-related risks have increased in recent decades, both in terms of the frequency of extreme weather events (physical risk) and the implementation of climate-change mitigation policies (transition risk). This paper explores whether multinational firms react to such risks by altering their presence in countries that are more affected. We measure this by examining foreign direct investment (FDI) dynamics at different levels of aggregation as well as at the firm level. We propose a theoretic...
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作者：Caliendo, Lorenzo; Feenstra, Robert C.; Romalis, John; Taylor, Alan M.
作者单位：Yale University; National Bureau of Economic Research; University of California System; University of California Davis; Macquarie University; Centre for Economic Policy Research - UK
摘要：We derive a new formula for the optimal uniform tariff in a small-country, heterogeneous firm model with roundabout production and a nontraded good. Tariffs are applied on imported intermediate inputs. First-best policy requires that markups on domestic intermediate inputs are offset by subsidies. In a second-best setting where such subsidies are not used, roundabout production and the monopoly distortion in the traded sector create strong incentives to lower the optimal tariff on imported inp...
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作者：Keller, Wolfgang; Utar, Hale
作者单位：University of Colorado System; University of Colorado Boulder; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Grinnell College
摘要：We employ employer-employee matched data from Denmark and utilize plausibly exogenous variation in the rise of import competition due to the dismantling of import quotas as China entered the World Trade Organization to show, first, that rising import competition has led to reduced employment in mid-wage occupations compensated by an increased likelihood of employment in both low-wage and high-wage occupations. Workers with higher education are more likely to move from mid-to high-wage occupati...
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作者：Hsieh, Chang -Tai; Li, Nicholas; Ossa, Ralph; Yang, Mu-Jeung
作者单位：University of Chicago; National Bureau of Economic Research; Toronto Metropolitan University; University of Zurich; University of Oklahoma System; University of Oklahoma - Norman
摘要：We propose a sufficient statistic to measure the ex-post welfare gains from trade in CES models featuring any productivity distribution and any pattern of selection into production and exporting. This statistic is based on a single data moment, the change in the market share of continuing domestic producers, and a single structural parameter, the elasticity of substitution between products. We apply our statistic to measure Canada's gains from the Canada-US Free Trade Agreement using data on o...
