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作者：Cesa-Bianchi, Ambrogio; Sokol, Andrej
作者单位：Bank of England; Centre for Economic Policy Research - UK; European Central Bank
摘要：We provide evidence on the international transmission of US financial shocks, and compare their effects to monetary policy and central bank information shocks in a two-country SVAR for the US and the UK. Adverse financial shocks trigger a contraction in the US economy and an increase in credit spreads. The tightening in US credit conditions is quickly transmitted internationally, leading to an increase in credit spreads and a slowdown in economic activity in the UK. As for monetary policy and ...
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作者：Corsetti, Giancarlo; Crowley, Meredith; Han, Lu
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; University of Liverpool
摘要：We provide micro-econometric evidence that, following the large and persistent sterling depreciation after the Brexit referendum, on impact, exchange rate pass-through (ERPT) was complete for transactions invoiced in producer currency and low for sales invoiced either in a vehicle or in the destination market currency. Yet these differences strikingly narrowed within six quarters. A weaker currency did not translate into a persistent gain in price competitiveness for UK exports. At a granular ...
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作者：Frankel, Jeffrey; Rey, Helene
作者单位：Harvard University; University of London; London Business School
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作者：Kokovin, Sergey; Molchanov, Pavel; Bykadorov, Igor
作者单位：Russian Academy of Sciences; Siberian Branch of the Russian Academy of Sciences; Sobolev Institute of Mathematics; Novosibirsk State University; HSE University (National Research University Higher School of Economics); Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite
摘要：We study the canonical Krugman (1979) trade model with non-CES preferences that yield autarky at finite trade costs. We prove a non-monotone impact of gradual trade liberalization. At first, near autarky, emerging trade reduces world welfare, while at free trade it becomes large enough to be beneficial (Krugman's result). This non-monotonicity persists under heterogenous firms. The harmful small-scale trade is explained by variable markups and underpriced imports, which become socially excessi...
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作者：Alquist, Ron; Chabot, Benjamin R.; Yamarthy, Ram
作者单位：United States Department of the Treasury; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Office of Financial Research; United States Department of the Treasury
摘要：Using a unique data set of foreign equities traded on the London Stock Exchange (LSE) in the late 19th century, we study the relation between the security of property rights, finance, and growth. We find that British investors demanded a higher equity cost of capital from firms operating in countries with weak property-rights institutions. Further, country-level expropriation risk is negatively related to 19th-century capital flows and present-day economic and financial development. A simple e...
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作者：Flach, Lisandra; Unger, Florian
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Gottingen
摘要：This paper introduces endogenous quality innovations in a multi-country model with heterogeneous firms. We show that quality investments lead to an additional margin of adjustment in the gravity equation. In industries with a high scope for quality differentiation, the elasticity of bilateral exports with respect to fixed costs is lower due to adjustments at the extensive margin, whereas the elasticity with respect to variable costs remains unaffected. We find robust and consistent evidence fo...
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作者：Niepmann, Friederike; Schmidt-Eisenlohr, Tim
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：When firms borrow in foreign currency and are not perfectly hedged, exchange rate changes can affect their ability to repay the debt. U.S. loan-level data show that a 10 percent depreciation of the local currency quarter-to-quarter increases the probability that a firm becomes past due on its loans by 42 basis points for firms with foreign currency debt relative to those with local currency debt. This increase is economically significant, given a baseline probability of 20 basis points, and in...
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作者：Ariu, Andrea
作者单位：University of Milan; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; University of Milan
摘要：This paper shows that international labor mobility leads to higher-quality products, more trade, and more effective global value chains. Exploiting variation in the time and intensity at which Swiss localities (identified by their postal codes) were treated by the increasing availability of foreign workers caused by the implementation of the Swiss-EU Agreement on the Free Movement of Persons, I find that the inflow of high-skilled European workers led to an up-grade in the quality of inputs im...
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作者：Abbassi, Puriya; Braeuning, Falk; Fecht, Falko; Peydro, Jose-Luis
作者单位：Deutsche Bundesbank; Federal Reserve System - USA; Federal Reserve Bank - Boston; Frankfurt School Finance & Management; Imperial College London
摘要：We analyze how the Lehman and sovereign crises affect cross-border interbank liquidity, exploiting euro-area proprietary interbank data, crisis and monetary shocks, and loan terms to the same borrower during the same day by domestic versus foreign lenders. Crisis shocks reduce the supply of cross-border liquidity, with stronger volume than pricing effects. On the extensive margin, results suggest that the cross-border credit crunch is independent of bor-rower quality, while-on the intensive ma...
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作者：Boz, Emine; Casas, Camila; Georgiadis, Georgios; Gopinath, Gita; Le Mezo, Helena; Mehl, Arnaud; Nguyen, Tra
作者单位：International Monetary Fund; European Central Bank; BNP Paribas; Yale University
摘要：This paper presents the most comprehensive and up-to-date panel data set of invoicing currency patterns in global trade. It provides data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for 115 countries since 1990. The evidence from these data confirms findings from earlier research regarding the strong persistence in invoicing currency patterns and the globally dominant role of the US dollar. It also points to several novel facts, such as the increase...
