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作者：Berthou, Antoine; Horny, Guillaume; Mesonnier, Jean-Stephane
作者单位：European Central Bank; Bank of France; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：Exporting firms face foreign exchange risk when the export contract is invoiced in a foreign currency. For instance, for firms located outside of the United States, the US dollar is often used as a vehicle currency. The cost of hedging against this risk represents an additional trade cost for exporters, which is specific to the targeted destination. In this paper, we exploit an episode of heightened tensions in the USD/EUR foreign exchange market in July 2011, which increased the cost of hedgi...
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作者：Samano, Agustin
摘要：Motivated by a positive correlation between reserve accumulation and the widespread adop-tion of central bank independence legislation in Latin America, this paper develops a sovereign default model with an independent central bank that can accumulate a risk-free foreign asset. I show that if the central bank is more patient than the government and as patient as house-holds are, in equilibrium, the government issues more debt than what is socially optimal, and the central bank accumulates rese...
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作者：Kee, Hiau Looi; Nicita, Alessandro
作者单位：The World Bank
摘要：Similar to tariffs, non-tariff measures (NTMs) may induce trade fraud when they are restrictive. This paper examines whether discrepancies observed in the official trade statistics of importing and exporting countries are partly due to trade fraud from evading border NTMs. To capture the restrictiveness of NTMs, this paper estimates the ad valorem equivalent (AVE) with im-porter-exporter-product variations. This paper presents a theoretical model and empirical evi-dence showing that discrepanc...
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作者：Li, Xiang; Su, Dan
作者单位：Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Martin Luther University Halle Wittenberg
摘要：Capital inflow surges destabilize the economy through a maturity shortening mechanism. The underlying reason is that firms have incentives to redeem their debt on demand to accommo-date the potential liquidity needs of global investors, which makes international borrowing en-dogenously fragile. Based on a theoretical model and empirical evidence at both the firm and macro levels, our main findings are twofold. First, a significant association exists between surges and shortened corporate debt ...
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作者：Prusa, Thomas J.; Teh, Robert; Zhu, Min
作者单位：Rutgers University System; Rutgers University New Brunswick; North West University - South Africa; Hanken School of Economics; Rutgers University System; Rutgers University New Brunswick
摘要：We analyze whether preferential trade agreements (PTAs) affect the incidence and pattern of antidumping (AD) filings. We find PTA membership results in a 29 percent (15 percent) de-crease in the incidence of intra-PTA AD actions (measures). We then exploit variation in the content of PTAs and find the reduction is due to PTAs with explicit AD rules. We find that intra-PTA AD filings (measures) decrease by about 46 percent (34 percent) for PTAs with ex-plicit AD rules. Our results are robust in...
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作者：Chari, Anusha; Dilts-Stedman, Karlye; Forbes, Kristin
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Kansas City; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：The effects of macroprudential policy on portfolio flows vary considerably across the global fi-nancial cycle. A tighter ex-ante macroprudential stance amplifies the impact of global risk shocks on bond and equity flows, increasing outflows significantly more during risk-off epi-sodes and increasing inflows significantly more during risk-on episodes. These amplification ef-fects are more prominent at the extremes, especially for extreme risk-off periods and for regulations that target specific...
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作者：Aldasoro, Inaki; Ehlers, Torsten; Eren, Egemen
作者单位：Bank for International Settlements (BIS); International Monetary Fund
摘要：We document significant and persistent price dislocations in secured and unsecured wholesale dollar funding markets between US money market funds (MMFs) and highly-rated global banks. We show that bargaining frictions affect prices in these key short-term dollar funding markets. Our identification strategy relies on a number of quasi-experiments, including the US MMF reform and quarter-end window-dressing by European banks. Post-crisis regulations have reduced competition in these markets and ...
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作者：Hoek, Jasper; Kamin, Steve; Yoldas, Emre
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Increases in U.S. interest rates are often thought to generate adverse spillovers to emerging market economies (EMEs). We show that whether US. rate hikes are bad news for EMEs depends on the source of these hikes. Higher rates stemming from stronger US. growth generate only modest spillovers to EME financial markets, while those stemming from hawkish Fed policy or inflationary pressures are much more disruptive. We identify the sources of U.S. rate changes using moves in financial asset price...
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作者：Koenig, Pamina; Poncet, Sandra
作者单位：Universite de Rouen Normandie; Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics
摘要：This paper analyzes the effects of a major reputational shock affecting textile importers from Bangladesh. The collapse of the Rana Plaza building in April 2013 generated a surge of activism and media coverage specifically targeting the firms that sourced from the factories affected by the disaster. Using monthly firm-level import data from French Customs, we study any potential disruption in these firms' imports from all origins, and specifically from Bangladesh. We use a difference-in-differ...
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作者：Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Columbia University
摘要：This paper shows that in a new Keynesian model of the open economy with portfolio adjustment costs a permanent increase in the nominal interest rate causes in the short run a depreciation of the nominal and real exchange rates and a deviation from uncovered interest rate parity against the tightening country. These effects have the opposite sign than those associated with transitory increases in the nominal interest rate. The paper then estimates an empirical model of exchange rates and uncove...
