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作者：Dao, Mai Chi; Minoiu, Camelia; Ostry, Jonathan D.
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We examine the relationship between real exchange rate fluctuations and firm-level investment and growth using data for a sample of close to 33,000 firms from 68 advanced and emerging market countries over the 2000-2014 period. We show that real depreciations boost profits, investment, and asset growth of tradable sector firms that have higher labor shares and are relatively more financially constrained. These findings are consistent with an internal financing channel whereby depreciations boo...
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作者：Ciliberto, Federico; Jakel, Ina C.
作者单位：University of Virginia; Centre for Economic Policy Research - UK; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Aarhus University
摘要：In many countries, exports are highly concentrated among a few ?superstar? firms. We estimate the export decisions of superstar firms as the result of a complete information, simultaneous, discrete choice, static entry game. We employ a dataset on the universe of Danish trade transactions by firm, product and destination. We also obtain detailed information on applied, preferential tariff protection from the MAcMap-HS6 database. We find evidence of strong negative competitive effects of entry:...
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作者：Correa, Ricardo; Sapriza, Horacio; Zlate, Andrei
作者单位：Federal Reserve System - USA
摘要：Using supervisory data on the U.S. branches of foreign banks and their syndicated loans, we show that the branches of euro-area banks suffered a liquidity shock in the form of reduced access to wholesale funding from U.S. money market funds during the European sovereign debt crisis. Affected branches cut lending to U.S. firms mostly in the form of revolving credit and along the extensive margin, as increased funding from their parents only partially offset the liquidity shortfall. This shock w...
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作者：Coniglio, Nicola D.; Vurchio, Davide; Cantore, Nicola; Clara, Michele
作者单位：Universita degli Studi di Bari Aldo Moro
摘要：A country's specialization evolves over time in a dynamic process, with shifts in comparative advantages, resulting in new products being added to the country's export basket. According to the renowned Product Space (PS) framework (Hausmann and Klinger, 2007; Hidalgo et al., 2007), this dynamic process is characterized by strong path dependence, as a country's current production capabilities (technologies, production factors, institutions, etc.) determine what a country produces today, but als...
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作者：Cole, Matthew T.; Lake, James; Zissimos, Ben
作者单位：California State University System; California Polytechnic State University San Luis Obispo; Southern Methodist University; University of Exeter
摘要：We develop a new theoretical political economy framework called a 'parallel contest' that emphasizes the political fight over trade agreement (TA) ratification within countries. TA ratification is inherently uncertain in each country because anti- and pro-trade interests contest each other to influence their own government's ratification decision. As in the terms-of-trade theory of TAs, the TA removes terms-of-trade externalities created by unilateral tariffs. But, a TA also creates new terms-...
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作者：Peersman, Gert; Rueth, Sebastian K.; Van der Veken, Wouter
作者单位：Ghent University; University of Erfurt; Ruprecht Karls University Heidelberg
摘要：Using a structural time-varying-parameter Bayesian vector autoregression (TVP-BVAR) framework, this paper documents that oil price increases caused by oil supply disruptions did not affect food commodity prices before the start of the millennium, but had positive spillover effects in more recent periods and particularly in the era around the Great Recession. Likewise, shortfalls in global food commodity supply resulting from bad harvests have positive effects on crude oil prices since the earl...
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作者：Wang, Zi
作者单位：Shanghai University of Finance & Economics
摘要：Multinational firms, using their foreign affiliates as export platforms, are the largest players in international trade. The exporting behaviors of these multinationals differ systematically from those of local firms: Using the Chinese customs data, I find that the Chinese affiliates of foreign multinationals bias their exports towards the markets close to their headquarters. I incorporate this headquarters gravity into a general equilibrium model by, as in Head and Mayer (2019), allowing the ...
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作者：Tong, Hui; Wei, Shang-Jin
作者单位：International Monetary Fund; Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：A country may adopt policy measures such as raising its foreign exchange reserves to better prepare for sudden reversal of international capital flows or currency attacks, which in principle should reduce financial vulnerability for its firms and the entire economy, but the beneficial effect of such policies may be partially offset by endogenous firms' decisions to take on more risks. We present a robust but previously undocumented relationship between corporate leverage and country-level fore...
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作者：Kim, Daisoon
作者单位：North Carolina State University
摘要：This paper incorporates sloping marginal cost curves and their variations across industries into an open macro model, motivated by the fact that industries' output, imports, and exports are more procyclical when their economies of scale arise from sloping marginal cost curves rather than fixed costs. The model, consistent with the data, delivers endogenous within-firm interdependence across markets and export gains/losses, which reproduce observed industrial business cycle patterns as well as ...
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作者：Bagwell, Kyle; Lee, Seung Hoon
作者单位：Stanford University; National Bureau of Economic Research; University System of Georgia; Georgia Institute of Technology
