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作者：Alviarez, Vanessa
作者单位：University of British Columbia
摘要：This paper shows analytically and quantitatively how omitting the striking sectoral heterogeneity of multinational production (MP) and its relationship with countries' comparative advantage leads to understate the gains from MP and openness. By construction, one-sector models of trade and MP, ignore the conflicting effects that a reduction in MP frictions has on the sectoral dispersion of MP and trade shares. On the one hand, freer MP increases the dispersion of MP shares across sectors, and w...
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作者：Yao, Wen
作者单位：Tsinghua University
摘要：In this study. I build a two-country DSGE model to investigate the impact of financial integration on business cycle co-movements with financial frictions. In this model, the investor can borrow but faces a collateral constraint that is tied to the value of her capital and real estate holdings. I show quantitatively that the degree of financial integration and real exchange rate adjustment are important for understanding business cycle synchronization under different types of shocks. With the ...
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作者：Ariu, Andrea; Breinlich, Holger; Corcos, Gregory; Mion, Girdani
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Surrey; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; ENSAE Paris; University of Sussex
摘要：In this paper we study how international trade in goods and services interact at the firm level. Using a rich dataset on Belgian firms for the period 1995-2005, we show that: i) firms are much more likely to source services and goods inputs from the same origin country rather than from different ones; ii) joint imports are associated with higher firm productivity; iii) increases in barriers to imports of goods reduce firm-level imports of services from the same market, and conversely. We build...
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作者：Cieslak, Anna; Schrimpf, Andreas
作者单位：Duke University; Bank for International Settlements (BIS); Centre for Economic Policy Research - UK
摘要：Using evidence from four major central banks, we decompose news conveyed by central-bank communication into news about monetary policy (monetary news), as well as non-monetary news, i.e., news about economic growth and news affecting financial risk premia. Our approach exploits high-frequency comovement of stocks and interest rates combined with monotonicity restrictions across maturities in the yield curve. We find significant differences in the news composition depending on the communication...
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作者：Kriwoluzky, Alexander; Muller, Gernot J.; Wolf, Martin
作者单位：Free University of Berlin; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Eberhard Karls University of Tubingen; Centre for Economic Policy Research - UK; University of Vienna
摘要：We study a sovereign debt crisis in a small member state of a currency union. If the country exits the currency union, it may redenominate its liabilities and reduce the real value of debt through depreciation and inflation. We analyze formally how the anticipation of this possibility, exit expectations, impact the dynamics of the sovereign debt crisis. First, we show that public debt accumulates faster and sovereign yields increase more strongly because of redenomination risk. Second, we find...
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作者：Alfaro, Laura; Asis, Gonzalo; Chari, Anusha; Panizza, Ugo
作者单位：Harvard University; University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman's Z-score). Firm size plays a critical role in the relationship between leverage, firm fragility and exchange rate movements in emerging markets. While the relationship between firm-leverage and distress scores varies over time, the relationship between firm size and corporate vulnerability is relatively tim...
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作者：Gomez-Gonzalez, Patricia
作者单位：Fordham University
摘要：This study examines the optimal public debt structure when governments can issue multiple assets, the state's fiscal capacity is uncertain, public debt has a liquidity purpose for domestic investors, and public debt markets are open to foreign investors. The optimal policy is to tranch the risky fiscal capacity and then to issue state contingent assets that pay only when the need for aggregate liquidity in the economy is high. In this way, governments can minimize wasted liquidity of public as...
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作者：Liu, Qing; Qiu, Larry D.; Zhan, Chaoqun
作者单位：Renmin University of China; Lingnan University; Sun Yat Sen University
摘要：In this study we examine the effects of trade liberalization on domestic backward vertical integration in which a domestic upstream firm (target) is acquired by a domestic downstream firm. We first build a relationship specific investment model to guide and provide insights to our empirical work. Then we take China's accession to the WTO as a quasi-natural experiment for trade liberalization to test the theoretical predictions. Consistent with the model, we find that a decrease in tariffs on t...
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作者：Ravikumar, B.; Santacreu, Ana Maria; Sposi, Michael
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Southern Methodist University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：We compute welfare gains from trade in a dynamic, multicountry model with capital accumulation and trade imbalances. We develop a gradient-free method to compute the exact transition paths following a trade liberalization. We find that (i) larger countries accumulate a current account surplus, and financial resources flow from larger countries to smaller countries, boosting consumption in the latter, (ii) countries with larger short-run trade deficits accumulate capital faster, (iii) the gains...
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作者：Caballero, Julian; Fernandez, Andres; Park, Jongho
作者单位：Central Bank of Chile; Korea Development Institute (KDI)
摘要：We document a considerable increase in foreign financing by the corporate sector in emerging economies (EMEs) since the early 2000s, mainly in the form of bond issuance, and claim that it has opened up an important channel by which external financial factors can drive economic activity in these economies. Such claim is substantiated by a strong negative relationship between economic activity and an external financial indicator that we construct for several EMEs using micro-level data on spread...
