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作者：Castellares, Renzo; Salas, Jorge
作者单位：International Monetary Fund
摘要：We use industry-level data to study the effects of imperfect contract enforcement on international trade during crises. To guide the empirical work, we build a simple trade model with contractual imperfections, in which an adverse aggregate shock in the importing country generates a disproportionate decline in imports in more contractually vulnerable industries. Using disaggregated trade data for more than 120 countries and different industry measures of contractual dependence, we find robust ...
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作者：Erauskin, Inaki; Turnovsky, Stephen J.
作者单位：University of Deusto; University of Washington; University of Washington Seattle
摘要：We employ a stochastic growth model to study the impact of international financial globalization on income inequality. A key element is that financial frictions facing the economy pertain to both lending and borrowing abroad, and the process of financial liberalization is specified in terms of reducing these frictions. We emphasize two key channels through which liberalization affects inequality. The first is by reducing the costs of investing and borrowing abroad. Since these activities favor...
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作者：Faia, Ester; Laffitte, Sebastien; Ottaviano, Gianmarco I. P.
作者单位：Goethe University Frankfurt; Centre for Economic Policy Research - UK; Universite Paris Saclay; Institut Polytechnique de Paris; ENSAE Paris; University of London; London School Economics & Political Science; Bocconi University
摘要：Using a novel dataset on the 15 European banks classified as G-SIBs from 2005 to 2014, we find that the impact of foreign expansion on risk is always negative and significant for most individual and systemic risk metrics. In the case of individual metrics, we also find that foreign expansion affects risk through a competition channel as the estimated impact of openings differs between host countries that are more or less competitive than the source country. The systemic risk metrics also decli...
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作者：Mai, Joseph; Stoyanov, Andrey
作者单位：Shanghai University of Finance & Economics; York University - Canada
摘要：Are judges concemed, in the same way as policy makers, with the effects of their decisions on national welfare? In this paper, we analyze this question by examining the outcomes of intellectual property rights (IPR) litigations between domestic and foreign firms. We use a simple model of oligopoly, in which IPR takes the form of a more efficient production technology, to illustrate how antiforeign bias varies across cases when judges have welfare concerns. The predictions of the model are test...
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作者：Ben Zeev, Nadav
作者单位：Ben-Gurion University of the Negev
摘要：The recent global financial crisis has re-emphasized the need for better understanding the relation between the type of exchange rate regime (ERR) in place and the effects of global credit supply shocks. Recent advances in the measurement of such shocks and their large realizations in the recent financial crisis produce a suitable quasi natural experiment for studying this relation. Toward this end, I use ERR classification data for a panel of 40 emerging market economies (EMEs) to establish t...
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作者：Agca, Senay; Igan, Deniz
作者单位：George Washington University; International Monetary Fund
摘要：Using loan-level data covering 15 advanced economies over 1990-2014, we show that the cost of credit increases with fiscal consolidations. This increase is observed with both tax hikes and spending cuts, and is smaller when the consolidation is large. The cost of credit goes up with tax hikes that apply to a particular sector, but not with spending cuts that are directed at a certain sector. Firms that face higher costs tend to be small, highly leveraged, domestic, government dependent, and fi...
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作者：Brucal, Arlan; Javorcik, Beata; Love, Inessa
作者单位：University of London; London School Economics & Political Science; University of Oxford; Centre for Economic Policy Research - UK; University of Oxford; University of Hawaii System; University of Hawaii Manoa
摘要：The link between foreign ownership and environmental performance remains a controversial issue. This paper contributes to our understanding of this subject by analyzing the impact of foreign acquisitions on plant-level energy intensity. The analysis applies a difference-in-differences approach combined with propensity score matching to the data from the Indonesian Manufacturing Census for the period 1983-2001 (or 1983-2008 in robustness checks). It covers 210 acquisition cases where an acquire...
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作者：Bick, Alexander; Bruggemann, Bettina; Fuchs-Schuendeln, Nicola; Paule-Paludkiewicz, Hannah
作者单位：Arizona State University; Arizona State University-Tempe; McMaster University; Goethe University Frankfurt; Centre for Economic Policy Research - UK
摘要：We document the time-series of employment rates and hours worked per employed by married couples in the US and seven European countries (Belgium, France, Germany, Italy, the Netherlands, Portugal, and the UK) from the early 1980s through 2016. Relying on a model of joint household labor supply decisions, we quantitatively analyze the role of non-linear labor income taxes for explaining the evolution of hours worked of married couples over time, using as inputs the full country- and year-specif...
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作者：Del Negro, Marco; Giannone, Domenico; Giannoni, Marc P.; Tambalotti, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：The trend in the world real interest rate for safe and liquid assets fluctuated close to 2% for more than a century, but has dropped significantly over the past three decades. This decline has been common among advanced economies, as trends in real interest rates across countries have converged over this period. It was driven by an increase in the convenience yield for safety and liquidity and by lower global economic growth. (C) 2019 Elsevier B.V. All rights reserved.
