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作者：Caballero, Julian; Candelaria, Christopher; Hale, Galina
作者单位：Inter-American Development Bank; Vanderbilt University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We uncover a new channel through which international finance is related to trade: the formation of international bank linkages increases exports. Bank linkages are measured for each pair of countries in each year as a number of bank pairs in these two countries that are connected through cross-border syndicated lending. Using a gravity approach to model trade for 66 countries over 24 years with a full set of fixed effects (source-year, target-year, source-target), we find that new connections ...
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作者：Ogrokhina, Olena; Rodriguez, Cesar M.
作者单位：Lafayette College; Portland State University
摘要：This paper analyzes the inflation targeting experience of developing countries as an effective monetary policy framework to promote changes in the currency composition of their international debt. Using matching with difference-in-differences to address the self-selection bias, we find that inflation targeting has led to a 3-6 percentage point reduction in the foreign currency share of international debt in targeting countries when compared to non-targeting countries, with the effect especiall...
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作者：Bahadir, Berrak; Chatterjee, Santanu; Lebesmuehlbacher, Thomas
作者单位：University of North Carolina; University of North Carolina Greensboro; University System of Georgia; University of Georgia; University System of Ohio; Xavier University
摘要：This paper analyzes the dynamic absorption of remittances at the macroeconomic level, contrasting two possible effects on economic activity, depending on whether these accrue to hand-to-mouth wage earners or credit-constrained entrepreneurs. Using an open economy DSGE model with heterogeneous households, we show that the effects of remittances are inherently contractionary if they accrue to the first group, and expansionary when they accrue to the second group. Calibrating the model to the Phi...
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作者：Dasgupta, Kunal; Mondria, Jordi
作者单位：University of Toronto
摘要：Information frictions prevent importers from observing the price of a good in every market. In this paper, we seek to explain how the presence of such frictions shapes the flow of goods between countries. To this end, we introduce rationally inattentive importers in a multi-country Ricardian trade model. The amount of information importers process is endogenous and reacts to changes in observable trade costs. Unlike traditional trade costs, changes in information processing costs have non-mono...
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作者：Pierce, Justin R.; Schott, Peter K.
作者单位：Federal Reserve System - USA; Yale University; National Bureau of Economic Research
摘要：We examine the impact of trade liberalization on domestic investment in the U.S. manufacturing sector. Using a difference-in-differences identification strategy, we find that industries more exposed to an increase in import competition exhibit relative declines in investment. We find that establishment exit plays a key role in the investment adjustment, and that, along the intensive margin, the decline in investment is concentrated among establishments with low initial levels of labor producti...
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作者：Bayramoglu, Basak; Copeland, Brian R.; Jacques, Jean-Francois
作者单位：AgroParisTech; INRAE; Universite Paris Saclay; University of British Columbia; Universite Gustave-Eiffel; Universite Paris-Est-Creteil-Val-de-Marne (UPEC); Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa
摘要：Many renewable resource sectors are heavily subsidized and yet the resources are also seriously depleted. World Trade Organization members included subsidies in a key renewable resource sector (fisheries) in the Doha round of trade negotiations, which subsequently stalled. This paper develops a simple model to show why prospects for a deal on fisheries subsidies may be difficult. Typically international spillover effects create incentives among exporters to negotiate reductions in subsidies: o...
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作者：Chakraborty, Pavel; Raveh, Ohad
作者单位：Lancaster University; Hebrew University of Jerusalem; Curtin University
摘要：Can input-trade liberalization increase the demand for managers? Imported inputs are an important source of technology inflows. Previous research on the implications of imported inputs overlooked their potential effect on the demand for managing the new incoming knowledge. Adopting the case of India, this paper presents a first empirical attempt to fill this gap. Using detailed firm-level data that uniquely distinguishes between the compensations of managers and non-managers, and exploiting th...
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作者：Demir, Banu; Javorcik, Beata
作者单位：Ihsan Dogramaci Bilkent University; Centre for Economic Policy Research - UK; University of Oxford
摘要：The literature has documented how firms adjust to increased competitive pressures arising from globalization. This paper demonstrates a new margin of adjustment, namely, provision of trade credit. A simple model predicts that an increase in competitive pressures will lead exporters to provide trade credit and lower prices and that the price adjustment will be attenuated by trade credit provision. These predictions are tested in the context of an exogenous shock, the end of the Multi-Fiber Arra...
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作者：Stiebale, Joel; Vencappa, Dev
作者单位：Heinrich Heine University Dusseldorf; Aston University
摘要：This paper uses a rich panel data set of Indian manufacturing firms to analyze the effects of domestic and international acquisitions on various outcomes at target firm and product level. We apply recent methodological advances in the estimation of production functions together with information on prices and quantities to estimate physical productivity, markups, marginal costs and proxies for product quality. Using a propensity score reweighting estimator, we find that acquisitions are associa...
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作者：Temesvary, Judit; Ongena, Steven; Owen, Ann L.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Centre for Economic Policy Research - UK; Hamilton College
摘要：We examine how U.S. monetary policy affects the international activities of U.S. banks. We access a rarely studied U.S. bank-level regulatory dataset to assess at a quarterly frequency how changes in the U.S. Federal funds rate (before the crisis) and quantitative easing (after the onset of the crisis) affect changes in cross-border claims by U.S. banks across countries, maturities and sectors, and also affect changes in claims by their foreign affiliates. We find robust evidence consistent wi...
