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作者：Heilmann, Kilian
作者单位：University of California System; University of California San Diego
摘要：I estimate the impact of international conflict on bilateral trade relations using several incidents of politically motivated boycotts: The boycott of Danish goods by Muslim countries following the Muhammad Comic Crisis in 2005/2006, the Chinese boycott of Japanese goods in response to the Senkaku/Diaoyu Island conflict in 2012, the boycott of French products in the US over the Iraq War in 2003, and Turkey's boycott of Israel over the Gaza conflict in 2014. The results from difference-in-diffe...
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作者：Fink, Fabian; Scholl, Almuth
作者单位：University of Konstanz
摘要：In times of sovereign debt crises, International Financial Institutions provide temporary financial support contingent on the implementation of specific macroeconomic policies. This paper develops a model of sovereign debt and default with endogenous participation rates in bailout programs. Conditionality enters as a constraint on fiscal policy. In the model, the insurance character of bailouts generates incentives for debt accumulation. Quantitative results suggest that bailouts prevent sover...
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作者：Hur, Sewon; Kondo, Illenin O.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Emerging economies have accumulated very large foreign reserve holdings since the turn of the century. We argue that this policy is an optimal response to an increase in foreign debt rollover risk. In our model, reserves play a key role in endogenously reducing debt rollover crises (sudden stops) by allowing governments to be solvent in more states of the world. Using a dynamic multi-country environment with learning, we find that a relatively small unanticipated increase in rollover risk join...
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作者：Krautheim, Sebastian; Verdier, Thierry
作者单位：University of Passau; Institut Polytechnique de Paris; Ecole des Ponts ParisTech; Centre for Economic Policy Research - UK
摘要：The process of globalization is characterized by an impressive growth of global value chains, as well as the proliferation of non-governmental organizations (NGOs) interacting with multinational firms. This paper presents a model of offshoring and NGO-firm interactions in which offshoring to a low-regulation country allows a monopolist to implement a dirty technology undesired by consumers. Consumers can reduce the incentive for dirty production by financing an NGO monitoring the firm. NGO eme...
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作者：Imura, Yuko
作者单位：Bank of Canada
摘要：This paper investigates the interaction of endogenous export participation and nominal rigidities and its implications for the dynamics of intensive and extensive margins of trade. I develop a two-country dynamic stochastic general equilibrium model wherein firms make state-dependent decisions on entry and exit in the export market, and where price adjustments are staggered across firms and time. My model reveals that, when an aggregate shock has significant effects on optimal export prices, s...
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作者：McQuade, Timothy; Salant, Stephen W.; Winfree, Jason
作者单位：Stanford University; University of Michigan System; University of Michigan; University of Idaho
摘要：When importing durables and nondurables, consumers often cannot discern quality prior to purchase. If they cannot also identify the individual producer, exporters have diminished incentives to produce high quality goods. To raise the quality of traded experience goods, previous international literature has proposed consolidation of export firms and the imposition of export quotas, policies that may be appropriate for tiny Taiwan but not a colossus like China. We contribute to this literature i...
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作者：Goldberg, Linda S.; Tille, Cedric
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：The currency used in invoicing international trade matters for the impact of exchange rate movements in the presence of price rigidities. We present stylized facts on specific macro, micro and other drivers of invoicing based on 45 million Canadian import transactions. Four main results emerge. First, a large share of invoicing takes place in vehicle currencies that are neither the exporters nor the importers. Second, we document a novel link between the size of individual transactions and inv...
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作者：Hassan, Tarek A.; Mertens, Thomas M.; Zhang, Tony
作者单位：Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of Chicago; Federal Reserve System - USA; University of Chicago
摘要：We investigate the link between stochastic properties of exchange rates and differences in capital-output ratios across industrialized countries. To this end, we endogenize capital accumulation within a standard model of exchange rate determination with nontraded goods. The model predicts that currencies of countries that are more systemic for the world economy (countries that face particularly volatile shocks or account for a large share of world GDP) appreciate when the price of traded goods...
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作者：Konrad, Kai A.; Stolper, Tim B. M.
作者单位：Max Planck Society; University of Munich; University of Munich
摘要：The success or failure of the fight against tax havens is the outcome of a many player coordination game between a tax haven and its potential investors. Key determinants are the costly international pressure and the size of the haven country's revenue pool. The latter is determined endogenously by the decisions of many individual investors. Our analysis suggests a non-standard market model that explains why haven countries would ever comply with international standards of transparency despite...
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作者：Bodnaruk, Andriy; Manconi, Alberto; Massa, Massimo
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Tilburg University; Tilburg University; INSEAD Business School
摘要：We study U.S. firms' foreign expansion choices, and investigate alliances as risk management devices used to mitigate partner risk. Finns venturing abroad are constrained by the availability of potential partners. One set of partners are foreign companies the firm shares the venture with (direct partners). The second set of partners is the institutions/government of the host country (indirect partners). Firms are more likely to choose alliances (over M&As) when indirect (direct) partner risk i...
