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作者：Kim, Yun Jung; Tesar, Linda L.; Zhang, Jing
作者单位：Sogang University; University of Michigan System; University of Michigan; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Using Korean firm-level data on publicly-listed and privately-held firms together with firm exit data, we find strong evidence that holdings of foreign-currency denominated debt negatively affected the economic performance of small firms during the 1997-98 crisis. The large exchange rate depreciation that occurred during the crisis resulted in a decline in net worth for firms with foreign-currency denominated debt on their balance sheets. Small firms with more short-term foreign debt were more...
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作者：Liu, Qing; Lu, Yi
作者单位：University of International Business & Economics; National University of Singapore
摘要：This paper contributes to the literature by identifying the causal effect of firm investment on exporting behavior. The identification hinges on regional variations in the 2004 value-added tax pilot reform in China, which generated positive investment shocks. The instrumental variable estimation results show that firm investment significantly and substantially increases the likelihood of exporting, and this effect is largely due to the positive effect of firm investment on firm productivity. F...
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作者：Dolores Guillo, Maria; Perez-Sebastian, Fidel
作者单位：Universitat d'Alacant; Universitat d'Alacant; University of Hull
摘要：We advance a novel mechanism that helps to explain the puzzling evidence on the natural resource curse. The new channel arises in a standard dynamic Heckscher-Ohlin model composed of small-open economies that take international output prices as given. Within this framework, a more capital-intensive primary sector implies that natural-resource abundant economies grow more slowly along the adjustment path. This effect might be only temporary because the natural input also affects long-run income...
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作者：Bosetti, Valentina; Cattaneo, Cristina; Verdolini, Elena
作者单位：Fondazione Mattei; Bocconi University
摘要：This paper analyzes the effect of skilled migration on two measures of innovation, patenting and bibliometric data, in a panel of 20 European countries between 1995 and 2008. The empirical findings show that a larger pool of migrants in the skilled professions is associated with higher levels of knowledge creation. Skilled migrants contribute both to the creation of private knowledge, measured by the number of patent applications through the Patent Cooperation Treaty, and to more public basic ...
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作者：Brutti, Filippo; Saure, Philip
作者单位：Swiss National Bank (SNB)
摘要：We assess the role of financial linkages for the transmission of sovereign risk in the Euro crisis. Building on the narrative approach by Romer and Romer (1989, 2010) and augmented by Mertens and Ravn (2013), we use financial news to identify structural shocks in a vector autoregressive model of daily sovereign CDS premia for eleven European countries. To estimate how these shocks transmit across borders, we use data on cross-country bank exposures to sovereign debt. Our results indicate that ...
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作者：Kim, Soyoung
作者单位：Seoul National University (SNU)
摘要：This paper examines the effects of government consumption shocks on the current account and the real exchange rate, as well as the influence of various country characteristics on these effects. A dataset of 18 industrial countries is used for the analysis. Panel VAR models are estimated for the groups of countries classified by country characteristics. The primary empirical findings are as follows. First, positive government consumption shocks lead, if anything, to real exchange rate depreciat...
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作者：Fornaro, Luca
作者单位：Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI)
摘要：This paper studies exchange rate policy in a small open economy model featuring an occasionally binding collateral constraint and Fisherian deflation. The goal is to evaluate the performance of alternative exchange rate policies in sudden stop-prone economies. The key element of the analysis is a pecuniary externality arising from frictions in the international credit markets, which creates a trade-off between price and financial stability. The main result is that depreciating the exchange rat...
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作者：Felbermayr, Gabriel; Jung, Benjamin; Larch, Mario
作者单位：Leibniz Association; Ifo Institut; University of Munich; Leibniz Association; Ifo Institut; University Hohenheim; University of Bayreuth; Leibniz Association; Ifo Institut
摘要：The quantitative trade literature often does not distinguish between tariffs and iceberg trade costs. This paper explores qualitatively and quantitatively how this distinction matters for the gains from trade. Most obviously, tariffs generate government revenues, while icebergs do not. In models of monopolistic competition, they may also affect entry. Finally, depending on whether they are modeled as cost or demand shifters, tariffs may have different implications on profits, entry, and, in tu...
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作者：Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong
作者单位：University of Texas System; University of Texas Austin; Seoul National University (SNU); University of Illinois System; University of Illinois Urbana-Champaign
摘要：We introduce financial imperfections - asymmetric net wealth positions, incomplete risk-sharing, and interest rate spreads across member countries - in a prototypical two-country currency union model and study implications for monetary policy transmission mechanism and optimal policy. In addition to, and independent from, the standard transmission mechanism associated with nominal rigidities, financial imperfections introduce a wealth redistribution role for monetary policy. Moreover, the two ...
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作者：Dalton, John T.; Leung, Tin Cheuk
作者单位：Wake Forest University; Chinese University of Hong Kong
摘要：Market distortions can lead to resource misallocation, which can further lead to inefficiency. Throughout the history of the trans-Atlantic slave trade, qualitative evidence of various sources of distortion abounds. No study, however, has quantified the inefficiency in the slave trade due to these distortions. We use a structural approach to identify the dispersion of distortions in the slave trade from wedges in first order conditions. We then calculate the TFP gains had the dispersion of dis...
