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作者：Bergstrand, Jeffrey H.; Egger, Peter
作者单位：University of Notre Dame; University of Notre Dame; University of Notre Dame; Leibniz Association; Ifo Institut; Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Nottingham; University of Oxford
摘要：Similar to bilateral or regional preferential trade agreements (PTAs), bilateral investment treaties (BITs) have proliferated over the past 50 years. The purpose of this study is to provide the first systematic empirical analysis of the economic determinants of BITs and of the likelihood of BITs between pairs of countries using a qualitative choice model, in a manner consistent with explaining PTAs. We develop the econometric specification for explaining the two based upon a general equilibriu...
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作者：Basco, Sergi; Mestieri, Marti
作者单位：Universidad Carlos III de Madrid; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We develop a model for analyzing the distributional effects of two globalizations and their interdependence. We distinguish between two trade cost reductions, (i) trade liberalizations in the 1980s, which increased trade in low-skill-intensive goods (denoted L-globalization) and (ii) reductions in communication costs due to the IT revolution, which raised trade in middle-skill-intensive goods during the 19905 (denoted C-globalization). We consider a North-south trade economy in which the North...
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作者：Benhima, Kenza
作者单位：University of Lausanne
摘要：Paradoxically, high-growth, high-investment developing countries tend to experience capital outflows. This paper shows that this allocation puzzle can be explained simply by introducing uninsurable idiosyncratic investment risk in the neoclassical growth model with international trade in bonds, and by taking into account not only TFP catch-up, but also the capital wedge, that is, the distortions on the return to capital. The model fits the two following facts, documented on a sample of 67 coun...
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作者：Benigno, Gianluca; Chen, Huigang; Otrok, Christopher; Rebucci, Alessandro; Young, Eric R.
作者单位：University of London; London School Economics & Political Science; University of Missouri System; University of Missouri Columbia; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Virginia
摘要：In this paper we study a two-sector production small open economy subject to a collateral constraint in which a financial crisis can arise endogenously and alternate with normal time periods. In this class of models, the scope for policy intervention arises because individual agents do not internalize the effects of their action on a key market price that enters the collateral constraint (i.e. there is a pecuniary externality). Our main result is that the interaction between agents' behavior i...
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作者：Brakman, Steven; van Marrewijk, Charles
作者单位：University of Groningen; Utrecht University
摘要：Lumpiness of production factors within a country might overturn the Heckscher-Ohlin (HO) model's predictions for the factor content of trade. Trade patterns, as predicted by this model, can both be magnified or reversed by uneven concentration of production factors within a country. Cities are the most characteristic manifestation of lumpiness of production factors and as a consequence different patterns of urbanization between countries might cause trade patterns to differ from the HO model's...
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作者：Demidova, Svetlana; Rodriguez-Clare, Andres
作者单位：McMaster University; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：In this paper we present a version of the Melitz (2003) model for the case of a small economy and summarize its key relationships with the aid of a simple figure. We then use this figure to provide an intuitive analysis of the implications of asymmetric changes in trade barriers and show that a decline in import costs always benefits the liberalizing country. This stands in contrast to variants of the Melitz model with a freely traded (outside) sector, such as Demidova (2008) and Melitz and Ot...
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作者：Javorcik, Beata S.; Li, Yue
作者单位：University of Oxford; University of Oxford; Centre for Economic Policy Research - UK; The World Bank
摘要：During the past two decades many countries have opened their retail sector to foreign direct investment (FDI), yet little is known about the implications of such liberalization for their economies. Using a unique dataset combining outlet-specific information on global retail chains with a panel of Romanian manufacturing firms, this study sheds some light on this question. The results suggest that the expansion of global retail chains leads to a significant increase in the total factor producti...
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作者：Benmelech, Efraim; Dvir, Eyal
作者单位：Harvard University; National Bureau of Economic Research; Boston College
摘要：Does short-term debt increase vulnerability to financial crisis, or does short-term debt reflect - rather than cause - the incipient crisis? We study the role that short-term debt played in the collapse of the East Asian financial sector in 1997-1998. We alleviate concerns about the endogeneity of short-term debt by using long-term debt obligations that matured during the crisis. We find that debt obligations issued at least three years before the crisis had a negative, albeit sometimes insign...
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作者：Corsetti, Giancarlo; Martin, Philippe; Pesenti, Paolo
作者单位：University of Cambridge; Roma Tre University; Centre for Economic Policy Research - UK; Institut d'Etudes Politiques Paris (Sciences Po); Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research
摘要：We revisit the classic transfer problem, accounting for two channels of adjustment: increased trade in existing goods and services (the intensive margin) and net creation and destruction of product varieties (the extensive margin). Over the medium term, the latter reduces the scope for real exchange rate and terms of trade variability in response to cross-border flows. We embed our transfer analysis in popular models of current account adjustment, where initial imbalances are driven by domesti...
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作者：Gourio, Francois; Siemer, Michael; Verdelhan, Adrien
作者单位：Boston University; National Bureau of Economic Research; Boston University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：Recent work in international finance suggests that exchange rate puzzles can be accounted for if (1) aggregate uncertainty is time-varying, and (2) countries have heterogeneous exposures to a world aggregate shock. We embed these features in a standard two-country real business cycle framework, and calibrate the model to equity risk premia in low and high interest rates countries. Unlike traditional real business cycle models, our model generates volatile exchange rates, a large currency forwa...
