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作者：Valentina Lizarazo, Sandra
作者单位：Universidad Carlos III de Madrid
摘要：This paper develops an endogenous default risk model for small open economies that interact with risk averse international investors whose preferences exhibit decreasing absolute risk aversion (DARA). By incorporating risk averse investors who trade with an emerging economy, the present model explains a larger proportion and volatility of the spread between sovereign bonds and riskless assets than the standard model with risk neutral investors. The paper shows that if investors have DARA prefe...
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作者：Lai, Edwin L. -C.; Yan, Isabel K. M.
作者单位：Hong Kong University of Science & Technology; City University of Hong Kong
摘要：In the standard model with free trade and social-welfare-maximizing governments a la Grossman and Lai (2004), cross-border positive policy externalities result in countries choosing a combination of patent strengths that is weaker than optimal from a global perspective. This paper introduces three new features to the analysis: trade and FDI barriers, firm heterogeneity and political economy considerations in setting patent policies. Based on calibration, we find that there would be global unde...
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作者：Qiu, Larry D.; Zhou, Wen
作者单位：University of Hong Kong
摘要：A model of heterogeneous firms with variety-specific fixed costs is developed and analyzed to study how multiproduct firms respond to globalization. In contrast with most existing models, the analysis demonstrates that more-productive firms may expand their product scope, which in turn may push up their average costs. A necessary and sufficient condition for scope expansion is that the fixed cost of introducing more varieties increases rapidly with the product scope. With increasing globalizat...
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作者：Martincus, Christian Volpe; Blyde, Juan
作者单位：Inter-American Development Bank
摘要：Our knowledge of the trade effects of domestic infrastructure is very limited. The reason is twofold. First, data needed to examine these effects are not readily available. Second, identifying such effects requires properly addressing potential endogeneity problems affecting the relationship between internal infrastructure and trade. In this paper, we overcome these limitations by combining firm-level export data with detailed geo-referenced information on Chile and by exploiting the earthquak...
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作者：Bonfatti, Roberto; Ghatak, Maitreesh
作者单位：University of Oxford
摘要：Trade liberalization in the 1980s and 1990s has been associated with a sharp increase in the skill premium in both developed and developing countries. This is in apparent conflict with neoclassical theory, according to which trade should decrease the relative return on the relatively scarce factor, and thus decrease the skill premium in skill-scarce developing countries. We develop a simple model of trade with talent heterogeneity and capital market imperfections, and show that trade can incre...
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作者：Du, Qingyuan; Wei, Shang-Jin
作者单位：Monash University; Columbia University; National Bureau of Economic Research
摘要：Motivated by recent empirical work, this paper formalizes a theory of competitive savings an arms race in household savings for mating competition that is made more fierce by an increase in the male-to-female ratio in the pre-marital cohort. Relative to the empirical work, the theory can clarify a number of important questions: What determines the strength of the savings response by males (or households with a son)? Can women (or households with a daughter) dis-save? What are the conditions un...
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作者：Fuchs, Andreas; Klann, Nils-Hendrik
作者单位：University of Gottingen; Princeton University; Ruprecht Karls University Heidelberg
摘要：Is political compliance a precondition for healthy trade relations with China? The Chinese government frequently threatens that meetings between its trading partners' officials and the Dalai Lama will be met with animosity and ultimately harm trade ties. We run a gravity model of exports to China from 159 partner countries between 1991 and 2008 to test the extent to which bilateral tensions affect trade with autocratic China. In particular, we empirically investigate whether countries that rec...
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作者：Blum, Bernardo S.; Claro, Sebastian; Horstmann, Ignatius J.
作者单位：University of Toronto; Central Bank of Chile; Pontificia Universidad Catolica de Chile
摘要：We document several new features of firms' export entry and exit behaviors: i) one-third of exporting firms enter into and exit from exporting multiple times; ii) most continuing exporters enter and exit specific export destinations multiple times; iii) firms re-entering exporting often sell the same product(s) to the same importer(s). We provide a model in which this behavior is an optimal response for firms facing increasing costs and stochastic demand. The model has a number of predictions ...
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作者：Bacchetta, Philippe; van Wincoop, Eric
作者单位：University of Lausanne; Centre for Economic Policy Research - UK; University of Virginia; National Bureau of Economic Research
摘要：Recent episodes (October 2008, May 2010, August 2011) have witnessed huge spikes in equity price risk (implied volatility). Apart from their large size, several features characterize these risk panics. They are global phenomena, shared among a broad set of countries. There is substantial variation though in the extent to which individual countries are impacted, while the impact bears little relation to financial linkages with the epicenter of the crisis. In addition there is usually not a larg...
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作者：Iacovone, Leonardo; Rauch, Ferdinand; Winters, L. Alan
作者单位：The World Bank; University of London; London School Economics & Political Science; University of Sussex
摘要：This paper exploits the surge in Chinese exports from 1994 to 2004 to evaluate the effects of a competition shock from a low wage competitor for producers in an important middle-income country, Mexico. We find that this shock causes selection and reallocation at both firm and product levels and that its impact is highly heterogeneous at the intensive and extensive margins. Sales of smaller plants and more marginal products are compressed and are more likely to cease, whereas those of larger pl...
