-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
-
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...
