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作者：Hale, Galina B.; Spiegel, Mark M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We analyze the impact that the launch of the EMU had on the currency denomination of private international bond issues in 1990-2006 using micro-level data. Our stylized model predicts that the introduction of the euro would lead to an increase in the share of euro-denominated debt and a decline in the share of dollar-denominated debt issued by firms located in countries outside both the United States and the euro area. Moreover, our model predicts that the euro effect would be particularly pro...
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作者：Ueda, Kozo
作者单位：Bank of Japan
摘要：This paper constructs a two-country DSGE model to study the nature of the recent financial crisis and its effects that spread immediately throughout the world owing to the globalization of banking. In the model, financial intermediaries (FIs) enter into chained credit contracts at home and abroad, engaging in cross-border lending to entrepreneurs by undertaking cross-border borrowing from investors. The FIs as well as the entrepreneurs in two countries are credit constrained, so all of their n...
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作者：Hale, Galina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：The importance of information asymmetries in the capital markets is commonly accepted as one of the main reasons for home bias in investment. The effects of such asymmetries may potentially be reduced through relationships between banks established through bank-to-bank lending. To analyze the dynamics of formation of such relationships during 1980-2009, I construct a global banking network of 7938 banking institutions from 141 countries. I find that recessions and banking crises tend to have n...
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作者：Lane, Philip R.; Milesi-Ferretti, Gian Maria
作者单位：Trinity College Dublin; Centre for Economic Policy Research - UK; International Monetary Fund
摘要：The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external adjustment in advanced economies and emerging markets. We find that countries whose pre-crisis current account balances were in excess of what could be explained by standard economic fundamentals have experienc...
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作者：Bai, Yan; Zhang, Jing
作者单位：Arizona State University; Arizona State University-Tempe; University of Michigan System; University of Michigan
摘要：Conventional wisdom suggests that financial liberalization can help countries insure against idiosyncratic risk. There is little evidence, however, that countries have increased risk sharing despite widespread financial liberalization. We show that the key to understanding this puzzling observation is that conventional wisdom assumes frictionless international financial markets, while actual markets are far from frictionless: financial contracts are incomplete and contract enforceability is li...
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作者：Bricongne, Jean-Charles; Fontagne, Lionel; Gaulier, Guillaume; Taglioni, Dada; Vicard, Vincent
作者单位：The World Bank; European Central Bank; Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne
摘要：Global trade contracted quickly and severely during the global crisis. This paper uses a unique dataset of French firms to match export data to firm-level credit constraints and shows that most of the 2008-2009 trade collapse was due to the unprecedented demand shock and to product characteristics. While all firms have been affected by the crisis, the effect on large firms has been mainly at the intensive margin and has resulted in a smaller portfolio of products being offered to export destin...
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作者：Zachariadis, Marios
作者单位：University of Cyprus
摘要：This paper considers the relation between immigration and prices in a number of countries across the world over the period from 1990 to 2006. Immigration is shown to have a negative impact on international relative prices. A 10% increase in the share of immigrant workers in total employment decreases the prices of final products by as much as 3%. Our results suggest that the tendency of this factor of production to relocate to relatively expensive high-wage countries exerts downward pressure o...
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作者：Marin, Dalia; Verdier, Thierry
作者单位：University of Munich; Paris School of Economics
摘要：Many experts have identified globalization as the new way in which firms organize their activities and the emergence of talent as the new stakeholder in the firm. This paper examines the role of trade integration in the changing nature of the corporation. International trade leads to a 'war for talent' which makes it more likely that an organizational equilibrium emerges in the integrated world economy in which control is delegated to lower levels of the firm's hierarchy empowering human capit...
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作者：Huizinga, Harry; Voget, Johannes; Wagner, Wolf
作者单位：Tilburg University; Centre for Economic Policy Research - UK; University of Mannheim
摘要：Cross-border M&As can trigger additional taxation of the target's income in the form of non-resident dividend withholding taxes and acquirer-country corporate income taxation. This paper finds that this additional international taxation is fully capitalized into lower takeover premiums. In contrast, acquirer excess stock market returns around the bid announcement date do not appear to reflect additional taxation of the target's income. These findings suggest that international taxation is cons...
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作者：Okawa, Yohei; van Wincoop, Eric
作者单位：University of Virginia; National Bureau of Economic Research
摘要：The past decade has witnessed an explosion of papers estimating gravity equations for cross-border financial holdings without much of a theoretical foundation. In this paper we develop a theory for bilateral asset holdings that takes a gravity form. We discuss how to estimate international financial frictions and conduct comparative statics analysis within the context of the theory. We also find though that reasonable extensions of the model no longer generate a gravity form. While this does n...
