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作者：Naito, Takumi
作者单位：Waseda University
摘要：We formulate a two-country, continuum-good Ricardian model of trade and endogenous growth with endogenous trade status. After establishing the existence, uniqueness, and global stability of a balanced growth path, we show that, compared with the old balanced growth path, a permanent fall in the trade cost in any one country: (i) raises the growth rates of capital in all countries for all periods; (ii) increases both the range of the imported varieties and that of the exported varieties in all ...
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作者：Forbes, Kristin; Frankel, Jeffrey; Engel, Charles
作者单位：National Bureau of Economic Research
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作者：Luo, Yulei; Nie, Jun; Young, Eric R.
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Virginia
摘要：In this paper we examine the effects of two types of induced uncertainty, model uncertainty due to robustness (RB) and state uncertainty due to finite information-processing capacity (called rational inattention or RI), on consumption and the current account. We show that the combination of RB and RI improves the model's predictions for (i) the contemporaneous correlation between the current account and income and (ii) the volatility and persistence of the current account in small open emergin...
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作者：Frankel, Jeffrey; Saravelos, George
作者单位：Harvard University; Deutsche Bank
摘要：We investigate whether leading indicators can help explain the cross-country incidence of the 2008-09 financial crisis. Rather than looking for indicators with specific relevance to the recent crisis, the selection of variables is driven by an extensive review of more than eighty papers from the previous literature on early warning indicators. Our motivation is to address suspicions that indicators found to be useful predictors in one round of crises are typically not useful to predict the nex...
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作者：Han, Jun; Liu, Runjuan; Zhang, Junsen
作者单位：University of Alberta; Nankai University; Chinese University of Hong Kong
摘要：This paper examines the impact of globalization on wage inequality using Chinese Urban Household Survey data from 1988 to 2008. Exploring two trade liberalization shocks, Deng Xiaoping's Southern Tour in 1992 and China's accession to the World Trade Organization (WTO) in 2001, we analyze whether regions more exposed to globalization experienced larger changes in wage inequality than less-exposed regions. Contrary to the predictions of the Heckscher-Ohlin model, we find that the WTO accession w...
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作者：Chang, Pao-Li; Lu, Chia-Hui
作者单位：Singapore Management University; City University of Hong Kong
摘要：This paper incorporates risk into the FDI decisions of firms. The risk of FDI failure increases with the gap between the South's technology frontier and the technology complexity of a firm's product. This leads to a double-crossing sorting pattern of FDI-firms of intermediate technology levels are more likely than others to undertake FDI. It is with the attempt to relax the upper bound of the technology content of FDI, we argue, that many FDI policies are created. The theory's predictions are ...
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作者：Demidova, Svetlana; Kee, Hiau Looi; Krishna, Kala
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; McMaster University; The World Bank; National Bureau of Economic Research
摘要：This paper provides a new heterogeneous firm model for trade where firms differ in their productivity and experience different market demand shocks. The model incorporates the variations in trade policy, trade preferences, and the rules of origin needed to obtain them that are faced by Bangladeshi garment exporters to the US and EU. We estimate firm's productivity using an extension of the Olley Pakes procedure that accounts for the biases arising from both demand shocks and productivity being...
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作者：Allayannis, George; Lel, Ugur; Miller, Darius P.
作者单位：University of Virginia; Virginia Polytechnic Institute & State University; Southern Methodist University
摘要：This paper examines the impact of currency derivatives on firm value using a broad sample of firms from thirty-nine countries with significant exchange-rate exposure. Derivatives can be used for managers' self-interest, for hedging or for speculative purposes. We hypothesize that investors can appeal to a firm's intemal (firm-level) and external (country-level) corporate governance to draw inferences on a firm's motive behind the use of derivatives, since well-governed firms are more likely to...
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作者：Schmeiser, Katherine N.
作者单位：Mount Holyoke College
摘要：I find evidence that the geographic expansion of firm exports occurs slowly over time and that a large share of export growth is due to incumbent exporters entering new destinations. New exporters enter large countries and destinations with characteristics similar to their domestic market. Less similar, distant or less developed countries are entered by firms already exporting to other destinations. I formulate a dynamic general equilibrium model to test if these patterns are due to firms lear...
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作者：Conconi, Paola; Legros, Patrick; Newman, Andrew F.
作者单位：Universite Libre de Bruxelles; Boston University
摘要：We embed a simple incomplete-contracts model of organization design in a standard two-country perfectly-competitive trade model to examine how the liberalization of product and factor markets affects the ownership structure of firms. In our model, managers decide whether or not to integrate their firms, trading off the pecuniary benefits of coordinating production decisions with the private benefits of operating in their preferred ways. The price of output is a crucial determinant of this choi...
