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作者：Jorda, Oscar; Taylor, Alan M.
作者单位：University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; National Bureau of Economic Research
摘要：Risky arbitraging based on interest rate differentials between two countries is typically referred to as a carry trade. Up until the recent global financial crisis, these trades generated years of persistent positive returns, which were hard to reconcile with standard pricing kernels. In 2008 these trades blew up, which seemed to weaken the case for a puzzle relating to predictable currency returns. But the rise and fall of this puzzle in the academic literature has only been concerned with na...
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作者：Klein, Michael W.
作者单位：Tufts University
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作者：Oldenski, Lindsay
作者单位：Georgetown University
摘要：Traditional proximity-concentration models of the decision to serve foreign markets through exports or FDI sales tend to overemphasize physical transport costs and market size while underemphasizing the cost of transmitting information. I augment those models with the importance of interacting with customers and communicating complex information within firms and use these characteristics to predict the location of production. Goods and services requiring direct communication with consumers are...
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作者：Cetorelli, Nicola; Goldberg, Linda S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; National Bureau of Economic Research
摘要：The recent crisis highlighted the importance of globally active banks in linking markets. One channel for this linkage is through how these banks manage liquidity across their entire banking organization. We document that funds regularly flow between parent banks and their affiliates in diverse foreign markets. We show that parent banks, when hit by a funding shock, reallocate liquidity in the organization according to a locational pecking order. Affiliate locations that are important for the ...
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作者：Dong, Wei
作者单位：Bank of Canada
摘要：In theory, nominal exchange rate movements can lead to expenditure switching when they generate changes in the relative prices of goods across countries. This paper explores whether the expenditure-switching role of exchange rates has changed in the current episode of significant global imbalances. We develop a multi-sector two-country model for the United States and the G6 countries, with the rest of the world captured by exogenous price and demand shocks, and estimate the model over two sub-...
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作者：Johnson, Robert C.
作者单位：Dartmouth College
摘要：This paper estimates a heterogeneous firms trade model using sector level data on export participation, trade flows, and unit value prices in a multi-country setting. Examining within-exporter variation in prices across destinations, prices are increasing in the difficulty of entering the destination market in the majority of sectors. This pattern is consistent with models in which product quality is positively correlated with firm size. However, prices decrease in export thresholds in some la...
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作者：Gourinchas, Pierre-Olivier; Rey, Helene; Truempler, Kai
作者单位：University of California System; University of California Berkeley; University of London; London Business School; National Bureau of Economic Research
摘要：This paper studies the geography of wealth transfers between 2007Q4 and 2008Q4, at the height of the global financial crisis. We construct valuation changes on bilateral external positions in equity, direct investment and portfolio debt to measure who benefited and who lost on their external exposure. We find a very diverse set of fortunes governed by the structure of countries' external portfolios. In particular, we are able to relate the gains and losses on debt portfolios to the country's e...
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作者：Krautheim, Sebastian
作者单位：Goethe University Frankfurt
摘要：Distance effects in gravity equations are high and are not decreasing over time. Given that technical change in transport technology is biased in favor of long distances, this constitutes a challenge for existing theoretical models. In line with recent empirical evidence, this paper introduces a spillover effect from the number of exporters to the fixed costs of exporting into a trade model with heterogeneous firms. Since less firms export to remote markets, the equilibrium fixed costs are inc...
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作者：Ostry, Jonathan D.; Ghosh, Atish R.; Chamon, Marcos; Qureshi, Mahvash S.
作者单位：International Monetary Fund
摘要：We examine whether macroprudential policies and capital controls can enhance financial stability in the face of the risks typically associated with large capital inflows. We construct new indices of foreign currency (FX)-related prudential measures, domestic prudential measures, and financial-sector specific capital controls for 51 emerging market economies over the period 1995-2008. Our results indicate that both capital controls and FX-related prudential measures are associated with a lower ...
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作者：Baldwin, Richard; Jaimovich, Dany
作者单位：Goethe University Frankfurt
摘要：This paper tests the hypothesis that the domino-like spread of regionalism is partly driven by 'defensive' FTAs, i.e. FTAs signed to reduce discrimination created by third-nation FTAs. A theory-based measure is used to test contagion against alternative determinants of regionalism. The main finding is that contagion is present in our data and robust to various econometric specifications, samples, and inclusions of various economic and political controls including the Baier-Bergstrand controls....
