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作者：Bergin, Paul R.; Lin, Ching-Yi
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; National Tsing Hua University
摘要：The response of trade to a monetary union is a dynamic process. An empirical study of the European monetary union finds that the extensive margin of trade in new goods responded several years ahead of EMU implementation and ahead of overall trade volume. A dynamic rational expectations trade model shows that early entry of new firms in anticipation is explainable as a rational forward-looking response to news. The model helps identify which types of trading frictions are reduced by a currency ...
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作者：Boivin, Jean; Clark, Robert; Vincent, Nicolas
作者单位：Universite de Montreal; HEC Montreal
摘要：Numerous studies have documented substantial deviations from the law of one price for consumer goods. However, in most cases small transaction costs can explain these violations. In our study, we purposely focus on a market where such frictions are minimal, namely online bookselling in the US and Canada. We exploit the high frequency nature of the data to disentangle nominal rigidities from market segmentation and show that while firms seem to respond to domestic competitive pressure, there is...
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作者：Kiyota, Kozo
作者单位：Yokohama National University
摘要：The breakdown of global factor price equalization, or a single-cone world, is a central concern in various fields of economics. This paper examines the empirical validities of the following two claims: 1) the multiple-cone Heckscher-Ohlin (HO) model fits better than does the single-cone HO model: and 2) increases in the number of cones improve the fit of the model. One of the contributions of this paper is that it focuses simultaneously on factor endowments, production patterns, and wage dispa...
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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：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：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...
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作者：Borota, Teodora
作者单位：Uppsala University
摘要：This paper analyzes the growth and welfare effects of trade openness within a North-South framework that predicts the observed intra-industry trade and the North-South specialization over different quality vintages within product lines. The model is used to re-examine the relationship between the innovation in the North and the imitation lag of the South and to address the implications of the (weak) international Intellectual Property Rights (IPR) protection. When the imitation technology is m...
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作者：Arezki, Rabah; Brueckner, Markus
作者单位：International Monetary Fund; National University of Singapore
摘要：We use annual variations in rainfall to examine the effects that exogenous, transitory income shocks have on remittances in a panel of 41 Sub-Saharan African countries during the period 1970-2007. Our main finding is that on average rainfall shocks have an insignificant contemporaneous effect on remittances. However, the marginal effect is significantly decreasing in the share of domestic credit to GDP. So much so, that at high levels of credit to GDP rainfall shocks have a significant negativ...
