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作者：Bombardini, Matilde; Trebbi, Francesco
作者单位：Canadian Institute for Advanced Research (CIFAR); University of British Columbia
摘要：This paper employs a novel data set on lobbying expenditures to measure the degree of within-sector political organization and to explore the determinants of the mode of lobbying and political organization across U.S. industries. The data show that sectors characterized by a higher degree of competition tend to lobby more together (through a sector-wide trade association), while sectors with higher concentration and more differentiated products lobby more individually. The paper proposes a the...
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作者：Ferrantino, Michael J.; Liu, Xuepeng; Wang, Zhi
作者单位：University System of Georgia; Kennesaw State University
摘要：Since the late 1990s, reported U.S. imports from China and Hong Kong have regularly and increasingly exceeded reported exports of China and Hong Kong to the United States. This discrepancy, which is not caused by re-exporting through Hong Kong, varies by product categories, and in some cases takes the opposite sign. In this paper, we focus on China's direct exports to the United States. Using a model that allows for simultaneous misreporting to two authorities, we find strong statistical evide...
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作者：Albornoz, Facundo; Pardo, Hector F. Calvo; Corcos, Gregory; Ornelas, Emanuel
作者单位：Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of Birmingham; University of Southampton
摘要：Many new exporters give up exporting very shortly, despite substantial entry costs; others shoot up foreign sales and expand to new destinations. We develop a model based on experimentation to rationalize these and other dynamic patterns of exporting firms. We posit that individual export profitability, while initially uncertain, is positively correlated over time and across destinations. This leads to sequential exporting, where the possibility of profitable expansion at the intensive and ext...
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作者：Karkinsky, Tom; Riedel, Nadine
作者单位：University Hohenheim; University of Oxford; Leibniz Association; Ifo Institut
摘要：Corporate patents are important assets in the modern economy, where knowledge is highly valued. In many multinational enterprises (MNEs), they constitute a major portion of the business's value. The intra-firm transfer pricing process for patent-related royalty payments is moreover often highly intransparent and patents thus represent a major source of profit shifting opportunities between multinational entities. For both reasons, MNEs have an incentive to locate their patents at low-tax affil...
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作者：Bacchetta, Philippe
作者单位：University of Lausanne
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作者：Giannetti, Mariassunta; Ongena, Steven
作者单位：Stockholm School of Economics; Tilburg University
摘要：Using a novel dataset that allows us to trace the bank relationships of a sample of mostly unlisted firms, we explore which borrowers are able to benefit from foreign bank presence in emerging markets. Our results suggest that the limits to financial integration are less tight than the static picture of firm-bank relationships implies. Even though foreign banks are more likely to engage large and foreign-owned firms, after an acquisition, a bank is 20% less likely to terminate a relationship w...
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作者：Neary, J. Peter; Tharakan, Joe
作者单位：University of Oxford; University of Liege
摘要：This paper endogenizes the extent of intra-sectoral competition in a multi-sectoral general-equilibrium model of oligopoly and trade. Firms choose capacity followed by prices. If the benefits of capacity investment in a given sector are below a threshold level, the sector exhibits Bertrand behavior, otherwise it exhibits Cournot behavior. By endogenizing the threshold parameter in general equilibrium, we show how exogenous shocks such as globalization and technological change alter the mix of ...
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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：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...
