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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：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：Goldberg, Linda; Hellerstein, Rebecca; Engel, Charles
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Berger, David; Faust, Jon; Rogers, John H.; Steverson, Kai
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Yale University; Johns Hopkins University; Princeton University
摘要：We analyze retail prices and at-the-dock (import) prices of specific items in the Bureau of Labor Statistics' (BLS) CPI and IPP databases, using both databases simultaneously to identify items that are identical in description at the dock and when sold at retail. This identification allows us to measure the distribution wedge associated with bringing traded goods from the point of entry into the United States to their retail outlet. We find that overall U.S. distribution wedges are 50-70%, aro...
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作者：Devereux, Michael B.; Smith, Gregor W.; Yetman, James
作者单位：University of British Columbia; National Bureau of Economic Research; Queens University - Canada; Bank for International Settlements (BIS)
摘要：Standard models of international risk sharing with complete asset markets predict a positive association between relative consumption growth and real exchange-rate depreciations across countries. The striking lack of evidence for this link the consumption/real-exchange-rate anomaly or Backus-Smith puzzle has prompted research on risk-sharing indicators with incomplete asset markets. That research generally implies that the association holds in forecasts, rather than realizations. Using profess...
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作者：Yilmazkuday, Hakan
作者单位：State University System of Florida; Florida International University
摘要：This paper models and estimates bilateral trade patterns of U.S. states in a CES framework and identifies the elasticity of substitution across goods, the elasticities of substitution across varieties of each good, and the good-specific elasticities of distance by using markup values obtained from the production side. Compared to the international trade literature, the elasticity of substitution estimates are lower across both goods and varieties, while the elasticity of distance estimates are...
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作者：Fecht, Falko; Gruener, Hans Peter; Hartmann, Philipp
作者单位：University of Mannheim; European Business School (EBS) University; European Central Bank; Centre for Economic Policy Research - UK; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper studies the implications of cross-border financial integration for financial stability when banks' loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market When banks have a comparative advantage in providing credit to certain industries, financial integration may induce banks to specialize in lending. An enhanced concentration in lending does not necessarily incre...
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作者：Behrens, Kristian; Murata, Yasusada
作者单位：University of Quebec; University of Quebec Montreal; Nihon University; Nihon University
摘要：We present a general equilibrium model of monopolistic competition featuring pro-competitive effects and a competitive limit, and investigate the impact of trade on welfare and efficiency. Contrary to the constant elasticity case, in which all gains from trade are due to product diversity, our model allows for a welfare decomposition between gains from product diversity and gains from pro-competitive effects. We show that the market outcome is not efficient because too many firms operate at an...
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作者：Puzzello, Laura
作者单位：Monash University
摘要：This paper revisits Trefler and Zhu's (2005, 2010) (TZ) empirical examination of the factor content of trade in the presence of international differences in production techniques and trade in inputs. In this framework, knowing the bilateral details of each country's input-output structure is key to the correct calculation of the factor content of trade. Because input-output tables typically lack this detail, TZ impute the relevant input-output coefficients by making a proportionality assumptio...
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作者：Ekholm, Karolina; Moxnes, Andreas; Ulltveit-Moe, Karen Helene
作者单位：Dartmouth College; University of Oslo
摘要：Using a new and extensive micro data set we investigate the impact of a change in international competitive pressure on industrial performance and restructuring. Unlike previous studies we are able to account for the heterogeneity across firms in their exposure to foreign competition. We focus on a situation akin to a natural experiment, and examine the impact of a sharp real appreciation of the Norwegian Krone in the early 2000s on Norwegian manufacturing firms which differ substantially in t...
