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作者：Kim, Yun Jung; Zhang, Jing
作者单位：University of Michigan System; University of Michigan; Sogang University
摘要：In the past, foreign borrowing by developing countries was comprised almost entirely of government borrowing. However, private firms and individuals in developing countries now borrow substantially from foreign lenders. It is often asserted that this surge in private sector borrowing generates excessive borrowing and frequent sovereign defaults in developing countries. This paper analyzes the impact of decentralized borrowing using a quantitative model in which private agents decide how much t...
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作者：Limao, Nuno
作者单位：University System of Maryland; University of Maryland College Park
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作者：Popov, Alexander; Udell, Gregory F.
作者单位：European Central Bank; Indiana University System; Indiana University Bloomington
摘要：We study the sensitivity of credit supply to bank financial conditions in 16 emerging European countries before and during the financial crisis. We use survey data on 10,701 applicant and non-applicant firms that enable us to disentangle effects driven by positive and negative shocks to the banking system from demand shocks that may vary across lenders. We find strong evidence that firms' access to credit was affected by changes in the financial conditions of their banks. During the crisis fir...
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作者：Bagwell, Kyle; Staiger, Robert W.
作者单位：Stanford University; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
摘要：Existing theories of trade agreements suggest that GATT/WTO efforts to reign in export subsidies represent an inefficient victory for exporting governments that comes at the expense of importing governments. Building on the Cournot delocation model first introduced by Venables (1985), we derive new results from this model and use these results to develop a more benign interpretation of efforts to restrain export subsidies in trade agreements. And we suggest that the gradual tightening of restr...
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作者：Chisik, Richard
作者单位：Toronto Metropolitan University
摘要：Recent work demonstrates the importance of developing high quality output in order to compete in export markets and other recent studies verify the prevalence of fixed and ongoing trade costs while participating in those markets. I consider the joint choice of quality and export promotion costs when trade relationships are subject to temporary disputes. When transparency is low and macroeconomic instability is high, disputes arrive more frequently and, therefore, firms may inefficiently choose...
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作者：Nishioka, Shuichiro
作者单位：West Virginia University
摘要：This paper examines how production techniques differ across countries, factors, and industries and considers its implications for previous empirical evidence on the Vanek prediction. I find that production techniques differ substantially across countries and factors, but differ much less across industries within a country. Davis and Weinstein (2001) argue that modeling cross-industry differences (multiple-cone specialization) improves the fit of the Vanek prediction: however, their test statis...
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作者：Agca, Senay; Celasun, Oya
作者单位：International Monetary Fund; George Washington University
摘要：We document that the corporate sector faces higher borrowing costs when the external debt of the public sector is higher. By contrast, no significant relationship is found between domestic public debt and corporate borrowing costs. An increase in sovereign debt by one standard deviation from its sample mean is associated with 9% higher loan yield spreads. The correlation is considerably higher in countries with weak creditor rights and past sovereign default episodes. Overall, these findings s...
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作者：Holmes, Thomas J.; Stevens, John J.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Federal Reserve System - USA
摘要：The fact that large manufacturing plants export relatively more than small plants has been at the foundation of much work in the international trade literature. We examine this fact using Census microdata on plant shipments from the Commodity Flow Survey. We show that the fact is not entirely an international trade phenomenon: part of it can be accounted for by the effect of distance, distinct from any border effect. Export destinations tend to be farther than domestic destinations, and large ...
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作者：Prades, Elvira; Rabitsch, Katrin
作者单位：Vienna University of Economics & Business; Central European University
摘要：Differences in financial systems are often named as a prime candidate for the current state of global imbalances. This paper focuses on cross-country heterogeneity in access to international financial markets that derives from the presence of capital controls and argues that the process of capital liberalization over the past decades can explain a substantial fraction of US net external liabilities. We present a simple two-country model with an internationally traded bond, in which capital con...
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作者：Bruelhart, Marius; Carrere, Celine; Trionfetti, Federico
作者单位：University of Lausanne; Centre for Economic Policy Research - UK; University of Geneva; Aix-Marseille Universite
摘要：We study the response of regional employment and nominal wages to trade liberalization, exploiting the natural experiment provided by the opening of Central and Eastern European markets after the fall of the Iron Curtain in 1990. Using data for Austrian municipalities, we examine differential pre- and post-1990 wage and employment growth rates between regions bordering the formerly communist economies and interior regions. If the 'border regions' are defined narrowly, within a band of less tha...
