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作者：Habib, Maurizio M.; Stracca, Livio
摘要：The main objective of this paper is to investigate the fundamentals of safe haven currencies, which are those currencies that provide an hedge for a reference portfolio of risky assets, conditional on shocks to global risk aversion. We analyse a large panel of 52 currencies in advanced and emerging countries over almost 25 years of data. We find that only a few factors are robustly associated to a safe haven status, most notably the net foreign asset position, an indicator of external vulnerab...
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作者：Naito, Takumi
作者单位：Waseda University
摘要：We formulate a two-country, continuum-good Ricardian model of trade and endogenous growth with endogenous trade status. After establishing the existence, uniqueness, and global stability of a balanced growth path, we show that, compared with the old balanced growth path, a permanent fall in the trade cost in any one country: (i) raises the growth rates of capital in all countries for all periods; (ii) increases both the range of the imported varieties and that of the exported varieties in all ...
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作者：Luo, Yulei; Nie, Jun; Young, Eric R.
作者单位：University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Kansas City; University of Virginia
摘要：In this paper we examine the effects of two types of induced uncertainty, model uncertainty due to robustness (RB) and state uncertainty due to finite information-processing capacity (called rational inattention or RI), on consumption and the current account. We show that the combination of RB and RI improves the model's predictions for (i) the contemporaneous correlation between the current account and income and (ii) the volatility and persistence of the current account in small open emergin...
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作者：Allayannis, George; Lel, Ugur; Miller, Darius P.
作者单位：University of Virginia; Virginia Polytechnic Institute & State University; Southern Methodist University
摘要：This paper examines the impact of currency derivatives on firm value using a broad sample of firms from thirty-nine countries with significant exchange-rate exposure. Derivatives can be used for managers' self-interest, for hedging or for speculative purposes. We hypothesize that investors can appeal to a firm's intemal (firm-level) and external (country-level) corporate governance to draw inferences on a firm's motive behind the use of derivatives, since well-governed firms are more likely to...
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作者：Schmeiser, Katherine N.
作者单位：Mount Holyoke College
摘要：I find evidence that the geographic expansion of firm exports occurs slowly over time and that a large share of export growth is due to incumbent exporters entering new destinations. New exporters enter large countries and destinations with characteristics similar to their domestic market. Less similar, distant or less developed countries are entered by firms already exporting to other destinations. I formulate a dynamic general equilibrium model to test if these patterns are due to firms lear...
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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：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：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：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....
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作者：Chang, Roberto
作者单位：Rutgers University System; Rutgers University New Brunswick
