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作者：Hnatkovska, Viktoria
作者单位：University of British Columbia
摘要：Why do investors trade a lot in foreign assets and hold so little of them in their portfolios? This paper shows that both observations can arise naturally in the presence of nondiversifiable nontraded consumption risk when each country specializes in production, preferences exhibit consumption home bias, and asset markets are incomplete. Using a general equilibrium two-country, two-sector (tradable and nontradable) model of the world economy with production I show that low diversification occu...
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作者：Beshkar, Mostafa
作者单位：Yale University; University System Of New Hampshire; University of New Hampshire
摘要：I propose a framework within which to interpret and evaluate the major reforms introduced to the GATT system in its transition to the WTO. In particular, I examine the WTO Agreement on Safeguards that has amended the GATT escape clause (Article XIX), and the Dispute Settlement Body (DSB) that resembles a court of law under the WTO. Using this framework, I interpret the weakening of the reciprocity principle under the Agreement on Safeguards as an attempt to reduce efficiency-reducing trade ski...
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作者：Bouakez, Hafedh; Normandin, Michel
作者单位：Universite de Montreal; HEC Montreal
摘要：We study the effects of U.S. monetary policy shocks on the bilateral exchange rate between the U.S. and each of the G7 countries. We also estimate deviations from uncovered interest rate parity conditional on these shocks. The analysis is based on a structural vector autoregression in which monetary policy shocks are identified through the conditional heteroscedasticity of the structural disturbances. Unlike earlier work in this area, our empirical methodology avoids making arbitrary assumptio...
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作者：Falvey, Rod; Greenaway, David; Silva, Joana
作者单位：University of Nottingham; University of Nottingham; Bond University; Bond University; The World Bank
摘要：This paper highlights the way in which workers of different ages and abilities are affected by anticipated and unanticipated trade liberalisations. A two-factor (skilled and unskilled labour), two-sector Heckscher-Ohlin trade model is supplemented with an education sector which uses skilled labour and time to convert unskilled workers into skilled workers. A skilled worker's income depends on her ability, but all unskilled workers have the same income. Trade liberalisation in a relatively skil...
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作者：Blonigen, Bruce A.; Wilson, Wesley W.
作者单位：University of Oregon; National Bureau of Economic Research
摘要：The US. steel industry has long held that foreign subsidization and excess capacity has led to its long-run demise, yet no one has formally examined this hypothesis. In this paper, we incorporate foreign subsidization considerations into a model based on Staiger and Wolak's (1992) cyclical dumping framework and illustrate testable implications of both cyclical excess capacity and structural excess capacity stemming from foreign subsidization We then use detailed product- and foreign country-le...
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作者：Haufler, Andreas; Wooton, Ian
作者单位：University of Munich; Leibniz Association; Ifo Institut; University of Strathclyde
摘要：We set up a model of generalised oligopoly where two countries of different size compete for an exogenous, but variable. number of identical firms. The model combines a desire by national governments to attract internationally mobile firms with the existence of location rents that arise even in a symmetric equilibrium where firms are dispersed As economic integration proceeds. equilibrium taxes initially decline, but then rise again as trade costs fall even further A range of trade costs is id...
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作者：Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.
作者单位：Brown University; National Bureau of Economic Research; The World Bank
摘要：This paper documents several new patterns associated with firms issuing stocks and bonds in foreign markets that motivate the need for and help guide the direction of future research. Three major Patterns stand out. (1) A large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the cross-firm heterogeneity in financial globalization. (2) Chan...
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作者：Evans, Martin D. D.
作者单位：Georgetown University; Georgetown University; National Bureau of Economic Research
摘要：The aim of this paper is to establish the link between the high frequency dynamics of spot exchange rates and developments in the macroeconomy. To do so, I first present a theoretical model of exchange-rate determination that bridges the gap between existing microstructure and traditional models. The model examines how dispersed microeconomic information known to individual agents outside the foreign exchange market is aggregated and transmitted to dealers via transaction flows (i.e., order Ho...
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作者：Blonigen, Bruce A.; Soderbery, Anson
作者单位：University of Oregon; University of Oregon; National Bureau of Economic Research; University of California System; University of California Davis
摘要：Recent studies have used import data to assess the Impact of foreign varieties on domestic prices and welfare We employ a market based data set on the US automobile market that allows us to define goods varieties at a more precise level as well as discern location of production and ownership of varieties Our estimates of price and welfare changes from new varieties in the US automobile sector are twice as large as standard estimates when using our detailed market-based data We also show that n...
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作者：Moser, Christoph; Urban, Dieter; di Mauro, Beatrice Weder
作者单位：Johannes Gutenberg University of Mainz; Swiss Federal Institutes of Technology Domain; ETH Zurich; RWTH Aachen University; Leibniz Association; Ifo Institut
摘要：This study investigates the impact of international competitiveness on net employment, job creation, job destruction, and gross job flows for a representative sample of German establishments from 1993 to 2005 We find a statistically significant but economically small effect of real exchange rate shocks on employment, comparable to the one found in studies for the United States However, contrary to the United States, the employment adjustment (among surviving firms) operates mainly through the ...
