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作者：Pavlova, Anna; Rigobon, Roberto
作者单位：Centre for Economic Policy Research - UK; University of London; London Business School; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Recent literature has argued that conventional measures of external sustainability - the trade balance and current account - are misleading because they omit capital gains on net foreign asset positions. We adjust the definition of the current account to include the capital gains and discuss how this may affect our thinking about external adjustment and sustainability. We do so in the context of a two-country macro-finance model of Pavlova and Rigobon (2008a) that allows exploration of the int...
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作者：Coeurdacier, Nicolas; Kollmann, Robert; Martin, Philippe
作者单位：Universite Libre de Bruxelles; University of London; London Business School; Universite Paris-Est-Creteil-Val-de-Marne (UPEC); Institut d'Etudes Politiques Paris (Sciences Po); Centre for Economic Policy Research - UK
摘要：Despite the liberalization of capital flows among OECD countries, equity home bias remains sizable. We depart from the two familiar explanations of equity home bias: transaction costs that impede international diversification, and terms of trade responses to supply shocks that provide risk sharing, so that there is little incentive to hold diversified portfolios. We show that the interaction of the following ingredients generates a realistic equity home bias: capital accumulation and internati...
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作者：Ishikawa, Jota; Morita, Hodaka; Mukunoki, Hiroshi
作者单位：Hitotsubashi University; University of New South Wales Sydney; Gakushuin University
摘要：Post-production services, such as sales, distribution, and maintenance, comprise a crucial element of business activity. We explore an international duopoly model in which a foreign firm has the option of outsourcing post-production services to its domestic rival or providing those services by establishing its own facilities through FDI. We demonstrate that trade liberalization in goods may hurt domestic consumers and lower world welfare, and that the negative welfare impacts are turned into p...
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作者：Foellmi, Reto; Oechslin, Manuel
作者单位：University of Bern; Tilburg University
摘要：Globalization increasingly involves less-developed countries (LDCs), i.e., economies which usually suffer from severe imperfections in their financial systems. Taking these imperfections seriously, we analyze how credit frictions affect the distributive impact of trade liberalizations. We find that free trade significantly widens income differences among firm owners in LDCs: While wealthy entrepreneurs are better off, relatively poor business people lose. Intuitively, with integrated markets, ...
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作者：Senses, Mine Zeynep
作者单位：Johns Hopkins University
摘要：In this paper, I use detailed plant-level data to analyze the relationship between offshoring and labor demand elasticities in the U.S. manufacturing sector during the 1972-2001 period. The results suggest that conditional demand elasticities for production workers are positively associated with increased exposure to offshoring both in the short-run and in the long-run. This relationship holds both for the unbalanced panel of plants and, for plants which continue their operations throughout th...
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作者：Opp, Marcus M.
作者单位：University of California System; University of California Berkeley
摘要：This paper describes strategic tariff choices within the Ricardian framework of Dornbusch, Fischer, and Samuelson (1977) using CES preferences The optimum tariff schedule is uniform across goods and inversely related to the import demand elasticity of the other country In the Nash equilibrium of tariffs, larger economies apply higher tariff rates Productivity adjusted relative size (approximate to GDP ratio) is a sufficient statistic for absolute productivity advantage and the size of the labo...
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作者：Trefler, Daniel; Zhu, Susan Chun
作者单位：University of Toronto; University of Toronto; Canadian Institute for Advanced Research (CIFAR); National Bureau of Economic Research; Michigan State University
摘要：The last decade witnessed an explosion of research Into the Impact of international technology differences on the factor content of trade Yet the literature has failed to confront two pivotal issues First with international technology differences and traded intermediate inputs there is no existing definition of the factor content of trade that is compatible with Vanek s factor content prediction We fill this gap Second as Helpman and Krugman (1985) showed many models beyond Heckscher-Ohlin imp...
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作者：Kesternich, Iris; Schnitzer, Monika
作者单位：University of Munich
摘要：This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk We focus on two choice variables the leverage and the ownership structure of the foreign affiliate and we distinguish different types of political risk such as expropriation unreliable intellectual property rights and confiscatory taxation In our theoretical analysis we find that as political risk increases the ownership share tends to decrease whereas leverage...
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作者：Morrow, Peter M.
作者单位：University of Toronto
摘要：This paper derives and estimates a unified and tractable model of comparative advantage due to differences in both factor abundance and relative productivity differences across industries It derives conditions under which ignoring one force for comparative advantage biases empirical tests of the other I emphasize two empirical results First factor abundance- and relative productivity-based models each possesses explanatory power when nesting the other as an alternate hypothesis Second producti...
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作者：Rime, Dagfinn; Sarno, Lucio; Sojli, Elvira
作者单位：City St Georges, University of London; Norges Bank; Norwegian University of Science & Technology (NTNU); Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：This paper adds to the research efforts that aim to bridge the divide between macro and micro approaches to exchange rate economics by examining the linkages between exchange rate movements, order flow and expectations of macroeconomic variables. The basic hypothesis tested is that if order flow reflects heterogeneous expectations about macroeconomic fundamentals, and currency markets learn about the state of the economy gradually, then order flow can have both explanatory and forecasting powe...
