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作者：Johannesen, Niels
作者单位：University of Copenhagen
摘要：We present a model of tax competition for real investment and profits and show that the presence of tax havens in some cases increases the tax revenue of countries. In the first part of the paper, we argue that tax competition for profits is likely to be imperfect in the sense that the jurisdiction with the lowest tax rate does not necessarily attract all shifted profits. Under this assumption, tax competition between a large number of identical countries may lead to either a symmetric equilib...
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作者：Blanchard, Emily J.
作者单位：University of Virginia
摘要：International ownership alters the role of multilateral trade institutions by redefining pecuniary externalities among countries. Regardless of the underlying cause - whether foreign direct investment, international portfolio diversification, cross-country mergers, or multinational firms - international ownership can mitigate incentives that lead large countries to set inefficiently high tariffs. At the same time, however, foreign ownership introduces the potential for expropriation by investm...
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作者：Saggi, Kamal; Yildiz, Halis Murat
作者单位：Southern Methodist University; Toronto Metropolitan University
摘要：We develop an equilibrium theory of trade agreements in which both the degree and the nature (bilateral or multilateral) of trade liberalization are endogenously determined. To determine whether and how bilateralism matters, we also analyze a scenario where countries pursue trade liberalization on only a multilateral basis. We find that when countries have asymmetric endowments or when governments value producer interests more than tariff revenue and consumer surplus, there exist circumstances...
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作者：Chen, Maggie Xiaoyang; Moore, Michael O.
作者单位：George Washington University
摘要：We examine how multinational firms with heterogeneous total factor productivity (TFP) self-select Into different host countries Both aggregate- and firm-level estimates suggest that more productive French firms are more likely than their less efficient competitors to invest in relatively tough host countries Countries with a smaller market potential, higher fixed costs of investment or lower import tariffs tend to have higher cutoff productivities and attract a greater proportion of productive...
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作者：Spulber, Daniel F.
作者单位：Northwestern University
摘要：I present a comprehensive model of international trade in technology that considers both the demand for inventions and the supply of inventions On the demand side, domestic and foreign firms make strategic technology adoption decisions On the supply side, inventors compete to sell licenses for their technology to domestic and foreign firms. Countries benefit from international trade in technology because they obtain the best invention from a larger pool of inventions. International trade in te...
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作者：Ng, Eric C. Y.
摘要：International trade increasingly involves trade in goods being produced in fragmentation arrangements across countries, with each country specializing in different stages of a production sequence. This paper examines empirically whether pairs of countries with more bilateral production fragmentation arrangements tend to have more correlated business cycles. Using cross-country data from 30 countries, we find that bilateral production fragmentation has a positive effect while the standard bilat...
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作者：Lu, Jiangyong; Lu, Yi; Tao, Zhigang
作者单位：University of Hong Kong; Peking University; National University of Singapore
摘要：Firms have increasingly conducted different stages of production in different countries. In particular, they may set up operations in low-cost countries (those operations are referred to as foreign affiliates in those countries) either as platforms for export or serving the growing markets there. What is the exporting behavior of foreign affiliates? In this paper, using data from China, we find that among foreign affiliates exporters are less productive than non-exporters. We then offer a theo...
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作者：Harrigan, James
作者单位：University of Virginia
摘要：Airplanes are a fast but expensive means of shipping goods a fact which has implications for comparative advantage The paper develops a Ricardian model with a continuum of goods which vary by weight and hence transport cost Comparative advantage depends on relative air and surface transport costs across countries and goods as well as stochastic productivity A key testable implication is that the U S should Import heavier goods from nearby countries and lighter goods from faraway counties This ...
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作者：Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydro, Jose-Luis
作者单位：University of Houston System; University of Houston; Dartmouth College; European Central Bank
摘要：Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral banking linkages among twenty industrial countries in the past thirty years. We also construct a dataset that records the timing of legislative-regulatory harmonization policies in financial services across the European Union. We find that the euro's impact o...
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作者：Tille, Cedric; van Wincoop, Eric
作者单位：University of Virginia; National Bureau of Economic Research
摘要：The surge in international asset trade since the early 1990s has lead to renewed interest in models with international portfolio choice We develop the implications of portfolio choice for both gross and net international capital flows in the context of a simple two-country dynamic stochastic general equilibrium (DSGE) model. We focus on the time-variation in portfolio allocation following shocks, and resulting capital flows Endogenous time-variation in expected returns and risk, which are the ...
