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作者：Ramondo, Natalia; Rappoport, Veronica
作者单位：Columbia University; University of Texas System; University of Texas Austin
摘要：This paper explores the aggregate consequences of Foreign Direct Investment (FDI) on the opportunities for risk diversification available to consumers. The crucial difference between FDI and other international financial flows is that the former involves technology flows across countries. We present a model where firm-embedded productivity can be transferred costly across countries through the activity of multinational firms. We find that risk patterns affect multinationals' location decisions...
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作者：Devereux, Michael B.; Sutherland, Alan
作者单位：University of British Columbia; National Bureau of Economic Research; University of St Andrews
摘要：'Valuation effects' can imply that the traditional Current account is an inaccurate measure of the change in the net foreign asset (NFA) position, This paper uses new developments in the analysis of portfolio choice in general equilibrium to investigate valuation effects in a two-country model. Broadly speaking, the valuation effects in the model correspond to those observed in the data. But there is a key distinction between 'unanticipated' and 'anticipated' valuation effects. Unanticipated e...
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作者：Okubo, Toshihiro; Picard, Pierre M.; Thisse, Jacques-Francois
作者单位：Universite Catholique Louvain; Kobe University; University of Luxembourg; Paris School of Economics
摘要：We show that heterogeneous firms choose different locations in response to market integration Specifically decreasing trade costs lead to the gradual agglomeration of efficient firms in the larger country where they have access to a bigger pool of consumers In contrast high-cost firms seek protection against competition from efficient firms by locating in the smaller country However when the spatial separation of markets ceases to be a sufficient protection against foreign competition high-cos...
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作者：Mauleon, Ana; Vannetelbosch, Vincent
作者单位：Universite Catholique Louvain; Universite Catholique Louvain; Fonds de la Recherche Scientifique - FNRS; University Saint-Louis - Bruxelles; University Saint-Louis - Bruxelles
摘要：We consider a two-country model of wage determination with private information in unionized, imperfectly competitive, industries. We investigate the effects of opening up markets to trade as well as of further market integration on the negotiated wage and the maximum delay in reaching an agreement. From an initial situation of two-way intra-industry trade, an increase in product market integration decreases the maximum delay in reaching an agreement. However, opening up markets to trade has an...
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作者：Ardelean, Adina; Lugovskyy, Volodymyr
作者单位：University System of Georgia; Georgia Institute of Technology; Santa Clara University
摘要：We show theoretically and confirm empirically that domestic productivity has a significant impact on the demand for foreign varieties under the assumption that domestic and foreign varieties are imperfect substitutes In particular, the demand for imported varieties is more elastic for countries with comparative advantage For an average good facing a median trade barrier, doubling the importer-exporter relative export performance decreases the number of imported varieties by 17% Our findings su...
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作者：Alquist, Ron
摘要：Using a unique data set this paper studies the relationship between market liquidity risk and sovereign bond risk premia The London Stock Exchange during the late 19th century is an ideal laboratory in which to examine the effect of market liquidity on sovereign bond prices This period was the last time when the debt of a heterogeneous set of countries was traded in a centralized location and for which sufficiently long time series of observable bond prices are available to conduct asset-prici...
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作者：Bastos, Paulo; Silva, Joana
作者单位：The World Bank; Inter-American Development Bank
摘要：What drives export quality? Using Portuguese firm level data on exports by product and destination market we find that f o b unit values Increase systematically with distance and tend to be higher in shipments to richer nations These relationships reflect not only the sorting of firms across markets but also the within-firm variation of unit values across destinations Within product categories higher-productivity firms tend to ship greater quantities at higher prices to a given market consiste...
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作者：Ivus, Olena
作者单位：University of Prince Edward Island
摘要：Despite over 20 years of debate, the TRIPs agreement remains very contentious. This paper evaluates the impact of strengthening patent rights (PRs) in developing countries on developed countries' exports over the 1962-2000 period. Colonial origin is used to isolate exogenous variation in PRs. The impact is then identified by examining the cross-industry difference in sensitivity to PRs. I find that the increase in PRs made in response to the TRIPs agreement added about $35 billion (2000 US dol...
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作者：Marceau, Nicolas; Mongrain, Steeve; Wilson, John D.
作者单位：Simon Fraser University; University of Quebec; University of Quebec Montreal; Michigan State University
摘要：We consider tax competition in a world with tax bases exhibiting different degrees of mobility, modeled as mobile and immobile capital An agreement among countries not to give preferential treatment to mobile capital results in an equilibrium where mobile capital is nevertheless taxed relatively lightly In particular, one or two of the smallest countries, measured by their stocks of immobile capital, choose relatively low tax rates, thereby attracting mobile capital away from the other countri...
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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：In an influential series of contributions, Kraay and Ventura (2000, 2003) offer a new rule for the current account: in response to a temporary income shock, the change in the current account is equal to the change in saving times the ratio of net foreign assets to wealth. We analyze the impact of a temporary income shock on the current account in the context of a two-country dynamic general equilibrium model of portfolio choice and show that the new rule does not hold. We also show that the cr...
