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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：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：McCalman, Phillip
作者单位：University of California System; University of California Santa Cruz
摘要：When a foreign monopolist sets a single market clearing price for its product, the sign of the optimal tariff is determined by the extent of pass through (also known as the terms of trade effect). However, when a foreign monopolist employs a second degree price discrimination mechanism in the domestic market the calculus of welfare maximization is very different. While there are still terms of trade effects from the imposition of a tariff, the existence of such effects are neither necessary no...
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作者：Nucci, Francesco; Pozzolo, Alberto Franco
作者单位：University of Molise; Sapienza University Rome
摘要：Using a representative panel of manufacturing firms we estimate the response of job and hours worked to currency swings showing that It depends primarily on firms exposure to foreign sales and their reliance on imported inputs We also show that for a given international exposure the response to exchange rate fluctuations is magnified when firms exhibit a lower monopoly power and when they face foreign pressure in the domestic market through import penetration The degree of substitutability bet...
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作者：Yue, Vivian Z.
作者单位：New York University
摘要：This paper develops a small open economy model to study sovereign default and debt renegotiation for emerging economies The model features both endogenous default and endogenous debt recovery rates Sovereign bonds are priced to compensate creditors for the risk of default and the risk of debt restructuring The model captures the interaction between sovereign default and ex post debt renegotiation We find that both debt recovery rates and sovereign bond prices decrease with the level of debt In...
