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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：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...
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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：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：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：Lane, Philip R.; Shambaugh, Jay C.
作者单位：Dartmouth College; Trinity College Dublin; National Bureau of Economic Research
摘要：A major focus of the recent literature on the determination of optimal portfolios in open-economy macroeconomic models has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there is little empirical evidence on the foreign currency exposures that are embedded in international balance sheets. Using a new database, we provide stylized facts concerning the cross-country and time-series variation in aggregate foreign curre...
