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作者：Bagwell, Kyle; Staiger, Robert W.
作者单位：Stanford University
摘要：Motivated by the structure of WTO negotiations, we analyze a bargaining environment in which negotiations proceed bilaterally and sequentially under the most-favored-nation (MFN) principle. We identify backward-stealing and forward-manipulation problems that arise when governments bargain under the MFN principle in a sequential fashion. We show that these problems impede governments from achieving the multilateral efficiency frontier unless further rules of negotiation are imposed. We identify...
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作者：Davis, Donald R.
作者单位：Columbia University
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作者：Curcuru, Stephanie E.; Dvorak, Tomas; Warnock, Francis E.
作者单位：University of Virginia; Federal Reserve System - USA; Union College; Trinity College Dublin; Federal Reserve System - USA; Federal Reserve Bank - Dallas; National Bureau of Economic Research
摘要：We decompose the returns differential between U.S. portfolio claims and liabilities into the composition, return, and timing effects. Our most striking and robust finding is that foreigners exhibit poor timing when reallocating between bonds and equities within their U.S. portfolios. The poor timing of foreign investors-caused primarily by deliberate trading, not a lack of portfolio rebalancing-contributes positively to the U.S. external returns differential. We find no evidence that the poor ...
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作者：Head, Keith; Mayer, Thierry; Ries, John
作者单位：University of British Columbia
摘要：Most independent nations today were part of empires in 1945. Using bilateral trade data from 1948 to 2006, we examine the effect of independence on post-colonial trade. While there is little short-run effect on trade, after four decades trade with the metropole (colonizer) has contracted by about 65%. Hostile separations lead to large, immediate reductions in trade. We also find that trade between former colonies of the same empire erodes as much as trade with the metropole, whereas trade with...
