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作者：Alfaro, Laura; Kanczuk, Fabio
作者单位：Harvard University; National Bureau of Economic Research; Universidade de Sao Paulo
摘要：Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does not allow addressing one of the puzzles behind using reserves as a means to avoid the negative effects of crisis: why do not sovereign countries reduce their sovereign debt instead? To study the joint de...
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作者：Francois, Joseph; Woerz, Julia
作者单位：Johannes Kepler University Linz; Centre for Economic Policy Research - UK
摘要：We develop a panel-based inequality constrained least-squares (ICLS) framework for estimating the export tax equivalent (ETE) of quotas where the ETEs vary over time. Working with a panel of bilateral data on textile and clothing trade,underlying bilateral tariffs, and the country-pair coverage of quotas under the WTO's Agreement on Textiles and Clothing (ATC), we use this framework to examine the evolution of market access conditions in the textile and clothing sectors. Our estimating framewo...
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作者：Kilian, Lutz; Rebucci, Alessandro; Spatafora, Nikola
作者单位：University of Michigan System; University of Michigan; Inter-American Development Bank; International Monetary Fund
摘要：We provide estimates of the effects of demand and supply shocks in the global crude oil market on several measures of oil exporters' and oil importers' external balances, including the oil trade balance, the non-oil trade balance, the current account, capital gains, and changes in net foreign assets (NFA). First, we show that the effect of oil demand and supply shocks on the merchandise trade balance and the current account, which depending on the source of the shock can be large, depends crit...
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作者：Engelen, Christian; Lambsdorff, Johann Graf
作者单位：University of Passau
摘要：The latest Argentinean debt restructuring was the first time the resolution of a modern financial crisis was completely handed over to the private financial markets without official intervention by public institutions. We argue that the resulting harshest haircut for private creditors in history can be at least partially related to a stag-hunt game played by creditors. We show that incentive schemes provided by the Argentinean government were factors facilitating this haircut. The analysis sug...
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作者：Coeurdacier, Nicolas
作者单位：University of London; London Business School
摘要：Two of the main puzzles in international economics are the consumption and the portfolio home biases. We solve for international equity portfolios in a two-country/two-good stochastic equilibrium model with trade costs in goods markets. We show that introducing trade costs, as suggested by Obstfeld and Rogoff [Obstfeld, M., Rogoff, K., 2000a. The Six Major Puzzles in International Macroeconomics: Is There a Common Cause? NBER Macroeconomics Annual, 151, is not sufficient to explain these two p...
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作者：Lyons, Richard K.; Moore, Michael J.
作者单位：Queens University Belfast; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Models of currency competition focus on the 5% of trading attributable to balance-of-payments flows. We introduce an information approach that focuses on the other 95%. Important departures from traditional models arise when transactions convey information. First, prices reveal different information depending on whether trades are direct or though vehicle currencies. Second, missing markets arise due to insufficiently symmetric information, rather than insufficient transactions scale. Third, t...
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作者：Conconi, Paola; Perroni, Carlo
作者单位：University of Warwick; Universite Libre de Bruxelles
摘要：We examine the relationship between international policy coordination and domestic policy reputation when both are self-sustaining. We show that domestic policy commitment: does not necessarily facilitate international cooperation: rather, efficient policies may be most easily sustained when governments are unable to pre-commit to policy domestically. Moreover, the lack of domestic commitment is more likely to facilitate international cooperation the larger the international spillovers; of dom...
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作者：Asiedu, Elizabeth; Jin, Yi; Nandwa, Boaz
作者单位：Monash University; University of Kansas; Yale University
摘要：We construct a model of FDI, risk and aid, where a country loses access to FDI and aid if the country expropriates FDI. We show that: (i) the threat of expropriation leads to under-investment; (ii) the optimal level of FDI decreases as the risk of expropriation rises; and (iii) aid mitigates the adverse effect of expropriation risk on FDI. The empirical analysis employs data for 35 low-income countries and 28 countries in Sub-Saharan Africa, over the period 1983-2004. We find that risk has a n...
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作者：Aloi, Marta; Leite-Monteiro, Manuel; Lloyd-Braga, Teresa
作者单位：University of Nottingham; University of Nottingham; Universidade Catolica Portuguesa
摘要：This paper studies the effects of international integration of capital markets in a world where countries differ in their labor market institutions: one country has a perfectly competitive labor market while the other is unionized. We show that workers should favor autarky in the unionized country, but oppose it in the non unionized country and vice versa for owners of capital. Aggregate gains from integration, however, are negative. We also show that, under capital mobility, an increase in re...
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作者：Hale, Galina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
