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作者：Klein, Michael W.; Shambaugh, Jay C.
作者单位：Dartmouth College; Tufts University; National Bureau of Economic Research
摘要：The impermanence of fixed exchange rates has become a stylized fact in international finance. The combination of the mirage view that pegs do not really peg with the fear of floating view that floats do not really float generates the conclusion that exchange rate regimes are, in practice, unimportant for the behavior of the exchange rate. This is consistent with evidence on the irrelevance of exchange rate regimes for general macroeconomic performance. Recent studies, however, show that the ex...
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作者：Walter, Ingo
作者单位：New York University
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作者：Martincus, Christian Volpe; Carballo, Jeronimo
作者单位：Inter-American Development Bank
摘要：How effective are export promotion activities in developing countries? What are the channels through which export promotion affects firms' exports, the intensive margin or the extensive margin? Empirical evidence in this respect is scarce. We aim at filling this gap in the literature by providing evidence on the impact of export promotion on export performance using a unique firm level dataset for Peru over the period 2001-2005. We find that export promotion actions are associated with increas...
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作者：Lipsey, Robert E.
作者单位：National Bureau of Economic Research
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作者：Berger, David W.; Chaboud, Alain P.; Chernenko, Sergey V.; Howorka, Edward; Wright, Jonathan H.
作者单位：Federal Reserve System - USA; Yale University; Harvard University
摘要：We analyze the association between order flow and exchange rates using a new dataset representing a majority of global interdealer transactions in the two most-traded currency pairs at the one minute frequency over a six-year time period. This long span of high-frequency data allows us to gain new insights about the joint behavior of these series. We first confirm the presence of a substantial association between interdealer order flow and exchange rate returns at horizons ranging from 1 min t...
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作者：Duarte, Margarida; Wolman, Alexander L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Toronto
摘要：Substantial attention has been devoted to inflation differentials within the European Monetary Union, including suggestions that inflation differentials area policy issue for national governments. This paper investigates the ability of a region participating in a currency union to affect its inflation differential with respect to the union through fiscal policy. In a two-region general equilibrium model with traded and nontraded goods, lowering the labor income tax rate in response to positive...
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作者：Daude, Christian; Fratzscher, Marcel
作者单位：Inter-American Development Bank; European Central Bank
摘要：Is there a pecking order of cross-border investment in that countries become financially integrated through some types of investment rather than others? Using a novel database of bilateral capital stocks for all types of investment - FDI, portfolio equity securities, debt securities as well as loans - for a broad set of 77 countries, we show that such a pecking order indeed exists. The paper focuses on two key determinants of this pecking order: information frictions and the quality of host co...
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作者：Aw, Bee Yan; Lee, Yi
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
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作者：Javorcik, Beata S.; Narciso, Gaia
作者单位：University of Oxford; University of Oxford; Centre for Economic Policy Research - UK; Trinity College Dublin
摘要：An emerging literature has demonstrated some unique characteristics of trade in differentiated products. This paper contributes to the literature by postulating that differentiated products may be subject to greater tariff evasion due to the difficulties associated with assessing their quality and price. Using product-level data on trade between Germany and 10 Eastern European countries during 1992-2003, we find empirical support for this hypothesis. We show that the trade gap, defined as the ...
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作者：Sandleris, Guido
作者单位：Universidad Torcuato Di Tella; Johns Hopkins University
摘要：Why would a sovereign government, immune from bankruptcy procedures and with few assets that could be seized in the event of a default, ever repay foreign creditors? And, correspondingly, why do foreign creditors lend to sovereigns? This paper finds general conditions under which, even in the absence of sanctions, lending to sovereigns can emerge in a single shot game. Furthermore, it shows that positive borrowing can be sustained both in pooling and separating equilibria. In this way, it make...
