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作者：Verdier, Genevieve
作者单位：International Monetary Fund
摘要：What drives capital inflows in the long run? This paper illustrates how capital movements conform surprisingly well to the predictions of a neoclassical model with credit constraints. The most intriguing prediction of this class of models is that, contrary to a pure neoclassical model, domestic saving should act as a complement rather than a substitute to capital inflows. Nevertheless, this class of models keeps the neoclassical prediction that capital should flow to countries where it is most...
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作者：Prusa, Thomas J.
作者单位：Rutgers University System; Rutgers University New Brunswick
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作者：Nye, John V. C.
作者单位：George Mason University
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作者：Costinot, Arnaud
作者单位：University of California System; University of California San Diego; National Bureau of Economic Research
摘要：The WTO and the EU have chosen two different agreements on product standards. While the WTO's approach is primarily based on a National Treatment (NT) principle, the EU's approach crucially relies on a principle of Mutual Recognition (MR). This paper offers a first look at the comparative performance of these two principles. We show that standards are imposed for levels of externalities that are too low under NT and too high under MR. This suggests that NT should be preferred to MR when the am...
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作者：Garfinkel, Michelle R.; Skaperdas, Stergios; Syropoulos, Constantinos
作者单位：Drexel University; University of California System; University of California Irvine
摘要：When a resource like oil is domestically contested, trade patters and welfare can be very different than when property rights are costlessly enforced. Whereas (small-country) importers of the contested resource gain unambiguously relative to autarky, exporters of the contested resource lose under free trade, unless the world price of the resource is sufficiently high. Regardless of what price obtains in world markets, countries tend to over-export the contested resource compared to the absence...
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作者：Eckel, Carsten
作者单位：Otto Friedrich University Bamberg
摘要：The popular Dixit-Stiglitz-Ethier framework proposes that globalization increases the menu of intermediate goods available to downstream firms and that gains from specialization raise welfare unambiguously. This study shows that both results depend critically on the assumption that demand elasticities are invariable. The more general framework Presented here provides two main insights: First, whether specialization rises or falls depends ultimately on the shape of the cost function, and second...
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作者：Head, Keith; Ries, John
作者单位：University of British Columbia
摘要：Much foreign direct investment (FDI) takes the form of mergers and acquisitions (M&A). It is commonplace in finance to view acquisitions as manifestations of the market for corporate control. Following on that insight we propose a model of FDI in which headquarters bid to control overseas assets. We derive an equation for bilateral FDI stocks that resembles the recently developed fixed effects approach to modelling bilateral trade flows. We estimate the model and use its parameters to construc...
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作者：Akram, Q. Farooq; Rime, Dagfinn; Sarno, Lucio
作者单位：Norges Bank; Norwegian University of Science & Technology (NTNU); University of Warwick; AXA Group; Centre for Economic Policy Research - UK; University of Warwick
摘要：This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency. The analysis unveils that: i) short-lived violations of CIP arise; ii) the size of CIP violations can be economically ...
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作者：Bonfiglioli, Alessandra
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：Understanding the mechanism through which financial globalization affects economic performance is crucial for evaluating the costs and benefits of opening financial markets. This paper is a first attempt at disentangling the effects of financial integration on the two main determinants of economic performance: productivity (TFP) and investment. I provide empirical evidence from a sample of 70 countries observed between 1975 and 1999. The results for both de jure and de facto indicators suggest...
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作者：Jones, Ronald W.; Ruffin, Roy J.
作者单位：University of Houston System; University of Houston; University of Rochester
摘要：This paper examines whether a country that enjoys a superior technology in all commodities in a two-country, multi-commodity Ricardian setting could actually gain if its technology in which it possesses its greatest comparative advantage is stolen or transferred to the other country without any compensation. Such a paradoxical possibility is shown always to exist with a finite number of commodities and equal-shared Cobb-Douglas demand conditions for certain ranges of relative country size. (C)...
