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作者：Kim, Soyoung; Roubini, Nouriel
作者单位：New York University
摘要：In spite of concerns about twin deficits (fiscal and the current account deficits) for the United States economy, empirical evidence suggests that twin divergence is a more usual feature of the historical data, i.e., when fiscal accounts worsen, the current account improves and vice versa. This paper empirically studies the effects of fiscal policy (government budget deficit shocks) on the current account and the real exchange rate, during the flexible exchange rate regime period. Based on VAR...
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作者：Straub, Stephane
作者单位：University of Edinburgh
摘要：The paper develops a theoretical approach to the boundaries of the multi-national firm in the context of institutional constraints in host countries, focusing especially on corruption. The model incorporates two types of corruption: petty bureaucratic corruption and high-level political corruption. The model predicts that-in the absence of corruption-multinational firms will prefer FDI (internal expansion with strong control rights) to debt (arm's length expansion with loose control rights), t...
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作者：Johri, Alok; Lahiri, Amartya
作者单位：University of British Columbia; McMaster University
摘要：Three well known facts that characterize exchange rate data are: (a) the high correlation between bilateral nominal and real exchange rates; (b) the high degree of persistence in real exchange rate movements; and (c) the high volatility of real exchange rates. This paper attempts a joint, albeit partial, rationalization of these facts in an environment with no staggered contracts and where prices are preset for only one quarter. There are two key innovations in the paper, First, we augment a s...
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作者：Magee, Christopher S. P.
作者单位：Bucknell University
摘要：This paper estimates the effects of regional agreements on trade flows controlling for country pair, importer-year, and exporter-year fixed effects. These fixed effects capture the determinants of trade flows normally included in gravity model specifications and control for yearly shocks to countries' trade. Controlling for the fixed effects generally reduces the estimated trade impacts of regional agreements. The estimates reveal that regional agreements have significant anticipatory effects ...
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作者：Blalock, Garrick; Gertler, Paul J.
作者单位：Cornell University; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We hypothesize that multinational firms operating in emerging markets transfer technology to local suppliers to increase their productivity and to lower input prices. To avoid hold-up by any single supplier, the foreign firm must make the technology widely available. This technology diffusion induces entry and more competition which lowers prices in the supply market. As a result, not just the foreign-owned firm, but all firms downstream of that supply market obtain lower prices. We test this ...
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作者：Manova, Kalina
作者单位：Stanford University
摘要：This paper provides evidence that credit constraints are an important determinant of international trade flows. I exploit shocks to the availability of external finance and examine the impact of equity market liberalizations on the export behavior of 91 countries in the 19801997 period. I show that liberalizations increase exports disproportionately more in financially vulnerable sectors that require more outside finance or employ fewer collateralizable assets. This result is not driven by cro...
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作者：Konings, Jozef; Vandenbussche, Hylke
作者单位：Universite Catholique Louvain; Universite Catholique Louvain; Universite Catholique Louvain; Universite Catholique Louvain; KU Leuven; Universite Catholique Louvain
摘要：This paper estimates the effect of antidumping protection on the productivity of domestic import-competing firms. Two key results emerge. First, the productivity of the average firm receiving protection moderately improves, but this is never sufficient to close the productivity gap with firms never involved in antidumping cases. Second, allowing for firm heterogeneity reveals that domestic firms with relatively low initial productivity - laggard firms - have productivity gains during protectio...
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作者：Olivier, Jacques; Thoenig, Mathias; Verdier, Thierry
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Geneva; Paris School of Economics
摘要：This paper presents a simple model where micro-founded dynamics of cultural identity are endogenous and interact with an international trade equilibrium. This process generates a Strong home bias under autarky. We then show that goods market integration causes a phenomenon of cultural divergence, whereby the distributions of cultures become more dissimilar across countries and one of the cultures that existed under autarky ultimately disappears. By way of contrast, we show that social integrat...
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作者：Greenaway, David; Gullstrand, Joakim; Kneller, Richard
作者单位：University of Nottingham; Lund University
摘要：This paper investigates the effects of international trade on trims' strategies for industry exit, either via closedown, switching industry or being acquired. We use a rich dataset of Swedish firms that extends over two decades to track firm choices between alternative strategies. We find that higher levels of international competition increase the probability of exit by merger and closedown. If trade is more intra-industry in character, the effect of import penetration on the probability of e...
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作者：Clerides, Sofronis
作者单位：University of Cyprus
摘要：I investigate the welfare effects of trade liberalization by exploiting a natural policy experiment in the economy of Cyprus. A 1993 law relaxed import restrictions on used vehicles and enabled the importation of second-hand Japanese automobiles into the country. This led to a dramatic shift of consumer purchases from new to used cars and a substantial expansion of the overall market. Welfare gains computed from a structural demand system average $2000 per purchaser per year over a four-year p...
