-
作者：Goderis, Benedikt; Ioannidou, Vasso P.
作者单位：University of Oxford; Tilburg University
摘要：Kraay [Kraay, A., 2003. Do high interest rates defend currencies during speculative attacks? Journal of International Economics 59, 297-321.] documents the lack of any systematic association between monetary policy and the outcome of a speculative attack. This paper revisits Kraay's work and modifies it by introducing an improved measure of monetary policy and an additional country-specific fundamental, short-term corporate debt, to capture balance sheet vulnerabilities emphasized by the recen...
-
作者：Ornelas, Emanuel; Turner, John L.
作者单位：University System of Georgia; University of Georgia
摘要：This paper shows that, in a bilateral relationship where a foreign supplier has to make a relationship-specific investment but cannot enforce a complete contract, the standard hold-up problem of underinvestment is aggravated when trade incurs a tariff. In this context, we identify two new channels through which trade liberalization enhances international trade. First, lower tariffs increase the incentives of foreign suppliers to undertake cost-reducing investments. Second, lower tariffs may pr...
-
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...
-
作者：Prusa, Thomas J.
作者单位：Rutgers University System; Rutgers University New Brunswick
-
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...
-
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...
-
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...
-
作者：Craine, Roger; Martin, Vance L.
作者单位：University of California System; University of California Berkeley; University of Melbourne
摘要：This is the first paper to examine international monetary surprise spillovers and to estimate the response of security prices to monetary and nonmonetary surprises. Monetary surprises have a slope effect on the domestic yield curve-short maturity yields adjust much more than longer maturity yields. These results are similar to other studies. The following results are new. US monetary surprises spill over and affect Australian yields and equity returns. Australian monetary surprises do not spil...
-
作者：Martin, Alberto; Vergote, Wouter
作者单位：Pompeu Fabra University; Universite Catholique Louvain
摘要：This paper analyzes the role of retaliation in trade agreements. It shows that, in the presence of private information, retaliation can always be used to increase the welfare derived from such agreements by the participating governments. In particular, it is shown that retaliation is a necessary feature of any efficient equilibrium. We argue that retaliation would not be necessary if governments could resort to international transfers or export subsidies to compensate for terms-of-trade extern...
-
作者：Creane, Anthony; Miyagiwa, Kaz
作者单位：Emory University; Michigan State University; University of Osaka
摘要：We relax the standard assumption in the strategic trade policy literature that governments possess complete information about the economy. Assuming instead that governments must obtain information from firms, we examine firms' incentive to disclose information to the governments in the Brander-Spencer setting. With quantity competition, we find firms disclosing both demand and cost information, thereby justifying the literature's omniscient-govemment assumption. With price competition, however...
