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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)...
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作者：Davidson, Carl; Matusz, Steven J.; Shevchenko, Andrei
作者单位：Michigan State University; University of Nottingham
摘要：in a model with search generated unemployment and heterogeneity on both sides of the labor market, exporting firms are bigger and pay higher wages than other firms. Moreover, there is imperfect persistence in the decision to export and liberalization increases the wage gap between high- and low-skill workers. Openness can increase aggregate productivity in export-oriented markets while generating within-firm productivity losses for the weakest firms. In contrast, openness can lead to within-fi...
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作者：Yeaple, Stephen Ross
作者单位：University of Colorado System; University of Colorado Boulder
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作者：Basile, Roberto; Castellani, Davide; Zanfei, Antonello
作者单位：University of Perugia; University of Urbino
摘要：Using data on 5509 foreign subsidiaries established in 50 regions of 8 EU countries over the period 1991-1999, we estimate a mixed logit model of the location choice of multinational firms in Europe. In particular, vie focus on the role of EU Cohesion Policy in attracting foreign investors from both within and outside Europe. We find that, after controlling for the role of agglomeration economies as well as a number of other regional and country characteristics and allowing, for a very flexibl...
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作者：Feenstra, Robert; Kee, Hiau Looi
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; The World Bank
摘要：This paper provides evidence on the monopolistic competition model with heterogeneous firms and endogenous productivity. We show that this model has a well-defined GDP function where relative export variety enters positively, and estimate this function over 48 countries from 1980 to 2000. Average export variety to the United States increases by 3.3% per year, so it nearly doubles over these two decades. The total increase in export variety is associated with a 3.3% average productivity improve...
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作者：Breinlich, Holger
作者单位：University of Essex; University of London; London School Economics & Political Science
摘要：This paper analyzes mergers and acquisitions (M&As) as a channel of industrial restructuring after trade liberalization. Using the Canada-United States Free Trade Agreement (CUSFTA) of 1989 as a source of exogenous variation in trade barriers, I show that trade liberalization increased domestic Canadian M&A activity (Canadian firms buying other Canadian firms) by over 70%. There is no robust link between tariff reductions and either domestic U.S. or cross-border M&As. I also Provide evidence t...
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作者：Blum, Bemardo S.
作者单位：University of Toronto
摘要：This paper uses a multi-sector version of the Ricardo-Viner model of international trade to quantify empirically the effects of technological changes, international trade, changes in the sectoral composition of the economy, and other factors on the US wage premium. The main finding of the paper is that changes in the sectoral composition of the economy were the most important force behind the widening of the wage gap, accounting for about 60% of the relative increase in wages of skilled worker...
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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...
