2007

最新文章

• Longitude matters: Time zones and the location of foreign direct investment AI翻译
  作者：Stein, Ernesto; Daude, Christian
  作者单位：Inter-American Development Bank; University System of Maryland; University of Maryland College Park
  摘要：Using bilateral foreign direct investment (FDI) data, we find that differences in time zones have a negative and significant effect on the location of FDI. We show that this finding is robust across different specifications, estimation methods and proxies for time zone differences. Time zones also have a negative effect on trade, but this effect is smaller than that on FDI. Finally, the impact of the time zone effect has increased over time, suggesting that it is not likely to vanish with the ...
• Inequality and endogenous trade policy outcomes AI翻译
  作者：Limao, Nuno; Panagariya, Arvind
  作者单位：University System of Maryland; University of Maryland College Park; Center for Economic & Policy Research (CEPR); Columbia University
  摘要：An enduring puzzle in international economics is why trade interventions are biased in favor of importcompeting rather than export sectors and therefore restrict trade. In this paper, we show that if the government's objective reflects a concern for inequality then trade policy generally exhibits an anti-trade bias. Importantly, under neutral assumptions, the mechanism that we analyze generates the anti-trade bias independently of whether factors are specific or mobile across sectors. The mech...
• One cost of the Chilean capital controls: Increased financial constraints for smaller traded finns AI翻译
  作者：Forbes, Kristin J.
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：There is growing support for taxes on short-term capital inflows in emerging markets, such as the encaje adopted by Chile from 1991 to 1998. This paper assesses whether the Chilean capital controls increased financial constraints for different-sized, publicly-traded firms. It uses an Euler-equation framework and shows that during the encaje, smaller traded firms experienced significant financial constraints. These constraints decreased as firm size increased. Both before and after the encaje, ...
• The endogeneity of the exchange rate as a determinant of FDI: A model of entry and multinational firms AI翻译
  作者：Russ, Katheryn Niles
  作者单位：University of California System; University of California Davis
  摘要：This paper argues that when the exchange rate and projected sales in the host country are jointly determined by underlying macroeconomic variables, regressions of FDI flows on both exchange rate levels and volatility are subject to bias. The results demonstrate that a multinational firm's response to exchange rate volatility will differ depending on whether the volatility arises from shocks in the firm's native or host country. It is the first study to depart from the representative-firm frame...
• Measuring the restrictiveness of international trade policy AI翻译
  作者：Kee, Hiau Looi
  作者单位：The World Bank
• Balance of payments crises under inflation targeting AI翻译
  作者：Kumhof, Michael; Li, Shujing; Yan, Isabel
  作者单位：International Monetary Fund; City University of Hong Kong
  摘要：This paper analyzes a small open economy model under inflation targeting. It shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than instantaneously. The speed at which the regime collapses, and the extent of reserve losses, are increasing in the central bank's explicit or implicit commitment to intervene in the foreign exchange market. Attacks are therefore ranked, from most to least severe, as follows: Exchange rate targeting, CPI...
• Trade liberalization and rising wage inequality in Latin America: Reconciliation with HOS theory AI翻译
  作者：Atolia, Manoj
  作者单位：State University System of Florida; Florida State University
  摘要：The paper puts forward the hypothesis that the transitory effects of trade liberalization on wage inequality can differ from the long-run outcome. In cases where the HOS theory predicts a decline in wage inequality in the long run, a temporary rise can, nevertheless, occur due to (i) the asymmetries in the speed of contraction in the import sector and expansion in other sectors, and (ii) the capital-skill complementarity in production. The asymmetric contraction and expansion causes a transito...
• Boom bust cycles and financial liberalization AI翻译
  作者：Imbs, Jean
• Real-time price discovery in global stock, bond and foreign exchange markets AI翻译
  作者：Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.; Vega, Clara
  作者单位：University of Pennsylvania; Northwestern University; University of Pennsylvania; Duke University; University of Rochester; National Bureau of Economic Research; Duke University; University of Pennsylvania
  摘要：Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when average...
• Disclosure standards and market efficiency: Evidence from analysts' forecasts AI翻译
  作者：Tong, Hui
  作者单位：International Monetary Fund
  摘要：This paper studies whether recent international transparency initiatives affect information accuracy and dispersion. I show that the impact of these initiatives is limited because public disclosure crowds out private investments in information. I first develop a theoretical model of the incentive to invest in information and the impact of public disclosure. I then analyze stock market analysts' forecasts for thirty developing economies for the period 1990-2004. I find that disclosure standards...