-
作者：Heyman, Fredrik; Sjoholm, Fredrik; Tingvall, Patrik Gustavsson
作者单位：Stockholm School of Economics
摘要：Numerous studies on firm-level data have reported higher average wages in foreign-owned firms than in domestically owned firms. This, however, does not necessarily imply that the individual worker's wage increase with foreign ownership. Using detailed matched employer-employee data on the entire Swedish private sector, we examine the effect of foreign ownership on individual wages, controlling for individual and firm heterogeneity as well as for possible selection bias in foreign acquisitions....
-
作者：Balistreri, Edward J.; Hillberry, Russell H.
作者单位：University of Melbourne; Colorado School of Mines
摘要：We revisit Anderson and van Wincoop's [Anderson, James and Eric van Wincoop, 2003. Gravity with gravitas: A solution to the border puzzle. American Economic Review 93, 170-192] claim that structural estimation solves the U.S.-Canadian border puzzle. We find this claim tenuous, as the proposed solution attributes to structural estimation the effects of added U.S. data and an assumption that U.S. and Canadian border costs are symmetric. Estimated Canadian and U.S. multilateral resistance measure...
-
作者：Jung, Yongseung
作者单位：Kyung Hee University
摘要：This paper explores the successes and failures of the new open economy macroeconomics more critically by addressing the performance of the model at all frequencies along the line of Watson's [Watson, M.W., 1993. Measures of Fit for Calibrated Models, Journal of Political Economy 101, 1011-1041] measures of fit. This paper shows that the NOEM model with either PCP or PTM is not successful in generating the spectral density of the selected variables calculated from the data. In particular, the m...
-
作者：Zissimos, Ben
作者单位：Vanderbilt University
摘要：This paper shows how the institutional rules imposed on its signatories by the GATT created a strategic incentive for countries to liberalize gradually. Trade liberalization must be gradual, and free trade can never be achieved, if punishment. for deviation from an agreement is limited to a 'withdrawal of equivalent concessions' and if initial deviation from an agreement is also limited. The paper shows how (sufficiently patient) countries have an incentive to deviate in a limited way when ope...
-
作者：Basak, Suleyman; Croitoru, Benjamin
作者单位：McGill University; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：While international capital flows are now well liberalized, markets for goods remain segmented. To investigate how financial innovation may relieve the effects of this segmentation on risk sharing, we examine a series of two-country economies with internationally segmented good markets, distinguished by the available financial securities. Sufficient conditions for efficiency include complete international financial markets together with liberalized international financial flows. Under these co...
-
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...
-
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, ...
-
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...
-
作者：Kee, Hiau Looi
作者单位：The World Bank
-
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...
