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作者：Aviat, Antonin; Coeurdacier, Nicolas
作者单位：Universite PSL; Ecole Normale Superieure (ENS)
摘要：Gravity models have been widely used to describe bilateral trade in goods. Portes and Rey [Portes, R., Rey, H., 2005. The Determinants of Cross-Border Equity Flows. Journal of International Economics, 65(2), 269-296.] applied this framework to cross-border equity flows and found that distance, which proxies information asymmetries, is a surprisingly very large barrier to cross-border asset trade. We adopt a different point of view and explore the complementarity between bilateral trade in good...
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作者：Eden, Benjamin
作者单位：Vanderbilt University; University of Haifa
摘要：I study an example of a competitive environment in which trade occurs in a sequential manner. In this example, a country with a stable demand may suffer from trade with a country with unstable demand, there may be too much trade, a country may import and export the same good in the same period (cross-hauling) and dumping may occur. The timing of delivery is important. When delivery occurs before trade (delivery to stocks), trade improves welfare, there is dumping but no cross-hauling. When del...
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作者：Schank, Thorsten; Schnabel, Claus; Wagner, Joachim
作者单位：University of Erlangen Nuremberg; Leuphana University Luneburg
摘要：Many plant-level studies find that average wages in exporting firms are higher than in non-exporting firms from the same industry and region. This paper uses a large set of linked employer-employee data from Germany to analyze this exporter wage premium. We show that the wage differential becomes smaller but does not completely vanish when observable and unobservable characteristics of the employees and of the workplace are controlled for. For example, blue-collar (white-collar) employees work...
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作者：Baier, Scott L.; Bergstrand, Jeffrey H.
作者单位：University of Notre Dame; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Clemson University; University of Notre Dame
摘要：For over 40 years, the gravity equation has been a workhorse for cross-country empirical analyses of international trade flows and -in particular- the effects of free trade agreements (FTAs) on trade flows. However, the gravity equation is subject to the same econometric critique as earlier cross-industry studies of U.S. tariff and nontariff barriers and U.S. multilateral imports: trade policy is not an exogenous variable. We address econometrically the endogeneity of FTAs. Although instrument...
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作者：Fernandes, Ana M.
作者单位：The World Bank
摘要：This paper explores a period of substantial variation in trade policy across industries in Colombia (1977-1991) to examine whether increased exposure to foreign competition generates productivity gains for manufacturing plants. Using an estimation methodology that addresses the shortcomings of previous studies, we find a strong positive impact of tariff liberalization on plant productivity, even after controlling for plant and industry heterogeneity, real exchange rates, and cyclical effects. ...
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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 ...
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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...
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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...
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作者：De Loecker, Jan
作者单位：New York University
摘要：I use matched sampling techniques to analyze whether firms that start exporting become more productive, controlling for the self-selection into export markets. To this end, I use micro data of Slovenian manufacturing firms operating in the period 1994-2000. Overall I find that export entrants become more productive once they start exporting. The productivity gap between exporters and their domestic counterparts increases further over time. These results also hold at the industry level and are ...
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作者：Calderon, Cesar; Chong, Alberto; Stein, Ernesto
作者单位：The World Bank; Inter-American Development Bank
摘要：Trade intensity increases the business cycle co-movement among industrial countries. Using annual information for 147 countries for the period 1960-99 we find that the impact of trade intensity on business cycle correlation among developing countries is positive and significant, but substantially smaller than that among industrial countries. Our findings suggest that differences in the responsiveness of cycle synchronization to trade integration between industrial and developing countries are ...
