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作者：De Broeck, M; Slok, T
作者单位：International Monetary Fund
摘要：Real exchange rate movements in the transition economies during the initial transition period were unusually large by the standards of other economies and periods. Using cross-sectional evidence, this paper documents how real exchange rates were generally misaligned at the onset of the transition and how most of this misalignment was eliminated over a relatively short period. Turning to the time series dimension, the paper shows that estimates from a consensus-type single-equation model of the...
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作者：Crowley, MA
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper examines how the country-breadth of tariff protection can affect the technology adoption decisions of both domestic import-competing and foreign exporting firms. The contribution of the analysis is to show how firm-level technology adoption changes under tariffs of different country-breadth. I show that a country-specific tariff like an antidumping duty induces both domestic import-competing firms and foreign exporting firms to adopt a new technology earlier than they would under fr...
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作者：Raff, H; Schmitt, N
作者单位：University of Kiel; Simon Fraser University; University of Geneva
摘要：This paper investigates the contractual choice between exclusive dealing and common agency in a simple international oligopoly model where products are sold through intermediaries. We find that when trade barriers are high, domestic firms tend to adopt exclusive dealing contracts whereas trade liberalization may lead firms to choose common agency. Social welfare can be raised be prohibiting exclusive dealing (common agency) when trade barriers are high (low) and products are close substitutes....
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作者：Dutt, P; Mitra, D
作者单位：Syracuse University; INSEAD Business School; National Bureau of Economic Research
摘要：Trade policy depends on the extent to which the government wants to redistribute income as well as on a country's overall factor endowments and their distribution. While the government's desire to redistribute income itself is dependent on asset distribution, it is to a large extent also driven by the partisan nature of the government, i.e., whether it is pro-labor or pro-capital. Using cross-country data on factor endowments, inequality and government orientation, we find that, conditional on...
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作者：Li, CY; Maskus, KE
作者单位：University of Colorado System; University of Colorado Boulder; Nankai University
摘要：We develop a two-country model of endogerious investment in process innovation by a manufacturer facing competition from parallel imports (PI). We find that the distortions associated with PI inhibit innovation. However, the difference between the manufacturer's expected profits under successful and failed innovation is U-shaped in the cost of engaging in PI. Thus, the reduction in R&D investment depends oil both legality of PI and transport costs. The reduction in innovation could harm global...
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作者：Besedes, Tibor; Prusa, Thomas J.
作者单位：Louisiana State University System; Louisiana State University; Rutgers University System; Rutgers University New Brunswick
摘要：We examine the extent to which product differentiation affects duration of US import trade relationships. The results are consistent with a matching model of trade formation. Using highly disaggregated product level data we estimate the hazard rate is at least 23% higher for homogeneous goods than for differentiated products. The results are not only highly robust but are often strengthened under alternative specifications. As the smallest relationships are dropped, differences across product ...
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作者：Ghironi, Fabio
作者单位：Boston College
摘要：This paper uses a two-country, flexible-price model with overlapping generations of infinitely lived households to study the role of net foreign asset dynamics in the propagation of productivity shocks. Absence of Ricardian equivalence ensures existence of a unique steady-state level of net foreign assets, to which the economy returns following temporary shocks. Model dynamics are significantly different from those of a setup in which terms of trade movements perform all the international adju...
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作者：Gravelle, T; Kichian, M; Morley, J
作者单位：Washington University (WUSTL); International Monetary Fund
摘要：This paper investigates why financial market crises often increase the interdependence between assets associated with different countries. Two sources of increased co-movement in asset returns are considered: (i) larger common shocks operating through standard cross-country linkages and (ii) changes in the structural transmission of shocks across countries, referred to as shift-contagion. To examine this issue, we develop a method for detecting shift-contagion with three notable features. Firs...
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作者：Mukand, Sharun W.
作者单位：Tufts University
摘要：We show that governments in developing countries have an incentive to play the confidence game wherein the need to win the confidence of the international capital market 'can actually prevent a country from following otherwise sensible policies and force it to follow policies that it would normally consider perverse'. This incentive arises because of a combination of a 'conformity bias' and 'good news bias' in governmental decision making in an open economy, which results in inefficient outcom...
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作者：Imbs, J
摘要：This paper shows how correlations in GDP fluctuations rise with financial integration. Finance serves to increase international correlations in both consumption and GDP fluctuations, which explains the persistent gap between the two in the data, a quantity puzzle. The positive association between financial integration and GDP correlation constitutes a puzzle, as theory suggests a negative relation if anything. Nevertheless, it prevails in the data even after the effects of finance on trade and...
